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Statement of Cash Flows—Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc. at December...

Statement of Cash Flows—Indirect Method

The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:

Dec. 31, 20Y8 Dec. 31, 20Y7
Assets
Cash $62,270 $76,300
Accounts receivable (net) 95,680 102,870
Inventories 136,670 127,500
Prepaid expenses 5,570 3,860
Equipment 278,430 228,430
Accumulated depreciation-equipment (72,390) (56,020)
Total assets $506,230 $482,940
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors) $106,310 $100,930
Mortgage note payable 0 144,880
Common stock, $1 par 16,000 10,000
Paid-in capital: Excess of issue price over par-common stock 226,000 136,000
Retained earnings 157,920 91,130
Total liabilities and stockholders’ equity $506,230 $482,940

Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:

  1. Net income, $170,980.
  2. Depreciation reported on the income statement, $35,330.
  3. Equipment was purchased at a cost of $68,960, and fully depreciated equipment costing $18,960 was discarded, with no salvage realized.
  4. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.
  5. 6,000 shares of common stock were issued at $16 for cash.
  6. Cash dividends declared and paid, $104,190.

Required:

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.

Yellow Dog Enterprises Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y8
Cash flows from operating activities:
$
Adjustments to reconcile net income to net cash flow from operating activities:
Changes in current operating assets and liabilities:
Net cash flow from operating activities $
Cash flows from investing activities:
$
Net cash flow used for investing activities
Cash flows from financing activities:
$
Net cash flow used for financing activities
$
Cash at the beginning of the year
Cash at the end of the year $
Business   Accounting   
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