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Preparing a statement of cash flows from changes

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Reference no: EM132639578

Question - Preparing a statement of cash flows from changes in balance sheet accounts. The comparative balance sheets of Incloud Airlines show the following information for a recent year (amounts in thousands of US$):

Change Amount Direction

Cash $40,308a Increase

Accounts Receivable 15,351 Decrease

Inventories 15,117 Increase

Prepayments 16,776 Increase

Property, Plant, and Equipment (at Cost) 1,134,644b Increase

Accumulated Depreciation 264,088b Increase

Other Non-operating Assets 8,711 Increase

Accounts Payable 660 Decrease

Other Current Liabilities 114,596 Increase

Long-Term Debt 244,285 Increase

Other Non-operating Liabilities 140,026 Increase

Common Stock 96,991 Increase

Retained Earnings 340,879c Increase

a. Cash was $378,511 at the beginning of the year and $418,819 at the end of the year.

b. Incloud Airlines did not sell any property, plant, and equipment during the year.

c. Net income was $474,378.

Required -

a. Create a statement of cash flows for Incloud Airlines for the year. Treat changes in non-operating assets as investing transactions and changes in non-operating liabilities as financing transactions.

b. Discuss briefly the pattern of cash flows from operating, investing, and financing activities for Incloud Airlines for the year.

Reference no: EM132639578

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