Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me answer: Use the following excerpts from Yardley Company's financial information. Dec. 31, 2018 Dec. 31, 2017 Cash $233,100 $208,000 Accounts Receivable 38,350
Please help me answer:
Use the following excerpts from Yardley Company's financial information. Dec. 31, 2018 Dec. 31, 2017 Cash $233,100 $208,000 Accounts Receivable 38,350 35,350 Merchandise Inventory 59,900 58,700 Land 165,000 65,000 Plant Assets 165,000 165,000 Accumulated Depreciation (49,000) (37,000) Total Assets $612,350 $495,050 Accounts Payable $29,100 $27,300 Accured Liabilities 15,500 12,000 Common Stock 45,000 20,000 Retained Earnings 522,750 435,750 Total Liabilities and Equity $612,350 $495,050 Additional Information: Net Income for 2018 $98,000 Depreciation Expense for 2018 12,000 Land Purchased, for Cash 100,000 Stock Issued in Exchange for Cash, At Pat Value 25,000 Dividend Declared and Paid 11,000 Prepare a statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Cash Flow from Operating Activities: Net Income o Adjustments to Reconcile Net Income to Net Cash Flow from Operating Activities: Depreciation Expense Accounts Receivable Merchandise Inventory Accounts Payable Accrued Liabilities Net Cash Flow from Operating Activities Cash Flow from Investing Activities: Purchase of Land Net Cash Flow from Investing Activities Cash Flow from Financing Activities: Proceeds from Stock Issuance Payment of Dividends Net Cash Flow from Financing Activities Total Cash Flow Increase Cash Balance, December 31, 2017 Cash Balance, December 31, 2018Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started