FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following information was taken from the financial records of the XYZ Company for 2022.
End of Year
Beginning of Year
$391,000
$376,000 266,000
554,300
567,800
693,000
672,400
27,000
24,000
510,000
527,400
Wages Payable
39,500
36,000
The net income reported on the income staternt for the current year was $165,000, which included a
gain on sale of investments of $6,000 (The investments had a book value of $10,000).
Depreciation expense recorded on store equipment for the year amounted to $19,000.
Change in Non-Current Assets, Non-Current Liabilities, and Equity Accounts:
Long-term investments
$30,000
Property, plant and equipment
60,000
Bonds payable
50,000
Common stock
20,000
Dividends
15,000
Required: Prepare a complete Statement of Cash Flows-Using the indirect method to prepare the
operating activities section
Format is important - make sure that you have appropriate spacing, indents and columns.
Cash
Accounts Receivable
Merchandise Inventory
Prepaid Insurance
Accounts Payable (creditors)
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Transcribed Image Text:The following information was taken from the financial records of the XYZ Company for 2022. End of Year Beginning of Year $391,000 $376,000 266,000 554,300 567,800 693,000 672,400 27,000 24,000 510,000 527,400 Wages Payable 39,500 36,000 The net income reported on the income staternt for the current year was $165,000, which included a gain on sale of investments of $6,000 (The investments had a book value of $10,000). Depreciation expense recorded on store equipment for the year amounted to $19,000. Change in Non-Current Assets, Non-Current Liabilities, and Equity Accounts: Long-term investments $30,000 Property, plant and equipment 60,000 Bonds payable 50,000 Common stock 20,000 Dividends 15,000 Required: Prepare a complete Statement of Cash Flows-Using the indirect method to prepare the operating activities section Format is important - make sure that you have appropriate spacing, indents and columns. Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Accounts Payable (creditors)
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