Brief Exercise 175 Brief Exercise 175 Selected transactions for the Hamiltion Company are listed below……

Brief Exercise 175 Brief Exercise 175Selected transactions for the Hamiltion Company are listed below. Classify each transaction as either an operating activity, an investing activity, a financing activity, or a noncash activity.

1.Collected accounts receivable.

2.Declared and paid dividends on common stock.

3.Sold long-term investments for cash.

4.Issued stock for equipment.

5.Repaid five year note payable.

6.Paid employee wages.

7.Converted bonds payable to common stock.

8.Acquired long-term investment with cash.

9.Sold buildings and equipment for cash.

10.Sold merchandise to customers.

 

Problem 12-5A Problem 12-5ARewe Company’s income statement contained the condensed information below.

Rewe Company

Income Statement

For the Year Ended December 31, 2017

Service revenue$970,000

Operating expenses, excluding depreciation$614,000

Depreciation expense55,000

Loss on disposal of plant assets

16,000

685,000

Income before income taxes285,000

Income tax expense56,000

Net income$229,000

Rewe Company’s balance sheet contained the comparative data at December 31.

2017

2016

Accounts receivable$70,000$60,000Accounts payable41,00032,000Income taxes payable13,0007,000

Accounts payable pertain to operating expenses.

Prepare the operating activities section of the 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).)

Rewe Company

Partial Statement of Cash Flows

$

Adjustments to reconcile net income to

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