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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 $52,220 $64,200 Accounts receivable (net) 80,250 86,550 Inventories 114,650 107,270 Prepaid expenses 4,670 3,250 Equipment 233,520 192,190 Accumulated depreciation-equipment (60,720) (47,130) Total assets $424,590 $406,330 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $89,160 $84,920 Mortgage note payable 0 121,900 Common stock, $1 par 14,000 9,000 Paid-in capital: Excess of issue price over par-common stock 200,000 115,000 Retained earnings 121,430 75,510 Total liabilities and stockholders’ equity $424,590 $406,330 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income, $117,560. Depreciation reported on the income statement, $29,540. Equipment was purchased at a cost of $57,280, and fully depreciated equipment costing $15,950 was discarded, with no salvage realized. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty. 5,000 shares of common stock were issued at $18 for cash. Cash dividends declared and paid, $71,640. 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

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ekkarill92 answered 2 years ago
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