153. Use the following information to calculate the net cash provided or used by financing activities for the Brooks Corporation:(a) Net income, $10,000.(b) Sold common stock for $4,000 cash.(c) Paid cash dividend of $3,000.(d) Paid bond payable, $8,000.(e) Purchased equipment for $12,000 cash.
154. Based on the information provided below, complete the following worksheet to be used to prepare the statement of cash flows:(a) Net income for the year was $30,000.(b) Dividends of $10,000 were declared and paid.(c) Stylish's only noncash expense was depreciation, which totaled $50,000.(d) The company purchased plant assets for $70,000.(e) Notes payable in the amount of $40,000 were issued during the year for cash.(f) Merchandise inventory increased $30,000.(g) Accounts payable decreased $10,000,
STYLISH CORPORATION
Spreadsheet for Statement of Cash Flows – Indirect Method
For Year Ended December 31, 2013
Analysis of Changes
12/31/12
Debit
Credit
12/31/13
Balance Sheet – Debits
Cash
$ 70,000
$ 60,000
Accounts receivable
180,000
190,000
Merchandise inventory
200,000
230,000
Plant assets
500,000
570,000
$ 950,000
$ 1,050,000
Balance Sheet – Credits
Accumulated depreciation
$ 100,000
$ 150,000
Accounts payable
170,000
160,000
Notes payable
350,000
390,000
Capital stock
Retained earnings
130,000
150,000
Statement of Cash Flows
Operating activities
Net income
Increase in accounts receivable
Increase in merchandise inventory
Decrease in accounts payable
Depreciation expense
Investing activities
Cash paid to purchase plant assets
Financing activities
Cash paid for dividends
Cash received from note payable
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