Homework Help is Here – Start Your Trial Now!
Business
Accounting
Hought Office Machines, Inc.'s accountants assembled the following selected data for the year ended December 31, 2018: E (Click the icon to view the current accounts.) E (Click the icon to view the transaction data.) Requirement 1. Prepare Hought Office Machines, Inc.'s statement of cash flows using the indirect method to report operating activities. List noncash investing and financing activities on an accompanying schedule. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Hought Office Machines, Inc. Data Table Statement of Cash Flows Year Ended December 31, 2018 Cash flows from operating activities: Transaction Data for 2018: Net income Net income. ..... $ 60,000 Adjustments to reconcile net income to net cash Purchase of treasury stock. 14.300 provided by (used for) operating activities: Issuance of common stock for cash. 36,600 Loss on sale of equipment. 6.000 Payment of cash dividends 18,500 Depreciation expense. 21,100 Issuance of long-term note payable in exchange for cash 39,000 Purchase of building for cash....... 123,000 Retirement of bonds payable by issuing common stock 63,000 Net cash provided by (used for) operating activities Sale of equipment for cash. ............................. 51,000 Cash flows from investing activities: Print Done Net cash provided by (used for) investing activities Cash flows from financing activities: Data Table Net cash provided by (used for) financing activities Hought Office Machines, Inc. Net increase (decrease) in cash: December 31 2018 2017 Current assets: Cash balance, December 31, 2017 Cash and cash equivalents . .... S 86,200 S 29,000 Cash balance, December 31, 2018 Accounts receivable 69,300 64,200 Inventory 79,100 83,600 Noncash investing and financing activities: Current liabilities: Accounts payable 58,400 $ 56,000 Income tax payable . . . . ..... 14,300 16,800 Print Done

Hought Office Machines, Inc.'s accountants assembled the following selected data for the year ended December 31, 2018: E (Click the icon to view the current accounts.) E (Click the icon to view the transaction data.) Requirement 1. Prepare Hought Office Machines, Inc.'s statement of cash flows using the indirect method to report operating activities. List noncash investing and financing activities on an accompanying schedule. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Hought Office Machines, Inc. Data Table Statement of Cash Flows Year Ended December 31, 2018 Cash flows from operating activities: Transaction Data for 2018: Net income Net income. ..... $ 60,000 Adjustments to reconcile net income to net cash Purchase of treasury stock. 14.300 provided by (used for) operating activities: Issuance of common stock for cash. 36,600 Loss on sale of equipment. 6.000 Payment of cash dividends 18,500 Depreciation expense. 21,100 Issuance of long-term note payable in exchange for cash 39,000 Purchase of building for cash....... 123,000 Retirement of bonds payable by issuing common stock 63,000 Net cash provided by (used for) operating activities Sale of equipment for cash. ............................. 51,000 Cash flows from investing activities: Print Done Net cash provided by (used for) investing activities Cash flows from financing activities: Data Table Net cash provided by (used for) financing activities Hought Office Machines, Inc. Net increase (decrease) in cash: December 31 2018 2017 Current assets: Cash balance, December 31, 2017 Cash and cash equivalents . .... S 86,200 S 29,000 Cash balance, December 31, 2018 Accounts receivable 69,300 64,200 Inventory 79,100 83,600 Noncash investing and financing activities: Current liabilities: Accounts payable 58,400 $ 56,000 Income tax payable . . . . ..... 14,300 16,800 Print Done

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter12: The Statement Of Cash Flows
Section: Chapter Questions
Problem 12.1KTQ
See similar textbooks
icon
Related questions
Question
Hought Office Machines, Inc.'s accountants assembled the following selected data for the year ended December 31, 2018: E (Click the icon to view the current accounts.) E (Click the icon to view the transaction data.) Requirement 1. Prepare Hought Office Machines, Inc.'s statement of cash flows using the indirect method to report operating activities. List noncash investing and financing activities on an accompanying schedule. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Hought Office Machines, Inc. Data Table Statement of Cash Flows Year Ended December 31, 2018 Cash flows from operating activities: Transaction Data for 2018: Net income Net income..... $ 60,000 Adjustments to reconcile net income to net cash Purchase of treasury stock. 14,300 provided by (used for) operating activities: Issuance of common stock for cash. 36,600 Loss on sale of equipment. 6,000 Payment of cash dividends 18,500 Depreciation expense. 21,100 Issuance of long-term note payable in exchange for cash 39,000 Purchase of building for cash. 123,000 Retirement of bonds payable by issuing common stock . 63,000 Net cash provided by (used for) operating activities Sale of equipment for cash. 51.000 Cash flows from investing activities: Print Done Net cash provided by (used for) investing activities Cash flows from financing activities: Data Table Net cash provided by (used for) financing activities Hought Office Machines, Inc. Net increase (decrease) in cash: December 31 2018 2017 Current assets: Cash balance, December 31, 2017 Cash and cash equivalents...... $ 86,200 $ 29,000 Cash balance, December 31, 2018 Accounts receivable 69,300 64,200 Inventory 79,100 83,600 Noncash investing and financing activities: Current liabilities: Accounts payable $ 58.400 $ 56,000 Income tax payable............ 14,300 16,800 Print Done
Transcribed Image Text:Hought Office Machines, Inc.'s accountants assembled the following selected data for the year ended December 31, 2018: E (Click the icon to view the current accounts.) E (Click the icon to view the transaction data.) Requirement 1. Prepare Hought Office Machines, Inc.'s statement of cash flows using the indirect method to report operating activities. List noncash investing and financing activities on an accompanying schedule. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Hought Office Machines, Inc. Data Table Statement of Cash Flows Year Ended December 31, 2018 Cash flows from operating activities: Transaction Data for 2018: Net income Net income..... $ 60,000 Adjustments to reconcile net income to net cash Purchase of treasury stock. 14,300 provided by (used for) operating activities: Issuance of common stock for cash. 36,600 Loss on sale of equipment. 6,000 Payment of cash dividends 18,500 Depreciation expense. 21,100 Issuance of long-term note payable in exchange for cash 39,000 Purchase of building for cash. 123,000 Retirement of bonds payable by issuing common stock . 63,000 Net cash provided by (used for) operating activities Sale of equipment for cash. 51.000 Cash flows from investing activities: Print Done Net cash provided by (used for) investing activities Cash flows from financing activities: Data Table Net cash provided by (used for) financing activities Hought Office Machines, Inc. Net increase (decrease) in cash: December 31 2018 2017 Current assets: Cash balance, December 31, 2017 Cash and cash equivalents...... $ 86,200 $ 29,000 Cash balance, December 31, 2018 Accounts receivable 69,300 64,200 Inventory 79,100 83,600 Noncash investing and financing activities: Current liabilities: Accounts payable $ 58.400 $ 56,000 Income tax payable............ 14,300 16,800 Print Done
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
SEE MORE TEXTBOOKS