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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Net Cash Flow from Operating Activities Hyde Company’s records for 2019 provide the following information:

  1. a. amortization of premium on bonds payable, $600
  2. b. purchase of equipment, $6,000
  3. c. depreciation expense, $7,400
  4. d. decrease in accounts receivable, $800
  5. e. decrease in accounts payable, $2,800
  6. f. issuance of long-term note for cash, $4,200
  7. g. increase in inventories, $7,500
  8. h. gain on sale of land, $8,000
  9. i. increase in prepaid assets, $500
  10. j. declaration and payment of cash dividends, $1,800
  11. k. increase in wages payable, $300
  12. l. patent amortization expense, $1,000
  13. m. net income, $10,800

Required:

Prepare the operating activities section of the 2019 statement of cash flows for Hyde Company.

To determine

Prepare operating activities section for H Company.

Explanation

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: Operating activities include cash inflows and outflows from business operations.

Prepare operating activities section:

H Company
Statement of cash flow for the year ended December 31, 2019
ParticularsAmount($)Amount($)
Operating Activities:  
Net income10,800 
Adjustment for ...

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