Homework Answers
| Statement of Cash Flows - Indirect Method | ||
| For Year Ending December 31, 2021 | ||
| Cash Flow from Operating Activities | ||
| Net income | 8,000 | |
| Adjustments to reconcile net income to net cash | ||
| flows from operating activities: | ||
| Depreciation expenses | 2,200 | |
| Loss on sale of office equipment | 250 | |
| Premium on bonds payable | (60) | |
| Increase in accounts receivable | (680) | |
| Increase in inventory | (2,955) | |
| Increase in accounts payable | 395 | |
| Decrease in wages payable | (100) | |
| Net cash flows from operations | 7,050 | |
| Cash Flow from Investing Activities | ||
| Purchases of long-term investment | (2,800) | |
| Purchases of land | (3,200) | |
| Sale of office equipment | 50 | |
| Net cash flows from investing activities | (5,950) | |
| Cash Flow from Financing Activities | ||
| Proceeds from issue of bonds payable | 5,300 | |
| Purchase of treasury stock | (2,000) | |
| Payment of cash dividends | (3,660) | |
| Net cash flows from financing activities | (360) | |
| Net increase (decrease) in cash | 740 | |
| Cash balance at the beginning of period | 800 | |
| Cash balance at the end of period | 1,540 | |
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