Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement and additional data of Bryan Travel Products, Inc., follow: (Click the icon to view the income statement.) O (Click the icon to

image text in transcribed

The income statement and additional data of Bryan Travel Products, Inc., follow: (Click the icon to view the income statement.) O (Click the icon to view the additional data.) Requirements 1. Prepare Bryan's statement of cash flows for the year ended December 31, 2016, using the indirect method. 2. Evaluate Bryan's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. Requirement 1. Prepare Bryan's statement of cash flows for the year ended December 31, 2016, using the indirect method. Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows, including the noncash investing and financing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Bryan Travel Products, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2016 i Data Table Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: 8,600 $ 287,600 Bryan Travel Products, Inc. Income Statement Year Ended December 31, 2016 Revenues: Service revenue 279,000 Dividend revenue Expenses: Cost of goods sold 104,000 Salary expense 78,000 Depreciation expense 26,000 Advertising expense 4,400 Interest expense 2,600 Income tax expense 15,000 230,000 Net income $ 57,600 Net cash provided by (used for) operating activities Cash flows from investing activities: Net cash provided by (used for) investing activities Cash flows from financing activities: Print Done Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash balance, December 31, 2015 Cash balance, December 31, 2016 Noncash investing and financing activities: Requirement 2. Evaluate Bryan's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. Bryan's cash flows look.| are the main source of cash. The company invested in new assets V. All of these signs are V. The financing transactions included The income statement and additional data of Bryan Travel Products, Inc., follow: (Click the icon to view the income statement.) O (Click the icon to view the additional data.) Requirements 1. Prepare Bryan's statement of cash flows for the year ended December 31, 2016, using the indirect method. 2. Evaluate Bryan's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. Requirement 1. Prepare Bryan's statement of cash flows for the year ended December 31, 2016, using the indirect method. Start by completing the cash flows from operating activities. Then complete each section of the statement of cash flows, including the noncash investing and financing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Bryan Travel Products, Inc. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2016 i Data Table Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by (used for) operating activities: 8,600 $ 287,600 Bryan Travel Products, Inc. Income Statement Year Ended December 31, 2016 Revenues: Service revenue 279,000 Dividend revenue Expenses: Cost of goods sold 104,000 Salary expense 78,000 Depreciation expense 26,000 Advertising expense 4,400 Interest expense 2,600 Income tax expense 15,000 230,000 Net income $ 57,600 Net cash provided by (used for) operating activities Cash flows from investing activities: Net cash provided by (used for) investing activities Cash flows from financing activities: Print Done Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash balance, December 31, 2015 Cash balance, December 31, 2016 Noncash investing and financing activities: Requirement 2. Evaluate Bryan's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. Bryan's cash flows look.| are the main source of cash. The company invested in new assets V. All of these signs are V. The financing transactions included

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

Students also viewed these Accounting questions