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Use the Assessment 3, Part 2 Template to determine the appropriate activity (operating, investing, or financing) for each transaction listed for Skylar Enterprises, Inc., and
Use the Assessment 3, Part 2 Template to determine the appropriate activity (operating, investing, or financing) for each transaction listed for Skylar Enterprises, Inc., and prepare the cash flow statement using the indirect method in good form for reporting. Data is provided in the Information worksheet in the template; complete the statement of cash flow in the Cash Flow Statement worksheet.
Skylar Enterprises, Inc. Comparative Balance Sheets | ||||||
Assets | 12/31/12 | 1/1/12 | Difference | |||
Cash | $73,000 | $22,000 | $51,000 | |||
Accounts receivable | $85,000 | $76,000 | $9,000 | |||
Inventory | $170,000 | $189,000 | $19,000 | |||
Land | $75,000 | $100,000 | $25,000 | |||
Equipment | $260,000 | $200,000 | $60,000 | |||
Accum. Depreciation - Equipment | -$66,000 | -$32,000 | $34,000 | |||
Total | $597,000 | $555,000 | ||||
Liabilities and Equities | ||||||
Accounts payable | $39,000 | $47,000 | $8,000 | |||
Bonds payable | $150,000 | $200,000 | $50,000 | |||
Common stock | $216,000 | $174,000 | $42,000 | |||
Retained earnings | $192,000 | $134,000 | $58,000 | |||
Total | $597,000 | $555,000 | ||||
Additional Information: 1. Net income for 2012 was $103,000. 2. Cash dividends of $45,000 were paid. 3. Bonds payable amounting to $55,000 were redeemed. 4. Common stock was issued for $42,000 cash. 5. No equipment was sold during 2012. 6. Land was sold at cost during 2012. |
Create the Cashflow Statement Below:
Cash Flow Operating Activities:
Cash Flow From Investing Activities:
Cash Flow From Financing Activities:
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