29) Team Shirts, Inc. recognized $13,880 in salaries and wages expense for the quarter. At the beginning of the quarter, the balance in Salaries Payable was $2,300. At the end of the quarter, the balance was $3,425. How is the accounting information for these items reported on the statement of cash flows using the indirect method?
30) Use the following information from Artizan, Inc., to prepare the operating activities section of the statement of cash flows for May using the indirect method.
Beginning cash balance:
$21,470
Ending cash balance:
63,735
Net change in accounts receivable
1,800
Net change in inventory
(2,675)
Net change in accounts payable
(890)
Depreciation expense
8,000
Net income
23,450
Cash paid for dividends
625
Cash received from a loan
9,000
Purchase of treasury of stock
3,780
Cash received from sale of studio equipment
6,235
Answer: Artizan, Inc.
Statement of Cash Flows
For the Month Ended May 31, 2011
Cash flows from operating activities:
Net income
$23,450
Depreciation expense
8,000
Net increase in accounts receivable
(1,800)
Net decrease in inventory
2,675
Net decrease in accounts payable
(890)
Net cash from operating activities
$31,435
Diff: 3
Skill: Analytic skills
31) Team Shirts, Inc. recognized $4,690 of insurance expense for the year. At the beginning of the year, the balance in Prepaid insurance was $400. At the end of the year, the balance was $775. How is the accounting information for these items reported on the statement of cash flows using the indirect method?
32) Team Shirts, Inc. recognized $4,690 of insurance expense for the year. At the beginning of the year, the balance in Prepaid insurance was $775. At the end of the year, the balance was $400. How is the accounting information for these items reported on the statement of cash flows using the indirect method?
33) Use the following information from The Mane Event, Inc., to prepare the operating activities section of the statement of cash flows for the year ended December 31, 2011 using the indirect method.
Beginning cash balance
$40,000
Cash paid for dividends
(600)
Cash received from a loan
10,000
Depreciation expense
3,000
Net change in accounts receivable
(1,000)
Net change in inventory
2,000
Net change in accounts payable
900
Net income
10,000
Proceeds from sale of studio equipment
5,000
Purchase of treasury of stock
(4,000)
34) Use the following information from Artizan, Inc. to prepare the statement of cash flows for May using the indirect method.
Beginning cash balance:
$21,470
Ending cash balance:
63,735
Net change in accounts receivable
1,800
Net change in inventory
(2,675)
Net change in accounts payable
(890)
Depreciation expense
8,000
Net income
23,450
Cash paid for dividends
625
Cash received from a loan
9,000
Purchase of treasury of stock
3,780
Cash received from sale of studio equipment
6,235
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