Shoefly, Incorporated provided the following balance sheet, income statement, and cash flow information for the current year.
Prepare the statement of cash flows under the indirect method for Shoefly, Incorporated.
Accrued expenses relate to Selling, General and Administrative Expenses.
Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for any numbers to be subtracted and/or net cash used by activities. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.)
Shoefly, Incorporated provided the following balance sheet income statement, and cash flow information for the current year. (Click the icon to view the balance sheet.) B (Click the icon to view the income statement.) (Click the icon to view the cash flow information.) Requirement Prepare the statement of cash flows under the indirect method for Shoefly, Incorporated. Accrued expenses relate to Selling, General and Administrative Expenses. Partial Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: Changes in Current Assets and Liabilities TI Net Cash Provided (Used) by Operating Activities Additional Cash Flow Information Cash Inflow $ Description Cash received on common stock issue Cash payments for dividends Cash payment for acquisition of property, plant, and equipment Cash receipt from the sale of investment securities Cash payments for repayment of notes (Outflow) 5,600 (4,300) (19,800) 11,800 (12,000) Print Done Income Statement $ 79,500 46,500 33,000 Shoefly, Incorporated Income Statement For the Year Ended December 31 Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Depreciation Expense Total Operating Expenses Income Before Interest and Taxes Interest Expense Income Before Tax Income Tax Expense $ $ 11,100 2,800 13,900 $ $ 19,100 (3,900) $ 15,200 (7,600) 7,600 $ Net Income Shoefly, Incorporated Balance Sheet At December 31 Ending Beginning $ 6.030 $ Assets Current Assets Cash Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets Noncurrent Assets linvestments 8,600 3.200 1,200 3.000 8.400 4,500 1,550 17.450 $ 19,030 $ $ 12,300 $ 71.000 24,600 54,000 78,600 98,050 $ 83,300 $ $ 102,330 $ Property, Plant, and Equipment-net Total Noncurrent Assets Total Assets Liabilities Current Liabilities Accounts Payable Accrued Expenses Income Taxes Payable Total Current Liabilities Noncurrent Liabilities $ 990 4.600 $ 10.200 5.900 5.080 4.750 $ 20.700 $ 10.820 $ 31.070 $ 42.700 31.070 42.700 $ 51.770 $ 53.520 Notes Payable Total Noncurrent Liabilities Total al Liabilities Stockholders' Equity Common stock, S1 par value Additional Paid -In Capital Retained Earnings Total Stockholders' Equity $ 13,500 $ 21,600 15,460 12.500 17.000 13.030 $ 50,560 $ 42.530 $ 102,330 $ 98,050 Total Liabilities and Stockholders' Equity
