Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following excerpts from Yardley Company's financial information. 2018 Income Statement Balance Sheets Sales $455,000 Cost of Goods Sold (221,500) Operating Expenses, other than
Use the following excerpts from Yardley Company's financial information. 2018 Income Statement Balance Sheets Sales $455,000 Cost of Goods Sold (221,500) Operating Expenses, other than Depreciation Expense (59,600) Depreciation Expense (22,000) Gain on Sale of Plant Assets 23,500 Net Income $175,400 Dec. 31,2018 Cash $324,450 Accounts Receivable Inventory Accounts Payable Accured Liabilities Cash Accounts Receivable Inventory Accounts Payable Accured Liabilities Dec. 31, 2017 $133,500 36,500 39,750 30,000 17,550 3,500 35,000 19,550 2,200 Additional Information: Plant assets were sold for $40,000; book value $16,500. Dividends of $24,000 were declared and paid. Prepare a statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Yardley Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2018 Operating Activities: Adjustments to Reconcile Net Income to Net Cash Flow from Operating Activities: Changes in Current Assets and Liabilities: 00 0000 Net Cash Flow from Operating Activities Cash Flow from Investing Activities: Net Cash Flow from Investing Activities Cash Flow from Financing Activities: Cash Flow from Financing Activities: Net Cash Flow from Financing Activities
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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