Question
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Line Item Description December 31, 20Y9 December 31,
The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:
Line Item Description
December 31, 20Y9 December 31, 20Y8 Assets Cash $283,010 $264,780 Accounts receivable (net) 102,530 95,100 Inventories 289,420 281,580 Investments 0 109,080 Land 148,450 0 Equipment 319,320 248,930 Accumulated depreciationequipment (74,760) (67,130) Total assets $1,067,970 $932,340 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $193,300 $183,670 Accrued expenses payable (operating expenses) 19,220 24,240 Dividends payable 10,680 8,390 Common stock, $10 par 57,670 45,680 Paid-in capital in excess of parcommon stock 216,800 126,800 Retained earnings 570,300 543,560 Total liabilities and stockholder
Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Line Item DescriptionAmountAmountCash flows from (used for) operating activities:blank Cash paid for dividendsCash received from sale of common stockCash received from sale of investmentsLoss on sale of investmentsNet income$- Select - Adjustments to reconcile net income to net cash flows from (used for) operating activities:blank Accumulated depreciationCash paid for dividendsCash received from sale of common stockDepreciationRetained earnings- Select - Cash paid for dividendsCash received from the sale of common stockGain on sale of investmentsLoss on sale of investmentsRetained earnings- Select - Changes in current operating assets and liabilities:blank Decrease in accounts payableDecrease in accounts receivableDecrease in inventoriesIncrease in accounts receivableLoss on sale of investments- Select - Decrease in accounts payableDecrease in accounts receivableDecrease in inventoriesGain on sale of investmentsIncrease in inventories- Select - Decrease in accounts payableDecrease in accounts receivableDecrease in inventoriesIncrease in accounts payableIncrease in accrued expenses- Select - Decrease in accounts payableDecrease in accrued expenses payableDecrease in dividends payableIncrease in accrued expenses payableIncrease in land- Select - Net cash flows from financing activitiesNet cash flows from investing activitiesNet cash flows from operating activitiesNet cash flows used for financing activitiesNet cash flows used for operating activitiesblank$- Select -Cash flows from (used for) investing activities:blank Cash received from gain on sale of investmentsCash received from loss on sale of investmentsCash received from sale of common stockCash received from sale of investmentsCash received from retained earnings$- Select - Cash paid for accounts payableCash paid for accumulated depreciationCash paid for common stockCash paid for dividendsCash paid for purchase of land- Select - Cash paid for accounts receivableCash paid for accrued expensesCash paid for accumulated depreciationCash paid for purchase of equipmentCash paid for retained earnings- Select - Net cash flows from financing activitiesNet cash flows from investing activitiesNet cash flows from operating activitiesNet cash flows used for investing activitiesNet cash flows used for operating activitiesblank- Select -Cash flows from (used for) financing activities:blank Cash received from net incomeCash received from sale of common stockCash received from sale of equipmentCash received from sale of investmentsCash received from retained earnings$- Select - Cash paid for dividendsCash paid for inventoriesCash paid for purchase of investmentsCash paid for purchase of landCash paid for retained earnings- Select - Net cash flows from financing activitiesNet cash flows from investing activitiesNet cash flows from operating activitiesNet cash flows used for financing activitiesNet cash flows used for investing activitiesblank- Select -Cash received from gain on sale of investmentsCash received from loss on sale of investmentsCash received from sale of common stockNet decrease in cashNet increase in cashblank$- Select -Cash balance, January 1, 20Y9blankCash balance, January 1, 20Y9Cash balance, December 31, 20Y9blank$Cash balance, December 31, 20Y9Step by Step Solution
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