Homework Answers
| Statement of Cash Flows (partial) | |
| Amount $ | |
| Cash flows from operating activities: | |
| Net Income | 471432 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| Income statement items not affecting cash: | |
| add:Depreciation expense | 36264 |
| add:Amortisation expense - Patents | 4533 |
| less:Gain on sale of equipment | -6044 |
| Changes in current operating assets and liabilities: | |
| less:increase in Accounts receivable | -19100 |
| less:increase in Inventory | -17175 |
| less: decrease in Accounts payable | -9050 |
| less: decrease in Salaries payable | -4100 |
| Net Cash inflow of operating activities | 456760 |
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Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement along with...
Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement and additional...
Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 $2,428,000 1,189,720 1,238,280 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense $332,636 58,272 65,556 7,284 Rent expense Amortization expenses-Patents Utilities expense 26,708 490,456 747,824 Gain on sale of equipment 9,712 $ 757,536 Net income $10,100 increase 11,650 increase Accounts payable Salaries payable Accounts receivable $11,800 decrease...
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 $2,333,000 1,143,170 1,189,830 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $319,621 Depreciation expense 55,992 Rent expense 62,991 Amortization expenses-Patents 6,999 Utilities expense 25,663 471,266 718,564 9,332 727,896 Gain on sale of equipment Net income $ Changes in current asset and current...
Exercise 16-4 Indirect: Cash flows from operating activities LO P2 The following income statement and additional...
Exercise 16-4 Indirect: Cash flows from operating activities LO P2 The following income statement and additional year-end Information is provided. $1,828,000 991,000 837,000 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit 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 6,200 481,540 Gain on sale of equipment Net income $ Accounts receivable Inventory $30,500 increase 25,000 increase Accounts payable Salaries...
Exercise 12-6 Indirect: Cash flow from operations LO P2 Salud Company reports the following information. Use...
Exercise 12-6 Indirect: Cash flow from operations LO P2 Salud Company reports the following information. Use the indirect method to prepare only the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) 16.66 points Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $400,000 Accounts receivable increase $40,000 Depreciation expense 80,000 Prepaid expenses decrease 12,000 Gain on sale of machinery...
Exercise 12-12 Indirect: Preparing statement of cash flows LO P2, P3 Prior Year MONTGOMERY INC. Comparative...
Exercise 12-12 Indirect: Preparing statement of cash flows LO P2, P3 Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,100 Accounts receivable, net 19,800 Inventory 177,500 Total current assets 257,400 Equipment 98,300 Accum. depreciation-Equipment (44,300) Total assets $311,400 Liabilities and Equity Accounts payable $ 47,100 Salaries payable 1,000 Total current liabilities 48,100 Equity Common stock, no par value 216,100 Retained earnings 47,200 Total liabilities and equity $311,480 $ 60,000 23,900 138,000 221,900 81,600 (30,...
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 $46,000 26,830 Gain on disposal of equipment 287,600 Net income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $7,160 (4,080) Inventory Prepaid insurance (1,530) (4,860) Accounts payable Income taxes payable 1,530 Dividends payable 1,070 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the...
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the...
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $ 85,000 Expenses Salaries expense 69,000 Utilities expense Depreciation expense 31,200 Other expenses 7,600 Net loss $(55, 800) Selected Year-End Balance Sheet Data Accounts receivable decrease $29,000 Purchased a machine for cash 21,000 Salaries payable increase 26,000 Other accrued liabilities decrease 14,000 Required: 1. Prepare the operating activities section of the statement of...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $213,300. Depreciation recorded on equipment and a building amounted to $63,800 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $59,510 $61,890 Accounts receivable (net) 75,460 76,370 Inventories 148,780 131,580 Prepaid expenses 8,270 8,730 Accounts payable (merchandise creditors) 66,470 69,070...
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 $57,600 Gain on disposal of equipment 33,600 Net income 508,000 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable Inventory Prepaid insurance $8,960 (5,120) (1,920) (6,080) 1,410 Accounts payable Income taxes payable Dividends payable 2,200 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $216,000. Depreciation recorded on equipment and a building amounted to $64,600 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year $54,000 68,470 135,000 7,510 60,320 8,690 Beginning of Year Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Salaries payable a. Prepare...
Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 $2,428,000 1,189,720 1,238,280 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense $332,636 58,272 65,556 7,284 Rent expense Amortization expenses-Patents Utilities expense 26,708 490,456 747,824 Gain on sale of equipment 9,712 $ 757,536 Net income $10,100 increase 11,650 increase Accounts payable Salaries payable Accounts receivable $11,800 decrease...
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 $2,333,000 1,143,170 1,189,830 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $319,621 Depreciation expense 55,992 Rent expense 62,991 Amortization expenses-Patents 6,999 Utilities expense 25,663 471,266 718,564 9,332 727,896 Gain on sale of equipment Net income $ Changes in current asset and current...
Exercise 16-4 Indirect: Cash flows from operating activities LO P2 The following income statement and additional year-end Information is provided. $1,828,000 991,000 837,000 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit 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 6,200 481,540 Gain on sale of equipment Net income $ Accounts receivable Inventory $30,500 increase 25,000 increase Accounts payable Salaries...
Exercise 12-6 Indirect: Cash flow from operations LO P2 Salud Company reports the following information. Use the indirect method to prepare only the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) 16.66 points Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $400,000 Accounts receivable increase $40,000 Depreciation expense 80,000 Prepaid expenses decrease 12,000 Gain on sale of machinery...
Exercise 12-12 Indirect: Preparing statement of cash flows LO P2, P3 Prior Year MONTGOMERY INC. Comparative Balance Sheets December 31 Current Year Assets Cash $ 60,100 Accounts receivable, net 19,800 Inventory 177,500 Total current assets 257,400 Equipment 98,300 Accum. depreciation-Equipment (44,300) Total assets $311,400 Liabilities and Equity Accounts payable $ 47,100 Salaries payable 1,000 Total current liabilities 48,100 Equity Common stock, no par value 216,100 Retained earnings 47,200 Total liabilities and equity $311,480 $ 60,000 23,900 138,000 221,900 81,600 (30,...
Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year: Depreciation expense $46,000 26,830 Gain on disposal of equipment 287,600 Net income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $7,160 (4,080) Inventory Prepaid insurance (1,530) (4,860) Accounts payable Income taxes payable 1,530 Dividends payable 1,070 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the...
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $ 85,000 Expenses Salaries expense 69,000 Utilities expense Depreciation expense 31,200 Other expenses 7,600 Net loss $(55, 800) Selected Year-End Balance Sheet Data Accounts receivable decrease $29,000 Purchased a machine for cash 21,000 Salaries payable increase 26,000 Other accrued liabilities decrease 14,000 Required: 1. Prepare the operating activities section of the statement of...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $213,300. Depreciation recorded on equipment and a building amounted to $63,800 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $59,510 $61,890 Accounts receivable (net) 75,460 76,370 Inventories 148,780 131,580 Prepaid expenses 8,270 8,730 Accounts payable (merchandise creditors) 66,470 69,070...
Cash Flows from Operating Activities,Indirect Method The income statement disclosed the following items for the year: Depreciation expense $57,600 Gain on disposal of equipment 33,600 Net income 508,000 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable Inventory Prepaid insurance $8,960 (5,120) (1,920) (6,080) 1,410 Accounts payable Income taxes payable Dividends payable 2,200 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $216,000. Depreciation recorded on equipment and a building amounted to $64,600 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year $54,000 68,470 135,000 7,510 60,320 8,690 Beginning of Year Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Salaries payable a. Prepare...
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