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Connect.mheducation.com/flow/connect.html Chapter 12 Help Save & E. Chec Heads Up Company was started several years ago...

Question:

connect.mheducation.com/flow/connect.html Chapter 12 Help Save & E. Chec Heads Up Company was started several years ago by tw
lepare the statement of cash flows for the year ended December 31, 2017, using the indirect method (Amounts to be deducted sh
connect.mheducation.com/flow/connect.html Chapter 12 Help Save & E. Chec Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement are provided below, along with additional Information 2017 2016 Balance Sheet at December 31 Cash $ $ Accounts Receivable Equipment Less: Accumulated Depreciation 6,000 1,000 5, See (1,5 ) 4.ee 1,750 5.ee (1,250) $ 11,eee $ 9,500 Accounts Payable Wages Payable Long-Term Bank Loan Payable Contributed Capital Retained Earnings $ 11,000 S9, See 5 37,500 Income Statement for 2017 Lessons -Revenue wages Expense Depreciation Expense Income Tax Expense Net Income Additional notes a. Bought new hockey equipment for cash, $500. b. Borrowed $1,000 cash from the bank during the year. C. Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash.
lepare the statement of cash flows for the year ended December 31, 2017, using the indirect method (Amounts to be deducted should be indicated by a minus sign.) HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities Adjustments to concert income to by operating activos cash provided Cash flow from Cash flows from financing och Net increase in cash during the year Cash balance, January 1, 2017 Cash balance, December 31, 2017

Answers

Cash Flow Statement is as prepared below:

HEADS UP COMPANY
Statement of Cash Flows
For the year ended December 31, 2017
Particulars Amount ($) Amount ($)
Cash Flow from operating activities:
Net Income 1,250
Adjustments to reconcile Net Income to net cash flow from operating activities:
Depreciation 250
Changes in current operating assets and liabilities:
Decrease in Accounts Receivable 750
Decrease in Wages Payable -250
Decrease in Accounts Payable -500
Net Cash flows from Operating Activities 1,500
Cash flows from Investing Activities:
Purchase of hockey equipment -500
Net Cash flows used in investing activities -500
Cash flows from Financing Activities:
Loan taken 1,000
Net Cash flows used in financing activities 1,000
Net increase in Cash balance 2,000
Cash balance, January 1, 2017 4,000
Cash balance,December 31, 2017 6,000
.

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