Question

Data Table Accountants for Carlson, Inc. have assembled the following data for the year ended December 31,2018: (Click the icon to view the current accounts.) (Click the lcon to view the transaction data.) Prepare Carlson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities 2018 2017 Current Assets: Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in not select a label or enter a zero.) $ 104.300 $ 20,000 Cash Accounts Recelvable 69,100 64,500 Carlson, Inc. Merchandise Inventory 84,000 83,000 Statement of Cash Flows Current Liabilities Year Ended December 31, 2018 Accounts Payable 58,100 55,400 Cash Flows from Operating Activities: Income Tax Payable 16,300 14,900 66500 Net Income Adjustments to Reconcile Net Income to Net Cash Print Done Provided by (Used for) Operating Activities Depreciation Expense 22000 i Data Table Gain on Sale of Building 3500 Decrease in Accounts Receivable 4600 Increase in Accounts Payable 2700 Transaction Data for 2018: Increase in Merchandise Inventory 1000 S 36,000 S 43,100 Payment of notes payable Issuance of common stock for cash Decrease in Income Tax Payable 1400 Depreciation expense 22,000 Payment of cash dividends 52,000 68,000 Purchase of equipment with cash 79,000 Issuance of notes payable to borrow cash Net Cash Provided by (Used for) Operating Activities Acquisition of land by issuing long-term notes payable 123,000 Gain on sale of building 3,500 Cash Flows from Investing Activities: Book value of building sold 66,500 61,000 Net income Choose from any list or enter any number in the input fields and then continue to the next question. Print Done

Answer 1

A C. Carlson Inc. 1 Statement of cash flows 2 Year Ended December 31, 2018 3 4 Cash Flows from Operating Activities: $ 66,500 5 Net income 6 Adjustments to Reconcile Net Income to Net Cash 7 Provided by Operating Activities: 8 Depreciation Expense 9 Gain on sale of building 22,000 $(3,500) $ 4,600 (1,000) $ 2,700 $ (1,400) $ 23,400 10 Decrease in Accounts Receivable 11 Increase in Merchandise Inventory 12 Increase in accounts payable 13 Increase in income tax payable 14 Net Cash Provided by Operating Activities 15 Cash Flows from Investing Activities: 16 Purchase of Equipment 17 Sale of Building 18 Net Cash Used for Investing Activities 19 Cash Flows from Financing Activities: $ 89,900 $(79,000) $64,500 (14,500) $ 36,000 $68,000 $(43,100) $(52,000) 20 Cash Receipt from Issuance of Common Stock 21 Cash receipt from Issuance of notes payable 22 Cash Payment of notes payable 23 Cash Payment of Dividends $ 8,900 24 Net Cash Provided by Financing Activities $ 84,300 $20,000 $104,300 25 Net Increase (Decrease) in Cash 26 Cash Balance, December 31, 2017 27 Cash Balance, December 31, 2018 co.

28 29 Non-cash Investing and Financing Activities: $123,000 30 Acquisition of Land by issuing long-term Notes Payable $123,000 31 Total Non-cash Investing and Financing Activities

A. B C Carlson Inc. 1 Statement of cash flows 2 Year Ended December 31, 2018 3 4 Cash Flows from Operating Activities: 5 Net income 66500 6 Adjustments to Reconcile Net Income to Net Cash 7 Provided by Operating Activities: 8 Depreciation Expense 9 Gain on sale of building 22000 -3500 69100-64500 10 Decrease in Accounts Receivable 11 Increase in Merchandise Inventory -83000-84000 - 58100-55400 - 14900-16300 SUM(B8:B13) 12 Increase in accounts payable 13 Increase in income tax payable |Е+C5+C13 14 Net Cash Provided by Operating Activities 15 Cash Flows from Investing Activities: 16 Purchase of Equipment 17 Sale of Building 18 Net Cash Used for Investing Activities -79000 61000+3500 +B16+B17 19 Cash Flows from Financing Activities: 20 Cash Receipt from Issuance of Common Stock 36000 21 Cash receipt from Issuance of notes payable 22 Cash Payment of notes payable 68000 -43100 23 Cash Payment of Dividends -52000 -SUM(B20:B23) +C14+C18+C24 24 Net Cash Provided by Financing Activities 25 Net Increase (Decrease) in Cash 26 Cash Balance, December 31, 2017 20000 +C25+C26 27 Cash Balance, December 31, 2018

28 29 Non-cash Investing and Financing Activities: 30 Acquisition of Land by issuing long-term Notes Payable 123000 31 Total Non-cash Investing and Financing Activities =+C30