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Lompany, Ino. Statement of Cash Flows For the year ended December 31, Question: Is this Cash Flov statement prepared on the Direct or Indirect method? 20X2 20X1 20X0 Ansver: Cash From (For) Operations Net Income (Loss) 50,900 5,200 Adjustments to reconcile changes in net income to cash flow provided (used) by operating activities Depreciation & Amortization Changes in financial assets and liabilities: Change in AIR Change in Inventory Change in Prepaid Expenses Change in A/P Change in Acorued Expenses Change in Defered Revenue Net cash provided by operating activities: (15,000) 14,200 800 58,100 (50,600) 2,500 1,500 500 3,000 2,500 500 (3,000) (5,000) (2,200) 200 1,800 (1,000) (3,000) (1,000) (3,000) 4,000 36,100 14,100 11,700 Cash From (For) Investing Capital Expenditures I Net cash provided (used) by investing activities 110,000 (10,000) (5,000) 110,000 (10,000) (5,000) Cash From (For) Financing Payment of Long Term Debt Additional Paid in Capital I Net cash provided (used) by financing activities (60,000) (10,000) (90,000) 88,500 (60,000) (10,000) (1,500) Total Increase (Decrease) in Cash 86,100 (5,900) 5,200 Beginning Cash 80,000 85,900 80,700 Ending Cash 166,100 80,000 85,900 166,100 Supplemental information: Interest paid 5,000

Lompany, Ino. Statement of Cash Flows For the year ended December 31, Question: Is this Cash Flov statement prepared on the Direct or Indirect method? 20X2 20X1 20X0 Ansver: Cash From (For) Operations Net Income (Loss) 50,900 5,200 Adjustments to reconcile changes in net income to cash flow provided (used) by operating activities Depreciation & Amortization Changes in financial assets and liabilities: Change in AIR Change in Inventory Change in Prepaid Expenses Change in A/P Change in Acorued Expenses Change in Defered Revenue Net cash provided by operating activities: (15,000) 14,200 800 58,100 (50,600) 2,500 1,500 500 3,000 2,500 500 (3,000) (5,000) (2,200) 200 1,800 (1,000) (3,000) (1,000) (3,000) 4,000 36,100 14,100 11,700 Cash From (For) Investing Capital Expenditures I Net cash provided (used) by investing activities 110,000 (10,000) (5,000) 110,000 (10,000) (5,000) Cash From (For) Financing Payment of Long Term Debt Additional Paid in Capital I Net cash provided (used) by financing activities (60,000) (10,000) (90,000) 88,500 (60,000) (10,000) (1,500) Total Increase (Decrease) in Cash 86,100 (5,900) 5,200 Beginning Cash 80,000 85,900 80,700 Ending Cash 166,100 80,000 85,900 166,100 Supplemental information: Interest paid 5,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Fill in the cash flow statement from the adjusted trial balance

Company, Inc Statement of Cash Flows For the year ended December 31, Question: Is this Cash Flow statement prepared on the Direct or Indirect method? 20X2 20X1 20X0 Ansver: Cash From (For) Operations Net Income (Loss) 50,900 5,200 Adjustments to reconcile changes in net income to cash flow provided (used) by operating activities Depreciation & Amortization Changes in finanoial assets and liabilities: Change in A/R Change in Inventory Change in Prepaid Expenses Change in A/P Change in Acorued Expenses Change in Deferred Revenue Net cash provided by operating activities: (15,000) 14,200 800 58,100 (50,600) 2,500 1,500 500 3,000 2,500 500 (3,000) (5,000) (2,200) 200 (3,000) 1,800 (1,000) (3,000) (1,000) 4,000 36,100 14,100 11,700 Cash From (For) Investing Capital Expenditures I Net cash provided (used) by investing activities 110,000 (10,000) (5,000) 110,000 (10,000) (5,000) Cash From (For) Financing Payment of Long Term Debt Additional Paid in Capital I Net cash provided (used) by financing activities (60,000) (10,000) (90,000) 88,500 (60,000) (10,000) (1,500) Total Increase (Decrease) in Cash 86,100 (5,900) 5,200 Beginning Cash 80,000 85,900 80,700 Ending Cash 166,100 80,000 85,900 166,100 Supplemental information: Interest paid 5,000
