The comparative balance sheet of Navaria Inc. for December 31,20Y3 and 20Y2, is as...

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Accounting

The comparative balance sheet of Navaria Inc. for December 31,20Y3 and 20Y2, is as follows:
     Dec. 31,20Y3      Dec. 31,20Y2
Assets
Cash $ 249,700 $ 235,700
Accounts receivable (net) 91,600 84,040
Inventories 258,190 248,260
Investments 0 96,600
Land 132,340 0
Equipment 282,170 222,180
Accumulated depreciation-equipment (67,100) (59,900)
  Total assets $946,900 $826,880
Liabilities and Stockholders'Equity
Accounts payable $ 171,050 $ 162,900
Accrued expenses payable 17,200 21,500
Dividends payable 9,300 7,400
Common stock, $1 par 50,500 38,860
Paid-in capital: Excess of issue price over par-commonstock 192,300 112,460
Retained earnings 506,550 483,760
  Total liabilities and stockholders’ equity $946,900 $826,880
The income statement for the year ended December 31, 20Y3, is asfollows:
Sales $1,594,870
Cost of merchandise sold 980,850
Gross profit $ 614,020
Operating expenses:
Depreciation expense $ 7,200
Other operating expenses 519,930
   Total operating expenses 527,130
Operating income $ 86,890
Other income:
Gain on sale of investments 16,100
Income before income tax $ 102,990
Income tax expense 41,200
Net income $ 61,790
Additional data obtained from an examination of the accounts inthe ledger for 20Y3 are as follows:
The investments were sold for $112,700 cash.
Equipment and land were acquired for cash.
There were no disposals of equipment during the year.
The common stock was issued for cash.
There was a $39,000 debit to Retained Earnings for cashdividends declared.
Required:
Prepare a statement of cash flows, using the direct method ofpresenting cash flows from operating activities. Use the minus signto indicate cash outflows, cash payments, decreases in cash, or anynegative adjustments.
Navaria Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y3
Cash flows from operating activities:
$
Net cash flow from operating activities $
Cash flows from (used for) investing activities:
$
Net cash flow used for investing activities
Cash flows from (used for) financing activities:
$
Net cash flow from financing activities
$
Cash at the beginning of the year
Cash at the end of the year $

Answer & Explanation Solved by verified expert

4.3 Ratings (821 Votes)

Cash Flow Statement Direct Method Cash flows from operating activities Cash Inflows From customers 158731000 Cash Outflows To suppliers of goods 98263000 For Other Expense 52423000 For Income Tax 4120000 Net cash flow from operating activities 3925000 Cash flows from See Answer

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In: AccountingThe comparative balance sheet of Navaria Inc. for December 31,20Y3 and 20Y2, is as follows:...The comparative balance sheet of Navaria Inc. for December 31,20Y3 and 20Y2, is as follows: Dec. 31,20Y3 Dec. 31,20Y2AssetsCash$ 249,700$ 235,700Accounts receivable (net)91,60084,040Inventories258,190248,260Investments096,600Land132,3400Equipment282,170222,180Accumulated depreciation-equipment(67,100)(59,900) Total assets$946,900$826,880Liabilities and Stockholders'EquityAccounts payable$ 171,050$ 162,900Accrued expenses payable17,20021,500Dividends payable9,3007,400Common stock, $1 par50,50038,860Paid-in capital: Excess of issue price over par-commonstock192,300112,460Retained earnings506,550483,760 Total liabilities and stockholders’ equity$946,900$826,880The income statement for the year ended December 31, 20Y3, is asfollows:Sales$1,594,870Cost of merchandise sold980,850Gross profit$ 614,020Operating expenses:Depreciation expense$ 7,200Other operating expenses519,930 Total operating expenses527,130Operating income$ 86,890Other income:Gain on sale of investments16,100Income before income tax$ 102,990Income tax expense41,200Net income$ 61,790Additional data obtained from an examination of the accounts inthe ledger for 20Y3 are as follows:The investments were sold for $112,700 cash.Equipment and land were acquired for cash.There were no disposals of equipment during the year.The common stock was issued for cash.There was a $39,000 debit to Retained Earnings for cashdividends declared.Required:Prepare a statement of cash flows, using the direct method ofpresenting cash flows from operating activities. Use the minus signto indicate cash outflows, cash payments, decreases in cash, or anynegative adjustments.Navaria Inc.Statement of Cash FlowsFor the Year Ended December 31, 20Y3Cash flows from operating activities:$Net cash flow from operating activities$Cash flows from (used for) investing activities:$Net cash flow used for investing activitiesCash flows from (used for) financing activities:$Net cash flow from financing activities$Cash at the beginning of the yearCash at the end of the year$

	Dec. 31,20Y3	Dec. 31,20Y2
Assets
Cash	$ 249,700	$ 235,700
Accounts receivable (net)	91,600	84,040
Inventories	258,190	248,260
Investments	0	96,600
Land	132,340	0
Equipment	282,170	222,180
Accumulated depreciation-equipment	(67,100)	(59,900)
Total assets	$946,900	$826,880
Liabilities and Stockholders'Equity
Accounts payable	$ 171,050	$ 162,900
Accrued expenses payable	17,200	21,500
Dividends payable	9,300	7,400
Common stock, $1 par	50,500	38,860
Paid-in capital: Excess of issue price over par-commonstock	192,300	112,460
Retained earnings	506,550	483,760
Total liabilities and stockholders’ equity	$946,900	$826,880

Sales		$1,594,870
Cost of merchandise sold		980,850
Gross profit		$ 614,020
Operating expenses:
Depreciation expense	$ 7,200
Other operating expenses	519,930
Total operating expenses		527,130
Operating income		$ 86,890
Other income:
Gain on sale of investments		16,100
Income before income tax		$ 102,990
Income tax expense		41,200
Net income		$ 61,790

Navaria Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y3
Cash flows from operating activities:
	$



Net cash flow from operating activities		$
Cash flows from (used for) investing activities:
	$


Net cash flow used for investing activities
Cash flows from (used for) financing activities:
	$

Net cash flow from financing activities
		$
Cash at the beginning of the year
Cash at the end of the year		$