Solution-Prepare a statement of cash flows for the year

Prepare a statement of cash flows for the year ended

Reference no: EM13865674

During a recent year, Nicoles Getaway Spa (NGS) reported net income of $ 2,300. The company reported the following activities:

a. Increase in inventory of $ 400.

b. Depreciation of $ 3,000.

c. Increase of $ 2,170 in prepaid expenses.

d. Payments of $ 4,600 on long- term debt.

e. Purchased new spa equipment for $ 7,582.

f. Payments on accounts payable exceeded purchases by $ 320.

g. Collections on accounts receivable exceeded credit sales by $ 859.

h. Issued $ 10,000 of common stock.

Required:

Based on this information, prepare a statement of cash flows for the year ended December 31 using the indirect method. Assume the cash balance at the beginning of the year was $ 7,000.

Reference no: EM13865674

Questions Cloud

What is the cartoonist''s opinion on the issue? : What is the cartoonist's opinion on the issue?

Develop a paper design of a system : The purpose of this assignment is to develop a paper design of a system to address an important need.

What is mixed media? : What is mixed media? How did Pop Artists incorporate mixed media into their art?

Ethical reasoning methods discussed : Do you believe that the Dodd-Frank whistle-blower program that incentivizes reporting fraud and other wrongdoings in return for a monetary reward is ethical? Use the ethical reasoning methods discussed in Chapter 1 to answer the question

Prepare a statement of cash flows for the year ended : Based on this information, prepare a statement of cash flows for the year ended December 31 using the indirect method. Assume the cash balance at the beginning of the year was $ 7,000.

Triangular coordinates and special element : Construct the shape functions N2 and N5 for the special triangular element sketched on the right. The element is expected to be used to connect two quadratic elements into one linear element.

What is the purpose of the story as you perceive it : Select two articles or news stories and apply at least two theories from the biological, psychological, and/or sociological perspectives to each article or news story. Write an analysis of each article or news story addressing the following: What i..

Write short notes on socio-economic conditions : Socio-economic conditions

What key messages do you want to communicate : Who are your stakeholders, and what are their expectations of your organization and what key messages do you want to communicate?

User Account

All Pages

Prepare a statement of cash flows for the year ended

Reference no: EM13865674

Reference no: EM13865674

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

The clerk in charge of the perpetual inventory master file

Calculate the profit margin and gross profit rate for the

Miriam ramos has saved 10000 towards a down payment on a

Suppose that investors pay 50 tax on dividends and 20 tax

What is a sole proprietorship

Calculate the average annual dividend per share for each

Discuss the differences between gaap and ifrs

Reichenbach co organized in 2009 has set up a single

Department of bowman freight company for november

Calculate the value of sales if fixed cost is 40000 net

A machine with a useful life of 10 years and a salvage

Julie has just completed the rigorous process of becoming a

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT