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Please help me with this question! Thank you! Hunter Company is developing its annual financial statements at December 31. The statements are complete except for
Please help me with this question! 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 Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses Net Income $ 44,100 18,888 21,000 100,000 (33,000) $150, 180 $ 19,000 900 25,000 75,000 30,200 $ 150,100 $ 13,000 19, 26,689 92,880 (25,280) $125,080 $ 17,000 1,080 38,ese 50,000 19, eee $125, eee $120,000 71,000 35,000 $ 14,000 Net Income - $ 14, Additional Data: a. Bought equipment for cash, $8.000. b. Paid $13,000 on the long-term note payable. c. Issued new shares of stock for $25,000 cash. d. Declared and paid a $2,800 cash dividend. e. Other expenses included depreciation, $8,000, salaries and wages, $12,000, taxes, $5,000; utilities $10.000. 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 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 Cash Flows from Investing Activities: Cash Flows from Financing Activities: Step by Step Solution
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