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Category > Accounting Posted 11 Jul 2017 My Price 11.00

company’s comparative balance sheets

Preparing and Interpreting a Statement of Cash Flows (Indirect Method)

Dive In Company was started several years ago by two diving instructors. The company’s comparative balance sheets and income statement are presented below. Additional information is presented on the following page.

 

2010

2009

Balance Sheet at December 31

 

 

Cash

$ 3,200

$4,000

Accounts Receivable

1,000

500

Prepaid Expenses

100

50 $4,550

 

$ 4,300

 

 

Wages Payable

$ 350

$1,100

Contributed Capital

1,200

1,000

Retained Earnings

2,750

2,450

 

$ 4,300

$4,550

 

 

Income Statement for 2010

 

 

Lessons Revenue

$33,950

 

Wages Expense

30,000

 

Other Operating Expenses

3,650

 

Net Income

$ 300

 

Additional Data:

a. Prepaid Expenses relate to rent paid in advance.

b. Other Operating Expenses were paid in cash.

c. An owner contributed capital by paying $200 cash in exchange for the company’s stock.

Required:

1. Prepare the statement of cash flows for the year ended December 31, 2010, using the indirect method.

2. Use the statement of cash flows to evaluate the company’s cash flows.

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Jul 2017 09:07 PM My Price 11.00

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