Maurice Tutor

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Category > Accounting Posted 25 Sep 2017 My Price 9.00

nonoperating liabilities

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

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 Nonoperating Assets

8,711

Increase

Accounts Payable

660

Decrease

Other Current Liabilities

114,596

Increase

Long-Term Debt

244,285

Increase

Other Nonoperating Liabilities

140,026

Increase

Common Stock

96,991

Increase

Retained Earnings

340,879c

Increase

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

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

cNet income was $474,378.

a. Prepare a statement of cash flows for Southwest Airlines for the year. Treat changes in nonoperating assets as investing transactions and changes in nonoperating liabilities as financing transactions.

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

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 10:09 PM My Price 9.00

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