Question

Co. uses the indirect method to prepare its statement of cash flows. Refer to the following...

Co. uses the indirect method to prepare its statement of cash flows. Refer to the following information for the year 2014:  

Long-Term Notes Payable, beginning balance, $80,000

Long-Term Notes Payable, ending balance, $76,000

Common Stock, beginning balance, $3,000

Common Stock, ending balance, $26,000

Retained Earnings, beginning balance, $75,000

Retained Earnings, ending balance, $115,000

Treasury Stock, beginning balance, $6,000

Treasury Stock, ending balance, $10,000

No stock was retired.

No treasury stock was sold.

During 2014, the company repaid $36,000 of Long-Term Notes Payable.

During 2014, the company borrowed $32,000 on a new Note Payable.

Net income for the year was $49,000.

Assume all dividends declared during the year were paid.

How much was the net cash flow from financing activities? (Show the steps to arrive at the answer)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Hagag Company uses the indirect method to prepare its statement of cash flows. Please refer to...
Hagag Company uses the indirect method to prepare its statement of cash flows. Please refer to the following sections of the company’s comparative balance sheet and complete the fourth column to show the increase or decrease for each item listed. Please use the correct sign for each item to gain the full mark assigned (for example if the figure is negative, this must be clearly stated with brackets or with the minus sign): 2014 2013 Increase/decrease Accounts payable $ 4,000...
Question Hagag Company uses the indirect method to prepare its statement of cash flows. Please refer...
Question Hagag Company uses the indirect method to prepare its statement of cash flows. Please refer to the following sections of the company’s comparative balance sheet and complete the fourth column to show the increase or decrease for each item listed. Please use the correct sign for each item to gain the full mark assigned (for example if the figure is negative, this must be clearly stated with brackets or with the minus sign): 2014 2013 Increase/decrease Accounts payable $...
3.) Prepare a Statement of Cash Flows using the indirect method. The balance sheets for Kinder...
3.) Prepare a Statement of Cash Flows using the indirect method. The balance sheets for Kinder Company showed the following information. Additional information concerning transactions and events during 2018 are presented below. Kinder Company Balance Sheet                                                                                                                           December 31                                                                                                                              2018                    2017             Cash                                                                                               $ 35,900 $ 10,200          Accounts receivable (net)                                                                      38,300                 20,300          Inventory                                                                                              35,000                 42,000          Long-term investments                                                                                  0                 15,000          Property, plant & equipment                                                                236,500                150,000          Accumulated depreciation                                                                    (37,700)              ...
​Connecticut, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the...
​Connecticut, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance​ sheet: ​Connecticut, Inc. Comparative Balance Sheet December​ 31, 2019 and 2018 2019 2018 Increase​ / ​(Decrease) Cash $20,000 $25,000 $(5,000) Accounts Receivable 33,000 36,000 ​(3,000​) Merchandise Inventory 57,000 26,000 31,000 Plant and Equipment 130,000 94,000 36,000 Accumulated Depreciation−Plant and Equipment ​(45,000​) ​(41,000​) ​(4,000​) Total Assets $195,000 $140,000 $55,000 Additional information provided by the company includes the​ following: 1....
​Tanglewood, Inc. uses the direct method to prepare its statement of cash flows. Refer to the...
​Tanglewood, Inc. uses the direct method to prepare its statement of cash flows. Refer to the following financial statement information for the year ended December​ 31, 2018: ​ Tanglewood, Inc. Comparative Balance Sheet December​ 31, 2018 and 2017 2018 2017 Increase   ​(Decrease) Cash ​$35,200 ​$15,200 ​$20,000 Accounts Receivable ​29,200 ​36,200 ​(7,000) Merchandise Inventory ​53,600 ​26,600 ​27,000 ​PP&E, net ​126,000 ​92,000 ​34,000 Total Assets ​$244,000 ​$170,000 ​$74,000 Accounts Payable ​8,900 ​12,900 ​$(4,000) Accrued Liabilities ​6,100 ​2,100 ​4,000 Longminus−term Notes Payable ​71,000...
New York Production Company uses the indirect method to prepare its statement of cash flows. The...
New York Production Company uses the indirect method to prepare its statement of cash flows. The Treasury Stock account had a debit balance of? $8,000 at the beginning of the year and a debit balance of? $16,000 at the end of the year. No treasury stock was sold during the year. The financing section of the statement of cash flows will show a positive cash flow of? $8,000 for the buyback of treasury stock. True or False
Selected financial statement information and additional data for Shaheen Co. is presented below. Prepare a statement...
Selected financial statement information and additional data for Shaheen Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2020.                                                                                                 December 31                                                                                     2019                            2020 Cash........................................................ $42,000                       $60,000 Accounts receivable (net)........................     84,000                       144,200 Inventory.................................................. 168,000                       206,600 Land.........................................................     58,800                         26,000 Equipment............................................... 504,000                       789,600 TOTAL......................................... $856,800                 $1,226,400 Accumulated depreciation....................... $84,000                     $110,600 Accounts payable....................................     50,400                         91,000 Notes payable - short-term......................     67,200                         29,400 Notes payable - long-term....................... 168,000                       302,400 Common stock......................................... 420,000                      ...
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix) Wabash Corp. just completed another successful...
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix) Wabash Corp. just completed another successful year, as indicated by the following income statement: For the Year Ended December 31, 2017 Sales revenue $2,460,000   Cost of goods sold 1,400,000     Gross profit $1,060,000   Operating expenses 460,000     Income before interest and taxes $600,000   Interest expense 100,000     Income before taxes $500,000   Income tax expense 150,000     Net income $350,000   Presented here are comparative balance sheets: December 31 2017 2016 Cash $140,000 $210,000 Accounts receivable...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31,...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $222,710 $208,610 Accounts receivable (net) 80,680 74,920 Inventories 227,760 221,840 Investments 0 85,940 Land 116,820 0 Equipment 251,290 196,120 Accumulated depreciation—equipment (58,830) (52,890) Total assets $840,430 $734,540 Liabilities and Stockholders' Equity Accounts payable $152,120 $144,700 Accrued expenses payable 15,130 19,100 Dividends payable 8,400 6,610 Common stock, $10 par 45,380 35,990...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31,...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $239,430 $222,980 Accounts receivable (net) 86,740 80,090 Inventories 244,850 237,110 Investments 0 91,860 Land 125,590 0 Equipment 270,150 209,640 Accumulated depreciation—equipment (63,250) (56,530) Total assets $903,510 $785,150 Liabilities and Stockholders' Equity Accounts payable $163,540 $154,670 Accrued expenses payable 16,260 20,410 Dividends payable 9,040 7,070 Common stock, $10 par 48,790 38,470...