Messina Corporation is preparing its statement of cash flows for the past year. The company has gathered the following i

[answerhappygod]

Messina Corporation Is Preparing Its Statement Of Cash Flows For The Past Year The Company Has Gathered The Following I 1 (94.13 KiB) Viewed 33 times

Messina Corporation is preparing its statement of cash flows for the past year. The company has gathered the following information about the past year just ended on December 31. B (Click the icon to view the data.) Requirement Prepare a statement of cash flows for the past year using the indirect method. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted or for a net cash outflow.) Messina Corporation Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Data table Adjustments to reconcile net income to cash basis Retire bond payable (long. Decrease in accounts term) .....$ 12,000 receivable $ 11,000 Paid dividends in cash.... $ 32,000 Increase in salaries payable ... $ 8,000 Decrease in inventory..... $ $ 6,000 Depreciation. expense. $ 10,000 Decrease in accounts payable $ 5,000 Increase in prepaid insurance .. $ 500 Decrease in other short-term Sold land. (Investment) $ 25,000 liabilities $ 3,000 Increase in interest payable $ 400 Increase in taxes payable. $ 1,000 Cash balance, beginning of Purchase of new computer year $ 86,000 system with cash ....$ 12,000 Net.income. $ 84,000 Net cash provided by (used for) operating activities