P21-5 Metagrobolize Industries – Excel Template

QUESTION

P21-5 Metagrobolize Industries   – Excel TemplateP21-5 Comparative balance sheets for
2013 and 2012 and a statement of income for 2013 are given below for
Metagrobolize Industries.

P21-5 Statement of cash flows; direct
method

P21-5 Comparative balance sheets for
2013 and 2012 and a statement of income for 2013 are given below for
Metagrobolize Industries. Additional information from the accounting records of
Metagrobolize also is provided.

Additional information from the
accounting records:
a. During 2013, equipment with a
cost of $300,000 (90% depreciated) was sold.
b. The statement of shareholders’
equity reveals reductions of $225,000 and $450,000 for stock dividends and cash
dividends, respectively.

Required:
Prepare the statement of cash
flows of Metagrobolize for the year ended December 31, 2013. Present cash flows
from operating activities by the direct method. (You may omit the schedule to
reconcile net income to cash flows from operating activities.)

ANSWER:

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