The current sections of Flint Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation'snet income for 2022 was $215,900. Depreciation expense was $35,700.Current assetsCashAccounts receivableInventoryPrepaid expensesTotal current assetsCurrent liabilitiesAccrued expenses payableAccounts payableTotal current liabilities2022$52,700eTextbook and Media72,25066,30014,450$205,700$5,10074,800$79,9002021Adjustments to reconcile net income to$75,65058,65052,70016,150$203,150Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)$ 13,60061,200$74,800Flint CorporationPartial Statement of Cash Flows$

Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…

The current sections of Flint Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation's net income for 2022 was $215,900. Depreciation expense was $35,700. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $52,700 72,250 66,300 14,450 $205,700 $5,100 74,800 $79,900 2021 $75,650 Adjustments to reconcile net income to 58,650 52,700 16,150 $203,150 $ 13,600 61,200 $74,800 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Flint Corporation Partial Statement of Cash Flows

The current sections of Flint Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation's net income for 2022 was $215,900. Depreciation expense was $35,700. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $52,700 72,250 66,300 14,450 $205,700 $5,100 74,800 $79,900 2021 $75,650 Adjustments to reconcile net income to 58,650 52,700 16,150 $203,150 $ 13,600 61,200 $74,800 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Flint Corporation Partial Statement of Cash Flows

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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Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
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