Question

Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $144 $46 Accounts receivable (net) 82 57 Inventories...

Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $144 $46 Accounts receivable (net) 82 57 Inventories 51 31 Land 117 130 Equipment 66 50 Accumulated depreciation-equipment (18) (9) Total Assets $442 $305 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $56 $46 Dividends payable 9 - Common stock, $1 par 29 14 Paid-in capital: Excess of issue price over par—common stock 73 36 Retained earnings 275 209 Total liabilities and stockholders' equity $442 $305 The following additional information is taken from the records: Land was sold for $33. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $95 credit to Retained Earnings for net income. There was a $29 debit to Retained Earnings for cash dividends declared a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

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Answer #1

a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities

Cash flow from operating activities
Net ncome 95
Adjustment to reconcile net income to
Net cash provided by operating activities
Depreciation expense 9
Gain on sale of land -20
Increase account receivable -25
Increase inventory -20
Increase account payable 10
-46
Net cash flow from operating activities 49
Cash flow from investing activities
Sale of land 33
Equipment purchase -16
Net cash flow from investing activities 17
Cash flow from financing activiites
Dividend paid -20
Issue common Stock 52
Net cash flow from financing activities 32
Net cash flow 98
Beginning cash 46
Ending cash 144
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