ScholarMatic: Explanation & Answer
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The June 2016 and 2017 comparative Balance Sheets for XYZ
Corporation is shown below:
Current
assets:
June 30,
2017
June 30, 2016
Cash
$28,300
$8,700
Accounts
Receivable
$60,000
$33,200
Inventories
$69,200
$61,400
Prepaid
expenses
$1,500
$2,800
Long term
investment
$11,000
$6,500
Equipment,
net
$74,200
$73,800
Land
$43,100
$95,600
Total
Assets
$287,300
$$282,000
Current Liabilities:
Notes Payable – short term
$14,200
$19,200
Accounts
payable
$44,100
$42,600
Income tax
payable
$14,200
$16,800
Accrued
liabilities
$23,900
$28,500
Interest
payable
$5,100
$9,200
Salary
payable
$3,500
$2,800
Long term note
payable
$57,000
$104,400
Common
stock
$68,000
$52,600
Retained
earnings
$-9,100
$5,900
Total Liabilities and
Equity
$220,900
$282,000
Additional Information:
Net
Income
$99,400
Depreciation
expense
$13,700
Purchase Long term
investment
$4,500
Sold land for
cash
$45,400
Acquired equipment by issuing
Long term note
payable
$14,100
Paid long term note
payable
$61,500
Received cash for issuance of
Common
stock
$10,400
Paid cash
dividends
$15,000
Paid short term note payable
By issuing common
stock
$5,000
Required: Prepare the statement of cashflows of XYZ Corporation
for the year ended June 30, 2017 by using the
indirect method.
ScholarMatic: Explanation & Answer
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