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pls help me and I will rate you later, thanks! Exercise 13-7 The following three accounts appear in the general ledger of Herrick Corp. during
pls help me and I will rate you later, thanks!
Exercise 13-7 The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 70,900 51,400 Balance 159,200 230,100 281,500 231,600 49,900 Date Credit Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 28,200 Depreciation for year Balance 71,100 42,900 65,300 22,400 Retained Earnings Debit Credit Date Jan. 1 Aug. 23 Dec. 31 Balance Dividends (cash) Net income Balance 105,400 88,000 17,400 65,600 153,600 From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $5,200. (Hint: Cost of equipment constructed is reported in the investing activities section as a decrease in cash of $51,400.) (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $5,200. (Hint: Cost of equipment constructed is reported in the investing activities section as a decrease in cash of $51,400.) (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) HERRICK CORP Partial Statement of Cash Flows Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash Windows 1 Windows X From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $5,200. (Hint: Cost of equipment constructed is reported in the investing activities section as a decrease in cash of $51,400.) (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) HERRICK CORP Partial Statement of Cash Flows Adjustments to reconcile net income to Payment of Cash Dividends Purchase of Equipment Sale of Equipment Decrease in Accounts Payable Construction of Equipment Net Income Increase in Accounts Receivable Depreciation Expense Loss on Disposal of Plant Assets i Windows EINE WindowsStep by Step Solution
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