70.2K

Verified Solution

Link Copied!

6. Wolfe, Inc.'s accountants have assembled the following data for the year ended October 31, 2016: (Click the icon to view the data.) Prepare Wolfe's statement of cash flows using the indirect method for the year ended October 31, 2016. Assume beginning and ending Cash are $19,000 and $92,400 respectively. 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 statement, leave the box empty: do not select label or enter a zero.) A Data Table Wolfe, Inc. Statement of Cash Flows Year Ended October 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Cash receipt from sale of equipment Depreciation expense Cash payment of dividends Cash receipt from issuance of common stock Net income Cash purchase of land Increase in current liabilities Decrease in current assets other than cash 22,000 15,000 5,600 17,000 31,000 24,000 5,000 13,000 Print Done Net Cash Provided by (Used for) Operating Activities Cash Payment for Acquisition of Land Cash Payment of Dividends Cash Receipt from Disposal of Equipment Cash Receipt from Issuance of Common Stock Decrease in Current Assets Other than Cash Depreciation Expense Increase in Current Liabilities

Answer & Explanation Solved by verified expert

See Answer