Homework Answers
Answer is $ 620000. ( second option)
Add Answer to:
Sales for the year were $600,000. Accounts receivable were $100,000 and $80,000 at the beginning and...
33. Which of the following should be added to net income in calculating net cash flow...
33. Which of the following should be added to net income in calculating net cash flow from operating activities using the indirect method? a depreciation expense b. an increase in inventory c. again on the sale of equipment d. dividends declared and paid 34. A corporation uses the Indirect Statement of Cash Flows. A fixed asset has been sold for $25,000 representing a gain of $3,750. The value in the cocrating activities section regarding this event would be: a $25,000...
Accounts receivable from sales transactions were $49,474 at the beginning of the year and $67,299 at...
Accounts receivable from sales transactions were $49,474 at the beginning of the year and $67,299 at the end of the year. Net income reported on the income statement for the year was $144,440. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method would be a. $144,440 Ob. $17,825 c. $126,615 Od. $162,265
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. T...
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. The ending balance in accounts receivable was $127,500. Under the direct method of determining the net cash provided by (used in) operating activities on the statement of cash flows, sales adjusted to a cash basis are: The ending balance of accounts receivable was $75,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $360,000. Sales reported...
Accounts receivable arising from sales to customers amounted to $77,000 and $46,000 at the beginning and...
Accounts receivable arising from sales to customers amounted to $77,000 and $46,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $470,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is $516,000. b. $519,000. $547,000. d. $501,000.
Cash Received from Customers—Direct Method Sales reported on the income statement were $541,000. The accounts receivable...
Cash Received from Customers—Direct Method Sales reported on the income statement were $541,000. The accounts receivable balance decreased $45,000 over the year. Determine the amount of cash received from customers.
Power Corporation owns 75 percent of Surge Company’s stock; no intercompany purchases or sales were made...
Power Corporation owns 75 percent of Surge Company’s stock; no intercompany purchases or sales were made in 20X4. For the year, Power and Surge reported sales of $360,000 and $200,000 and cost of goods sold of $150,000 and $95,000, respectively. Power’s inventory increased by $33,000, but Surge’s decreased by $15,000. Power’s accounts receivable increased by $19,000 and its accounts payable decreased by $19,000 during 20X4. Surge’s accounts receivable decreased by $14,000 and its accounts payable increased by $5,000. Required: Assuming...
Accounts Receivable Balance Beginning accounts receivable were $80,200, and ending accounts receivable were $83,700. All sales...
Accounts Receivable Balance Beginning accounts receivable were $80,200, and ending accounts receivable were $83,700. All sales were on credit and totaled $562,900. Required: Determine how much cash was collected from customers. $
Power Corporation owns 75 percent of Surge Company's stock; no intercompany purchases or sales were made...
Power Corporation owns 75 percent of Surge Company's stock; no intercompany purchases or sales were made in 20X4. For the year, Power and Surge reported sales of $390,000 and $240,000 and cost of goods sold of $150,000 and $114,000, respectively. Power's inventory increased by $26,000, but Surge's decreased by $16,000. Power's accounts receivable increased by $25,000 and its accounts payable decreased by $12,000 during 20X4. Surge's accounts receivable decreased by $10,000 and its accounts payable increased by $6,000. Required: Assuming...
Account Title Year 2 Year 1 Accounts $22,300 $29,300 receivable Merchandise 48,500 57,200 inventory Prepaid insurance 1...
Account Title Year 2 Year 1 Accounts $22,300 $29,300 receivable Merchandise 48,500 57,200 inventory Prepaid insurance 15,500 24,400 Accounts payable Salaries payable Unearned service 27,000 4,750 19,000 3,950 750 2,800 revenue The Year 2 income statement is shown below: Income Statement Sales $620,000 Cost of goods sold (366,000) 254,000 5,700 (38,000) (143,000) Gross margin Service revenue Insurance expense Salaries expense Depreciation expense Operating income Gain on sale of equipment (5,000) 73,700 3,800 $ 77,500 Net income Required a. Prepare the...
Tropical Tours reported revenue of $419,000 for its year ended December 31, 2018. Accounts receivable at...
Tropical Tours reported revenue of $419,000 for its year ended December 31, 2018. Accounts receivable at December 31, 2017 and 2018, were $36,900 and $30,400, respectively. Using the direct method for reporting cash flows from operating activities, Tropical Tours would report cash collected from customers of: Multiple Choice $425,500. $412,500. $419,000. $455,900.
33. Which of the following should be added to net income in calculating net cash flow from operating activities using the indirect method? a depreciation expense b. an increase in inventory c. again on the sale of equipment d. dividends declared and paid 34. A corporation uses the Indirect Statement of Cash Flows. A fixed asset has been sold for $25,000 representing a gain of $3,750. The value in the cocrating activities section regarding this event would be: a $25,000...
Accounts receivable from sales transactions were $49,474 at the beginning of the year and $67,299 at the end of the year. Net income reported on the income statement for the year was $144,440. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method would be a. $144,440 Ob. $17,825 c. $126,615 Od. $162,265
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. The ending balance in accounts receivable was $127,500. Under the direct method of determining the net cash provided by (used in) operating activities on the statement of cash flows, sales adjusted to a cash basis are: The ending balance of accounts receivable was $75,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $360,000. Sales reported...
Accounts receivable arising from sales to customers amounted to $77,000 and $46,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $470,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is $516,000. b. $519,000. $547,000. d. $501,000.
Power Corporation owns 75 percent of Surge Company's stock; no intercompany purchases or sales were made in 20X4. For the year, Power and Surge reported sales of $390,000 and $240,000 and cost of goods sold of $150,000 and $114,000, respectively. Power's inventory increased by $26,000, but Surge's decreased by $16,000. Power's accounts receivable increased by $25,000 and its accounts payable decreased by $12,000 during 20X4. Surge's accounts receivable decreased by $10,000 and its accounts payable increased by $6,000. Required: Assuming...
Account Title Year 2 Year 1 Accounts $22,300 $29,300 receivable Merchandise 48,500 57,200 inventory Prepaid insurance 15,500 24,400 Accounts payable Salaries payable Unearned service 27,000 4,750 19,000 3,950 750 2,800 revenue The Year 2 income statement is shown below: Income Statement Sales $620,000 Cost of goods sold (366,000) 254,000 5,700 (38,000) (143,000) Gross margin Service revenue Insurance expense Salaries expense Depreciation expense Operating income Gain on sale of equipment (5,000) 73,700 3,800 $ 77,500 Net income Required a. Prepare the...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago