Homework Answers
| Statement of Cash Flows (partial) | ||
| Cash flows from operating activities | ||
| Net income | 83,000 | |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Income statement items not affecting cash | ||
| Depreciation expense | 24,000 | |
| Changes in current operating assets and liabilities | ||
| Increase in accounts receivable | (13,000) | |
| Decrease in inventory | 16,000 | |
| Decrease in Prepaid Expense | 500 | |
| Decrease in accounts payable | (7,000) | |
| Decrease in cash dividend payable | (2,000) | |
| Decrease in salaries payable | (1,500) | |
| Net cash provided by operating activities | 100,000 | |
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The net income reported on an income statement for the current years 300,000 Depreciation recorded on...
The net income reported on an income statement for the current year was $63,000. Depreciation recorded...
The net income reported on an income statement for the current year was $63,000. Depreciation recorded on fixed assets for the year was $24,000. Balances of the current asset and current liability accounts at the end and beginning of the year are listed below. Prepare the Cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments....
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The net income reported on the income statement for the current year was $150,800. Depreciation recorded on store equipment for the year amounted to $24,900. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $57,610 $53,000 Accounts receivable (net) 41,310 39,170 Merchandise inventory 56,400 59,630 Prepaid expenses 6,340 5,040 Accounts payable (merchandise creditors) 53,980 50,140 Wages payable 29,500 32,750 a. Prepare the...
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The net income reported on the income statement for the current year was $317,696. Depreciation recorded on fixed assets and amortization of patents for the year were $40,292 and $8,491, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $55,431 $45,273 Accounts Receivable 103,027 Inventories 125,331 104,959 2,309 52,516 Prepaid Expenses Accounts Payable (merchandise creditors) 94,246 6,109 72,543 What is the amount of cash...
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The net income reported on the income statement for the current year was $334,100. Depreciation recorded on equipment and a building amounted to $101,710 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $90,280 $96,010 Accounts receivable (net) 111,780 118,690 Inventories 223,470 206,830 Prepaid expenses 12,870 14,850 Accounts payable (merchandise creditors) 96,330 103,900 Salaries payable 15,720 13,840 Required: A....
The net income reported on the income statement for the current year was $295,306. Depreciation recorded...
The net income reported on the income statement for the current year was $295,306. Depreciation recorded on fixed assets and amortization of patents for the year were $35,984 and $11,635, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Cash $55,258 Accounts Receivable 125,663 Inventories 108,205 Prepaid Expenses 4,229 Accounts Payable (merchandise creditors) 52,884 What is the amount of cash flows from operating activities reported on...
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The net income reported on the income statement for the current year was $232,500. Depreciation recorded...
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The net income reported on the income statement for the current year was $300,400. Depreciation recorded on equipment an...
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The net income reported on the income statement for the current year was $286,967. Depreciation recorded on fixed assets and amortization of patents for the year were $44,400 and $9,883, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Beginning Cash $36,848 1 $51,932 Accounts Receivable 121,062 100,297 Inventories 100,428 85,746 Prepaid Expenses 4,522 6,290 Accounts Payable (merchandise creditors) 48,202 68,344 What is the amount of cash...
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