Statement of cash flows : This statement reports all the cash transactions which are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period. Statement of cash flows includes the changes in cash balance due to operating, investing, and financing activities. To prepare : Statement of cash flows of ST Service for the year ended August 31, 2016

Question

Preparing the direct method statement of cash flows Red Toy Company reported the following comparative balance sheet: Requirements Compute the collections from customers during 2018 for Red Toy Company. Sales Revenue totaled $134,000. Compute the payments for inventory during 2018. Cost of Goods Sold was $79,000.

Answer 1

Question

Chapter 1, Problem 1.7BPE

To determine

Statement of cash flows:

This statement reports all the cash transactions which are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period. Statement of cash flows includes the changes in cash balance due to operating, investing, and financing activities.

To prepare: Statement of cash flows of ST Service for the year ended August 31, 2016

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Preparing the direct method statement of cash flows Red Toy Company reported the following comparative balance sheet: Requirements Compute the collections from customers during 2018 for Red Toy Company. Sales Revenue totaled $134,000. Compute the payments for inventory during 2018. Cost of Goods Sold was $79,000.

Spreadsheet and Statement of Cash Flows The following information was taken from Lamberson Company's accounting records: Account Balances Account Titles January 1,2016 December 31,2016 Debits Cash $ 1,400 $ 2,400 Accounts Receivable (net) 2,800 2,690 Marketable Securities (at cost) 1,700 3,000 Allowance for Change in Value 500 800 Inventories 8,100 7,910 Prepaid Items 1,300 1,710 Investments (long-term) 7,000 5,400 Land 15,000 15,000 Buildings and Equipment 32,000 46,200 Discount on Bonds Payable — 290 $69,800 $85,400 Credits Accumulated Depreciation $16,000 $16,400 Accounts Payable 3,800 4,150 Income Taxes Payable 2,400 2,504 Wages Payable 1,100 650 Interest Payable — 400 Note Payable (long-term) 3,500 — 12% Bonds Payable — 10,000 Deferred Taxes Payable 800 1,196 Convertible Preferred Stock, $100 par 9,000 — Common Stock, $10 par 14,000 21,500 Additional Paid-in Capital 8,700 13,700 Unrealized Increase in Value of…

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