Please send me the question in 20 minutes it's very urgent plz Income Statement for the year ended December 31, 2021Net sales$65,117Gain on disposal of fixed assetsCost of goods sold500(26,825)(31.814)6,978(1.973)Operating and other expensesEarnings before tax on incomeTaxes on incomeNet earnings$ 5.005Required: Prepare a 2021 Statement of Cash Flows for Edan Inc., using the indirect method.

A statement of cash flows is prepared to know the cash inflows and cash outflows of the company…

Income Statement for the year ended December 31, 2021 Net sales $65,117 Gain on disposal of fixed assets Cost of goods sold 500 (26,825) (31.814) 6.978 Operating and other expenses Earnings before tax on income Taxes on income Net earnings Required: Prepare a 2021 Statement of Cash Flows for Edan Inc., using the indirect method. (1.973) $ 5,005

Income Statement for the year ended December 31, 2021 Net sales $65,117 Gain on disposal of fixed assets Cost of goods sold 500 (26,825) (31.814) 6.978 Operating and other expenses Earnings before tax on income Taxes on income Net earnings Required: Prepare a 2021 Statement of Cash Flows for Edan Inc., using the indirect method. (1.973) $ 5,005

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 7MC

See similar textbooks

Similar questions

Use the following information from Birch Companys balance sheets to determine net cash flows from operating activities (indirect method), assuming net income for 2018 of $122,000.
Statement of Cash Flows The following are Mueller Companys cash flow activities: a. Net income, 68,000 b. Increase in accounts receivable, 4,400 c. Receipt from sale of common stock, 12,300 d. Depreciation expense, 11,300 e. Dividends paid, 24,500 f. Payment for purchase of building, 65,000 g. Bond discount amortization, 2,700 h. Receipt from sale of long-term investments at cost, 10,600 i. Payment for purchase of equipment, 8,000 j. Receipt from sale of preferred stock, 20,000 k. Increase in income taxes payable, 3,500 l. Payment for purchase of land, 9,700 m. Decrease in accounts payable, 2,900 n. Increase in inventories, 10,300 o. Beginning cash balance, 18,000 Required: Prepare Mueller Company's statement of cash flows.
Use the following excerpts from Indigo Companys balance sheets to determine net cash flows from operating activities (indirect method), assuming net income for 2018 of $225,000.
Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
Selected information from Brook Corporations accounting records and financial statements for 2019 follows: On the statement of cash flows for the year ended December 31, 2019, Brook should disclose a net increase in cash in the amount of: a. 1,700,000 b. 2,400,000 c. 3,700,000 d. 4,200,000
Spreadsheet and Statement The following 2019 information is available for Stewart Company: Partial additional information: The equipment that was sold for cash had cost 400 and had a book value of 300. Land that was sold brought a cash price of 530. Fifty shares of stock were issued at par. (Appendix 21.1) Operating Cash Flows Spreadsheet Method Refer to the information for Stewart Company in E21-11. Required: Raised only on the information presented and using the direct method, prepare the cash flows from operating activities section of the 2019 statement of cash flows for Stewart using the spreadsheet method.
Determining Cash Flows from Investing Activities Burns Companys 2019 and 2018 balance sheets presented the following data for equipment: During 2019, equipment costing $41,000 with accumulated depreciation of $36,700 was sold for cash, producing a $3,200 gain. Required: 1. Calculate the amount of depreciation expense for 2019. 2. Calculate the amount of cash spent for equipment during 2019. 3. Calculate the amount that should be included as a cash inflow from the disposal of equipment.