Accountants for Carlson, Inc, have assembled the folowing data for the year ende

Question

Accountants for Carlson, Inc, have assembled the folowing data for the year ended December 31, 2018: EE Cick the icon to view the current accounts.) Prepare Carlson's statement of cash fows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities (Click the icon to view the transaction data) Carlson, Inc Statement of Cash Flows Year Ended December 31, 2018 Data Table Cash Flows from Operating Activites Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activibies 2018 2017 Current Assets: Cash Accounts Receivable Merchandise Inventory $ 90,500 $ 19,000 63,800 69,100 81,000 80,000 Current Liablities Accounts Payable Income Tax Payable 58,300 55,800 14,700 16,400 Print Done Net Cash Provided by (Used for) Operating Activites Cash Flows from Investina Activities: Choose from any list or enter any number in the input fields and then continue to the next question

Explanation / Answer

CARLSON INC Statement of Cash Flows (Indirect Method) For the Year ended Dec 31, 2018 Cash Flow from opearating activities: Net Income             69,500.00 Add/(Less) non cash effects on operating activities Depreciation expense            19,000.00 Gain on Sale of Building            (1,500.00) Decrease in Accounts Receivables              5,300.00 Increase in Inventory            (1,000.00) Increase in Accounts Payables              2,500.00 Decrease in Income Tax Payable            (1,700.00)             22,600.00 Net Cash provided by operating activities             92,100.00 Cash flow from Investing Activities Purchase of Equipment         (73,000.00) Sale of Building ($57,000 + $1,500)            58,500.00 Cash Flow / (used) from Investing activities          (14,500.00) Cash Flow from Financing Activities Cash paid to Notes Payable         (51,100.00) Issue of Notes Payable            57,000.00 Issue of Common Stock            36,000.00 Cash dividend paid         (48,000.00) Cash Flow (Used) from Financing Activities             (6,100.00) Net Increase / (Decrease) in Cash             71,500.00 Cash balance at the beginning - Dec 31, 2017             19,000.00 Cash balance at the end - Dec 31, 2018             90,500.00 Non-cash Investing & Financing Activities Purchase of Land by issuing Long Term Notes Payable        (123,000.00) Issue of Notes to Purchase Land          123,000.00 Total Non-Cash Investing & Financing Activities                            -

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