Week 11: Group Discussion QuestionTopic: Statement of Cash FlowsGradedDiscussionOdessa Company uses the indirect method to prepare its statement ofcash flows. Please refer to the following information extracted from the comparativebalance sheet for the company.Increase/(decrease)($17,000)$8,00020182017Accounts payable$35,000$52,000Accrued liabilities18,00010,000($12,000)($21,000)Long-term notes payable180,000168,000$221,000 $242,000Total liabilities$39,000Common stock100,00061,000Retained earnings$78,000148,000226,000Treasury stockTotal equity($6,100)$110,900(18,500)(12,400)$307,500 $196,600$528,500 $438,600Total liabilities and equity$89,900Additional information provided:Dividend paid for 2018 amounted to $12,500Net income for 2018 was $98,000During 2018, the company repaid $80,000 of long-term notes payable.During 2018, the company borrowed $68,000 on a new note payableThere were no stock retirements during 2018.Requirement:Using the indirect method, prepare a schedule for the financing section (only) of thestatement of cash flows for December 2018IT'S AWRAP

Question
Asked Nov 10, 2019
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Week 11: Group Discussion Question
Topic: Statement of Cash Flows
Graded
Discussion
Odessa Company uses the indirect method to prepare its statement of
cash flows. Please refer to the following information extracted from the comparative
balance sheet for the company.
Increase/(decrease)
($17,000)
$8,000
2018
2017
Accounts payable
$35,000
$52,000
Accrued liabilities
18,000
10,000
($12,000)
($21,000)
Long-term notes payable
180,000
168,000
$221,000 $242,000
Total liabilities
$39,000
Common stock
100,000
61,000
Retained earnings
$78,000
148,000
226,000
Treasury stock
Total equity
($6,100)
$110,900
(18,500)
(12,400)
$307,500 $196,600
$528,500 $438,600
Total liabilities and equity
$89,900
Additional information provided:
Dividend paid for 2018 amounted to $12,500
Net income for 2018 was $98,000
During 2018, the company repaid $80,000 of long-term notes payable.
During 2018, the company borrowed $68,000 on a new note payable
There were no stock retirements during 2018.
Requirement:
Using the indirect method, prepare a schedule for the financing section (only) of the
statement of cash flows for December 2018
IT'S A
WRAP
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Week 11: Group Discussion Question Topic: Statement of Cash Flows Graded Discussion Odessa Company uses the indirect method to prepare its statement of cash flows. Please refer to the following information extracted from the comparative balance sheet for the company. Increase/(decrease) ($17,000) $8,000 2018 2017 Accounts payable $35,000 $52,000 Accrued liabilities 18,000 10,000 ($12,000) ($21,000) Long-term notes payable 180,000 168,000 $221,000 $242,000 Total liabilities $39,000 Common stock 100,000 61,000 Retained earnings $78,000 148,000 226,000 Treasury stock Total equity ($6,100) $110,900 (18,500) (12,400) $307,500 $196,600 $528,500 $438,600 Total liabilities and equity $89,900 Additional information provided: Dividend paid for 2018 amounted to $12,500 Net income for 2018 was $98,000 During 2018, the company repaid $80,000 of long-term notes payable. During 2018, the company borrowed $68,000 on a new note payable There were no stock retirements during 2018. Requirement: Using the indirect method, prepare a schedule for the financing section (only) of the statement of cash flows for December 2018 IT'S A WRAP

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Statement of cash flows: Statement of cash flows reports all the cash transactions which are responsible for inflow and outflow of cash and result of these transactions is reported as end...

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