FileEditView History Bookmarks Window Helpecto.mheducation.com...2 HomeworkSavedHelpSave & ExitSubmitCheck my workbalance sheets and income statement are presented below, along with additional information.Current Year Previous YearBalance Sheet at December 31CashAccounts ReceivableEquipnentAccumulated Depreciation-Equipnent$ 13,6802,68013,200(3,220)$ 26,260$ 1,2001,8803,20012,0008,780$ 26,260$ 8,5803,70012,800(2,700)$ 21,5ee$ 2,2001,6001,00012,0004, 780$ 21,500Total AssetsAccounts PayableSalaries and Wages PayableNotes Payable (Tong-term)Connon StockRetained EarningsTotal LiabiLities and Stockholders' EquityIncome StatementService RevenueSalaries and Wages ExpenseDepreciation ExpenseIncone Tax Exреnse$. 75,80069,0005202, 200$ 4,080Net IncomeAdditional Data:a. Bought new golf clubs using cash, $1,200.b. Borrowed $2,200 cash from the bank during the year.c Accounts Payable includes only purchases of services made on credit for operating purposes. Becausethere are no liability accounts relating to income tax, aysume that Income Tax Expense was fully paid incash.Required:1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method.(Amounts to be deducted should be indicated with a minus sign.)< Prev6 of 6Next6.stv ezto.mheducation.comHomework iSavedHelpSaveSOFT TOUCH COMPANYStatement of Cash FlowsFor the Year Ended December 31Cash Flows from Operating Activities:Adjustments to Reconcile Net Income to Net Cash Providedby Operating Activities:Changes in Current Assets and Current LiabilitiesCash Flows from Investing Activities:Cash Flows from Financing Activities:Prev6 of 6Next>6.

The cash flow statement is prepared to record the cash flow from various activities during the…

work O Seved Help Save & Exit Submit Check my work alance sheets and income statement are presented below, along with additional information. Current Year Previous Year Belance Sheet at Decenber 31 $ 13,688 2,680 13,200 (3,220) $ 26,260 $ 1,280 1,880 3,200 12,e00 8,780 $ 26,260 $ 8,580 3,700 12,800 (2,700) $ 21,5e0 Cash Accounts Receivable Equipnent Accumulated Depreciation-Equipnent Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-tern) Connon Stock Retained Earnings $ 2,280 1,680 1,e00 12, 800 4,700 $ 21,500 Total Liabilities and Stockholders' Equity Incone Statement Service Revenue Salaries and Wages Expense Depreciation Expense Incone Tax Expense Net Income $ 75,880 69, eee 520 2,200 $ 4,080 Additional Data: e Bought new golf clubs using cash, $1,200. - Borrowed $2,200 cash from the bank during the year. Because

work O Seved Help Save & Exit Submit Check my work alance sheets and income statement are presented below, along with additional information. Current Year Previous Year Belance Sheet at Decenber 31 $ 13,688 2,680 13,200 (3,220) $ 26,260 $ 1,280 1,880 3,200 12,e00 8,780 $ 26,260 $ 8,580 3,700 12,800 (2,700) $ 21,5e0 Cash Accounts Receivable Equipnent Accumulated Depreciation-Equipnent Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-tern) Connon Stock Retained Earnings $ 2,280 1,680 1,e00 12, 800 4,700 $ 21,500 Total Liabilities and Stockholders' Equity Incone Statement Service Revenue Salaries and Wages Expense Depreciation Expense Incone Tax Expense Net Income $ 75,880 69, eee 520 2,200 $ 4,080 Additional Data: e Bought new golf clubs using cash, $1,200. - Borrowed $2,200 cash from the bank during the year. Because

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 14E

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