Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during a recent year, nicole's getaway spa (ngs) r

During a recent year, Nicole's Getaway Spa (NGS) reported net income of $2,300. The company...

60.1K

Verified Solution

Question

Accounting

image

During a recent year, Nicole's Getaway Spa (NGS) reported net income of $2,300. The company reported the following activities: a. Increase in inventory of $400. b. Depreciation of $3,000. c. Increase of $2,170 in prepaid expenses. d. Payments of $4,600 on long-term debt. e. Purchased new spa equipment for $7,582. f. Payments on accounts payable exceeded purchases by $320. g. Collections on accounts receivable exceeded credit sales by $859. h. Issued $10,000 of common stock. Requlred: Based on this information, prepare a statement of cash flows for the year ended December 31 using the indirect method. Assume the cash balance at the beginning of the year was $7,000. (Amounts to be deducted should be lndleated with a minus slgn.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students