Homework Answers
Net income = Total revenue - Total expense
= $850,000 - $720,000
= $130,000
Decrease in accounts receivable = $50,000 - $40,000 = $10,000
Increase in accounts payable = $28,000 - $22,000 = $6,000
Cash flows from operating activity:
= Net income + Depreciation + Decrease in accounts receivable + Increase in accounts payable
= $130,000 + $40,000 + $10,000 + $6,000
= $186,000
Option D)
Add Answer to:
30. Waxman Company's 20D income statement reported total revenues, $850,000 and total expenses (including $40,000 depreciation)...
Winn Company's 20X2 income statement reported total revenues, $110,000, and total expenses (including $10,000 depreciation), $70,000...
Winn Company's 20X2 income statement reported total revenues, $110,000, and total expenses (including $10,000 depreciation), $70,000 (i.e., a profit of $40,000). The 20X2 balance sheet reported the following: trade receivables--beginning balance, $16,000 and ending balance, $14,000; wages payable--beginning balance, $2,000 and ending balance, $1,500. Therefore, based only on this information, the 20X2 net cash inflow from operating activities was which of the following? $48,500. $51,500. $50,000. $59,500.
29. Kela Corporation reported 20D net income of $580,000 including the effects of depreciation expense, $60,000...
29. Kela Corporation reported 20D net income of $580,000 including the effects of depreciation expense, $60,000 and amortization expense on a patent, $5,000. Also, cash of $50,000 was borrowed on a 5-year note payable. Based on this data, total cash inflow from operating activities for 20D was A) $640,000 B) $695,000 C) $645,000 D) $585,000 E) None of the above is correct.
The Castillo Company reported operating profits of $60,000, Depreciation expenses of $40,000, Interest expense of $10,000...
The Castillo Company reported operating profits of $60,000, Depreciation expenses of $40,000, Interest expense of $10,000 and paid $10,000 in taxes in 2017. Following are the Company’s balance sheets for 2016 and 2017. C&B CASTILLO COMPANY 2016 2017 Cash $50,000 $5,000 Accounts Receivables 200,000 300,000 Inventories 400,000 480,000 Total Current Assets 650,000 785,000 Gross Fixed Assets 450,000 570,000 Accumulated Depreciation -100,000 -140,000 Net Fixed Assets ...
calculate the missing amounts 39,000 BULLDOG, INC. Income Statement Revenues Expenses: Salaries Advertising Utilities Net income...
calculate the missing amounts
39,000 BULLDOG, INC. Income Statement Revenues Expenses: Salaries Advertising Utilities Net income 6,000 4,000 BULLDOG, INC. Statement of Stockholders' Equity Total Common Retained Stockholders Stock Earnings Equity Beginning balance $ 10,000 $ 7,000 $ 17,000 Issuances 1,100 1,100 Add: Net income 6,000 6,000 Less: Dividends (3,000) (3.000) Ending balance $ 11,100 $ 10,000 $ 21,100 Assets Cash Accounts receivable Supplies Equipment Total assets BULLDOG, INC. Balance Sh Liabilities 4,000 Accounts payable 3,000 Stockholders' Equity 9,000 Common...
BULLDOG, INC. Income Statement Revenues S 29,500 Expenses Salaries Advertising Utilities 4,100 2,100 Net income BULLDOG,...
BULLDOG, INC. Income Statement Revenues S 29,500 Expenses Salaries Advertising Utilities 4,100 2,100 Net income BULLDOG, INC. Statement of Stockholders' Equity Total Common Retained Stock Earnings Stockholders Equity Beginning balance $ 8,100 Issuances Add: Net income Less: Dividends Ending balance 5,100$ 13,200 1,100 1,100 (1,100) (1,100) 17,300 9,200S 8,100 $ BULLDOG, INC Balance Sheet Assets Liabilities $ 2,100 Accounts payable Cash Accounts receivable Supplies Equipment 2,650 Stockholders' Equity 오 | 7,100|Common stock 8,100 Retained eamings Total assets S 19950 Total...
Required: Calculate the missing amounts. BULLDOG, INC. Income Statement Revenues Expenses: Salaries 36,000 5,400 3,400 Utilities...
Required: Calculate the missing amounts. BULLDOG, INC. Income Statement Revenues Expenses: Salaries 36,000 5,400 3,400 Utilities Net income BULLDOG, INC. Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance $ 9,400 S 6,400 S 15,800 Issuances 1,100 1,100 Add: Net income Less: Dividends (2,400) (2.400) Ending balance $ 10,500 $ 9,400 $ 19,900 Assets $ Cash Accounts receivable Supplies Equipment Total assets BULLDOG, INC. Balance Sheet Liabilities 3,400 Accounts payable 2,400 Stockholders' Equity 8,400 Common stock...
41. Depreciation on factory equipment would be reported in the statement of cash flows prepared by...
41. Depreciation on factory equipment would be reported in the statement of cash flows prepared by the indirect method in a. the cash flows from investing activities section. b. a separate schedule. c. the cash flows from operating activities section. d. the cash flows from financing activities section. 42. Which of the following should be added to net income in calculating net cash flow from operating activities using the indirect method? a decrease in accounts receivable preferred dividends declared and...
