Print ItemStatement of Cash Flows-Direct MethodThe comparative balance sheet of Suffridge Inc. for December 31, 20Y4 and 20Y3, is as follows:Dec. 31, 20Y4Dec. 31, 20Y3AssetsCashAccounts receivable (net)InventoriesInvestmentsLandEquipmentAccumulated depreciation-equipmentTotal assetsLiabilities and Stockholders' Equity$790,0901,185,1001,664,80001,146,1001,461,300(574,800)$5,672,590Accounts payableAccrued expenses payableDividends payableCommon stock, $5 parExcess of paid-in capital over parRetained earningsTotal liabilities and stockholders' equityThe income statement for the year ended December 31, 20Y4, is as follows:Sales$5,386,900$1,289,40080,900120,300155,2001,134,2002,892,590$5,672,590$815,6001,091,7001,628,200515,80001,174,800(439,800)$4,786,300$1,154,00094,600108,90035,800537,3002,855,700$4,786,300 Print ItemCost of merchandise soldGross profitOperating expenses:Depreciation expenseOther operating expensesTotal operating expensesIncome from operationsOther income:Gain on sale of investmentsIncome before income taxIncome tax expenseNet income$135,0001,605,610Cash flows from (used for) operating activities:Cash received from customersCash paid for merchandiseCash paid for operating expenses2,808,100Check My Work$2,578,8001,740,610$838,190Additional data obtained from an examination of the accounts in the ledger for 20Y4 are as follows:a. Equipment and land were acquired for cash.b. There were no disposals of equipment during the year.c. The investments were sold for $702,000 cash.d. The common stock was issued for cash.e. There was a $630,400 debit to Retained Earnings for cash dividends declared.Required:186,200$1,024,390Prepare a statement of cash flows, using the direct method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.Suffridge Inc.Statement of Cash FlowsFor the Year Ended December 31, 20Y4357,100$667,290XXXAll work saved.PreviousSave and Exit Submit Assignment for GradingU+

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Description: Print ItemStatement of Cash Flows-Direct MethodThe comparative balance sheet of Suffridge Inc. for December 31, 20Y4 and 20Y3, is as follows:Dec. 31, 20Y4Dec. 31, 20Y3AssetsCashAccounts receivable (net)InventoriesInvestmentsLandEquipmentAccumulated

In this question, we will calculate cash flow with the direct method Cash Flow from Operating…

Business

Accounting

Statement of Cash Flows-Direct Method The comparative balance sheet of Suffridge Inc. for December 31, 20Y4 and 20Y3, is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3 Assets Cash Accounts receivable (net) Inventories Investments Land $790,090 1,185,100 1,664,800 1,146,100 $815,600 1,091,700 1,628,200 515,800 0

Statement of Cash Flows-Direct Method The comparative balance sheet of Suffridge Inc. for December 31, 20Y4 and 20Y3, is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3 Assets Cash Accounts receivable (net) Inventories Investments Land $790,090 1,185,100 1,664,800 1,146,100 $815,600 1,091,700 1,628,200 515,800 0

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter13: Statement Of Cash Flows

Section: Chapter Questions

Problem 3PB: Statement of cash flowsindirect method The comparative balance sheet of Coulson, Inc. at December...

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