FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following information was obtained from Galena Company's Comparative Balance Sheets. Assume
Galena Company 2020 Income statement showed depreciation expense of $9,000 and a net income of
$60,000. In addition, the Long Term investment account changed due to a sale that resulted in an
$11,000 gain. The PPE account changed due to purchase of PPE with $43,000 cash. Prepare the cash
flow statement under the Indirect Method.
Мaу 31, 2020
Мaу 31, 2019
Cash..
.$19,000
$10,000
Accounts Receivable..
„$45,000
$35,000
Inventory..
$55,000
$49,000
Prepaid Rent..
000'6$"
$7,000
Long Term Investments..
$20,000
$34,000
PPE.
$150,000
$107,000
Accumulated Depreciation...
.$42,000
$33,000
Accounts Payable..
.$26,000
$20,000
Income Tax Payable..
$4,000
$6,000
Common Stock..
$92,000
$92,000
Retained Earnings.
.$134,000
$91,000
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Transcribed Image Text:The following information was obtained from Galena Company's Comparative Balance Sheets. Assume Galena Company 2020 Income statement showed depreciation expense of $9,000 and a net income of $60,000. In addition, the Long Term investment account changed due to a sale that resulted in an $11,000 gain. The PPE account changed due to purchase of PPE with $43,000 cash. Prepare the cash flow statement under the Indirect Method. Мaу 31, 2020 Мaу 31, 2019 Cash.. .$19,000 $10,000 Accounts Receivable.. „$45,000 $35,000 Inventory.. $55,000 $49,000 Prepaid Rent.. 000'6$" $7,000 Long Term Investments.. $20,000 $34,000 PPE. $150,000 $107,000 Accumulated Depreciation... .$42,000 $33,000 Accounts Payable.. .$26,000 $20,000 Income Tax Payable.. $4,000 $6,000 Common Stock.. $92,000 $92,000 Retained Earnings. .$134,000 $91,000
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