Question

core: 0 of 6 pts Mw Score: 20%, 6 of 30 pts P13-39B (similar to current accounts, except short-term notes payable, result from operating transactions Graphic Company, Inc Statement of Cash Flows (Indirect Mtthod) 5 y, Inc., for the perating transa m operations Graphic Company, Inc. Comparative Balance Sheets March 31, 2017 and 2016 edule of nonc phic Company ncrease nclude a sches m operating tra es or a minus pany, Inc. ws (Indirect M 2017 2016 (Decrease) Assets Current assets: Cash Accounts receivable Inventory Prepaid insurance $ 55,800 $ 14,500 $ 41,300 51,000 53,400(2,400) 4,600 4,200 5,700(1,500) 64,900 60,300 March 31, 20 175,900 133,900 Total current assets 36,500 95,500 (59,000) 1,200 3,000 Land Equipment, net Investments Total assets 71,80070,600 9,200 6,200 s 293,400 S 306.200 Liabilities ds and then c Print Done MacBook Air F9 F8 F7 F6 FS 5 of 5 (1 complete) ▼ Balance Sheets Current liabilities: Accounts payable Note payable, short-term Income tax payable Salary payable Interest payable Accrued liabilities edule of nonda $ 4,200 S 3,700 500 43,600 48,300 S (4,700) 14,000 15,200 (1,200) 9,900 12,100 (2,200) 1,600 1,600 3,600 (2,000 nclude a sche 8,700 7,100 82,000 90,000 48,100 93,000(44,900 130,100 183,000 Total current liabilities Long-term liabilities Total liabilities Stockholders' equity 69,80061,100 93,500 62,100 S 163,300 S 123,200 8,700 Common stock Retained earnings Total stockholders' equity 31,400 S 293,400 S 306,200 Total fiabilities and equity n c PrintDone Transactions ick hedule of Selected transaction data for the year ended March 31, 2017, include the following nsact ns b. Paid long-term note payable with cash.............59,600 any, In g trans nus sig d. Loss on sale of land. S 9,800 e. Acquired equipment by issuing long-term note payable ...$14,700 c. irect Metf. Cash payments to suppliers n 31, 2017 149,500 2,600 $ 13,500 g. Cash paid for interest. h. Depreciation expense on equipment, i. Paid short-term note payable by issuing common stock. i. Paid cash dividends. .R k. Received cash for issuance of common stock L. Cash received from customers m. Cash paid for income taxes 4,700 $ 44,800 $ 4.000 $ 300,400 S12,000 S 49.200 S 1,000 S 3,000 n. Sold land for cash o, Interest received in cash) p. Purchased long-term investment for cash ds and then clic Print Done Clear A orriewon ore: 0 of 6 pts 13-39B (similar to) Graphic Company, Inc., has the following comparative balance sheet as of March 31, 2017 (Click the loon to view the transaction data. 囲(click the icon to view the comparative balance sheets.) 1. Prepare the statement of cash flows for Graphic Company, Inc, for the year ended March 31, 2017, using the indire accounts, except short-term notes payable, result from operating transactions 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. For the Year Ended March 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: Net cash provided by (used for) operating activities Choose from any list or enter any number in the input fields and then click Check Answer remaining

Answer 1

Answer 1:

Graphic Company, Inc. Statement of Cash Flows (Indirect method For the Year ended March 31, 2017 Operating Activities $76,200 Net Income Adiustment to reconcile net income to cash basis: $13,500 $9,800 $2,400 $4,600 $1,500 $500 $1,200 $2,200 $1,600 Add, Depreciation Add, Loss on sale of land Add, Decrease/(Increase) in Account Receivables Add, Decrease/(Increase) in Invento Add, Decrease/(Increase) in Prepaid Insurance Add, Increase/(Decrease) in Account payable Add, Increase/(Decrease) in Income tax payable Add, Increase /(Decrease) in Salaries payable Add, Increase /(Decrease) in Interest payable Add, Increase/(Decrease) in Accrued liabilities $2,000$19,300 $95,500 Cash flow from Operating Activities Investing Activities $49,200 $3,000 Sale of land Purchase of long term investment $46,200 Cash flow from Investing Activities Financing Activities $4,000 $59,600 $44,800 Issue of common stock Paid long term note payable Dividend paid $100,400 $41,300 $14,500 Cash flow from Financing Activities Change in Cash flow Cash Balance, January 1, 2018 $55,800 Cash Balance, December 31, 2018 Non-cash transactions: 1. Purchase of Equipment by issuing long term notes $14,700 able 2. Payment of Short term Notes payable by issuing common stock $4,700

Answer 2:

Supplementary schedule: Cash flow from Operating activities using Direct method Operating Activities: Receipt of cash $300,400 $1,000 $301,400 Cash Received from customers Cash received for interest Total cash received Cash Payments: $149,500 $41,800 $2,600 Cash payment to suppliers Cash payment to employees Cash paid for interest Cash paid for income tax $12,000-$205,900 $95,500 Cash flow from Operating Activities