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This is all of the information given Headland Comparry, a major retailer of bicycles and accessories, operates several stores and is a publicly traded comparny.
This is all of the information given
Headland Comparry, a major retailer of bicycles and accessories, operates several stores and is a publicly traded comparny. The comparative balance sheet and income statement for Headland as of May 31, 2025, are as follows. The compariy is preparing its Prepare a statement of cash flows for Headland Company for the year ended May 31, 2025, using the direct method. (A reconciliation of net income to net cash provided is not required) (Show amounts in the investing and financing sections that decrease cash flow with either a-sign eg. 15,000 or in parenthesis eg (15,000) ) The following is additional information concerning Headland's transactions during the year ended May 31,2025. 1. All sales during the year were made on account. 2. All merchandise was purchased on account, comprising the total accounts payable account. 3. Plant assets costing $94,300 were purchased by paying $24,300 in cash and issuing 7,000 shares of stock. 4. The "other expenses" are related to prepaiditems. 5. All income taxes incurred during the year were paid during the year. 6. In order to supplement its cash, Headland issued 2,000 shares of common stock at par value. 7. Cash dividends of $105,200 were declared and paid at the end of the fiscal year. Headland Company Income Statement For the Year Ended May 31, 2025 Sales revenue Cost of goods sold Gross profit Expenses Salaries and wages expense Interest expense Depreciation expense Other expenses Total expenses Operating income Incomet taxexpense Vetincome $1,254,100 725,100 529.000 250,100 75.400 22.700 8.100 \( \longdiv { 3 5 6 3 0 0 } \) 172700 42 Headland Comparry, a major retailer of bicycles and accessories, operates several stores and is a publicly traded comparny. The comparative balance sheet and income statement for Headland as of May 31, 2025, are as follows. The compariy is preparing its Prepare a statement of cash flows for Headland Company for the year ended May 31, 2025, using the direct method. (A reconciliation of net income to net cash provided is not required) (Show amounts in the investing and financing sections that decrease cash flow with either a-sign eg. 15,000 or in parenthesis eg (15,000) ) The following is additional information concerning Headland's transactions during the year ended May 31,2025. 1. All sales during the year were made on account. 2. All merchandise was purchased on account, comprising the total accounts payable account. 3. Plant assets costing $94,300 were purchased by paying $24,300 in cash and issuing 7,000 shares of stock. 4. The "other expenses" are related to prepaiditems. 5. All income taxes incurred during the year were paid during the year. 6. In order to supplement its cash, Headland issued 2,000 shares of common stock at par value. 7. Cash dividends of $105,200 were declared and paid at the end of the fiscal year. Headland Company Income Statement For the Year Ended May 31, 2025 Sales revenue Cost of goods sold Gross profit Expenses Salaries and wages expense Interest expense Depreciation expense Other expenses Total expenses Operating income Incomet taxexpense Vetincome $1,254,100 725,100 529.000 250,100 75.400 22.700 8.100 \( \longdiv { 3 5 6 3 0 0 } \) 172700 42 Step by Step Solution
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