Question

Data TABLE:		2016	2015
Current Assets:
Cash		$93,200	$24,000
Accounts Receivable		64,200	69,100
Merchandise Inventory		88,000	82,000
Current Liabilities:
Accounts Payable		$57,700	$55,500
Income Tax Payable		14,100	16,400

Transaction Data for 2016:

Issuance of common stock for cash $44,000

Payment of notes payable $48,100

Depreciation expense 19,000

Payment of cash dividends 51,000

Purchase of equipment with cash 80,000

Issuance of notes payable to borrow cash 58,000

Acquisition of land by issuing long-term notes payable 119,000

Gain on sale of building 6,500

Book value of building sold 60,000

Net income 68,500

Prepare Jackson​'s statement of cash flows using the indirect method. Include an accompanying schedule of​ non-cash investing and financing activities.

Jackson, Inc.
	Statement of Cash Flows
	Year Ended December 31, 2016
	Cash Flows from Operating Activities:
	Net Income		$68,500
	Adjustments to Reconcile Net Income to Net Cash
	Provided by (Used for) Operating Activities:
	Depreciation Expense	$19,000
	Gain on Sale of Building	(6,500)
	Decrease in Accounts Receivable	4,900
	Increase in Merchandise Inventory	(6,000)
	Increase in Accounts Payable	2,200
	Decrease in Income Tax Payable	(2,300)
			11,300
	Net Cash Provided by (Used for) Operating Activities		79,800

Cash Flows from Investing Activities:

Net Cash Provided by (Used for) Operating Activities

79,800

	Cash Flows from Investing Activities:
	Options to pick from: Acquisition of Land by issuing LOng-term Notes Payable Cash payment of Dividends Cash payment of notes payable cash payment for aquistion of equipment cash receipt from issuance of common stock cash receipt from inssuance of notes payable cash receipt from sale of building Decrease in accounts recievable Decrease in income tax payable Depreciation Expense Gain on Sale of Building Increase in Accounts payable Increase in merchandise inventory
	Net Cash Provided by (Used for) Investing Activities

Answer 1