Homework Answers
| Statement of Cash Flow statement for year ended December 31,2017 | ||
| Cash Flow from operating activities | Amount $ | |
| Cash Inflows: | ||
| Collection on accounts receivables | 215,600 | |
| Cash Sales | 208,000 | |
| Cash Receipt of Dividends | 20,200 | |
| Collection of interest Revenue | 15,500 | |
| Cash Outflows: | ||
| Payment of Salaries | -95,600 | |
| Interest Expense & payment | -61,000 | |
| Payments to Suppliers | -285,000 | |
| Income tax expense & payment | -41,500 | |
| Net Cash flow from operating activities | -23,800 | |
| Cash flows from investing activities | ||
| Loan collections | 48,200 | |
| Cash payment to purchase capital assets | -72,000 | |
| Proceeds from sale of Capital assets | 32,500 | |
| Loan to another Company | -50,000 | |
| Proceeds from sale of Investment | 38,200 | |
| Net Cash flow from Investing activities | -3,100 | |
| Cash flows from financing activities | ||
| Payment of non-current debt | -220,000 | |
| Proceeds from issuance of common shares | 350,000 | |
| Payment of cash dividends | -36,200 | |
| Net Cash flows from financing activities | 93,800 | |
| Net increase(decrease) in cash | 66,900 | |
| Cash Balance, December 31,2016 | 55,500 | |
| Cash Balance, December 31,2017 | 122,400 | |
| - | ||
| Non Cash Investing & Financing activities | ||
| Acquisition of equipment by issuing Non-Current Notes payable | 90,000 | |
| Bonds Payable Converted into Common Stock | 250,000 | |
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Q3. (25 marks) MNP Inc. have gathered together the following data from the accounting records: Payments...
this is a financial accounting question MNP Inc. have gathered together the following data from the...
this is a financial accounting question
MNP Inc. have gathered together the following data from the accounting records: Payments of non-current debt$220,000 Collections on accounts receivable215,600 Acquisition of equipment by issuing non-current note payable90,000 Interest revenue 15,600 Credit sales 350,600 Loan collections48.200 Proceeds from sale of investments, not including $4,200 gain38,200 Salary expense105,700 Cash payments to purchase capital assets 72,000 Cost of goods sold425,000 Collection of interest revenue15,500 Payment of cash dividends 36,200 Income tax expense and payments41,500 Proceeds from...
MNP Inc. have gathered together the following data from the accounting records: Payments of non-current debt$220,000...
MNP Inc. have gathered together the following data from the accounting records: Payments of non-current debt$220,000 Collections on accounts receivable215,600 Acquisition of equipment by issuing non-current y note payable90,000 interest revenue 15,600 Credit sales350,600 Loan collections48,200 Proceeds from sale of investments, not including $4,200 gain38,200 Salary expense 105,700 Cash payments to purchase capital assets72,000 Cost of goods sold425,000 Collection of interest revenue 15,500 Payment of cash dividends36,200 Income tax expense and payments41,500 Proceeds from sale of capital assets, not including...
Calibri (Body) V12 A A BIUDA A ... EVEVE E v Avlova Dieta 4 Q3. (25...
Calibri (Body) V12 A A BIUDA A ... EVEVE E v Avlova Dieta 4 Q3. (25 marks) Header Vancouver Aquatic Ltd has the following data: I Payments of non-current debt$130,000 Collections on accounts receivable114,200 Interest revenue6,600 Credit sales265,600 Loan collections 125,200 Salary expense 140,700 Proceeds from sale of capital assets, not including $7,200 loss33,500 Cash receipt of dividend revenue 20,200 Payment of salaries 99,600 Depreciation expense 55,500 Cash sales325,000 Proceeds from issuance of common shares450,000 Loan to another company60,000 Interest...
Vancouver Aquatic Ltd has the following data: Payments of non-current debt$ 130,000 Collections on accounts receivable114,200...
