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HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 14P
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Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Prior Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment $ 44,100 18,000 21,000 100,000 (33,000) $ 150,100 $ 19,000 900 25,000 75,000 30,200 $ 150,100 $ 13,000 19,000 26,000 92,000 (25,000) $ 125,000 $ 17,000 1,000 38,000 50,000 19,000 $ 125,000 Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses $ 120,000 71,000 35,000 $ 14,000 Net Income Additional Data: a. Bought equipment for cash, $8,000. b. Paid $13,000 on the long-term notes payable. c. Issued new shares of stock for $25,000 cash. d. Declared and paid a $2,800 cash dividend. e. Other expenses included depreciation, $8,000; salaries and wages, $12,000; taxes, $5,000; utilities, $10,000. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash.
Transcribed Image Text:Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Prior Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment $ 44,100 18,000 21,000 100,000 (33,000) $ 150,100 $ 19,000 900 25,000 75,000 30,200 $ 150,100 $ 13,000 19,000 26,000 92,000 (25,000) $ 125,000 $ 17,000 1,000 38,000 50,000 19,000 $ 125,000 Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement (current year) Sales Revenue Cost of Goods Sold Other Expenses $ 120,000 71,000 35,000 $ 14,000 Net Income Additional Data: a. Bought equipment for cash, $8,000. b. Paid $13,000 on the long-term notes payable. c. Issued new shares of stock for $25,000 cash. d. Declared and paid a $2,800 cash dividend. e. Other expenses included depreciation, $8,000; salaries and wages, $12,000; taxes, $5,000; utilities, $10,000. f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash.
HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities:
Transcribed Image Text:HUNTER COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Changes in Current Assets and Current Liabilities Cash Flows from Investing Activities: Cash Flows from Financing Activities:
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