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7 Equipment 225.00 171.00 8 Accumulated depreciation-equipment (56.00) (26.00) 9 Total assets $1,507.00 $1,076.00 10 Liabilities and Stockholders' Equity 11 Accounts payable (merchandise creditors) $173.00 $164.00 12 Dividends payable 26.00 13 Common stock, $1 par 98.00 47.00 14 Excess of paid-in capital over par 254.00 122.00 15 Retained earnings 956.00 743.00 16 Total liabilities and stockholders' equity $1,507.00 $1,076.00
Ucuons 15 Retained earnings 956.00 743.00 16 Total liabilities and stockholders' equity $1,507.00 $1,076.00 The following additional information is taken from the records: 1. Land was sold for $122. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $313 credit to Retained Earnings for net income. 6. There was a $100 debit to Retained Earnings for cash dividends declared.
structions The following additional information is taken from the records: 1. Land was sold for $122. 2. Equipment was acquired for cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $313 credit to Retained Earnings for net income. 6. There was a $100 debit to Retained Earnings for cash dividends declared. Required: a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each
3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $313 credit to Retained Earnings for net income. 6. There was a $100 debit to Retained Earnings for cash dividends declared. Required: a. Prepare a statement cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section, if required. b. Was Hirayama Industries Inc.'s net cash flows from operations more or less than net income? What is the source of this difference?
wora na diononala ofaaninmont durina tho unor Labels and Amount Descriptions х Labels December 31, 20Y2 For the Year Ended December 31, 20Y2 Amount Descriptions cash flow Amortization of intangible assets Descriptic Cash received from sale of land s, decrea Cash paid for purchase of equipment Cash received from issuing common stock than net Cash dividends Decrease in accounts payable Decrease in accounts receivable
Thara wara na diananals of aminmont disatba usar Labels and Amount Descriptions X Decrease in accounts receivable Decrease in inventories Depreciation Gain on sale of land ca Increase in accounts payable De Increase in accounts receivable S. Increase in inventories Loss on sale of land Net increase in cash Net decrease in cash Net cash flows from operating activities Net cash flows used for onerating activities
Thara wara na dianakala afaaninpont durina tha voar Labels and Amount Descriptions x LUSS UM Sdie Uildniu Net increase in cash Net decrease in cash Net cash flows from operating activities Net cash flows used for operating activities Net cash flows from investing activities cash flows from (L Net cash flows used for investing activities Descriptions list pr s, decreases in ca. Net cash flows from financing activities Net cash flows used for financing activities than net income? Net income Net loss
a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section, if required. Hirayama Industries Inc. Statement of Cash Flows (Label) 1 Cash flows from (used for) operating activities: 2. Net income $313.00
TIOWS Nel income 315.00 3 Adjustments to reconcile net income to net cash flows from (used for) operating activities: 4 Depreciation 30.00 5 Gain on sale of land (274.00 6 Changes in current operating assets and liabilities: 7 Increase in accounts receivable (80.00) 8 Decrease in inventories (61.00) 9 ON Increase in accounts payable 9.00 10 Net cash flows from operating activities $29,907.00 11 Cash flows from (used for) investing activities:
11 Cash flows from (used for) investing activities: 12 Cash received from sale of land $59.00 13 Cash paid for purchase of equipment (54.00) 14 Net cash flows used for investing activities (5.00) 15 Cash flows from (used for) financing activities: 16 Cash received from issuing common stock $81.00 17 Cash dividends (74.00) 18 Net cash flows used for financing activities 7.00 19 20 Cash balance, January 1, 20Y2
13 Cash paid for purchase of equipment (54.00) 14 Net cash flows used for investing activities (5.00) 15 Cash flows from (used for) financing activities: 16 Cash received from issuing common stock $81.00 17 Cash dividends (74.00) 18 Net cash flows used for financing activities 7.00 19 20 Cash balance, January 1, 20Y2 21 Cash balance, December 31, 20Y2
b. Was Hirayama Industries Inc.'s net cash flows from operations more or less than net income? What is the source of this difference? Net cash flow from operations was than net income. The source(s) of the difference are: Check all that apply. Changes in current operating assets and liabilities Dividends paid O Sale of common stock Depreciation expense
The source(s) of the difference are: Check all that apply. Changes in current operating assets and liabilities O Dividends paid Sale of common stock Depreciation expense Gain on the sale of land O Purchase of equipment