Statement of Cash Flows (Indirect Method) Assignment

Statement of Cash Flows (Indirect Method) Dair Company's income statement and comparative balance sheets follow DAIR COMPANY Income Statement For Year Ended December 31, 2017 $700,000 Sales.. Cost of goods sold.. Wages and other operating expenses Depreciation expense. . Amortization expense.. Interest expense…. Income tax expense… Loss on bond retirement .. Net income…. $440,000 95,000 22,000 7,000 10,000 36,000 615,000 5,000 $ 85,000 Module 11 Cash Flow DAIR COMPANY Balance Sheet Dec. 31, 2017 Dec. 31, 2016 Assets Cash. $ 27,000 53,000 $ 18,000 48,000 109,000 Accounts receivable . Inventory…. Prepaid expenses. 103,000 12,000 360,000 (87,000) 43,000 10,000 PPE.. 336,000 (84,000) 50,000 $487,000

Accumulated depreciation Intangible assets Total assets. $511,000 Liabilities and Stockholders' Equity Accounts payable. Interest payable Income tax payable $26,000 $32,000 4,000 7,000 8,000 120,000 228,000 6,000 60,000 Bonds payable Common stock. Retained earnings 252,000 98,000 157,000 $487,000 $511,000 Total liabilities and equity During 2017, the company sold for $1 7,000 cash old equipment that had cost $36,000 and had $19,000 accumulated depreciation. Also in 2017, new equipment worth $60,000 was acquired in exchange for $60,000 of bonds payable, and bonds payable of $120,000 were retired for cash at a loss. A $26,000 cash dividend was declared and paid in 2017. Any stock issuances were for cash. Required Compute the change in cash that occurred in 2017 b. Prepare a 2017 statement of cash flows using the indirect method. Prepare separate schedules showing (1) cash paid for interest and for income taxes and (2) noncash investing and financing transactions. P1-47. Statement of Cash Flows (Indirect Method) a. C. LO2 are the income statement and balance sheet for Whole Foods Market Inc., for the year ended September 25, 2016, and a forecasted income statement and balance sheet for 201 7. Whole Inc. (V Following. .