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Please help and show step to answer.....Thank you Hunter Company is developing its annual financial statements at December 31. The statements are complete except for
Please help and show step to answer.....Thank you
Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Prior Year Balance Sheet at December 31 Cash $ 44,298 $ 18,500 Accounts Receivable 27,900 30, eee Inventory 38,990 37,000 Equipment 112,100 193,00 Accumulated Depreciation-Equipment (36.600) (30,500) Total Assets $178,590 $158,000 Accounts Payable $ 25,600 $ 22,5ee Salaries and Wages Payable 790 1, eee Note Payable (long-term) 38,00 49,000 Common Stock 81,500 61,800 Retained Earnings 32,790 24,500 Total Liabilities and Stockholders' Equity $178,590 $158,00 Income Statement (current year) Sales Revenue $191,00 Cost of Goods Sold 61,500 Other Expenses 27,400 Net Income $ 12, 100 Additional Data: a. Bought equipment for cash. $9,100. b. Paid $11,000 on the long-term note payable. c. Issued new shares of stock for $20,500 cash. d. Declared and paid a $3,900 cash dividend. e. Other expenses included depreciation, $6,100; salaries and wages. $10,100: taxes, $3.100; utilities. $8.100. f. Accounts Payable includes only inventory purchases made on credit . Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted should be Indicated with a minus sign.) HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: 0 0 Cash Flows from Investing Activities: Cash Flows from Financing Activities: 0 S 0Step by Step Solution
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