6 200 points Heads Up Company was started several years ago by two hockey instru

Question

6 200 points Heads Up Company was started several years ago by two hockey instrucdors balance sheets and income statement fallowm ong with addtional infarmtion 6.560 3 4520 980 1,910 .380 5.00 Accounts Receivable 12 200 $10900 5 820 1.200 Accounts Payable Salaries and Wages Payable Note Payable (longe 1500 5,800 5.800 3.820 2.850 Retained Eamings 12.200 10.900 Income Statement $39 100 Salaries and Wages Expense Depreciation Expense Income Tax Expense 30.000 1000 1,170 Net Income de Adsitional Data a Bought new hockey equipment for cash 580 b Borrowed 51,100 cash from the bank during the year c. Accounts Payable i Because ncludes only purchases of services made on credit for operating tha this expense was fully paid in cash thare are no lability accounts nelaning to income tax, assume the stanement of cash fows for the cument year ended December 31 uaing the direct method Amounts to be deducted should be indicated with a minus sign) HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Opering Actvites Cash Flows from Investing Actiutas Casn Fiows from Fieancing Activites

Explanation / Answer

HEADS UP COMPANY

Statement of cash flows

For the year ended December 31

$

$

Cash flows from Operating activities

Net income

$1,170

Adjustments:

Depreciation

$330

Add: Decrease in Accounts receivable

$930

Less: Decrease in Accounts Payable

($580)

Less: Decrease in salaries and wages Payable

($330)

$350

Cash flows from Operating activities

$1,520

Cash flows from Investing activities

Purchase of equipment

($580)

($580)

Cash flows from financing activities

0

Proceeds from issuance of long term note

$1,100

$1,100

increase/ decrease in cash

$2,040

Cash in the beginning

$4,520

cash at the end

$6,560

TRAFALGAR INDUSTRIES INC

Statement of cash flows

For the year ended December 2013

$

$

Cash flows from investing activities

Purchase of equipment

-14340

Proceeds from sale of equipment

12550

Net cash used by investing activties

-1790

Cash flows from Financing activities

Proceeds from notes payable to bank

209400

Net proceeds from stock issuance

744

Payments on notes payable to bank

-207094

Net cash provided/ Used by financing activities

3050

HEADS UP COMPANY

Statement of cash flows

For the year ended December 31

$

$

Cash flows from Operating activities

Net income

$1,170

Adjustments:

Depreciation

$330

Add: Decrease in Accounts receivable

$930

Less: Decrease in Accounts Payable

($580)

Less: Decrease in salaries and wages Payable

($330)

$350

Cash flows from Operating activities

$1,520

Cash flows from Investing activities

Purchase of equipment

($580)

($580)

Cash flows from financing activities

0

Proceeds from issuance of long term note

$1,100

$1,100

increase/ decrease in cash

$2,040

Cash in the beginning

$4,520

cash at the end

$6,560

TRAFALGAR INDUSTRIES INC

Statement of cash flows

For the year ended December 2013

$

$

Cash flows from investing activities

Purchase of equipment

-14340

Proceeds from sale of equipment

12550

Net cash used by investing activties

-1790

Cash flows from Financing activities

Proceeds from notes payable to bank

209400

Net proceeds from stock issuance

744

Payments on notes payable to bank

-207094

Net cash provided/ Used by financing activities

3050

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