Vancouver Aquatic Ltd has the following data: Payments of non-current debt$ 130,000 Collections on accounts receivable114,200 Interest revenue6,600 Credit sales265,600 Loan collections 125,200 Salary expense140,700 Proceeds from sale of capital assets, not including $7,200 loss33,500 Cash receipt of dividend revenue20,200 Payment of salaries 99,600 Depreciation expense55,500 Cash sales 325,000 Proceeds from issuance of common shares450,000 Loan to another company60,000 Interest expense and payments 41,000 Bonds payable converted into common shares 140,000 Payments to suppliers 255,000 Cash payments to purchase capital...
The following selected data for Dawson Inc. for 2017 was gathered by its accountants, who are...
The following selected data for Dawson Inc. for 2017 was gathered by its accountants, who are responsible for preparing the financial statements: Cost of good sold $56,500 Amortization Expense 14,000 Other operating expenses 17,700 Loss on sale of investments 1,500 Gain on sale of capital assets 8,500 Sales revenue 95,600 Interest revenue received 5,200 Dividend revenue received 2,500 Salary expense 27,200 Interest expense paid 5,900 Income tax expense 2,400 The cash balance...
Principal payments on non-current debis 50,000 Collections an accounts receivable287,500 Increase in accounts payable24,300 Acquisition of...
Principal payments on non-current debis 50,000 Collections an accounts receivable287,500 Increase in accounts payable24,300 Acquisition of equipment by issuing non-current note payable70,000 Depreciation expense71,300 Collection of loan principal58,000 Proceeds from sale of investments, not including $5,100 gain49,100 Increase in accounts receivable7,200 Cash payments to purchase capital assets62,000 Decrease in accrued liabilities 30,600 Payment of cash dividends 46,500 Income tax expense and payments 19,300 Proceeds from sale of capital assets, not including $7,400 loss 22,600 Net income147,100 Cash sales217,400 Proceeds from...
Question 2 (30 marks) Unit 9 - Statement of Cash Flow As the accountant for Awesome...
Question 2 (30 marks) Unit 9 - Statement of Cash Flow As the accountant for Awesome Foods Incorporated, you are responsible for preparing the cash flow statement. You have decided to prepare the statement using the indirect method and have gathered the following data from the accounting records: Principal payments on non-current debt$ 50,000 Collections on accounts receivable287,500 Increase in accounts payable24,300 Acquisition of equipment by issuing non-current note payable70,000 Depreciation expense71,300 Collection of loan principal58,000 Proceeds from sale of...
Question 2 (30 marks) Unit 9 - Statement of Cash Flow As the accountant for Awesome...
Question 2 (30 marks) Unit 9 - Statement of Cash Flow As the accountant for Awesome Foods Incorporated, you are responsible for preparing the cash flow statement. You have decided to prepare the statement using the indirect method and have gathered the following data from the accounting records: Principal payments on non-current debt$ 50,000 Collections on accounts receivable287,500 Increase in accounts payable24,300 Acquisition of equipment by issuing non-current note payable70,000 Depreciation expense71,300 Collection of loan principa158,000 Proceeds from sale of...
As the accountant for Awesome Foods Incorporated, you are responsible for preparing the cash flow statement....
As the accountant for Awesome Foods Incorporated, you are responsible for preparing the cash flow statement. You have decided to prepare the statement using the indirect method and have gathered the following data from the accounting records: Principal payments on non-current debt$ 50,000 Collections on accounts receivable287,500 Increase in accounts payable25,300 Acquisition of equipment by issuing non-current note payable70,000 Depreciation expense71,500 Collection of loan principal58,000 Proceeds from sale of investments, not including $5,100 gain49,100 Increase in accounts receivable7,200 Cash payments...
As the accountant for Awesome Foods Incorporated, you are responsible for preparing the cash flow statement....
