Homework Answers
Answer-
| BREACH CO. | ||
| STATEMENT OF CASH FLOWS (USING INDIRECT METHOD) | ||
| FOR THE YEAR ENDED 31 | ||
| Particulars | Amount | |
| $ | ||
| Cash flow from operating activities | ||
| Net Income | 76000 | |
| Adjustments to reconcile net income to net cash provided by operating activities | ||
| Adjustment for non cash effects | ||
| Depreciation expenses | 37000 | |
| Change in operating assets & liabilities | ||
| Decrease in accounts receivable | 7000 | |
| Increase in inventory | -16500 | |
| Increase in accounts payable | 1000 | |
| Decrease in income taxes payable | -2500 | |
| Net cash flow from operating activities (a) | 102000 | |
| Cash Flow from Investing activities | ||
| New equipment purchased | -25000 | |
| Net cash Flow from Investing activities (b) | -25000 | |
| Cash Flow from Financing activities | ||
| Cash dividends paid | -13000 | |
| Common stock issued | 32000 | |
| Net cash Flow from Financing activities (c) | 19000 | |
| Net Change in cash c=a+b+c | 96000 | |
| Beginning cash balance | 74000 | |
| Closing cash balance | 170000 | |
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On the bass of the following data for Breach Co. for the current and preceding years...
On the basis of the following data for Breach Co. for the current and preceding years...
On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash Accounts Receivable (net) $74,000...
On the basis of the following data for Breach Co. for the current and preceding years...
On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash Accounts Receivable (net) Inventories...
On the basis of the following data for Breach Co. for the current and preceding years...
On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash $ 170,000 $74,000 Accounts...
On the basis of the following data for Breach Co. for the current and preceding years...
On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash $ 170,000 $74,000 Accounts...
Calculator On the basis of the following data for Breach Co. for the current and preceding...
Calculator On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period Stock was issued for cash-3,200 shares at par Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash Accounts Receivable (net)...
Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000....
Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash $170,000 $74,000 Accounts Receivable (net) 78,000 85,000 Inventories 106,500 90,000 Equipment 370,000 395,000 Accumulated Depreciation (195,000) (158,000) $554,500 $461,000 Total assets Liabilities and stockholders' equity Accounts Payable (merchandise creditors) $51,000 $50,000 Taxes Payable 5,000 2,500 Common Stock, $10 par 262,000 230,000 Retained Earnings 239,000 176,000 554,500 $461,000 Total Liabilities Stockholders' Ec...
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Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31,...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $265,010 $248,220 Accounts receivable (net) 96,000 89,150 Inventories 271,010 263,960 Investments 0 102,260 Land 139,000 0 Equipment 299,010 233,370 Accumulated depreciation—equipment (70,000) (62,930) Total assets $1,000,030 $874,030 Liabilities and Stockholders' Equity Accounts payable $181,010 $172,180 Accrued expenses payable 18,000 22,720 Dividends payable 10,000 7,870 Common stock, $10 par 54,000 42,830...
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31,...
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On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash Accounts Receivable (net) $74,000...
On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash Accounts Receivable (net) Inventories...
Calculator On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period Stock was issued for cash-3,200 shares at par Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash Accounts Receivable (net)...
Stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000. Current Year Prior Year Assets Cash $170,000 $74,000 Accounts Receivable (net) 78,000 85,000 Inventories 106,500 90,000 Equipment 370,000 395,000 Accumulated Depreciation (195,000) (158,000) $554,500 $461,000 Total assets Liabilities and stockholders' equity Accounts Payable (merchandise creditors) $51,000 $50,000 Taxes Payable 5,000 2,500 Common Stock, $10 par 262,000 230,000 Retained Earnings 239,000 176,000 554,500 $461,000 Total Liabilities Stockholders' Ec...
The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, 2049 Dec. 31, 2048 Assets Cash $296,440 $274,170 Accounts receivable (net) 107,390 98,470 Inventories 303,140 291,540 Investments 0 112,950 Land 155,490 Equipment 334,470 257,760 Accumulated depreciation equipment (78,300) (69,510) Total assets $1,118,630 $965,380 0 Liabilities and Stockholders' Equity Accounts payable $202,470 $190,180 Accrued expenses payable 20,140 25,100 Dividends payable 11,190 8,690 Common stock, $10 par 60,410 47,300 Paid-in capital: Excess of...
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