Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow, along with additional information. Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets 1. Accounts Payable Salaries and Wages Payable Notes Payable fong-term) Common Stock Retained Eamings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income Current Year $ 6,300 900 5,500 (1.500) $11.200 $ 500 500 1,700 5,000 3,500 $11.200 $37.500 35,000 250 1,000 $ 1,250 Additional Data: a. Bought new hockey equipment for cash, $500. b Borrowed $1.200 cash from the bank during the year. Previous Year $4,000 1,750 5,000 (1,250) $9.500 $1,000 750 500 5,000 2.250 $9.500 C Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash. Required: Prepare the statement of cash flows for the current year ended December 31 using the indirect

Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement follow, along with additional information. Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets 1. Accounts Payable Salaries and Wages Payable Notes Payable fong-term) Common Stock Retained Eamings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income Current Year $ 6,300 900 5,500 (1.500) $11.200 $ 500 500 1,700 5,000 3,500 $11.200 $37.500 35,000 250 1,000 $ 1,250 Additional Data: a. Bought new hockey equipment for cash, $500. b Borrowed $1.200 cash from the bank during the year. Previous Year $4,000 1,750 5,000 (1,250) $9.500 $1,000 750 500 5,000 2.250 $9.500 C Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash. Required: Prepare the statement of cash flows for the current year ended December 31 using the indirect

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section22.3: Preparing A Statement Of Cash Flows

Problem 1OYO

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Required information Skip to question [The following information applies to the questions displayed below.] Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 102,000 $ 122,400 Accounts receivable 81,700 88,000 Inventory 109,700 100,000 Total current assets 293,400 310,400 Property, plant, and equipment 291,000 280,000 Less accumulated depreciation 97,000 70,000 Net property, plant, and equipment 194,000 210,000 Total assets $ 487,400 $ 520,400 Accounts payable $ 64,000 $ 113,700 Income taxes payable 49,700 65,700 Bonds payable 120,000 100,000 Common stock 140,000 120,000 Retained earnings 113,700 121,000 Total liabilities and stockholders’ equity $ 487,400 $ 520,400…
P12-5 LO12-2, 12-4, 12-6 Chapter Supplement B) Preparing a Statement of Cash Flows with Gain on Sale of Equipment (Indirect Method) (AP12-5) XS Supply Company is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Gain on sale of equipment Cost of goods sold Other expenses Net income Additional Data: Current Year 2. Evaluate the statement of cash flows. $ 34,000 35,000 41,000 121,000 (30,000) $201,000 $ 36,000 1,200 38,000 88,600 37,200 $201,000 $120,000 1,000 (70,000) (38,800) $ 12,200 Prior Year $ 29,000 28,000 38,000 100,000…
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