Hi there,I'm not sure how to solve this question. Which items are supposed to be on the statement of cashflows?Thanks Prepare a statement of cash flows using the indirect method for 2021. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000))Adjustments to reconcile net income to$$WILDHORSE RETAILERS LTD.Statement of Cash Flowsenter a total amount for section three AssetsCashAccounts receivableInventoryFurnitureAccumulated depreciationTotal assetsLiabilities and Shareholders' EquityBank overdraftAdditional information regarding 2021:1.2.WILDHORSERETAILERS LTD.Statement of Financial PositionDecember 313.4.5.6.2021Accounts payableBank loan payable (noncurrent)Common sharesRetained earningsTotal liabilities and shareholders' equity $ 386,00075,000221,000130,000(40,000)$ 386,000$ 8,00073,00091,00054,000160,000$202022,00047,000167,000160,000(47,000)$ 349,000049,000105,00064,000131,000$ 349,000Net income was $34,000.Depreciation expense was $18,000.During the year, the company did not receive any new bank loans.During the year, the company did not purchase furniture but did sell some furniture for $9,000, which resulted in a gain ondisposal of $4,000.No common shares were issued during the year but some were repurchased at the cost at which they were originallyissued.During the year, the company paid all dividends declared.

The cash flow statement is prepared to record the cash flow from various activities during the…

Furniture Accumulated depreciation Total assets Liabilities and Shareholders' Equity Bank overdraft Accounts payable Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity dditional information regarding 2021: Net income was $34,000. Depreciation expense was $18,000. 1. 2. 3. 4. 5. 130,000 (40,000) $ 386,000 $ 8,000 73,000 91,000 54,000 160,000 $386,000 160,000 (47,000) $ 349,000 49,000 105,000 64,000 131,000 $ 349,000 During the year, the company did not receive any new bank loans. During the year, the company did not purchase furniture but did sell some furniture for $9,000, which resulted in a gain on disposal of $4,000. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued.

Furniture Accumulated depreciation Total assets Liabilities and Shareholders' Equity Bank overdraft Accounts payable Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity dditional information regarding 2021: Net income was $34,000. Depreciation expense was $18,000. 1. 2. 3. 4. 5. 130,000 (40,000) $ 386,000 $ 8,000 73,000 91,000 54,000 160,000 $386,000 160,000 (47,000) $ 349,000 49,000 105,000 64,000 131,000 $ 349,000 During the year, the company did not receive any new bank loans. During the year, the company did not purchase furniture but did sell some furniture for $9,000, which resulted in a gain on disposal of $4,000. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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