4516.00 points XS Supply Company is developing its annual financial statements a

Question

4516.00 points XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized Current Yer Year Previous Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment $ 33,300 28,250 27,500 37,500 95,000 (29,000) (24,500) 34,000 40,000 113.500 $191,800 $163,750 Accounts Payable Salaries and Wages Payable Note Payable (long-term) Common Stock Retained Earnings $ 35,000 1,500 33,500 85,600 36,200 26,500 1,650 39,000 72,100 24,500 $ 191,800 $163,750 Income Statement Sales Revenue Cost of Goods Sold Other Expenses $115,000 67,500 35,800 Net Income $ 11,700

Explanation / Answer

Cash Flow Statement: Cash flows from Operating Activities: Net income for the year 11700 Adjustment for reconciliation Depreciation 4500 Increase in Accounts receivable -6500 Increase in Inventory -2500 Increase in Accounts payable 8500 Decrease in Salaries and wages payable -150 Net cash provided from Operating activitis 15550 Cash flowsfrom Investing activities Purchase of equipment -18500 Net cash used in Investing activities -18500 Cash flows from Financing activities Repayment of Notes payable -5500 Issue of Shares 13500 Net cash provided from financing activities 8000 Net cash increase 5050 Add: beginning Balance in cash 28250 Ending balance in cash 33300

Related Questions

Navigate

• Browse (All)
• Browse 4
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.