Requirement 1. Prepare the statement of cash flows for Barton Publication Company, Inc., for the year ended March 31, 2017, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts, except short-term notes payable, result from operating transactions. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted.) Barton Publication Company, Inc. Statement of Cash Flows (Indirect Method) For the Year Ended March 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: Net cash provided by (used for) operating activities Investing Activities: Net cash provided by (used for) investing activities Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year Schedule of Disclosures Noncash investing and financing activities: Total noncash investing and financing activities Requirement 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. (Use parentheses or a minus sign for numbers to be subtracted.) Barton Publication Company, Inc. Statement of Cash FlowsOperating Activities Section (Direct Method) For the Year Ended March 31, 2017 Operating Activities: Requirement 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. (Use parentheses or a minus sign for numbers to be subtracted.) Barton Publication Company, Inc. Statement of Cash FlowsOperating Activities Section (Direct Method) For the Year Ended March 31, 2017 Operating Activities: Net cash provided by (used for) operating activities Balance Sheets Barton Publication Company, Inc. Comparative Balance Sheets March 31, 2017 and 2016 2017 Increase (Decrease) 2016 Assets Current assets: Cash $ 41,200 14,300 $ 53,500 Accounts receivable 55,500 $ 51,900 64,800 3,800 (1,600) 4,400 Inventory 60,400 5,200 Prepaid insurance (1,400) Total current assets 176,000 133,400 Land Equipment, net 37,000 71,900 10,200 98,000 70,700 6,200 (61,000) 1,200 4,000 Investments $ 295,100 $ 308,300 Total assets Balance Sheets Liabilities Current liabilities: $ Accounts payable Note payable, short-term 4,800 $ 43,800 13,600 3,300 48,400 $ 15,300 12,700 Income tax payable 1,500 (4,600) (1,700) (3,200) 1,900 (600) 9,500 Salary payable Interest payable 8,700 3,000 6,800 3,600 Accrued liabilities Total current liabilities 83,400 90,100 48,700 93,800 (45,100) Long-term liabilities Total liabilities 132,100 183,900 Stockholders' equity Common stock 7,400 69,300 93,700 61,900 62,500 Retained earnings 31,200 Stockholders' equity Common stock 7,400 69,300 93,700 61,900 62,500 Retained earnings 31,200 Total stockholders' equity $ 163,000 $ 124,400 $ 295,100 $ 308,300 Total liabilities and equity Duit Transactions x Selected transaction data for the year ended March 31, 2017, include the following: a. Net income 77,000 A A 59,700 43,000 A 9,300 A ..... A A A b. Paid long-term note payable with cash c. Cash payments to employees ............. d. Loss on sale of land e. Acquired equipment by issuing long-term note payable ... $ f. Cash payments to suppliers g. Cash paid for interest h. Depreciation expense on equipment i. Paid short-term note payable by issuing common stock ... $ j. Paid cash dividends k. Received cash for issuance of common stock 1. Cash received from customers m. Cash paid for income taxes n. Sold land for cash $ o. Interest received (in cash) $ 14,600 142,600 2,500 13,400 4,600 45,800 2,800 295,100 12,000 51,700 1,200 A A A A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . W OUUU PUUTUU UUTIU CUNU 14 n. Sold land for cash o. Interest received (in cash) p. Purchased long-term investment for cash ......$ ...... $ ........ $ 51,700 1,200 4,000 .......... Print one
