Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please, please help with this, thank you! PLEASE help fill out this chart from the given information! really stuck on this and only got one

Please, please help with this, thank you!

image text in transcribedimage text in transcribed

PLEASE help fill out this chart from the given information! really stuck on this and only got one correct i think

image text in transcribed

Statement of Cash Flows The following information is available for Martin Sales Corporation: Martin Sales Corporation Balance Sheets At December 31 0X1 20X2 ssets: Cash Accounts receivable Merchandise invento Long-term investments Equipment Accumulated depreciation S 24,640 $ 23,040 29,40 73,12561,71 56,40 145,50 31,20 32,18 55,90 175,50 33,55 Total assets Liabilities: Accounts payable Income taxes payable Bonds payable otal liabilities $ 65,000$ 40,380 10,20 66,00 $124,475$116,58 10,725 48,75 117,00 13,00 73,32 96,00 9,00 63.270 Common stock Paid-in capital in excess of par Retained earnings Total equit Total liabilities and equit Martin Sales Corporation Income Statement For Year Ended December 31,20X2 Sales $240,00 $80,90 29,40 48,00 ost of goods sold reciation expense er operating expenses 2,000 (160,30 Interest expense er gains (losses (8,40 71,30 27,650 Loss on sale of equipment ncome before taxes ncome taxes expense et income Additional information: (1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired (2) Old equipment with an original cost of S37,550 and book value of $10,500 was sold at a $8,400 loss. (3) New equipment was purchased for S67,550 cash (4) Cash dividends were paid out of retained earnings. (5) Additional shares of stock were issued for cash. Prepare a complete statement of cash flows for calendar-year 20X2 using the indirect method. Martin Sales Corporation Statement of Cash Flows For year ended December 31, 20X2 Cash Flows from Operating Activities Net Income Adjustments to reconcile Net Income to Net Cash Increase in Accounts Receivable Increase in Merchandise Inventory Increase in Accounts Payable Increase in Income Taxes Payable Depreciation Expense Loss on sale of Equipment Net Cash provided by Oerating Activities Cash Flows from Investing Activities Cash received from sale of long term investments Cash received from sale of equipment Cash paid for purchase of equipment ecuipment Cash paid for un Net Cash used in investing activities Cash Flows from Financing Activities Cash received from issuing stock Cash paid for dividends Cash paid to retire Bonds Net cash used by Financing Activities 1,600 Net increase in cash Cash balance at prior year-end Cash balance at current year-end

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IT Auditing Using Controls To Protect Information Assets

Authors: Chris Davis, Mike Schiller, Kevin Wheeler

3rd Edition

1260453227, 978-1260453225

More Books

Students also viewed these Accounting questions

Question

Elements of a quality management plan

Answered: 1 week ago