College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
The financial statements for Romeo and Company follow. Assume that the additional investment and the withdrawals were in the form of cash.
Required
Prepare a statement of cash flows for the year ended December 31, 2018.
Check Figure
Net cash flows from operating activities, $172,000
Prepare statement of cash flows for Company R for the year ended December 31, 2018.
Statement of cash flows: This statement reports all the cash transactions which are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period. Statement of cash flows includes the changes in cash balance due to operating, investing, and financing activities. Operating activities include cash inflows and outflows from business operations. Investing activities includes cash inflows and cash outflows from purchase and sale of land or equipment, or investments. Financing activities includes cash inflows from borrowings and investment by owners, and outflows from payment of debt and withdrawals by owner for personal use.
Prepare statement of cash flows for Company R for the year ended December 31, 2018.
| Company R | ||
| Statement of Cash Flows | ||
| For the Year Ended December 31, 2018 | ||
| Cash flows from (used by) operating activities | Â | Â |
| Â Net income | $174,000 | Â |
|
 Add (Deduct) items to convert net income from accrual  basis to cash basis: |  |  |
| Â Depreciation expense | 12,000 | |
Chapter 12A Solutions
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