Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Someone help me plz Chapter 12 Homework 3 Hunter Company is developing its annual financial statements at December 31. The statements are complete except for

Someone help me plz

image text in transcribed
Chapter 12 Homework 3 Hunter Company is developing its annual financial statements at December 31. The statements are complete except for th of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Prior Year Balance Sheet at December 31 Cash $ 44, 110 $ 17,500 20 Accounts Receivable 26, 100 28,000 point Inventory 29 , 100 35,000 Equipment 109, 900 101,000 Accumulated Depreciation-Equipment (36, 600) (29,500) Total Assets $172, 610 $ 152,000 Accounts Payable $ 24, 400 $ 21,500 aBook Salaries and Wages Payable 810 1,000 Note Payable (long-term) 35,000 47,000 Common Stock 79,500 59,000 Retained Earnings 32,900 23, 500 Print Total Liabilities and Stockholders' Equity $ 172, 610 $ 152, 000 Income Statement (current year) Sales Revenue $111, 000 References Cost of Goods Sold 66,500 Other Expenses 31, 400 Net Income $ 13, 100 Additional Data: a. Bought equipment for cash, $8,900. b. Paid $12,000 on the long-term note payable. c. Issued new shares of stock for $20,500 cash. d. Declared and paid a $3,700 cash dividend. e. Other expenses included depreciation, $7,100; salaries and wages, $11,100; taxes, $4,100; utilities, $9,100. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducte be indicated with a minus sign.) Graw MacBook Air

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Financial Accounting

Authors: Charles T Horngren, Gary L Sundem

10th Edition

136122973, 978-0136122975

More Books

Students also viewed these Accounting questions

Question

3. An initial value (anchoring).

Answered: 1 week ago

Question

4. Similarity (representativeness).

Answered: 1 week ago