Cole Media Corporation had the following income statement and balance sheet for
ID: 2333153 • Letter: C
Question
Cole Media Corporation had the following income statement and balance sheet for 2018 (Click the icon to view the income statement.) EEE (Click the icon to view the balance sheet.) During the year Cole issued a $5,400 note payable. Cole acquired equipment worth $20,000, and made payments on the long-term notes payable in the amount of $12,400 during the year. Assume the company paid cash for the acquisition of plant assets Prepare Cole Media's statement of cash flows-indirect method for the year ended December 31, 2018 Data Table Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the s Cole Media Corporation Statement of Cash Flows Year Ended December 31, 2018 Comparative Balance Sheet December 31, 2018 and 2017 2017 Cash Flows from Operating Activities Assets Net Income Current Assets Adjustments to Reconcile Net Income to Cash $ 5,200 $ 4,300 Data Table Net Cash Provided by Operating Activities Accounts Receivable 9,000 8,100 Long-term Assets Plants Assets Cole Media Corporation Income Statement Year Ended December 31, 2018 102,350 82,350 (23,350) (17,350) $ 93,200 $ 77,400 Accumulated Depreciation-Plant Assets Total Assets Sales Revenue Depreciation Expense-Plant Assets Other Expenses Net Income 81,000 6,000 55,000 20,000 Net Cash Provided by (Used for) Operating Activities Liabilities Current Liabilities Accounts Pavable $ 7,000 $ 3,500 Long-term Liabilities 7,000 14,000 Notes Payable PrintDone Total Liabilities 4,000 17,500 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 21,000 15,000 58,200 44,900 79,200 59,900 $ 93,200 $ 77,400 Choose from any list or enter any number in the input fields and then click Check Answer parts remaining Clear AllExplanation / Answer
Answer:
Cole Media corporation
Statement of cash flow
Year Ended December -31
Amount $
Amount $
Cash flow from operating activity
Net income
20,000
Adjustment to reconcile net income
Depreciation Expanses
6000
Increase in account receivable (9000-8100)
-900
Increase in account payable (7000-3500)
3500
8600
Net Cash flow from operating activity
28,600
Cash flow from Investing activity
Cash paid for acquisition of assets
-20,000
Net Cash flow from Investing activity
-20,000
Cash flow from Financing activity
Cash paid for notes payable
-12400
Issue of notes payable
5400
Issue of Common Stock (21000-15000)
6000
Dividend Paid (44900+20,000-58200)
-6700
Net Cash flow from Financing activity
-7700
Net cash flow
900
Add: Beginning cash balance
4300
Ending cash Balance
5,200
Cole Media corporation
Statement of cash flow
Year Ended December -31
Amount $
Amount $
Cash flow from operating activity
Net income
20,000
Adjustment to reconcile net income
Depreciation Expanses
6000
Increase in account receivable (9000-8100)
-900
Increase in account payable (7000-3500)
3500
8600
Net Cash flow from operating activity
28,600
Cash flow from Investing activity
Cash paid for acquisition of assets
-20,000
Net Cash flow from Investing activity
-20,000
Cash flow from Financing activity
Cash paid for notes payable
-12400
Issue of notes payable
5400
Issue of Common Stock (21000-15000)
6000
Dividend Paid (44900+20,000-58200)
-6700
Net Cash flow from Financing activity
-7700
Net cash flow
900
Add: Beginning cash balance
4300
Ending cash Balance
5,200