PLEASE HELP ME WITH THIS PLEASE PLEASE PLEASE Preparing a Statement of Cash Flow

Question

PLEASE HELP ME WITH THIS PLEASE PLEASE PLEASE

Preparing a Statement of Cash Flows (Indirect Method)

Yang’s Dumplings is developing its annual financial statements at December 31, 2015. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows:

Yang's Dumplings Balance Sheet at December 31 2015 2015 2014 4,400 32,900 9.00 91,950 62,000 Merchandise inventory Property and equipment Less: Accumulated depreciati 95,40 259,300 otal Assets 323,400 238,800 Accounts payable Wages payable 29,50 7,000 9,500 ontributed capital 90,700 73,500 323,40 230,80 come Statement for 2015 Sales 43,25 05,99 sale of equipment 47,860 Additional Data: h. Settled $43,700 of lonm notes payable d. Cash Dividends of S22222cte, declared and paid. Bought equipment with a S125,000 long temnote payable and S4,300 cash. Issued new shares of common stock for $6,200 Sold old equipment for S15,000, which was originally purchased for $33,000 and had an accumulated depreciation balance of $14,000 e. f.Accounts payable includes only inventory purchases made on credit. g. Lucd preferred shares and raised $11,000 in cash

Explanation / Answer

Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2015 Cash flows from operating activities Net income                                                 47860 Adjustments to net income Depreciation expense                     43250 loss on sale of equipment 4,000 47250 working capital adjustments decrease in accounts payable -43000 decrease in inventory 6550 decrease in accounts receivable 7400 decrease in wages payable -1900 -30950 Net cash provided by operating activities                64,160 Cash flow from investing activities purchase of equipment -48000 sale of equipment 15000 -33000 net cash provided by investing activities -33000 Cash flow from financing activities issue of common stock 6200 dividend paid -16860 issue of preference shares 11000 340 net cash provided by financing activities 340 opening cash 32900 decrease in cash 31,500 closing cash 64400

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