Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for Stamos Corporation for the year ended December 31, 2020. Beginning cash balance $ 49,000 Accounts payable decrease 4,000 Depreciation

The following information is available for Stamos Corporation for the year ended December 31, 2020.

Beginning cash balance $ 49,000
Accounts payable decrease 4,000
Depreciation expense 151,000
Accounts receivable increase 7,900
Inventory increase 12,000
Net income 266,800
Cash received for sale of land at book value 34,000
Cash dividends paid 11,000
Income taxes payable increase 4,400
Cash used to purchase building 311,000
Cash used to purchase treasury stock 24,000
Cash received from issuing bonds 199,000

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

STAMOS CORPORATION Statement of Cash FlowsIndirect Method December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Income Taxes PayableDecrease IninventoryDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Income Taxes PayableIncrease in InventoryIssuance of BondsNet IncomePayment of DividendPurchase of BuildingPurchase of LandPurchase of Treasury StockSale of BuildingSale of LandSale of Treasury Stock $
Adjustments to Reconcile net income to
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Income Taxes PayableDecrease IninventoryDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Income Taxes PayableIncrease in InventoryIssuance of BondsNet IncomePayment of DividendPurchase of BuildingPurchase of LandPurchase of Treasury StockSale of BuildingSale of LandSale of Treasury Stock $
Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Income Taxes PayableDecrease IninventoryDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Income Taxes PayableIncrease in InventoryIssuance of BondsNet IncomePayment of DividendPurchase of BuildingPurchase of LandPurchase of Treasury StockSale of BuildingSale of LandSale of Treasury Stock
Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Income Taxes PayableDecrease IninventoryDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Income Taxes PayableIncrease in InventoryIssuance of BondsNet IncomePayment of DividendPurchase of BuildingPurchase of LandPurchase of Treasury StockSale of BuildingSale of LandSale of Treasury Stock
Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Income Taxes PayableDecrease IninventoryDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Income Taxes PayableIncrease in InventoryIssuance of BondsNet IncomePayment of DividendPurchase of BuildingPurchase of LandPurchase of Treasury StockSale of BuildingSale of LandSale of Treasury Stock
Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Income Taxes PayableDecrease IninventoryDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Income Taxes PayableIncrease in InventoryIssuance of BondsNet IncomePayment of DividendPurchase of BuildingPurchase of LandPurchase of Treasury StockSale of BuildingSale of LandSale of Treasury Stock
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in CashNoncash Investing and Financing Activities
$

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

Principles Of Financial Accounting (Chapters 1-17)

Authors: John Wild

25th Edition

1260780147, 9781260780147

More Books

Students also viewed these Accounting questions

Question

=+Who are you right now, and where do you want to be?

Answered: 1 week ago