2018 2017 Current Assets Cash $124,700 $26,000 Accounts Receivable 64,500 69,400 Merchandise Inventory 82,000 79,000 Current Liabilities Accounts Payable 57,700 55,500 Income Tax Payable 14,300 17,100 Transaction Data for 2018: Issuance of common stock for cash $43,000 Payment of notes payable $44,100 Depreciation expense 26,000 Payment of cash dividends 51,000 Purchase of equipment with cash 69,000 Issuance of notes payable to borrow cash 66,000 Acquisition of land by issuing long-term notes payable 115,000 Gain on sale of building 6,500 Book value of building sold 56,000 Net income 70,500 Prepare Johnson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.
2018 2017 Current Assets Cash $124,700 $26,000 Accounts Receivable 64,500 69,400 Merchandise Inventory 82,000 79,000 Current Liabilities Accounts Payable 57,700 55,500 Income Tax Payable 14,300 17,100 Transaction Data for 2018: Issuance of common stock for cash $43,000 Payment of notes payable $44,100 Depreciation expense 26,000 Payment of cash dividends 51,000 Purchase of equipment with cash 69,000 Issuance of notes payable to borrow cash 66,000 Acquisition of land by issuing long-term notes payable 115,000 Gain on sale of building 6,500 Book value of building sold 56,000 Net income 70,500 Prepare Johnson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.
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
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13P: Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and...
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Accountants for Johnson, Inc. have assembled the following data for the year ended December 31, 2018:
2018 2017
Current Assets
Cash $124,700 $26,000
Merchandise Inventory 82,000 79,000
Current Liabilities
Accounts Payable 57,700 55,500
Income Tax Payable 14,300 17,100
Transaction Data for 2018:
Issuance of common stock for cash $43,000 Payment of notes payable $44,100
Purchase of equipment with cash 69,000 Issuance of notes payable to borrow cash 66,000
Acquisition of land by issuing long-term notes payable 115,000 Gain on sale of building 6,500
Book value of building sold 56,000 Net income 70,500
Prepare Johnson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.
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