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Nathan Herrmann has completed the basic format to be used in preparing the statement of cash flows (indirect method) for CEO Consultants.
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CEO Consultants Statement of Cash Flows For the Year Ended December 31, 2015 |
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Cash Flows from Operating Activities |
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Net income |
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Adjustments to reconcile net income to net cash flows from operating activities: |
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Net cash flows from operating activities |
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Cash Flows from Investing Activities |
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Net cash flows from investing activities |
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Cash Flows from Financing Activities |
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Net cash flows from financing activities |
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Net increase (decrease) in cash |
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(50,000) |
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Cash at the beginning of the period |
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95,000 |
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Cash at the end of the period |
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$45,000 |
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Listed below in random order are line items to be included in the statement of cash flows.
Purchase of equipment $220,000
Increase in inventory30,000
Increase in prepaid rent10,000
Payment of dividends40,000
Depreciation expense20,000
Increase in accounts receivable60,000
Increase in accounts payable10,000
Loss on sale of land 7,000
Net income70,000
Repayment of notes payable50,000
Cash received from the sale of land 3,000
Issuance of common stock 250,000
Prepare the statement of cash flows for CEO Consultants using the indirect method.
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