Answer Happy

6 Heads Up Company was started several years ago by twohockey instructors. The company’s comparative balance sheets andincome statement follow, along with additional information.
Required: 1. Prepare the statement of cash flows for the year ended December 31 using the Indirect method. (Amounts to be deducted should be Indicated with a minus sign.) HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31 Cash Flows from Operating Activities: Net Income Answer is not complete. Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation Expense Loss on Disposal of Equipment Changes in Current Assets and Current Liabilities Decrease in Accounts Receivable Decrease in Accounts Payable Decrease in Salaries and Wages Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Cash Payments to Purchase Equipment Cash Proceeds from Disposal of Equipment Net Cash Used in Investing Activities Cash Flows from Financing Activities: Cash Proceeds from Bank Loan Cash Balance, December 31 Net Cash Provided by Financing Activities Net Increase in Cash during the Year Cash Balance, January 1 570 620 920 (570) (320) (2,150) 570 1,000 S 1,040 2,260 (1,580) 1,000 1,680 4,380 S 6,060