As the accountant for Awesome Foods Incorporated, you are responsible for preparing the cash flow statement. You have decided to prepare the statement using the indirect method and have gathered the following data from the accounting records: Principal payments on non-current debt $ 50,000 Collections on accounts receivable 287,500 Increase in accounts payable 25,300 Acquisition of equipment by issuing non-current note payable 70,000 Depreciation expense 71,500 Collection of loan principal 58,000 Proceeds from sale of investments, not including $5,100 gain ...
this is a financial accounting question
MNP Inc. have gathered together the following data from the accounting records: Payments of non-current debt$220,000 Collections on accounts receivable215,600 Acquisition of equipment by issuing non-current note payable90,000 Interest revenue 15,600 Credit sales 350,600 Loan collections48.200 Proceeds from sale of investments, not including $4,200 gain38,200 Salary expense105,700 Cash payments to purchase capital assets 72,000 Cost of goods sold425,000 Collection of interest revenue15,500 Payment of cash dividends 36,200 Income tax expense and payments41,500 Proceeds from...
MNP Inc. have gathered together the following data from the accounting records: Payments of non-current debt$220,000 Collections on accounts receivable215,600 Acquisition of equipment by issuing non-current y note payable90,000 interest revenue 15,600 Credit sales350,600 Loan collections48,200 Proceeds from sale of investments, not including $4,200 gain38,200 Salary expense 105,700 Cash payments to purchase capital assets72,000 Cost of goods sold425,000 Collection of interest revenue 15,500 Payment of cash dividends36,200 Income tax expense and payments41,500 Proceeds from sale of capital assets, not including...
Calibri (Body) V12 A A BIUDA A ... EVEVE E v Avlova Dieta 4 Q3. (25 marks) Header Vancouver Aquatic Ltd has the following data: I Payments of non-current debt$130,000 Collections on accounts receivable114,200 Interest revenue6,600 Credit sales265,600 Loan collections 125,200 Salary expense 140,700 Proceeds from sale of capital assets, not including $7,200 loss33,500 Cash receipt of dividend revenue 20,200 Payment of salaries 99,600 Depreciation expense 55,500 Cash sales325,000 Proceeds from issuance of common shares450,000 Loan to another company60,000 Interest...
Vancouver Aquatic Ltd has the following data: Payments of non-current debt$ 130,000 Collections on accounts receivable114,200 Interest revenue6,600 Credit sales265,600 Loan collections 125,200 Salary expense140,700 Proceeds from sale of capital assets, not including $7,200 loss33,500 Cash receipt of dividend revenue20,200 Payment of salaries 99,600 Depreciation expense55,500 Cash sales 325,000 Proceeds from issuance of common shares450,000 Loan to another company60,000 Interest expense and payments 41,000 Bonds payable converted into common shares 140,000 Payments to suppliers 255,000 Cash payments to purchase capital...
Principal payments on non-current debis 50,000 Collections an accounts receivable287,500 Increase in accounts payable24,300 Acquisition of equipment by issuing non-current note payable70,000 Depreciation expense71,300 Collection of loan principal58,000 Proceeds from sale of investments, not including $5,100 gain49,100 Increase in accounts receivable7,200 Cash payments to purchase capital assets62,000 Decrease in accrued liabilities 30,600 Payment of cash dividends 46,500 Income tax expense and payments 19,300 Proceeds from sale of capital assets, not including $7,400 loss 22,600 Net income147,100 Cash sales217,400 Proceeds from...
Question 2 (30 marks) Unit 9 - Statement of Cash Flow As the accountant for Awesome Foods Incorporated, you are responsible for preparing the cash flow statement. You have decided to prepare the statement using the indirect method and have gathered the following data from the accounting records: Principal payments on non-current debt$ 50,000 Collections on accounts receivable287,500 Increase in accounts payable24,300 Acquisition of equipment by issuing non-current note payable70,000 Depreciation expense71,300 Collection of loan principal58,000 Proceeds from sale of...
Question 2 (30 marks) Unit 9 - Statement of Cash Flow As the accountant for Awesome Foods Incorporated, you are responsible for preparing the cash flow statement. You have decided to prepare the statement using the indirect method and have gathered the following data from the accounting records: Principal payments on non-current debt$ 50,000 Collections on accounts receivable287,500 Increase in accounts payable24,300 Acquisition of equipment by issuing non-current note payable70,000 Depreciation expense71,300 Collection of loan principa158,000 Proceeds from sale of...
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