Required: Compute operating cash flows using the indirect method. Swasey Company provided the following partial comparative...
| Required: | |
| Compute operating cash flows using the indirect method. |
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2.
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Swasey Company |
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Partial Comparative Balance Sheets |
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At December 31, 20X1 and 20X2 |
|
1 |
20X1 |
20X2 |
|
|
2 |
Current Assets |
||
|
3 |
Accounts receivable |
755,000.00 |
677,000.00 |
|
4 |
Inventories |
295,000.00 |
325,000.00 |
|
5 |
Current liabilities |
||
|
6 |
Wages payable |
695,000.00 |
680,000.00 |
|
Swasey Company |
|
Income Statement |
|
For the Year Ended December 31, 20X2 |
|
1 |
Revenues |
3,100,000.00 |
|
2 |
Gain on sale of equipment |
90,000.00 |
|
3 |
Cost of goods sold |
(1,920,000.00) |
|
4 |
Depreciation expense |
(270,000.00) |
|
5 |
Interest expense |
(15,000.00) |
|
6 |
Net income |
$985,000.00 |
Compute operating cash flows using the indirect method. (Note: Use a minus sign to indicate any decreases in cash or cash outflows. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.)
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Swasey Company |
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Statement of Cash Flows |
|
Year Ending December 31, 20X2 |
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1 |
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|
2 |
Add (deduct) adjusting items: |
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3 |
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4 |
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5 |
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Homework Answers
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Required:
Compute operating cash flows using the indirect method.
Swasey Company provided the following partial comparative...
1.3 Brief Exercise 14-19 Operating Cash Flows: Indirect Method Swasey Company provided the following partial comparative...
1.3 Brief Exercise 14-19 Operating Cash Flows: Indirect Method Swasey Company provided the following partial comparative balance sheets and the ined statement for 20X2 Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20x2 Current assets: Accounts receivable Inventories Current liabilities: Wages payable $1,500,000 600,000 $1,165,000 640,000 1,400,000 1,030,000 Swasey Company Income Statement For the Year Ended December 31, 20X2 Revenues Gain on sale of equipment Cost of goods sold Depreciation expense Interest expense Net income $...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current Assets 3 Accounts receivable 745,000.00 677,000.00 4 Inventories 295,000.00 315,000.00 5 Current liabilities 6 Wages payable 705,000.00 680,000.00 Swasey Company Income Statement For the Year Ended December 31, 20X2 1 Revenues 3,410,000.00 2 Gain on sale of equipment 100,000.00 3 Cost of goods sold (1,910,000.00) 4 Depreciation expense...
Compute operating cash flows using the direct method. Tidwell Company has provided the following partial comparative...
Compute operating cash flows using the direct method. Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X2. Tidwell Company Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current assets: 3 Accounts receivable $350,000.00 $282,000.00 4 Inventories 126,000.00 147,000.00 5 Current liabilities: 6 Accounts payable 299,000.00 239,000.00 Tidwell Company Income Statement For the Year Ended December 31, 20X2 1 Revenues $1,208,000.00 2 Gain on sale of equipment 55,000.00 3...
Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2...
Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current Assets 3 Accounts receivable 1,500,000.00 1,165,000.00 4 Inventories 600,000.00 640,000.00 5 Current liabilities 6 Wages payable 1,400,000.00 1,030,000.00 Swasey Company Income Statement For the Year Ended December 31, 20X2 1 Revenues 6,000,000.00 2 Gain on sale of equipment 200,000.00 3 Cost of goods sold (3,840,000.00) 4 Depreciation expense (540,000.00) 5 Interest expense (20,000.00) 6 Net income $1,800,000.00 Required: Compute operating cash flows using...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2 Swasey...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2 Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current assets: 3 Cash $460,000.00 $1,320,000.00 4 Accounts receivable $1,500,000.00 $1,165,000.00 5 Inventories 600,000.00 640,000.00 6 Long-term assets: 7 Plant and equipment 4,400,000.00 4,300,000.00 8 Accumulated depreciation (2,400,000.00) (2,540,000.00) 9 Land 2,000,000.00 2,875,000.00 10 Total assets $6,560,000.00 $7,760,000.00 11 Current liabilities: 12 Wages payable $1,400,000.00 $1,030,000.00 13 Long-term liabilities: 14...
Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value...
Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20x2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 Accumulated depreciation (2,400,000) (2,540,000) Land 2,000,000 2,875,000 Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate a...
iment-take&inprogress-false Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book...
iment-take&inprogress-false Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 (2,400,000) (2,540,000) Accumulated depreciation 2,875,000 2,000,000 Land Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate...
Instructions Compute Cash Provided by Operating Activities Prepare a partial statement of cash flows reporting cash...
Instructions Compute Cash Provided by Operating Activities Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows Zowine Company's condensed income statement for the year ended Dêcember 31, 20-2, was as follows: Net sales Cost of goods sold 555,000 Gross profit Operating expenses 27,700 Income before taxes $177,300 Income tax expense 62,055 Net income Additional information obtained from...
Brief Exercise 4-32 - Prepare a worksheet for Evans Company. Required: Compute operating cash flows using...
Brief Exercise 4-32 - Prepare a worksheet for Evans Company.
Required: Compute operating cash flows using the direct method Brief Exercise 14-32 Worksheet Approach During 20X2, Evans Company had the following transactions: a. Cash dividends of $6,000 were paid. b Equipenent was sold for $2.880, It had an original cost of $10.800 and a book value of s5.400. The loss is included in operating expenses c. Land with a fair market value of $15,000 was acquired by issuing common stock...
The following balance sheets and income statement were taken from the records of Rosie- Lee Company:...
The following balance sheets and income statement were taken from the records of Rosie- Lee Company: Rosie-Lee Company Comparative Balance Sheets At June 30, 20X1 and 20X2 1 20X1 20X2 2 Assets 3 Cash $270,000.00 $333,000.00 4 Accounts receivable 126,000.00 144,000.00 5 Investments 0.00 54,000.00 6 Plant and equipment 180,000.00 189,000.00 7 Accumulated depreciation (54,000.00) (57,600.00) 8 Land 36,000.00 54,000.00 9 Total assets $558,000.00 $716,400.00 10 Liabilities and equity 11 Accounts payable $72,000.00 $90,000.00 12 Mortgage payable 108,000.00 0.00 13...
1.3 Brief Exercise 14-19 Operating Cash Flows: Indirect Method Swasey Company provided the following partial comparative balance sheets and the ined statement for 20X2 Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20x2 Current assets: Accounts receivable Inventories Current liabilities: Wages payable $1,500,000 600,000 $1,165,000 640,000 1,400,000 1,030,000 Swasey Company Income Statement For the Year Ended December 31, 20X2 Revenues Gain on sale of equipment Cost of goods sold Depreciation expense Interest expense Net income $...
Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20x2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 Accumulated depreciation (2,400,000) (2,540,000) Land 2,000,000 2,875,000 Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate a...
iment-take&inprogress-false Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 (2,400,000) (2,540,000) Accumulated depreciation 2,875,000 2,000,000 Land Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate...
Instructions Compute Cash Provided by Operating Activities Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows Zowine Company's condensed income statement for the year ended Dêcember 31, 20-2, was as follows: Net sales Cost of goods sold 555,000 Gross profit Operating expenses 27,700 Income before taxes $177,300 Income tax expense 62,055 Net income Additional information obtained from...
Brief Exercise 4-32 - Prepare a worksheet for Evans Company.
Required: Compute operating cash flows using the direct method Brief Exercise 14-32 Worksheet Approach During 20X2, Evans Company had the following transactions: a. Cash dividends of $6,000 were paid. b Equipenent was sold for $2.880, It had an original cost of $10.800 and a book value of s5.400. The loss is included in operating expenses c. Land with a fair market value of $15,000 was acquired by issuing common stock...
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