Homework Answers
Solution:
| Statement of Cash Flows (partial) | ||
| For the Year ended December 31, 2017 | ||
| Particulars | Details | Amount |
| Cash Flow from Operating Activities: | ||
| Net Income | $7,000 | |
| Adjustments to reconcile net income to cash flow from operating activities: | ||
| Depreciation expense | $2,000 | |
| Decrease in Accounts Receivables (580- 560) | $20 | |
| Increase in Inventory (770-990) | -$220 | |
| Decrease In Accounts Payable (440-460) | -$20 | |
| Increase in Prepaid Rent (20- 25) | -$5 | |
| Decrease in Prepaid Insurance (28- 25) | $3 | |
| Increase in salaries payable (100- 70) | $30 | |
| Increase in Utilities payable (20- 15) | $5 | |
| Total Adjustments | $1,813 | |
| Net Cash Flow From Operating Activities | $8,813 | |
Add Answer to:
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: $ 48,600 Income Statement Sales Revenue Expenses : Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,000 2,000 9,000 4,500 1,900 1,800 1,400 Net Income $ 7,000 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory 990 Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance 25 Salaries Payable...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: $48,600 Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,eee 2. eee 9,000 4,500 1,900 1,800 1,400 Net Income $ 7,eee 990 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable Utilities Payable...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: $48, 600 Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,000 2,000 9,000 4,500 1,900 1, 800 1,400 Net Income $ 7,000 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory 990 Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable Utilities...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. $56.600 Income Statement Sales Revenue Expenses Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income 25,000 2,800 9.800 5,300 2,300 2,200 1,800 $ 7,400 Selected Balance Sheet Accounts Ending Balances Accounts Receivable $ 575 Inventory Accounts Payable Prepaid Rent Prepaid Insurance Salaries and Wages Payable Utilities Payable Beginning...
Required information Lansing Company's 2017 income statement and selected balance sheet data (for current assets and...
Required information Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31, 2017 Sales revenue $ 136,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 55,000 18,500 31,000 10,300 5,100 4,900 4,100 7,300 Net income LANSING COMPANY Selected Balance Sheet Accounts 2017 At December 31 Accounts receivable Inventory Accounts...
Requlred Informatlon Lansing Company's 2017 Income statement and selected balance sheet data (for current assets an...
Requlred Informatlon Lansing Company's 2017 Income statement and selected balance sheet data (for current assets and current liablties) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Ye교r Ended December 31, 2017 gale revenue 100,200 Expenses Cost of goods sold 43,000 Depreciation expense 12,500 Salaries expense 19,000 9,100 Rent expense 3,900 Insurance expense Interest expense 3,700 2,900 Utilities expense 6,100 Net income LANSING COMPANY Belected Balance Sheet Accounts At December 31 2017 2016 $ 5,700 6,000 Account...
Ritz Company reports the following information Selected Annual Income Statement Data Selected Year-End Balance Sheet Data...
Ritz Company reports the following information Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $400,000 Accounts receivable decrease $100, 500 Depreciation expense 49,489 Inventory decrease 43,500 Amortization expense 8,900 Prepaid expenses increase 7,000 Gain on sale of plant 7,600 Accounts payable decrease 9,700 assets Salaries payable increase 2,400 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31 (Amounts to be deducted should be...
Salud Company reports the following information. Selected Annual Income Statement Selected Year-End Balance Sheet Data Data...
Salud Company reports the following information. Selected Annual Income Statement Selected Year-End Balance Sheet Data Data Net income $475,000 Accounts receivable increase 90,000 Prepaid expenses decrease 21,500 Accounts payable increase Wages payable decrease $53,600 Depreciation expense Gain on sale of machinery 14,700 6,600 2,200 Use the indirect method to prepare 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.) Statement of Cash...
Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data...
Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $ 397,000 Accounts receivable decrease $ 80,300 Depreciation expense 46,800 Inventory decrease 48,000 Amortization expense 7,400 Prepaid expenses increase 6,200 Gain on sale of plant assets 6,400 Accounts payable decrease 10,300 Salaries payable increase 2,400 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should...
Required information [The following information applies to the questions displayed below.] Lansing Company's 2017 income statement...
