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  • III. Financial Statement Preparation: The Statement of Cash Flows Company X Income Statement For the Year...

    III. Financial Statement Preparation: The Statement of Cash Flows Company X Income Statement For the Year Ended 2018 Revenues         $300,000 Expenses          $210,000 Net Income      $90,000 Company X Comparative Balance Sheet                                                    12/31/18                            December 31                                                                                                             2018             2017 Assets Cash                                                                                                     $42,000     $10,000 Accounts Receivable                                                                               33,000       15,000 Investments (Marketable Securities)                                                         38,000       25,000 Truck                                                                                                     48,000        22,000 Computer                                                                                               19,000       12,000 Accumulated...

  • Material noncash investing and financing transactions are: Multiple Choice reported within the body of the statement...

    Material noncash investing and financing transactions are: Multiple Choice reported within the body of the statement of cash flows. reported in a supplementary schedule to the statement of cash flows. not reported in any part of the financial statement because cash flow is not affected. reported in the body of the income statement.

  • Walton Brands, Inc., presents its statement of cash flows using the Indirect method. The following accounts...

    Walton Brands, Inc., presents its statement of cash flows using the Indirect method. The following accounts and corresponding balances were drawn from Walton's Year 2 and Year 1 year-end balance sheets: Account Title Accounts receivable Merchandise inventory Prepaid insurance Accounts payable Salaries payable Unearned service revenue Year 2 $20,400 59,300 18,000 26,000 4,900 880 Year 1 $29,200 51,000 27,800 18,600...

  • Problem Set B, located at the end of Problem Set A, is provided for each problem...

    Problem Set B, located at the end of Problem Set A, is provided for each problem to reinforce the learning process, i mulluus ale SIU.000. Un August 4. Lola lupuit following SASB guidelines. Investors react positively to this report. On August 5, a new investor contributes $3,000 cash and $7,000 in equipment in exchange for Lola stock. After the investment,...

  • Required: 1. Prepare a complete statement of cash flows using a spreadsheet. 2.Prepare a complete statement...

    Required: 1. Prepare a complete statement of cash flows using a spreadsheet. 2.Prepare a complete statement of cash flows; report its operating activities according to the direct method. Please show all the calculations work! Thank you for your help! FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash Accounts receivable Inventory Prepaid expenses Total current...

  • Assume you are the president of High Power Corporation. At the end of the first year...

    Assume you are the president of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available. Accounts Payable $ 32,600 Accounts Receivable 10,300 Cash 13,800 Common Stock 59,590 Dividends 2,000 Equipment 84,000 Notes Payable 1,410 Operating Expenses 58,900 Other Expenses 7,900 Sales Revenue 88,800 Supplies 5,500 Required:...

  • E5.16 (L03) (Preparation of a Statement of Cash Flows) A comparative statement of financial position for...

    E5.16 (L03) (Preparation of a Statement of Cash Flows) A comparative statement of financial position for for Orozco AG is presented below. December 31 Assets 2019 2018 Land € 71,000 €110,000 Equipment 270,000 200,000 Accumulated depreciation equipment (69,000) (42,000) Inventory 180,000 189,000 Accounts receivable 82,000 66,000 Cash 63.000 22.000 Total €597,000 €545,000 Equity and Liabilities Share capital-ordinary (€1 par) €214,000...

  • Preparation of a statement of cash flows A summarised comparative statement of financial position of Fuchsia...

    Preparation of a statement of cash flows A summarised comparative statement of financial position of Fuchsia Ltd is presented below. 30 June 2018 30 June 2019 Cash 20 000 91 000 Trade accounts receivable 65 000 90 000 Inventories 58 000 62 000 Prepayments 10 000 12 000 Land 80 000 90 000 Plant 280 000 320 000 Accumulated depreciation...

  • The only financial statement used to prepare the statement of cash flows is the balance sheet....

    The only financial statement used to prepare the statement of cash flows is the balance sheet. O True False

  • Match each element with its financial statement using the following 4 options. Match each element with...

    Match each element with its financial statement using the following 4 options. Match each element with its financial statement. Element Financial Statement (1) Expenses (2) Cash flow from investing activities (3) Assets (4) Dividends (5) Revenues (6) Cash flow from operating activities (7) Liabilities (8) Cash flow from financing activities Statement of cash flows Statement of earnings Statement of financial...

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