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Statement of Cash Flows—Indirect Method The comparative balance sheet of Livers Inc. for December 31, 20Y3...

Statement of Cash Flows—Indirect Method

The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows:

Dec. 31, 20Y3 Dec. 31, 20Y2
Assets
Cash $241,460 $226,680
Accounts receivable (net) 87,470 81,410
Inventories 246,920 241,060
Investments 0 93,390
Land 126,650 0
Equipment 272,440 213,110
Accumulated depreciation—equipment (63,780) (57,470)
Total assets $911,160 $798,180
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors) $164,920 $157,240
Accrued expenses payable (operating expenses) 16,400 20,750
Dividends payable 9,110 7,180
Common stock, $10 par 49,200 39,110
Paid-in capital: Excess of issue price over par-common stock 184,970 108,550
Retained earnings 486,560 465,350
Total liabilities and stockholders’ equity $911,160 $798,180

Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows:

The investments were sold for $109,270 cash.

Equipment and land were acquired for cash.

There were no disposals of equipment during the year.

The common stock was issued for cash.

There was a $58,720 credit to Retained Earnings for net income.

There was a $37,510 debit to Retained Earnings for cash dividends declared.

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.

Livers Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y3
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 from financing activities
$
Cash at the beginning of the year
Cash at the end of the year $

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ekkarill92 answered 1 year ago
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