Required information [The following information applies to the questions displayed below.] Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31 2017 $112,200 47,000 14,500 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 23,000 9,500 4,300 4,100 3,300 $ 6,500 Net income LANSING COMPANY Selected Balance Sheet...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: $ 48,600 Income Statement Sales Revenue Expenses : Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,000 2,000 9,000 4,500 1,900 1,800 1,400 Net Income $ 7,000 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory 990 Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance 25 Salaries Payable...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: $48,600 Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,eee 2. eee 9,000 4,500 1,900 1,800 1,400 Net Income $ 7,eee 990 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable Utilities Payable...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: $48, 600 Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,000 2,000 9,000 4,500 1,900 1, 800 1,400 Net Income $ 7,000 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory 990 Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable Utilities...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. $56.600 Income Statement Sales Revenue Expenses Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income 25,000 2,800 9.800 5,300 2,300 2,200 1,800 $ 7,400 Selected Balance Sheet Accounts Ending Balances Accounts Receivable $ 575 Inventory Accounts Payable Prepaid Rent Prepaid Insurance Salaries and Wages Payable Utilities Payable Beginning...
Required information Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31, 2017 Sales revenue $ 136,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 55,000 18,500 31,000 10,300 5,100 4,900 4,100 7,300 Net income LANSING COMPANY Selected Balance Sheet Accounts 2017 At December 31 Accounts receivable Inventory Accounts...
Requlred Informatlon Lansing Company's 2017 Income statement and selected balance sheet data (for current assets and current liablties) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Ye교r Ended December 31, 2017 gale revenue 100,200 Expenses Cost of goods sold 43,000 Depreciation expense 12,500 Salaries expense 19,000 9,100 Rent expense 3,900 Insurance expense Interest expense 3,700 2,900 Utilities expense 6,100 Net income LANSING COMPANY Belected Balance Sheet Accounts At December 31 2017 2016 $ 5,700 6,000 Account...
Ritz Company reports the following information Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $400,000 Accounts receivable decrease $100, 500 Depreciation expense 49,489 Inventory decrease 43,500 Amortization expense 8,900 Prepaid expenses increase 7,000 Gain on sale of plant 7,600 Accounts payable decrease 9,700 assets Salaries payable increase 2,400 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31 (Amounts to be deducted should be...
Salud Company reports the following information. Selected Annual Income Statement Selected Year-End Balance Sheet Data Data Net income $475,000 Accounts receivable increase 90,000 Prepaid expenses decrease 21,500 Accounts payable increase Wages payable decrease $53,600 Depreciation expense Gain on sale of machinery 14,700 6,600 2,200 Use the indirect method to prepare 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.) Statement of Cash...
Required information [The following information applies to the questions displayed below.] Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31 2017 $112,200 47,000 14,500 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 23,000 9,500 4,300 4,100 3,300 $ 6,500 Net income LANSING COMPANY Selected Balance Sheet...
Most questions answered within 3 hours.
-
The mean cost of domestic airfares in the United States rose to
an all-time high of...
asked 8 minutes ago -
1.Magazine Luiza is a Brazilian retail chain for consumer
electronics. The company currently has 100 stores...
asked 6 minutes ago -
What is the molarity of ZnCl2 that forms when 25.0 g of zinc
completely reacts with...
asked 8 minutes ago -
For independent X and Y, we have probability density function
for them where pdf of X...
asked 19 minutes ago -
The decomposition of SO2Cl2 is first order in SO2Cl2 and has a
rate constant of 1.42...
asked 15 minutes ago -
How do I convert from volume percent to mole percent in the
distillation lab? ethy acetate...
asked 22 minutes ago -
8. An air-plane has an effective wing surface area of 14.0 m²
that is generating the...
asked 22 minutes ago -
A railroad worker was a person who worked on setting and moving
railroad tracks. In securing...
asked 21 minutes ago -
using RECURSIVE Functions in Java, create a public static String
doubleLetters (String word)
For ex) that...
asked 28 minutes ago -
With a $16 Trillion national ebt, and projected annual budget
eficits in excess of $1 Trillion...
asked 42 minutes ago -
A machine shop owner wishes to assign each of three machinists
(labeled 1, 2, and 3)...
asked 56 minutes ago -
Regarding language development, which of the following
statements is FALSE?
Babies are able to cry from...
asked 56 minutes ago