Solution-Prepare smithsons statement of cash flows

Prepare smithsons statement of cash flows

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Reference no: EM13547950

Preparing the statement of cash flows-indirect method

Accountants for Smithson, Inc., have assembled the following data for the year ended December 31, 2012:

December 31,
	2012	2011
Current Accounts:
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.

Reference no: EM13547950

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Prepare smithsons statement of cash flows

Reference no: EM13547950

Reference no: EM13547950

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