Transcribed Image Text:Company, Inc Statement of Cash Flows For the year ended December 31, Question: Is this Cash Flow statement prepared on the Direct or Indirect method? 20X2 20X1 20X0 Ansver: Cash From (For) Operations Net Income (Loss) 50,900 5,200 Adjustments to reconcile changes in net income to cash flow provided (used) by operating activities Depreciation & Amortization Changes in finanoial assets and liabilities: Change in A/R Change in Inventory Change in Prepaid Expenses Change in A/P Change in Acorued Expenses Change in Deferred Revenue Net cash provided by operating activities: (15,000) 14,200 800 58,100 (50,600) 2,500 1,500 500 3,000 2,500 500 (3,000) (5,000) (2,200) 200 (3,000) 1,800 (1,000) (3,000) (1,000) 4,000 36,100 14,100 11,700 Cash From (For) Investing Capital Expenditures I Net cash provided (used) by investing activities 110,000 (10,000) (5,000) 110,000 (10,000) (5,000) Cash From (For) Financing Payment of Long Term Debt Additional Paid in Capital I Net cash provided (used) by financing activities (60,000) (10,000) (90,000) 88,500 (60,000) (10,000) (1,500) Total Increase (Decrease) in Cash 86,100 (5,900) 5,200 Beginning Cash 80,000 85,900 80,700 Ending Cash 166,100 80,000 85,900 166,100 Supplemental information: Interest paid 5,000
20X2 20X1 20X0 Adjusted TB Adjusted TB Adjusted TB Account DR CR DR CR DR CR Cash 50,000 80,000 85,900 Accounts Receivable 25,000 58,100 7,500 1,500 2,500 Inventory 4,000 2,000 Prepaid expense 1,000 3,000 Fixed Assets 220,000 110,000 100,000 AD 20,000 15,000 80 10,000 Current portion of LTD Accounts Payable Accrued Expense 10,000 10,000 7,200 1,200 2,500 5,000 4,000 3,000 Deferred revenue 2,000 3,000 4,000 Note Payable 45,000 60,000 70,000 Common Stock 1,500 1,500 1,500 APIC Retained earnings Sales Phone Sales 98,500 98,500 98,500 56,100 5,200 225,000 125,000 10,000 5,000 2,500 1,000 Cost of Goods Sold 150,600 50,000 80 Depreciation expense 5,000 14,200 80 Insurance 10,000 5,000 3,000 Interest 1,500 5,000 Property tax 2,500 2,400 1,200 469,600 469,600 328,700 328,700 204,200 204,200
Transcribed Image Text:20X2 20X1 20X0 Adjusted TB Adjusted TB Adjusted TB Account DR CR DR CR DR CR Cash 50,000 80,000 85,900 Accounts Receivable 25,000 58,100 7,500 1,500 2,500 Inventory 4,000 2,000 Prepaid expense 1,000 3,000 Fixed Assets 220,000 110,000 100,000 AD 20,000 15,000 80 10,000 Current portion of LTD Accounts Payable Accrued Expense 10,000 10,000 7,200 1,200 2,500 5,000 4,000 3,000 Deferred revenue 2,000 3,000 4,000 Note Payable 45,000 60,000 70,000 Common Stock 1,500 1,500 1,500 APIC Retained earnings Sales Phone Sales 98,500 98,500 98,500 56,100 5,200 225,000 125,000 10,000 5,000 2,500 1,000 Cost of Goods Sold 150,600 50,000 80 Depreciation expense 5,000 14,200 80 Insurance 10,000 5,000 3,000 Interest 1,500 5,000 Property tax 2,500 2,400 1,200 469,600 469,600 328,700 328,700 204,200 204,200
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