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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

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FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 16, Problem 10PA
Textbook Problem
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Use the following excerpts from Wickham Company’s financial information to prepare a statement of cash flows (indirect method) for the year 2018.

Chapter 16, Problem 10PA, Use the following excerpts from Wickham Companys financial information to prepare a statement of

To determine

Concept introduction:

Cash Flow Statement: It is a statement which tells company about the cash inflow and the outflow of the cash. It is divided into three category first is cash flow from operating activity, second is cash flow from Investing activity and last is financing activity.

To prepare:

Cash flow statement.

Explanation of Solution

Cash flow statement is explained as follows:

Statement showing cash flow statement    
Particulars Amount Amount
Net Income   98000
Adjustment:    
Add: Loss on sale of assets    
Add: Depreciation 12000 12000
Profit before change in working capital   110000
Less: Accounts Receivable -3000  
Less: Inventory -1300  
Add: Accounts Payable 1800  
Add: Accrued liability 3500 1000
Operating Cash flow (A)   111000
Cash Flow From Investing Activities:    
Purchase of land   -100000
Cash Flow From In...

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Chapter 16 Solutions

Principles of Accounting Volume 1
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Ch. 16 - Which of the following would trigger a subtraction...Ch. 16 - Which of the following represents a source of cash...Ch. 16 - Which of the following would be included in the...Ch. 16 - If beginning cash equaled $10,000 and ending cash...Ch. 16 - Which of the following is a stronger indicator of...Ch. 16 - What function does the statement of cash flows...Ch. 16 - Is it possible for a company to have significant...Ch. 16 - What categories of activities are reported on the...Ch. 16 - Describe three examples of operating activities,...Ch. 16 - Describe three examples of investing activities,...Ch. 16 - Describe three examples of financing activities,...Ch. 16 - Explain the difference between the two methods...Ch. 16 - Why is depreciation an addition in the operating...Ch. 16 - When preparing the operating section of the...Ch. 16 - If a company reports a gain/(loss) from the sale...Ch. 16 - Note payments reduce cash and are related to...Ch. 16 - Is there any significance that can be attributed...Ch. 16 - 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