Question

Cullumber Company reported net income of $162,030. It reported depreciation expense of $12,520 and accumulated depreciation...

Cullumber Company reported net income of $162,030. It reported depreciation expense of $12,520 and accumulated depreciation of $48,710. Amortization expense was $6,640. Cullumber Company purchased new equipment during the year for $50,660.

Determine net cash provided by operating activities under the direct method.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Thank You

If You have any queries please do comment

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Pharoah Company reported net income of $182,050. It reported depreciation expense of $16,690 and accumulated depreciation...
Pharoah Company reported net income of $182,050. It reported depreciation expense of $16,690 and accumulated depreciation of $47,580. Amortization expense was $8,810. Pharoah Company purchased new equipment during the year for $52,800. Determine net cash provided by operating activities under the indirect method.
Please answer These questions 18) Blue Sky Company reported net income of $520,000 for the year...
Please answer These questions 18) Blue Sky Company reported net income of $520,000 for the year ended 12/31/21. Included in the computation of net income were: amortization of a patent, $40,000; income from an investment in common stock of Grape Inc., accounted for under the equity method, $62,000; and amortization of a bond discount, $17,000. Blue Sky also paid a $50,000 dividend during the year. The net cash provided (used) by operating activities would be reported at ______ 19) XYZ,...
Yellow Company reported net income of $520,000 for the year ended 12/31/21. Included in the computation...
Yellow Company reported net income of $520,000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $85,000; amortization of a patent, $40,000; income from an investment in common stock of XYZ Inc., accounted for under the equity method, $62,000; and amortization of a bond discount, $17,000. Yellow also paid an $60,000 dividend during the year. The net cash provided (used) by operating activities would be reported at ______
Becker Inc. reported net income of $560,000 on its income statement for 2020. Depreciation expense for...
Becker Inc. reported net income of $560,000 on its income statement for 2020. Depreciation expense for the year was $63,000. Over the course of the year, Becker also experienced the following changes in account balances: Accounts payable: $12,000 increase Inventory: $18,000 increase Accounts receivable: $9,000 decrease Accrued liabilities: $19,000 decrease Prepaid insurance: $7,000 decrease Determine net cash provided by operating activities for 2020.
A company had net income of $209000. Depreciation expense is $26500. During the year, Accounts Receivable...
A company had net income of $209000. Depreciation expense is $26500. During the year, Accounts Receivable and Inventory increased $16500 and $41500, respectively. Prepaid Expenses and Accounts Payable decreased $4500 and $5500, respectively. There was also a loss on the sale of equipment of $1500. How much cash was provided by operating activities?
A) Net income is $50,000. During the year, the company had $20,000 depreciation expense and a...
A) Net income is $50,000. During the year, the company had $20,000 depreciation expense and a gain on sale of assets of $15,027. In addition, accounts receivable increased $7000, supplies decreased $9000 and accounts payable increased $5,000. What is the net cash provided by operations under the indirect method? B) Net income is $50,000. During the year, accounts payable increased $7,000, inventory decreased $5000, and accounts receivable increased $27,000. What is the net cash provided by operations under the indirect...
Adjustments to Net Income—Indirect Method Congress Corporation's accumulated depreciation—equipment account increased by $7,300, while $4,800 of...
Adjustments to Net Income—Indirect Method Congress Corporation's accumulated depreciation—equipment account increased by $7,300, while $4,800 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $5,600 from the sale of land. Reconcile a net income of $83,500 to net cash flow from operating activities.
The accounting records of EZ Company provided the data below. Net income $ 55,700 Depreciation expense...
The accounting records of EZ Company provided the data below. Net income $ 55,700 Depreciation expense 9,700 Increase in inventory 2,850 Decrease in salaries payable 1,910 Decrease in accounts receivable 3,800 Amortization of patent 710 Amortization of premium on bonds 3,370 Increase in accounts payable 6,700 Cash dividends 15,000 Prepare a reconciliation of net income to net cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities: Adjustments for...
1. Hilton Company reported net income of $50,000 for the year. During the year, accounts receivable...
1. Hilton Company reported net income of $50,000 for the year. During the year, accounts receivable decreased by $15,000, accounts payable decreased by $2,000 and depreciation expense for the year of $9,000 was recorded. Net cash provided by operating activities for the year is: 2.  Land costing $75,000 was sold for $115,000 cash. The gain on the sale was reported on the income statement as other income. In addition, a building worth $400,000 was acquired by borrowing the money on a...
Staley Inc. reported the following data: Net income $488,200 Depreciation expense 54,800 Loss on disposal of...
Staley Inc. reported the following data: Net income $488,200 Depreciation expense 54,800 Loss on disposal of equipment 30,900 Increase in accounts receivable 10,800 Increase in accounts payable 11,900 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. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: $ Adjustments to reconcile...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT