Accounting Chapter 14 Homework Help![Exercise 14-6 Prepare a Statement of Cash Flows; Free Cash Flow [L014-1, LO14-2, L014-3] Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash Accounts receivable Inventory Total current assets Property, plant, and equipment $ 6.00 44.00 85.00 135.00 222.00 43.20 11.00 37.00 71.40 119.40 188.00 32.40 155.60 $275.00 Less accumulated depreciation Net property, plant, and equipment Total assets $313.80 Liabilities and Stockholders Equity Accounts payable Common stock Retained earnings 51.00 106.00 156.80 $ 43.00 82.00 150.00 $275.00 Total liabilities and stockholders equity $313.80 For this year, the company reported net income as follows Sales Cost of goods sold Gross margin Selling and administrative expenses Net income $700.00 420.00 280.00 260.00 $ 20.00 This year Carmono declared and paid a cash dividend. There were no sales of property, plant, and equipment during this year. The company did not repurchase any of its own stock this year. Required: 1. Using the indirect method, prepare a statement of cash flows for this year 2. Compute Carmonos free cash flow for this year](http://img.homeworklib.com/questions/cca87580-3771-11ea-9031-896079f415a1.png?x-oss-process=image/resize,w_560)
Homework Answers
|
Carmono company |
||
|
Cash Flow Statement |
||
|
For this year ended December 31 |
||
|
Cash Flow from Operating Activities: |
||
|
Net Income |
$ 20.00 |
|
|
Add: Adjustments |
||
|
Depreciation expense |
$ 10.80 |
|
|
Increase in Accounts Payables |
$ 8.00 |
|
|
Increase in Accounts receivables |
$ (7.00) |
|
|
Increase in Inventory |
$ (13.60) |
|
|
$ (1.80) |
||
|
A. Cash Flow from Operating Activities |
$ 18.20 |
|
|
Cash Flow from Investing Activities: |
||
|
Purchase of Property pkant and equipment |
$ (34.00) |
|
|
B. Cash flow from Investing Activities |
$ (34.00) |
|
|
Cash Flow from Financing Activities: |
||
|
Issue of common stock |
$ 24.00 |
|
|
Dividend paid |
$ (13.20) |
|
|
C. Cash Flow from Financing Activities |
$ 10.80 |
|
|
Increase (Decrease) in cash [A+B+C] |
$ (5.00) |
|
|
Add: cash at the beginning of the year |
$ 11.00 |
|
|
Cash at the end of the year |
$ 6.00 |
|
Free cash flow= Cash from operation – Cash used in Investing activities
Free cash flow= $18.2-$34
Free cash flow= $-15.80
Add Answer to:
Accounting Chapter 14 Homework Help Exercise 14-6 Prepare a Statement of Cash Flows; Free Cash Flow...
Accounting Chapter 14 Help Pt.2 Problem 14-10 Prepare a Statement of Cash Flows; Free Cash Flow...
Accounting Chapter 14 Help Pt.2
Problem 14-10 Prepare a Statement of Cash Flows; Free Cash Flow [LO14-1, L014-2, L014-3] Joyner Company's income statement for Year 2 follows Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: $ 713,000 308,000 405,000 216,000 189,000 Gain on sale of equipment Income before taxes Income taxes Net income 6,000 195,000 58,500 $136,500 Its balance sheet amounts at the end of Years 1 and 2 are as follows:...
Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash and cash...
Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 13.00 72.00 120.00 205.00 264.00 54.40 209.60 $414.60 $ 25.00 65.00 107.80 197.80 216.00 40.80 175.20 $373.00 $ 72.00 162.00 180.60 $414.60 $ 57.00 124.00 192.00 $373.00...
Comparative financial statement data for Carmono Company follow. This Year Last Year $ 3 5 6...
Comparative financial statement data for Carmono Company follow. This Year Last Year $ 3 5 6 24 200 Assets Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 150 $ 220 $ 36 $250 $ 2 For this year, the company reported net income as follows: Sales Cost of goods sold Gross margin...
Comparative financial statement data for Carmono Company follow: This Year Last Year $ 3 $ 6...
Comparative financial statement data for Carmono Company follow: This Year Last Year $ 3 $ 6 24 50 Assets Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 240 65 175 $ 250 40 70 200 50 150 $ 220 $ 36 $ 40 150 60 145 39 $ 250 $ 220 For...
Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash and cash...
Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash and cash equivalents $ 14.00 $ 27.00 Accounts receivable 76.00 69.00 Inventory 125.00 113.00 Total current assets 215.00 209.00 Property, plant, and equipment 270.00 220.00 Less accumulated depreciation 56.00 42.00 Net property, plant, and equipment 214.00 178.00 Total assets $ 429.00 $ 387.00 Liabilities and Stockholders’ Equity Accounts payable $ 75.00 $ 59.00 Common stock 170.00 130.00 Retained earnings 184.00 198.00 Total liabilities and stockholders’ equity...
cate whether the dollar amount method when computing the 1, Lo14-2, Lo14-3 Prepare an answer sheet...
cate whether the dollar amount method when computing the 1, Lo14-2, Lo14-3 Prepare an answer sheet using the following column headings: Item Amount Add Subtract For each item, place an X in the Add or Subtract column to indicate whether the should be added to or subtracted from net income under the indirect method when net cash provided by operating activities for the year. EXERCISE 14-6 Prepare a Statement of Cash Flows; Free Cash Flow LC Comparative financial statement data...
Check my work Exercise 14-3 Calculating Free Cash Flow (LO14-3] Apex Company prepared the statement of...
Check my work Exercise 14-3 Calculating Free Cash Flow (LO14-3] Apex Company prepared the statement of cash flows for the current year that is shown below: $ 40,000 $ 22,000 (60,000) (25,000) 9,000 55,000 (12,000) 5,000 (6,000) 34,000 Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income Adjustments to convert net income to cash basis: Depreciation Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income...
Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash $ 4.50...
Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash $ 4.50 $ 8.00 Accounts receivable 38.00 31.00 Inventory 77.50 63.60 Total current assets 120.00 102.60 Property, plant, and equipment 213.00 182.00 Less accumulated depreciation 40.80 30.60 Net property, plant, and equipment 172.20 151.40 Total assets $ 292.20 $ 254.00 Liabilities and Stockholders’ Equity Accounts payable $ 46.50 $ 40.00 Common stock 94.00 73.00 Retained earnings 151.70 141.00 Total liabilities and stockholders’ equity $ 292.20 $...
Problem 13-10 Prepare a Statement of Cash Flows; Free Cash Flow Joyner Company’s income statement for...
Problem 13-10 Prepare a Statement of Cash Flows; Free Cash Flow Joyner Company’s income statement for Year 2 follows: Sales $ 709,000 Cost of goods sold 362,000 Gross margin 347,000 Selling and administrative expenses 216,000 Net operating income 131,000 Nonoperating items: Gain on sale of equipment 7,000 Income before taxes 138,000 Income taxes 41,400 Net income $ 96,600 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash and...
Exercise 14-4 Prepare a Statement of Cash Flows [LO14-1, LO14-2] The following changes took place last...
Exercise 14-4 Prepare a Statement of Cash Flows [LO14-1, LO14-2] The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders' Equity Accounts $ 10 D Accounts payable $32 $ 14 1 Accrued liabilities $ 14 D $ 38 D Income taxes payable $ 19 1 $ 91 Bonds payable $124 I $ 11 D Common stock...
Accounting Chapter 14 Help Pt.2
Problem 14-10 Prepare a Statement of Cash Flows; Free Cash Flow [LO14-1, L014-2, L014-3] Joyner Company's income statement for Year 2 follows Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: $ 713,000 308,000 405,000 216,000 189,000 Gain on sale of equipment Income before taxes Income taxes Net income 6,000 195,000 58,500 $136,500 Its balance sheet amounts at the end of Years 1 and 2 are as follows:...
Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 13.00 72.00 120.00 205.00 264.00 54.40 209.60 $414.60 $ 25.00 65.00 107.80 197.80 216.00 40.80 175.20 $373.00 $ 72.00 162.00 180.60 $414.60 $ 57.00 124.00 192.00 $373.00...
Comparative financial statement data for Carmono Company follow. This Year Last Year $ 3 5 6 24 200 Assets Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 150 $ 220 $ 36 $250 $ 2 For this year, the company reported net income as follows: Sales Cost of goods sold Gross margin...
Comparative financial statement data for Carmono Company follow: This Year Last Year $ 3 $ 6 24 50 Assets Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 240 65 175 $ 250 40 70 200 50 150 $ 220 $ 36 $ 40 150 60 145 39 $ 250 $ 220 For...
cate whether the dollar amount method when computing the 1, Lo14-2, Lo14-3 Prepare an answer sheet using the following column headings: Item Amount Add Subtract For each item, place an X in the Add or Subtract column to indicate whether the should be added to or subtracted from net income under the indirect method when net cash provided by operating activities for the year. EXERCISE 14-6 Prepare a Statement of Cash Flows; Free Cash Flow LC Comparative financial statement data...
Check my work Exercise 14-3 Calculating Free Cash Flow (LO14-3] Apex Company prepared the statement of cash flows for the current year that is shown below: $ 40,000 $ 22,000 (60,000) (25,000) 9,000 55,000 (12,000) 5,000 (6,000) 34,000 Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income Adjustments to convert net income to cash basis: Depreciation Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income...
Exercise 14-4 Prepare a Statement of Cash Flows [LO14-1, LO14-2] The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders' Equity Accounts $ 10 D Accounts payable $32 $ 14 1 Accrued liabilities $ 14 D $ 38 D Income taxes payable $ 19 1 $ 91 Bonds payable $124 I $ 11 D Common stock...
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