P/s help me to answer this question. YANIK COMPANY Comparative Balance Sheets De
ID: 2497443 • Letter: P
Question
P/s help me to answer this question.
YANIK COMPANY
Comparative Balance Sheets
December 31
Assets
2014
2013
$ 100,028
$ 66,195
73,550
85,318
222,783
208,882
22,477
30,891
213,295
191,230
294,200
294,200
(88,260
)
(58,840
)
330,975
228,005
(66,195
)
(51,485
)
$1,102,853
$994,396
Liabilities and Stockholders’ Equity
$ 65,798
$ 52,956
441,300
441,300
294,200
235,360
301,555
264,780
$1,102,853
$994,396
Additional information:
Prepare a statement of cash flows for the year ended December 31, 2014, using the indirect method
YANIK COMPANY
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash$ 100,028
$ 66,195
Accounts receivable73,550
85,318
Inventory222,783
208,882
Prepaid expenses22,477
30,891
Land213,295
191,230
Buildings294,200
294,200
Accumulated depreciation—buildings(88,260
)
(58,840
)
Equipment330,975
228,005
Accumulated depreciation—equipment(66,195
)
(51,485
)
Total$1,102,853
$994,396
Liabilities and Stockholders’ Equity
Accounts payable$ 65,798
$ 52,956
Bonds payable441,300
441,300
Common stock, $1 par294,200
235,360
Retained earnings301,555
264,780
Total$1,102,853
$994,396
Explanation / Answer
Answer:
YANIK COMPANY Statement of cash flow For the year Ended December 31,2014 Particulars Amount Cash flow from operating activities: Net income 54427 Adjustment to be reconcile net income to net cash provided by operating activities: Depreciation expense 61782 Loss on sale of equipment 2942 Decrease in accounts receivable 11768 Increase in merchandise inventory -13901 Decrease in Prepaid expenses 8414 Increase in accounts payable 12842 Net cash flow from operating activities 138274 Cash flow from investing activities: Purchase of equipment -135332 Sale of equipment 11768 Net cash flow from investing activities -123564 Cash flow from financing Activities: Cash Dividend paid -17652 Change in retained earnings 36775 Net cash flow from financing activities 19123 Net Increase in cash 33833 Cash at beginning of year 66195 Cash at end of year 100028