Homework Help is Here – Start Your Trial Now!
Business
Accounting
Cash Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity $276,880 100,300 283,150 0 145,230 312,400 (73,140) $1,044,820 $189,110 18,810 10,450 56,420 212,100 557,930 $1,044,820 d. The common stock was issued for cash. e. There was a $67,910 credit to Retained Earnings for net income. f. There was a $42,970 debit to Retained Earnings for cash dividends declared. Required: $259,640 93,250 276,090 106,960 0 244,100 (65,820) $914,220 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $96,260 cash. $180,100 23,770 8,230 44,800 124,330 532,990 $914,220 Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Cash Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity $276,880 100,300 283,150 0 145,230 312,400 (73,140) $1,044,820 $189,110 18,810 10,450 56,420 212,100 557,930 $1,044,820 d. The common stock was issued for cash. e. There was a $67,910 credit to Retained Earnings for net income. f. There was a $42,970 debit to Retained Earnings for cash dividends declared. Required: $259,640 93,250 276,090 106,960 0 244,100 (65,820) $914,220 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $96,260 cash. $180,100 23,770 8,230 44,800 124,330 532,990 $914,220 Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

b. There were no disposals of equipment during the year. c. The investments were sold for $96,260 cash. d. The common stock was issued for cash. e. There was a $67,910 credit to Retained Earnings for net income. f. There was a $42,970 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flows from operating activities Cash flows from (used for) investing activities: Net cash flows used for investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities Cash balance, January 1, 20Y9 Cash balance, December 31, 20Y9 00 0000 $
Transcribed Image Text:b. There were no disposals of equipment during the year. c. The investments were sold for $96,260 cash. d. The common stock was issued for cash. e. There was a $67,910 credit to Retained Earnings for net income. f. There was a $42,970 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flows from operating activities Cash flows from (used for) investing activities: Net cash flows used for investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities Cash balance, January 1, 20Y9 Cash balance, December 31, 20Y9 00 0000 $
Statement of Cash Flows The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Cash Accounts receivable (net) Inventories Investments Land Assets Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity $276,880 100,300 283,150 0 145,230 312,400 (73,140) $1,044,820 $189,110 18,810 10,450 56,420 212,100 557,930 $1,044,820 $259,640 93,250 276,090 106,960 0 244,100 (65,820) $914,220 $180,100 23,770 8,230 44,800 124,330 532,990 $914,220 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $96,260 cash. d. The common stock was issued for cash. e. There was a $67,910 credit to Retained Earnings for net income. f. There was a $42,970 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Transcribed Image Text:Statement of Cash Flows The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Cash Accounts receivable (net) Inventories Investments Land Assets Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity $276,880 100,300 283,150 0 145,230 312,400 (73,140) $1,044,820 $189,110 18,810 10,450 56,420 212,100 557,930 $1,044,820 $259,640 93,250 276,090 106,960 0 244,100 (65,820) $914,220 $180,100 23,770 8,230 44,800 124,330 532,990 $914,220 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $96,260 cash. d. The common stock was issued for cash. e. There was a $67,910 credit to Retained Earnings for net income. f. There was a $42,970 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS