Lindsey Herrmann has completed the basic format to be used in preparing the statement of cash Consultants. Listed below in random order are line items to be included in the statement of cash flows. Purchase of equipment Increase in inventory Increase in prepaid rent Payment of dividends Depreciation expense Increase in accounts receivable Increase in accounts payable Loss on sale of land Net income Repayment of notes payable Cash received from the sale of land Issuance of common stock LONGHORN CONSULTANTS Statement of Cash Flows $229,000 28,000 7,500 36,000 14,000 52,000 21,000 Required: Prepare the statement of cash flows for Longhorn Consultants using the indirect method. (Amounts values should be indicated by a minus sign.) 13,000 63,000 47,000 4,500 246,000 Cash Flows from Operating Activities For the Year Ended December 31, 2024 Adjustments to reconcile net income to net cash flows from operating activities:

Lindsey Herrmann has completed the basic format to be used in preparing the statement of cash Consultants. Listed below in random order are line items to be included in the statement of cash flows. Purchase of equipment Increase in inventory Increase in prepaid rent Payment of dividends Depreciation expense Increase in accounts receivable Increase in accounts payable Loss on sale of land Net income Repayment of notes payable Cash received from the sale of land Issuance of common stock LONGHORN CONSULTANTS Statement of Cash Flows $229,000 28,000 7,500 36,000 14,000 52,000 21,000 Required: Prepare the statement of cash flows for Longhorn Consultants using the indirect method. (Amounts values should be indicated by a minus sign.) 13,000 63,000 47,000 4,500 246,000 Cash Flows from Operating Activities For the Year Ended December 31, 2024 Adjustments to reconcile net income to net cash flows from operating activities:

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

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

Section: Chapter Questions

Problem 1ANFS

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