Maggna Inc had the following transactions during the current
financial reporting period.
Net Income
$86,000
Depreciation...
Maggna Inc had the following transactions during the current
financial reporting period.
Net Income
$86,000
Depreciation
$18,000
Decrease in accounts receivable
$35,000
Increase in inventories
$14,500
Increase in accounts payable
$34,000
Decrease in income taxes payable
$36,700
Decrease in wages payable
$18,000
Proceeds on Sale of Equipment
$80,000
Repayment of bonds
$50,000
Issuance of Common shares
$10,000
Proceeds on sale of land
$50,000
Loss on sale of land
$20,000
Payment of dividends
$40,000
Required:
Determine the cashflow for Operating, Investing...
Income Statement Data
Selected Year-End Balance Sheet
Data
Revenues
$
110,000
Accounts receivable decrease
$
29,000...
Income Statement Data
Selected Year-End Balance Sheet
Data
Revenues
$
110,000
Accounts receivable decrease
$
29,000
Expenses
Purchased a machine for cash
20,000
Salaries expense
68,000
Salaries payable increase
26,000
Utilities expense
30,000
Other accrued liabilities decrease
16,000
Depreciation expense
32,400
Other expenses
7,700
Net loss
$
(28,100
)
Required:
1. Prepare the operating activities section of
the statement of cash flows using the indirect method.
(Any losses or amounts to be deducted should be
indi
The following income statement and additional year-end
information is provided. SONAD COMPANY Income Statement For Year...
The following income statement and additional year-end
information is provided. SONAD COMPANY Income Statement For Year
Ended December 31 Sales $ 2,465,000 Cost of goods sold 1,207,850
Gross profit 1,257,150 Operating expenses Salaries expense $
337,705 Depreciation expense 59,160 Rent expense 66,555
Amortization expenses—Patents 7,395 Utilities expense 27,115
497,930 759,220 Gain on sale of equipment 9,860 Net income $
769,080 Accounts receivable $ 22,550 increase Accounts payable $
12,275 decrease Inventory 29,750 increase Salaries payable 2,200
decrease Prepare the operating...
Below is the Income Statement for Lopez Company for the
year-ending December 31, 2017:
Sales (net)...
Below is the Income Statement for Lopez Company for the
year-ending December 31, 2017:
Sales (net)
$500,000
Cost of Goods Sold:
Beginning Inventory
$50,000
Net Purchases
300,000
Goods Available for Sale
350,000
Ending Inventory
40,000
Cost of Goods Sold
310,000
Gross Profit
$190,000
Expenses:
Wages
$35,000
Depreciation
30,000
Advertising
15,000
Administrative
5,000
$85,000
Income from Operations
$105,000
Gain on Sale of Equipment
50,000
Net Income
$155,000
The following balances were derived from the balance sheet:
December 31
December 31
2017...
The net income for the current year was $30,000. The following
items occurred throughout the year....
The net income for the current year was $30,000. The following
items occurred throughout the year. Using the indirect method,
determine the net cash provided/(used) by operating activities.
Decrease in Cash of 3,500
Increase in short-term investments of $4,500
Decrease in inventory of $6,000
Decrease in prepaid expenses of $1,000
Increase in accounts receivable of $5,500
Loss on disposal of plant asset $3,000
Increase in salary payable of $2,000
Decrease in accounts payable of $7,000
Increase in dividends payable of...
The following income statement and additional year-end
information is provided. SONAD COMPANY Income Statement For Year...
The following income statement and additional year-end
information is provided. SONAD COMPANY Income Statement For Year
Ended December 31 Sales $ 1,735,000 Cost of goods sold 850,150
Gross profit 884,850 Operating expenses Salaries expense $ 237,695
Depreciation expense 41,640 Rent expense 46,845 Amortization
expenses—Patents 5,205 Utilities expense 19,085 350,470 534,380
Gain on sale of equipment 6,940 Net income $ 541,320 Accounts
receivable $ 32,400 increase Accounts payable $ 10,650 decrease
Inventory 24,100 increase Salaries payable 5,100 decrease Prepare
the operating...
Preparing a Cash Flow Statement Nikea Inc.’s income statement
for the year 2013 is shown below:...
Preparing a Cash Flow Statement Nikea Inc.’s income statement
for the year 2013 is shown below: During the year, the balances for
the sales account, cost of goods sold, and gross profit increased.
This information is provided to you. Prepare the cash flow for
operating activities, using both the direct method and the indirect
method. Nikea’s income statement for the year 2013 is shown below.
Accounts Amount ($) Sales 600,000 Cost of Goods Sold (400,000)
Gross Profit 200,000 Operating Expenses...
Awesome Inc. Statement of financial position As at December 31
20X8 20X7 Accounts receivable $ 160,000...
Awesome Inc. Statement of financial position As at December 31
20X8 20X7 Accounts receivable $ 160,000 $ 110,000 Inventory 62,000
50,000 Prepaid expenses 3,000 4,000 Investments at FVPL 18,000
40,000 Investments at FVOCI 18,000 13,000 Property, plant and
equipment (net) 80,000 100,000 Land 180,000 94,000 $ 521,000 $
411,000 Bank overdraft $ 9,000 $ 32,000 Accounts payable 30,000
20,000 Other current liabilities 45,000 60,000 Bank loans 37,000
50,000 Bonds payable 200,000 100,000 Share capital 30,000 10,000
Retained earnings 159,000 133,000...
The following schedule relates the income statement with cash
flows from operating activities, derived by both...
The following schedule relates the income statement with cash
flows from operating activities, derived by both the direct and
indirect methods. The amounts for income statement elements are
missing.
Cash Flows from Operating Activities
Income Statement
Indirect Method
Direct Method
Net income
$
?
Adjustments:
Sales
$
?
Decrease in accounts receivable
23
Cash received from customers
$
743
Cost of goods sold
?
Increase in inventory
(46
)
Decrease in accounts payable
(59
)
Cash paid to suppliers
(537...
Fact Pattern:
Selected financial information for Kristina Company for the year
just ended is shown below....
Fact Pattern:
Selected financial information for Kristina Company for the year
just ended is shown below.
Net income
$2,000,000
Increase in net accounts receivable
300,000
Decrease in inventory
100,000
Increase in accounts payable
200,000
Depreciation expense
400,000
Gain on the sale of available-for-sale securities
700,000
Cash receivable from the issue of common stock
800,000
Cash paid for dividends
80,000
Cash paid for the acquisition of land
1,500,000
Cash received from the sale of available-for-sale securities
2,800,000
Question
Kristina’s cash flow...