The following information is available for Metlock, Inc. for the year ended December 31, 2022....

80.2K

Verified Solution

Question

Accounting

The following information is available for Metlock, Inc. for the year ended December 31, 2022.

Beginning cash balance $ 14,400
Accounts payable increase 3,420
Depreciation expense 24,600
Accounts receivable decrease 2,880
Inventory decrease 1,860
Net income 34,320
Cash received for sale of land at book value 62,400
Cash dividends paid 22,800
Income taxes payable decrease 2,340
Cash used to purchase land 48,600
Cash used to redeem bonds 39,600
Cash received from issuing stock 96,000

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Metlock, Inc. Statement of Cash FlowsIndirect Method choose the accounting period December 31, 2022For the Year Ended December 31, 2022For the Quarter Ended December 31, 2022

select an opening name for section one Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash

select an item Decrease in Accounts PayableDecrease in Accounts ReceivableDecrease in Income Taxes PayableDecrease in InventoryDepreciation ExpenseIncrease in Accounts PayableIncrease in Accounts ReceivableIncrease in Income Taxes PayableIncrease in InventoryIssuance of StockNet IncomePayment of DividendPurchase of LandRedemption of BondsSale of Land

$enter a dollar amount

Adjustments to reconcile net income to

select an opening name for a subsection Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash used by Financing ActivitiesNet Cash used by Investing ActivitiesNet Cash used by Operating ActivitiesNet Decrease in CashNet Increase in Cash

select an item

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