Question

Accountants for Morganson, Inc. have assembled the following data for the year ended December 31, 2018: (Click the icon to view the current accounts.) (Click the icon to view the transaction data.) Prepare Morganson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use not select a label or enter a zero.) i Data Table Morganson, Inc. Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Transaction Data for 2018 Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term noles payable Book value of building sold $ 38,000 Payment of notes payable 24,000 Payment of cash dividends 74,000 Issuance of notes payable to borrow cash 1 19,000 Gain on sale of building 54,000 Net income S 46,100 50,000 62,000 4,500 68,500 i Data Table 2018 2017 Current Assets: Cash $ Net Cash Provided by (Used for) Operating Activities 99,400 $ 64,100 83,000 25,000 69,700 75,000 Choose from any list or enter any number in the input fields and then click Check Answer. Accounts Receivable Merchandise Inventory Current Liabilities: Accounts Payable Income Tax Payable 2 parts 57,600 14,800 55,200 16,800 3 remaining Clear Check Answer

Answer 1

Answers BO Amount Amount $681800 Particulars Cash flow from operating activities Net income Adjustment to re concede net income to not cash Provided by operating activities : Depreciation expense Gain on sale of building Decrag an accounts receivable inercar in inventory $ 24,000 (4,500) 5,600 (2000) increase in accounts payable 2,400 (8,000). 17,500_ 867000 Decrease in income fare payable Net cash provided by operating activities Cash flows from investing activities : sale of building Purchase of equipment net cash used by imuesling activities $58,500 (74,000) (15,500)

Amount Amount particular cash flow from financing activities : issue of common stock parment of note pacable Dividend paid $ 38,000 C46,100) $50,000) 62,000 issuance di notes payable Net cash provided by -financing activities Not increase (Deccar) in cash 3,900 74,400 mesh, Jan 1, 2018 25,000 Cash, Dec 31, 2018 $99,400 Chang'in current assets Eeliabilities 2018 2017 Effect on operating change the activities Asses: Accounts Receivable $64,100 $69,200 $ 65,600) inecase the cash flow merchandic inucnlory 831000 75,000 $8,000 Deerose the cash flow liabilities: Accounts payable $1,600 55,200 $ 2400 incicosecash flow L'incon_tax payable_ 314800 $16,800 1.10,000) becycase carte flow ( 54,600 44,500= 58,500)

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