Question
In: Accounting
When using the spreadsheet (work sheet) for the statement of cash flows, indirect method, entries made...
When using the spreadsheet (work sheet) for the statement of cash flows, indirect method, entries made on the spreadsheet are a. not recorded in to the journal but are posted to the ledger. b. recorded in the journal but not posted to the ledger. c. recorded in the journal and posted to the ledger. d. not recorded in the journal or posted to the ledger.
Solutions
Expert Solution
| When using the spreadsheet (work sheet) for the statement of cash flows, indirect method, entries made on the spreadsheet are not recorded in the journal or posted to the ledger. |
| Entries made on the spreadsheet are just used for preparation of statement of cash flows |
| Option D is correct |
ekkarill92 answered 2 years agoRelated Solutions
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Income before interest and taxes
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Prepare statement of cash flows using the indirect method. The income statement for 2017 and the...
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income statement for 2017 and the balance sheets for 2017 and
2016 are presented for GibsonGibson Industries, Inc.
LOADING...
(Click the icon to view the income
statement.)
LOADING...
(Click the icon to view the balance sheets.)
LOADING...
(Click the icon to view additional information.)
Requirement
Prepare a statement of cash flows for
GibsonGibson
Industries, Inc., for the year ended December 31,2017,
using the indirect method.
Prepare the statement one section...
Prepare statement of cash flows using the indirect method. The income statement for 2017 and the...
Prepare statement of cash flows using the indirect method. The
income statement for 2017 and the balance sheets for 2017 and 2016
are presented for Gibson Industries, Inc.
LOADING...
(Click the icon to view additional information.)
Requirement
Prepare a statement of cash flows for Gibson Industries, Inc.,
for the year ended December 31,2017,
using the indirect method.
Prepare the statement one section at a time. (Use parentheses
or a minus sign for numbers to be subtracted and for...
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating...
Prepare a statement of cash flows, using the indirect method
of presenting cash flows from operating activities. Refer
to the Labels and Amount Descriptions list provided for the exact
wording of the answer choices for text entries. Be sure to complete
the heading of the statement. In the operating activities section,
use the minus sign to indicate cash outflows, decreases in cash and
a net cash outflow, if required. In the investing and financing
activities section, use a minus sign...
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating...
Prepare a statement of cash flows, using the indirect method of
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Labels and Amount Descriptions list provided for the exact wording
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heading of the statement. In the operating activities section, use
the minus sign to indicate cash outflows, decreases in cash and a
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Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating...
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The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows:
Dec. 31,
20Y2
Dec. 31,
20Y1
Assets
Cash
$ 701,950
$ 755,530
Accounts receivable (net)
638,770
582,620
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968,690
891,480
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22,460
26,670
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365,010
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Prepare a statement of cash flows using the indirect method. Show all work. [12] Lion Enterprises...
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[12]
Lion Enterprises
Balance Sheet
Income Statement
12/31/20
12/31/21
Year ended
12/31/2021
Cash
200
830
A/R
830
750
Inventory
600
640
Sales
7,500
Prepaid Insrn
20
50
Operating
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Equipment
1800
1500
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$3,330
(Accum Depr)
-600
-700
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$240
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2850
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100
A/P
360
300
G & A
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Accured Pyrll
400
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Prepare a statement of cash flows using the indirect method. (please show all work/ calculations) 2017...
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200,000
70,000
Accounts receivable, net
87,000
65,000
Inventory
55,000
60,000
Property, plant & equipment
700,000
600,000
Accumulated depreciation
(100,000)
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Total Assets
942,000
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Accounts payable
45,000
40,000
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195,000
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370,000...
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