Calculate cash flow from operating activities
using the following information.
Net
income &nbs
Calculate cash flow from operating activities
using the following information.
Net
income
60,000 Purchase
of new
machine 35,000
Depreciation expense
10,000 Increase
in Accts. Receivable 15,000
Loss on sale of
machine 9,000
Decrease in Prepaid Expenses 7,000
Increase in Accts.
Payable 14,000
Decrease in Accrued Liabilities 4,000
Morrison Corporation's comparative financial statements included
the following amounts for the current year:
Depreciation expense
$102,000...
Morrison Corporation's comparative financial statements included
the following amounts for the current year:
Depreciation expense
$102,000
Loss on sale of fixed assets
38,000
Decrease in fixed assets
155,000
Increase in accounts receivable
37,000
Decrease in accounts payable
42,000
Decrease in inventory
71,000
Increase in taxes payable
19,000
Net income
72,000
Compute net cash provided by operating activities using the
indirect method.
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...
Portions of the financial statements for Peach Computer are
provided below. PEACH COMPUTER Income Statement For...
Portions of the financial statements for Peach Computer are
provided below. PEACH COMPUTER Income Statement For the year ended
December 31, 2018 Net sales $1,675,000 Expenses: Cost of goods sold
$1,000,000 Operating expenses 510,000 Depreciation expense 45,000
Income tax expense 35,000 Total expenses 1,590,000 Net income $
85,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2018
2017 Increase (I) or Decrease (D) Cash $97,000 $82,500 $14,500 (I)
Accounts receivable 46,500 51,500 5,000 (D) Inventory 70,000 52,500
17,500 (I) Prepaid...
Cash Flows from Operating Activities—Indirect Method
The income statement disclosed the following items for the
year:...
Cash Flows from Operating Activities—Indirect Method
The income statement disclosed the following items for the
year:
Depreciation expense
$56,100
Gain on disposal of equipment
32,750
Net income
460,500
The changes in the current asset and liability accounts for the
year are as follows:
Increase (Decrease)
Accounts receivable
$8,740
Inventory
(4,980)
Prepaid insurance
(1,870)
Accounts payable
(5,930)
Income taxes payable
1,870
Dividends payable
1,310
a. Prepare the Cash Flows from Operating
Activities section of the statement of cash flows, using the...
The independent cases are listed below that includes all items
relevant to operating activities:
Case A...
The independent cases are listed below that includes all items
relevant to operating activities:
Case A
Case B
Case C
Sales revenue
$
65,000
$
55,000
$
96,000
Cost of goods sold
35,000
26,000
65,000
Depreciation expense
10,000
2,000
26,000
Salaries and wages expense
5,000
13,000
8,000
Net income (loss)
15,000
14,000
(3,000
)
Accounts receivable increase
(decrease)
(1,000
)
4,000
3,000
Inventory increase
(decrease)
2,000
0
(3,000
)
Accounts payable increase
(decrease)
0
2,500
(1,000
)
Salaries and wages...
The income statement disclosed the following items for the
year:
Depreciation
expense
$
65,000
Gain on...
The income statement disclosed the following items for the
year:
Depreciation
expense
$
65,000
Gain on disposal of
equipment
27,500
Net income
620,000
The changes in the current assets and liability accounts for the
year are as follows:
Increase (Decrease)
Accounts
receivable
$11,200
Inventory
(6,350)
Prepaid
insurance
(1,200)
Accounts
payable
(4,200)
Income taxes
payable
1,650
Dividends
payable
2,500
Required:
A.
Prepare the Cash Flows from
Operating Activities section of the statement of cash
flows, using the indirect method. Refer to...
Based on the following information determine the Net
Cash provided or used by operating activities.
Net...
Based on the following information determine the Net
Cash provided or used by operating activities.
Net Income – Rs 15,200
Depreciation Expense – Rs 10,000
Cash payment for accounts payable- 8,000
Gain on sale of land – 3,000
Increase in inventory – 1,500
Increase in accounts payable – 2,850
Exercise 12-4 Indirect: Cash flows from operating activities LO
P2
The following income statement and information...
Exercise 12-4 Indirect: Cash flows from operating activities LO
P2
The following income statement and information about changes in
noncash current assets and current liabilities are reported.
SONAD COMPANY
Income Statement
For Year Ended December 31, 2017
Sales
$
1,828,000
Cost of goods sold
991,000
Gross profit
837,000
Operating expenses
Salaries expense
$
245,535
Depreciation expense
44,200
Rent expense
49,600
Amortization
expenses–Patents
4,200
Utilities expense
18,125
361,660
475,340
Gain on sale of equipment
6,200
Net income
$
481,540
Changes in...
Drax Corporation has the following financial statements:
Drax Corporation has the following financial statements:Drax CorporationIncome StatementFor the Year Ended December 31, 2020Net sales$165,000Cost of goods sold97,500Gross profit67,500Operating expenses27,500Income from operations40,000Interest expense3,500Income before income taxes36,500Income taxes11,000Net income$ 25,500Drax CorporationComparative Statement of Financial PositionAs at December 31Cash$15,000$9,750Accounts receivable11,7508,750Inventories16,50011,750Prepaid insurance2,5002,000Equipment25,50033,500Accumulated depreciation—equipment(16,250)(17,750)Total assets$55,000$48,000Accounts payable$5,000$6,750Wages payable2,0002,000Income taxes payable3,0001,000Long-term note payable08,750Common shares15,00015,000Retained earnings30,00014,500Total liabilities and shareholders’ equity$55,000$48,000Additional information:· Equipment that
cost $8,000 was sold for the carrying amount of $3,750· Dividends
declared and paid were $10,000.Required1. Prepare the operating
activities section for the statement of cash...