70.2K

Verified Solution

Link Copied!

Score: 0 of 10 pts 5 of 6 (5 complete) HW Score: 49.36%, 23.69 of 48 pts X P11-31A (similar to) E Question Help Morgensen Corporation accountants assembled the following data for the year ended December 31, 2016: EEE (Click the icon to view the current accounts.) Requirement 1. Propare Morgensen Corporation's statement of cash flows using the indirect method to report operating activities. List noncash investing and fnancing activities EEE (Click the icon to view the transaction data) on an accompanying schedule Complete the statement one section at a time, beginning with the cash fows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Morgensen Corporation Statement of Cash Flows Year Ended December 31, 2016 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by (used for) operating activities Net cash provided by (used for) operating activities om any list or enter any number in the input fields and then click Check Answer Year Ended December 31, 2016 tivities: t income to net cash rating activities: Data Table Morgensen Corporation 2016 for) 2015 December 31 Current assets: Cash and cash equivalents . 85,900 69,200 23,000 64,900 79,600 83,300 Current liabilities: Accounts payable Income tax payable .. 14,000 17,100 Print Done Morgensen Corporation Statement of Cash Flows Year Ended December 31, 2016 activities: net income to net cash operating activities: i Data Table Transaction Data for 2016: Net income Purchase of treasury stock 36,700 Loss on sale of equipment Payment of cash dividends Depreciation expense.. Issuance of long-term note payable in exchange for cash ..35,000 Purchase of building for cash....120,000 Retirement of bonds payable by issuing common stock .67,000 21,500 Print Done Complete the statement one section at time, begHHng wiul te casil moWS subtracted.) Morgensen Corporation Statement of Cash Flows Year Ended December 31, 2016 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by (used for) operating activities: Acquisition of building Decrease in income tax payable Decrease in inventory Depreciation expense Increase in accounts payable Increase in accounts receivable Loss on sale of equipment Payment of dividends Proceeds from issuance of common stock Proceeds from issuance of long-term note payable Proceeds from sale of equipment Purchase of treasury stock Retirement of bonds by issuing common stock

Answer & Explanation Solved by verified expert

See Answer