The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $83,280 $101,950 Accounts receivable (net) 127,960 137,430 Merchandise inventory 182,800 170,350 Prepaid expenses 7,450 5,160 Equipment 372,380 305,190 Accumulated depreciation-equipment (96,820) (74,850) Total assets $677,050 $645,230 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $142,180 $134,850 Mortgage note payable 0 193,570 Common stock, $1 par 22,000 14,000 Paid-in capital: Excess of issue price over par-common stock 302,000 182,000 Retained earnings 210,870 120,810 Total liabilities and stockholders’ equity $677,050 $645,230 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income, $230,550. Depreciation reported on the income statement, $47,300. Equipment was purchased at a cost of $92,520, and fully depreciated equipment costing $25,330 was discarded, with no salvage realized. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. 8,000 shares of common stock were issued at $16 for cash. Cash dividends declared and paid, $140,490. Required: Prepare a statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Yellow Dog Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from operating activities: $fill in the blank 2 Adjustments to reconcile net income to net cash flow from operating activities: fill in the blank 4 Changes in current operating assets and liabilities: fill in the blank 6 fill in the blank 8 fill in the blank 10 fill in the blank 12 Net cash flow from operating activities $fill in the blank 13 Cash flows from (used for) investing activities: $fill in the blank 15 Net cash flow used for investing activities fill in the blank 16 Cash flows from (used for) financing activities: $fill in the blank 18 fill in the blank 20 fill in the blank 22 Net cash flow used for financing activities fill in the blank 23 $fill in the blank 25 Cash at the beginning of the year fill in the blank 26 Cash at the end of the year $fill in the blank 27

The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $83,280 $101,950 Accounts receivable (net) 127,960 137,430 Merchandise inventory 182,800 170,350 Prepaid expenses 7,450 5,160 Equipment 372,380 305,190 Accumulated depreciation-equipment (96,820) (74,850) Total assets $677,050 $645,230 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $142,180 $134,850 Mortgage note payable 0 193,570 Common stock, $1 par 22,000 14,000 Paid-in capital: Excess of issue price over par-common stock 302,000 182,000 Retained earnings 210,870 120,810 Total liabilities and stockholders’ equity $677,050 $645,230 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income, $230,550. Depreciation reported on the income statement, $47,300. Equipment was purchased at a cost of $92,520, and fully depreciated equipment costing $25,330 was discarded, with no salvage realized. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. 8,000 shares of common stock were issued at $16 for cash. Cash dividends declared and paid, $140,490. Required: Prepare a statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Yellow Dog Enterprises Inc. Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from operating activities: $fill in the blank 2 Adjustments to reconcile net income to net cash flow from operating activities: fill in the blank 4 Changes in current operating assets and liabilities: fill in the blank 6 fill in the blank 8 fill in the blank 10 fill in the blank 12 Net cash flow from operating activities $fill in the blank 13 Cash flows from (used for) investing activities: $fill in the blank 15 Net cash flow used for investing activities fill in the blank 16 Cash flows from (used for) financing activities: $fill in the blank 18 fill in the blank 20 fill in the blank 22 Net cash flow used for financing activities fill in the blank 23 $fill in the blank 25 Cash at the beginning of the year fill in the blank 26 Cash at the end of the year $fill in the blank 27

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter13: Statement Of Cash Flows

Section: Chapter Questions

Problem 3PB: Statement of cash flowsindirect method The comparative balance sheet of Coulson, Inc. at December...

See similar textbooks

Related questions

Question

Statement of Cash Flows—Indirect Method

The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:

	Dec. 31, 20Y8	Dec. 31, 20Y7
Assets
Cash	$83,280		$101,950
Accounts receivable (net)	127,960		137,430
Merchandise inventory	182,800		170,350
Prepaid expenses	7,450		5,160
Equipment	372,380		305,190
Accumulated depreciation-equipment	(96,820)		(74,850)
	Total assets	$677,050		$645,230

Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)	$142,180		$134,850
Mortgage note payable	0		193,570
Common stock, $1 par	22,000		14,000
Paid-in capital: Excess of issue price over par-common stock	302,000		182,000
Retained earnings	210,870		120,810
	Total liabilities and stockholders’ equity	$677,050		$645,230

Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:

Net income, $230,550.
Depreciation reported on the income statement, $47,300.
Equipment was purchased at a cost of $92,520, and fully depreciated equipment costing $25,330 was discarded, with no salvage realized.
The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.
8,000 shares of common stock were issued at $16 for cash.
Cash dividends declared and paid, $140,490.

Required:

Prepare a statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Yellow Dog Enterprises Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y8
Cash flows from operating activities:
	$fill in the blank 2
Adjustments to reconcile net income to net cash flow from operating activities:
	fill in the blank 4
Changes in current operating assets and liabilities:
	fill in the blank 6
	fill in the blank 8
	fill in the blank 10
	fill in the blank 12
Net cash flow from operating activities		$fill in the blank 13
Cash flows from (used for) investing activities:
	$fill in the blank 15
Net cash flow used for investing activities		fill in the blank 16
Cash flows from (used for) financing activities:
	$fill in the blank 18
	fill in the blank 20
	fill in the blank 22
Net cash flow used for financing activities		fill in the blank 23
		$fill in the blank 25
Cash at the beginning of the year		fill in the blank 26
Cash at the end of the year		$fill in the blank 27

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.