The following changes took place during the year in Pavolik Company’s balance sheet accounts:Cash …………………………….. $5 D Accounts payable ………… $35 IAccounts receivable ……….. $110 I Accrued liabilities ………… $4 DInventory ………………………. $70 D Bonds payable ……………. $150 IPrepaid expenses ………….. $9 I Deferred income taxes …. $8 ILong-term investments …… $6 D Common stock ……………. $80 DPlant and equipment ………. $200 I Retained earnings ……….. $54 IAccumulated depreciation .. $(60) ILand …………………………….. $15 DD Decrease; I Increase.Long-term investments that had cost the company $6 were sold during the year for $16, and land thathad cost $15 was sold for $9. In addition, the company declared and paid $30 in cash dividends during theyear. No sales or retirements of plant and equipment took place during the year.The company’s income statement for the year follows:Sales ……………………………………………… $700Cost of goods sold …………………………… 400Gross margin ………………………………….. 300Selling and administrative expenses …… 184Net operating income ……………………….. 116Nonoperating items:Gain on sale of investments …………… $10Loss on sale of land ……………………… 6 4Income before taxes ………………………… 120Income taxes …………………………………… 36Net income ……………………………………… $ 84The company’s beginning cash balance was $90, and its ending balance was $85.Required:1. Use the indirect method to determine the net cash provided by operating activities for the year.2. Prepare a statement of cash flows for the year.
The following changes took place during the year in Pavolik Company’s balance sheet accounts:Cash …………………………….. $5 D Accounts payable ………… $35 IAccounts receivable ……….. $110 I Accrued liabilities ………… $4 DInventory ………………………. $70 D Bonds payable ……………. $150 IPrepaid expenses ………….. $9 I Deferred income taxes …. $8 ILong-term investments …… $6 D Common stock ……………. $80 DPlant and equipment ………. $200 I Retained earnings ……….. $54 IAccumulated depreciation .. $(60) ILand …………………………….. $15 DD Decrease; I Increase.Long-term investments that had cost the company $6 were sold during the year for $16, and land thathad cost $15 was sold for $9. In addition, the company declared and paid $30 in cash dividends during theyear. No sales or retirements of plant and equipment took place during the year.The company’s income statement for the year follows:Sales ……………………………………………… $700Cost of goods sold …………………………… 400Gross margin ………………………………….. 300Selling and administrative expenses …… 184Net operating income ……………………….. 116Nonoperating items:Gain on sale of investments …………… $10Loss on sale of land ……………………… 6 4Income before taxes ………………………… 120Income taxes …………………………………… 36Net income ……………………………………… $ 84The company’s beginning cash balance was $90, and its ending balance was $85.Required:1. Use the indirect method to determine the net cash provided by operating activities for the year.2. Prepare a statement of cash flows for the year.
Tired of numerous paper assignments?
Rely on us and receive professional paper writing assistance!
We are a professional website for customized writing. If you searched a question and stumbled into our website, you are in the right place to receive assistance with your coursework.
Do you handle any type of coursework?
Yes. We have displayed prior orders to demonstrate our experience. We can answer this question for you as we have previously. Please fill out our Order Form so that we may ensure its flawlessness. Correctly completing the order form will help our staff with reference, requirements, and future communication.
Is it hard to Place an Order?
Click on the “Order Now” tab at the top menu or “GET A FREE QUOTE” icon at the bottom and a new page will appear with an order form to be filled
Fill in the initial requirements in the small order form located on the home page and press “continue” button to proceed to the main order form or press “order” button in the header menu. Starting from there let our system intuitively guide you through all steps of ordering process. Submit detailed paper instructions, upload necessary files if needed and provide your contact information – you are almost done!
Proceed with the payment- click on “PROCEED TO CHECKOUT” at the bottom of the page. From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it. All your payments are processed securely through PayPal. This enables us to guarantee a 100% security of your funds and process payments swiftly.
Delivery- Once finished, your final paper will be available for download through your personal dashboard. You will also receive an email notification with a copy of your paper attached to it.
