Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. Victrolia CompanyStatement of Cash Flows (Direct Method)For the Year Ended December 31, 2018 Cash Flow from Operating Activities: $- Select - Cash Payments: $- Select - - Select - - Select - Net cash flows from operating activities $fill in the blank 8 Cash Flow from Investing Activities: $- Select - Net Cash Flow from Investing Activities fill in the blank 11 Cash Flow from Financing Activities: $- Select - Net Cash Flow from Financing Activities fill in the blank 14 $- Select - Cash Balance, December 31, 2017 fill in the blank 17 Cash Balance, December 31, 2018
Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. Victrolia CompanyStatement of Cash Flows (Direct Method)For the Year Ended December 31, 2018 Cash Flow from Operating Activities: $- Select - Cash Payments: $- Select - - Select - - Select - Net cash flows from operating activities $fill in the blank 8 Cash Flow from Investing Activities: $- Select - Net Cash Flow from Investing Activities fill in the blank 11 Cash Flow from Financing Activities: $- Select - Net Cash Flow from Financing Activities fill in the blank 14 $- Select - Cash Balance, December 31, 2017 fill in the blank 17 Cash Balance, December 31, 2018
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Use the following excerpts from Victrolia Company’s financial information.
2018 Income Statment | |||
Sales | $475,000 | ||
Cost of Goods Sold | (221,500) | ||
Operating Expenses, other than |
(60,600) | ||
Depreciation Expense | (21,000) | ||
Gain on Sale of Plant Assets | 23,500 | ||
Net Income | $195,400 | ||
Dec. 31,2018 | |||
Cash | $347,450 | ||
39,750 | |||
Inventory | 33,000 | ||
Accounts Payable | 17,550 | ||
Accured Liabilities | 3,500 | ||
Dec. 31, 2017 | |||
Cash | $133,500 | ||
Accounts Receivable | 36,500 | ||
Inventory | 35,000 | ||
Accounts Payable | 19,550 | ||
Accured Liabilities | 2,200 | ||
Additional Information: | |||
Plant assets were sold for $45,000; book value $16,500 | |||
Dividends of $22,000 were declared and paid |
Prepare a statement of
Victrolia CompanyStatement of Cash Flows (Direct Method)For the Year Ended December 31, 2018
Cash Flow from Operating Activities: | ||
|
$- Select - | |
Cash Payments: | ||
|
$- Select - | |
|
- Select - | - Select - |
Net cash flows from operating activities | $fill in the blank 8 | |
Cash Flow from Investing Activities: | ||
|
$- Select - | |
Net Cash Flow from Investing Activities | fill in the blank 11 | |
Cash Flow from Financing Activities: | ||
|
$- Select - | |
Net Cash Flow from Financing Activities | fill in the blank 14 | |
|
$- Select - | |
Cash Balance, December 31, 2017 | fill in the blank 17 | |
Cash Balance, December 31, 2018 |
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