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3 years ago

The following information is available for Splish Brothers Corporation for the year ended December 31, 2022.

Business

1 answer:

slamgirl [31]3 years ago

3 0

Answer and Explanation:

The preparation of the cash flow statement using the indirect method is shown below:

Splish Brothers Corporation

Cash flow Statement

For the year ended December 31, 2022

Cash Flow from Operating Activities

Net Income $323,000

Adjustments made

Add: Depreciation expense $81,000

Less: Decrease in Account payable -$4,000

Less: Increase in Account receivable -$8,100

Add: Increase in Income tax payable $4,700

Less: Increase in Inventory -$12,300

Net cash flow provided by the operating activities $61,300

Cash Flow from Investing Activities

Add: Cash received for sale of land at book value $35,000

Less: Cash used to purchase building -$146,000

Cash flow used by investing activities -$111,000

Cash Flow from Financing Activities

Less: Cash used to purchase treasury stock -32,100

Add: Cash received from issuing bonds 240,000

Less: Cash dividend paid -$11,100

Cash flow provided by financing activities $196,800

Net increase in cash $147,100

Add: Beginning cash balance $35,000

Closing Cash balance $182,100

The negative sign indicates the outflow of cash and the positive sign indicates the inflow of cash and the same is shown above

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Answer and Explanation:

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