Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The comparative balance sheet of Orange Angel Enterprises inc. at December 31, 20Y and 20Y7, is as follows: Additonal data obtained from the income statement
The comparative balance sheet of Orange Angel Enterprises inc. at December 31, 20Y and 20Y7, is as follows: Additonal data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $321,680 b. Depreciation reported on the income statement 584,000 . c. Equpment was purchased at a cost of $162,900, and fully depreciated equipment costing $44,580 was discarded, with no salvage realzed d. The mortgage note payable was not due for six years, but the terms permstted earler payment without penality e. 10,000 shares of common stock were issued at $21 for cash. t. Cash dividends declared and paid, $153,640 Prepare a statement of cash fows, using the indrect method of presenting cash fows from (wised fort onecating activities ee sure to complefe Required: the heading of the statement Refer to the Labels and Amount Descriptions list provided for the exact wording or the answer choices for text. entres Use the minus sign to indicate cash outhows, decreases in cash and a net cash outhow for each section if required Labels wuy Amount Descriptions Labels December 31, 20Y For the Year Ended December 31, 20Y8 Amount Descriptions Cash paid for equipment Cash received from issuing common stock Cash dividends Cash paid to retire mortgage note payable Decrease in merchandise inventory Decrease in accounts payable Decrease in accounts receivable Decrease in prepaid expenses Depreciation Increase in accounts payable Increase in accounts receivable Increase in merchandise inventory Increase in prepaid expenses Net increase in cash Net decrease in cash Net cash flows from financing activities Devease in merchandise inventory Decrease in accounts payable Decrease in accounts receivable Decrease in prepaid expenses Depreciation Increase in accounts payable Increase in accounts receivable Increase in merchandise inventory Increase in prepaid expenses Net increase in cash Net decrease in cash Net cash flows from financing activities Net cash flows from investing activities Net cash flows from operating activities Net cash flows used for financing activities Net cash flows used for investing activities Net cash flows used for operating activities Net income Net loss Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) gperating. activities. Be sure fo complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer chaices for text entries. Use-the minus sign to indicate cash outfiows, decreases in cash and a net cash outhow for each section, if required. lows Statement of Cash Flows if Changes in current operating asuets and liablities: 5 7 8 9 10. Car flows from (used for) investing activities: Cash fiows from (used for) financing activities: 15 14 17 11 15 Cash balance. Hansary 1,20r8 21 Cash balance. December 31,20 Yo
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started