The following General Ledger assignments highlight the impact, or lack thereof, on the statement…

The following General Ledger assignments highlight the impact, or lack thereof, on the statement of cash flows from summary journal entries derived from consecutive trial balances. Prepare summary journal entries reflecting changes in consecutive trial balances. Then prepare the statement of cash flows (direct method) from those entries. Finally, prepare the reconciliation to the indirect method for net cash provided (used) by operating activities

GL 12-1 General Ledger assignment based on Exercise 12-11 GL 12-2 General Ledger assignment based on Problem 12-1 GL 12-3 General Ledger assignment based on Problem 12-6

Exercise 12-11:

The following financial statements and additional information are reported

1.       A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash.

2.  The only changes affecting retained earnings are net income and cash dividends paid.

3.       New equipment is acquired for $57,600 cash.

4.        Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain.

5.       Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.

6.        All purchases and sales of inventory are on credit.


1.       Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method.

2.       Compute the company’s cash flow on total assets ratio for its fiscal year 2017.

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