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Refer to the list below for the exact wording of an amount description within your Statement of Cash Flows. Amount Descriptions Add cost of goods
Refer to the list below for the exact wording of an amount description within your Statement of Cash Flows.
Amount Descriptions | |
Add cost of goods sold | |
Decrease in accounts payable | |
Decrease in accounts receivable | |
Decrease in inventory | |
Decrease in wages payable | |
Depreciation expense | |
Increase in accounts payable | |
Increase in accounts receivable | |
Increase in inventory | |
Increase in retained earnings | |
Increase in wages payable | |
Net cash from financing activities | |
Net cash from investing activities | |
Net cash from operating activities | |
Net decrease in cash | |
Net income | |
Net loss | |
Net increase in cash | |
Purchase of common stock | |
Purchase of equipment | |
Sale of common stock | |
Sale of equipment |
Prepare a statement of cash flows using the indirect method. (Note: Begin by entering the applicable income statement amounts as presented above. Use a minus sign to indicate a negative amount. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.)
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At the end of 202, Roberts purchased some additional equipment for $20,000. Roberts Company Balance Sheets \begin{tabular}{|c|l|r|r|} \hline 1 & & 201 & 202 \\ \hline 2 & Assets: & & \\ \hline 3 & Cash & $23,000.00 & $7,000.00 \\ \hline 4 & Accounts receivable & 7,600.00 & 9,600.00 \\ \hline 5 & Inventory & 20,800.00 & 18,000.00 \\ \hline 6 & Plant and equipment & 40,000.00 & 60,000.00 \\ \hline 7 & Accumulated depreciation & (10,000.00) & (16,000.00) \\ \hline 8 & Total assets & $81,400.00 & $78,600.00 \\ \hline 9 & Liabilities and equity: & & \\ \hline 10 & Accounts payable & $4,800.00 & $3,200.00 \\ \hline 11 & Wages payable & 1,200.00 & 800.00 \\ \hline 12 & Common stock & 50,000.00 & 50,000.00 \\ \hline 13 & Retained earnings & 25,400.00 & 24,600.00 \\ \hline 14 & Total liabilities and equity & $81,400.00 & $78,600.00 \\ \hline \end{tabular} Statement of Cash Flows, Indirect Method Shaded cells have feedback. Roberts Company Score: 18/89 Statement of Cash Flows Cash flows from operating activities: 2 Net loss 5 Add (deduct) adjusting items: \begin{tabular}{|r|r|r|r|} \hline 4 & & 6,000.00 \\ \hline 5 & & & \\ \hline 6 & & 2,000.00 & \\ \hline 7 & & 2,800.00 \\ \hline 8 & & 1,600.00 & \\ \hline 9 & & & $3,000.00 \\ \hline 10 & Cash flows from investing activities: & & \\ \hline 11 & purchase Equipment & & $20,000.00 \\ \hline 12 & & & $23,000.00 \\ \hline \end{tabular}Step by Step Solution
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