12. Under the new method of accounting, service revenues are reported on the income statement in...
12. Under the new method of accounting, service revenues are reported on the income statement in the period in which an agreement is made on cash is received the services are performed 13. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting the account to be credited at the time of the sale is Accounts Receivable Cash Sales 14. When the company receives the money from its...
9. Polar Company's income statement and comparative balance sheets follow. POLAR COMPANY Income Statement For Year...
9. Polar Company's income statement and comparative balance sheets follow. POLAR COMPANY Income Statement For Year Ended December 31, 2017 Sales $1,456,000 Cost of goods sold $1,068,000 Wages expense Advertising expense Depreciation expense 380,000 62,000 44,000 Interest expense 36,000 (50,000) Gain on sale of land 1,540,000 .. $ (84,000) Net loss POLAR COMPANY Balance Sheets Dec. 31, 2017 Dec. 31, 2016 Assets Cash $98,000 $56,000 Accounts receivable 84,000 100,000 Inventory Prepaid advertising 214,000 226,000 20,000 26,000 720,000 Plant assets 444,000...
LE SHERMAN EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 2 Gross Margin...
LE SHERMAN EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 2 Gross Margin Operating Expenses Total Operating Expenses Operating Income Non-Operating Items Net Income SHERMAN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 Assets Assets Total Assets Liabilities and Stockholders' Equity Current Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Given Data P07-21A: SHERMAN EQUIPMENT CO. Salaries Expense Common Stock Notes Receivable (short tem) Allowance for Doubtful Accounts Uncollectible Accounts...
29. Kela Corporation reported 20D net income of $580,000 including the effects of depreciation expense, $60,000 and amortization expense on a patent, $5,000. Also, cash of $50,000 was borrowed on a 5-year note payable. Based on this data, total cash inflow from operating activities for 20D was A) $640,000 B) $695,000 C) $645,000 D) $585,000 E) None of the above is correct.
calculate the missing amounts
39,000 BULLDOG, INC. Income Statement Revenues Expenses: Salaries Advertising Utilities Net income 6,000 4,000 BULLDOG, INC. Statement of Stockholders' Equity Total Common Retained Stockholders Stock Earnings Equity Beginning balance $ 10,000 $ 7,000 $ 17,000 Issuances 1,100 1,100 Add: Net income 6,000 6,000 Less: Dividends (3,000) (3.000) Ending balance $ 11,100 $ 10,000 $ 21,100 Assets Cash Accounts receivable Supplies Equipment Total assets BULLDOG, INC. Balance Sh Liabilities 4,000 Accounts payable 3,000 Stockholders' Equity 9,000 Common...
BULLDOG, INC. Income Statement Revenues S 29,500 Expenses Salaries Advertising Utilities 4,100 2,100 Net income BULLDOG, INC. Statement of Stockholders' Equity Total Common Retained Stock Earnings Stockholders Equity Beginning balance $ 8,100 Issuances Add: Net income Less: Dividends Ending balance 5,100$ 13,200 1,100 1,100 (1,100) (1,100) 17,300 9,200S 8,100 $ BULLDOG, INC Balance Sheet Assets Liabilities $ 2,100 Accounts payable Cash Accounts receivable Supplies Equipment 2,650 Stockholders' Equity 오 | 7,100|Common stock 8,100 Retained eamings Total assets S 19950 Total...
Required: Calculate the missing amounts. BULLDOG, INC. Income Statement Revenues Expenses: Salaries 36,000 5,400 3,400 Utilities Net income BULLDOG, INC. Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance $ 9,400 S 6,400 S 15,800 Issuances 1,100 1,100 Add: Net income Less: Dividends (2,400) (2.400) Ending balance $ 10,500 $ 9,400 $ 19,900 Assets $ Cash Accounts receivable Supplies Equipment Total assets BULLDOG, INC. Balance Sheet Liabilities 3,400 Accounts payable 2,400 Stockholders' Equity 8,400 Common stock...
12. Under the new method of accounting, service revenues are reported on the income statement in the period in which an agreement is made on cash is received the services are performed 13. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting the account to be credited at the time of the sale is Accounts Receivable Cash Sales 14. When the company receives the money from its...
9. Polar Company's income statement and comparative balance sheets follow. POLAR COMPANY Income Statement For Year Ended December 31, 2017 Sales $1,456,000 Cost of goods sold $1,068,000 Wages expense Advertising expense Depreciation expense 380,000 62,000 44,000 Interest expense 36,000 (50,000) Gain on sale of land 1,540,000 .. $ (84,000) Net loss POLAR COMPANY Balance Sheets Dec. 31, 2017 Dec. 31, 2016 Assets Cash $98,000 $56,000 Accounts receivable 84,000 100,000 Inventory Prepaid advertising 214,000 226,000 20,000 26,000 720,000 Plant assets 444,000...
LE SHERMAN EQUIPMENT CO. Income Statement For the Year Ending December 31, Year 2 Gross Margin Operating Expenses Total Operating Expenses Operating Income Non-Operating Items Net Income SHERMAN EQUIPMENT CO. Balance Sheet As of December 31, Year 2 Assets Assets Total Assets Liabilities and Stockholders' Equity Current Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Given Data P07-21A: SHERMAN EQUIPMENT CO. Salaries Expense Common Stock Notes Receivable (short tem) Allowance for Doubtful Accounts Uncollectible Accounts...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago