prepare smithson rsquo s statement of cash flows using the indirect method 552716
Preparing the statement of cash flows—indirect method
Accountants for Smithson, Inc., have assembled the following data for the year ended December 31, 2012:
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prepare smithson rsquo s statement of cash flows using the indirect method 552716
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December 31, |
||
|
2012 |
2011 |
|
|
Current Accounts: |
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|
Current assets: |
||
|
Cash and cash equivalents |
$ 106,100 |
$ 26,000 |
|
Accounts receivable |
64,300 |
68,900 |
|
Inventories |
80,000 |
75,000 |
|
Current liabilities: |
||
|
Accounts payable |
57,700 |
56,100 |
|
Income tax payable |
14,500 |
17,000 |
|
Transaction Data for 2012: |
||
|
Issuance of common stock for cash |
$ 45,000 |
|
|
Depreciation expense |
18,000 |
|
|
Purchase of equipment |
70,000 |
|
|
Acquisition of land by issuing long-term note payable |
113,000 |
|
|
Payment of note payable |
$46,100 |
|
|
Payment of cash dividends |
52,000 |
|
|
Issuance of note payable to borrow cash |
68,000 |
|
|
Gain on sale of building |
3,500 |
|
|
Net income |
68,500 |
|
|
Cost basis of building sold |
$50,000 |
|
Requirement
1. Prepare Smithson’s statement of cash flows using the indirect method. Include an accompanying schedule of noncash investing and financing activities.
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