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Total Current Assets Long-Term Assets: Machinery Acc. Depreciation, Machinery Total Long-Term Assets Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable Marketing Payable Income Taxes Payable Total Current Liabilities Long-Term Liabilities: Long-term Debt Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 312,360 189,200 (34,000) 155,200 467,560 53,000 20,000 2,500 4,800 80,300 114,200 194,500 228,000 45,060 467,560 225,900 171,000 (11,000) 160,000 385,900 38,500 20,900 2,000 6,100 67,500 121,000 188,500 191,000 6,400 385,900 Depreciation Expense Salaries Expense Misc Operating Expenses Income from Operations Other Revenues/Expenses: Marketing Expense Gain/(Loss) on Sale of Machinery Income before Taxes Income Tax Expense Net Income (26,600) (52,400) (16,720) (5,400) 7,500 (95,720) 211,780 2,100 213,880 (53,470) 160,410 Supplementary Information: 1. There was a $24,000 non-cash dividend paid during the year 2. Machinery was sold during 2023 for cash. Information at the time of sale was: $ 79,000 Original Purchase Cost 4. New Machinery was acquired during 2023 using cash. $10,000 of the Machinery was purchased using long-term debt. Required: Prepare, in proper form, a Cash Flow Statement for the company for the year-ended December 31, 2023, using the Direct Method and Indirect Method

Total Current Assets Long-Term Assets: Machinery Acc. Depreciation, Machinery Total Long-Term Assets Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable Marketing Payable Income Taxes Payable Total Current Liabilities Long-Term Liabilities: Long-term Debt Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 312,360 189,200 (34,000) 155,200 467,560 53,000 20,000 2,500 4,800 80,300 114,200 194,500 228,000 45,060 467,560 225,900 171,000 (11,000) 160,000 385,900 38,500 20,900 2,000 6,100 67,500 121,000 188,500 191,000 6,400 385,900 Depreciation Expense Salaries Expense Misc Operating Expenses Income from Operations Other Revenues/Expenses: Marketing Expense Gain/(Loss) on Sale of Machinery Income before Taxes Income Tax Expense Net Income (26,600) (52,400) (16,720) (5,400) 7,500 (95,720) 211,780 2,100 213,880 (53,470) 160,410 Supplementary Information: 1. There was a $24,000 non-cash dividend paid during the year 2. Machinery was sold during 2023 for cash. Information at the time of sale was: $ 79,000 Original Purchase Cost 4. New Machinery was acquired during 2023 using cash. $10,000 of the Machinery was purchased using long-term debt. Required: Prepare, in proper form, a Cash Flow Statement for the company for the year-ended December 31, 2023, using the Direct Method and Indirect Method

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 14E: Interest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In...
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Current Assets: Cash Assets Accounts Receivable Inventory Prepaid Expenses Total Current Assets Long-Term Assets: Machinery Acc. Depreciation, Machinery Total Long-Term Assets Total Assets Big Deal Inc Comparative Balance Sheet As at December 31, 2023 Liabilities Current Liabilities: Accounts Payable Salaries Payable Marketing Payable Income Taxes Payable Total Current Liabilities Long-Term Liabilities: Long-term Debt Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 2023 165,060 62,000 78,700 6,600 312,360 189,200 (34,000) 155,200 467,560 53,000 20,000 2,500 4,800 80,300 114,200 194,500 228,000 45,060 467,560 2022 81,200 40,000 97,900 6,800 225,900 171,000 (11,000) 160,000 385,900 38,500 20,900 2,000 6,100 67,500 121,000 188,500 191,000 6,400 385,900 Big Deal Inc Income Statement For the year-ended December 31, 2023 Revenue Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense Salaries Expense Misc Operating Expenses Income from Operations Other Revenues/Expenses: Marketing Expense Gain/(Loss) on Sale of Machinery Income before Taxes Income Tax Expense Net Income (26,600) (52,400) (16,720) (5,400) 7,500 607,500 (300,000) 307,500 (95,720) 211,780 2,100 213,880 (53,470) 160,410 Supplementary Information: 1. There was a $24,000 non-cash dividend paid during the year 2. Machinery was sold during 2023 for cash. Information at the time of sale was: Original Purchase Cost $ 79,000 4. New Machinery was acquired during 2023 using cash. $10,000 of the Machinery was purchased using long-term debt. Required: Prepare, in proper form, a Cash Flow Statement for the company for the year-ended December 31, 2023, using the Direct Method and Indirect Method
Transcribed Image Text:Current Assets: Cash Assets Accounts Receivable Inventory Prepaid Expenses Total Current Assets Long-Term Assets: Machinery Acc. Depreciation, Machinery Total Long-Term Assets Total Assets Big Deal Inc Comparative Balance Sheet As at December 31, 2023 Liabilities Current Liabilities: Accounts Payable Salaries Payable Marketing Payable Income Taxes Payable Total Current Liabilities Long-Term Liabilities: Long-term Debt Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Liabilities and Shareholders' Equity 2023 165,060 62,000 78,700 6,600 312,360 189,200 (34,000) 155,200 467,560 53,000 20,000 2,500 4,800 80,300 114,200 194,500 228,000 45,060 467,560 2022 81,200 40,000 97,900 6,800 225,900 171,000 (11,000) 160,000 385,900 38,500 20,900 2,000 6,100 67,500 121,000 188,500 191,000 6,400 385,900 Big Deal Inc Income Statement For the year-ended December 31, 2023 Revenue Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense Salaries Expense Misc Operating Expenses Income from Operations Other Revenues/Expenses: Marketing Expense Gain/(Loss) on Sale of Machinery Income before Taxes Income Tax Expense Net Income (26,600) (52,400) (16,720) (5,400) 7,500 607,500 (300,000) 307,500 (95,720) 211,780 2,100 213,880 (53,470) 160,410 Supplementary Information: 1. There was a $24,000 non-cash dividend paid during the year 2. Machinery was sold during 2023 for cash. Information at the time of sale was: Original Purchase Cost $ 79,000 4. New Machinery was acquired during 2023 using cash. $10,000 of the Machinery was purchased using long-term debt. Required: Prepare, in proper form, a Cash Flow Statement for the company for the year-ended December 31, 2023, using the Direct Method and Indirect Method
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