Question
Prepare statement of cash flows using the indirect method the year 2017.Libby Inc.Income statementFor the year ended on December 31, 2017Sales$100,000Cost of Goods Sold$61,000Depreciation5,000Loss on
Prepare statement of cash flows using the indirect method the year 2017.Libby Inc.Income statementFor the year ended on December 31, 2017Sales$100,000Cost of Goods Sold$61,000Depreciation5,000Loss on sale of land1,000Supplies Expense8,000Salaries Expense10,000Income Tax Expense3,000Total Expense$88,000Net income12,000Libby Inc.Balance SheetDecember 3120172016AssetCash$44,000$18,000Accounts Receivable27,00029,000Inventory30,00036,000Land50,00065,000Equipment60,00037,000Buildings100,0000Less Accumulated Depreciation(35,000)(30,000)Total Assets276,000155,000Accounts Payable$25,000$22,000Salaries Payable8001,000Notes Payable, Long Term138,00048,000Common Stock80,00060,000Retained Earnings32,20024,000Total Liab. and SE.276,000155,000
Additional Information
1.Bought equipment for cash, $23,000.
2. Sold Land costing $15,000 only for $14,000 with loss on sale of land $1,000
3.Paid $10,000 on long term note payable.
4.Issue new shares of common stock for $20,000.
5.Declared and paid a $3,800 dividend in cash.
6. Purchased a building by signing a notes payable for $100,000
What is cash flows from:
Operatingactivities__________?
Investing activities___________?
Financing activities__________?
Non-cash activities_____________?
I need the operating, investing, financing, and non cash numbers
Step 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