Homework Answers
Answer : D = A gain on sale of equipment.
>> If Assets increase we should decrease from Net income.
>> If Assets decrease we should increase from Net income.
>> If Liability increase we should increase from Net income.
>> If Liability decrease we should increase from Net income.
===>> Decrease in inventory should me added.
===>> Depreciation expenses is added.
===>> Increase of accrued expenses should be added.
===>> Gain on sale of equipment is an investing activity, so deducted from Net income.
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Incorrect Question 1 0/0.5 pts In computing Net cash provided by operating activities using the indirect...
48. In calculating net cash provided by operating activities using the indirect method, an increase in...
48. In calculating net cash provided by operating activities using the indirect method, an increase in prepaid expenses during a period is: a) deducted from profit. b) added to profit. c) ignored because it does not affect profit. d) ignored because it does not affect expenses. 49. Which of the following adjustments to convert profit to net cash provided by operating activities is correct? Add to Profit Deduct from Profit a) Accounts Receivable b) Prepaid Expenses c) Inventory d) Income...
1. Use the indirect method to determine the net cash provided by operating activities for the...
1. Use the indirect method to determine the net cash provided by
operating activities for the year and prepare a statement of cash
flows for the year.
The following changes took place last year in Pavolik Company's balance sheet accounts: Liabilities and Stockholders' Equity Accounts Accounts payable Asset and Contra-Asset Accounts $ 35 D $ 39 I $ 88 D $ 34 I $ 36 D $ 620 I $ 127 I Cash and cash equivalents S107 I $ 39...
Question 1 Using the following data, prepare the operating activities section of a statement of cash...
Question 1 Using the following data, prepare the operating activities section of a statement of cash flows for Maximum Corporation for the year ended December 31, 20X6, using the indirect method. Increase in salary payable $1,50 Decrease in accounts payable 2,0000 Increase in accounts receivable 3,500 Net income 98,00 Decrease in inventory 5,800 Increase in prepaid expenses 1,200 Depreciation expense – equipment 5,000 Depreciation expense – building 7,500 Gain on sale of equipment 1,300 Loss on sale of patent 2,500
Question 1 Using the following data, prepare the operating activities section of a statement of cash...
Question 1 Using the following data, prepare the operating activities section of a statement of cash flows for Maximum Corporation for the year ended December 31, 20X6, using the indirect method. Increase in salary payable $1,50 Decrease in accounts payable 2,0000 Increase in accounts receivable 3,500 Net income 98,00 Decrease in inventory 5,800 Increase in prepaid expenses 1,200 Depreciation expense – equipment 5,000 Depreciation expense – building 7,500 Gain on sale of equipment 1,300 Loss on sale of patent 2,500
When creating the operating section of the cash flow statement using the indirect method are the...
When creating the operating section of the cash flow statement using the indirect method are the following adjustments added to Net Income or subtracted from Net Income? Depreciation expense (Select] Gain on sale of long-term asset [Select ] Loss on sale of long-term asset (Select] Increase in short-term liabilities (Select] Decrease in short-term assets [Select] Decrease in short-term liabilities (Select] Increase in short-term assets (Select] [Select] W added to subtracted from added to Net Income for A company is $100,000....
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremont Corporation to prepare...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremont Corporation to prepare a statement of cash flows using the indirect method: Accounts payable increase $14,000 Accounts receivable increase 7,000 Accrued liabilities decrease 5,000 Amortization expense 31,000 Cash balance, January 1 21,000 Cash balance, December 31 141,000 Cash paid as dividends 41,000 Cash paid to purchase land 81,000 Cash paid to retire bonds payable at par 70,000 Cash received from issuance of common stock 75,000 Cash received...
Question 12-4A Use the cash flow from operating activities using the indirect method. E2-44. Statement of...
Question 12-4A
Use the cash flow from operating activities using the indirect method. E2-44. Statement of Cash Flows (Indirect Method) Use the following information regarding the Surpa Corporation to (a) prepare a statement of cash flows using the indirect method and (b) compute Surpa's operating-cash-flow-to-current-liabilities ratio. LO2, Accounts payable increase. Accounts receivable increase, Accrued liabilities decrease Amortization expense. Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds...
Question 1 Incorrect Mark 0.00 out of 1.00 Remove flag Cash Flow from Operating Activities Using...
Question 1 Incorrect Mark 0.00 out of 1.00 Remove flag Cash Flow from Operating Activities Using the information for the Melville Corporation, calculate the cash flow from operating activities. Accounts payable increase $12,000 Accounts receivable increase 4,000 Accrued liabilities decrease 5,000 Amortization expense 7,000 Cash balance, January 1 22,000 Cash balance, December 31 23,000 Cash paid as dividends 31,000 Cash paid to purchase land 90,000 Cash paid to retire bonds payable at par 60,000 Cash received from issuance of common...
Fitz Company reports the following information. Use the indirect method to prepare only the operating activities...
Fitz 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, 2017. (Amounts to be deducted should be indicated with a minus sign.) Selected 2017 Income Statement Data Net income $379,000 Depreciation expense 46,200 Amortization expense 8,100 Gain on sale of plant assets 7,400 Selected Year-End 2017 Balance Sheet Data Accounts receivable decrease $ 124,900 Inventory decrease 42,000 Prepaid expenses increase 5,500...
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...
48. In calculating net cash provided by operating activities using the indirect method, an increase in prepaid expenses during a period is: a) deducted from profit. b) added to profit. c) ignored because it does not affect profit. d) ignored because it does not affect expenses. 49. Which of the following adjustments to convert profit to net cash provided by operating activities is correct? Add to Profit Deduct from Profit a) Accounts Receivable b) Prepaid Expenses c) Inventory d) Income...
1. Use the indirect method to determine the net cash provided by
operating activities for the year and prepare a statement of cash
flows for the year.
The following changes took place last year in Pavolik Company's balance sheet accounts: Liabilities and Stockholders' Equity Accounts Accounts payable Asset and Contra-Asset Accounts $ 35 D $ 39 I $ 88 D $ 34 I $ 36 D $ 620 I $ 127 I Cash and cash equivalents S107 I $ 39...
When creating the operating section of the cash flow statement using the indirect method are the following adjustments added to Net Income or subtracted from Net Income? Depreciation expense (Select] Gain on sale of long-term asset [Select ] Loss on sale of long-term asset (Select] Increase in short-term liabilities (Select] Decrease in short-term assets [Select] Decrease in short-term liabilities (Select] Increase in short-term assets (Select] [Select] W added to subtracted from added to Net Income for A company is $100,000....
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremont Corporation to prepare a statement of cash flows using the indirect method: Accounts payable increase $14,000 Accounts receivable increase 7,000 Accrued liabilities decrease 5,000 Amortization expense 31,000 Cash balance, January 1 21,000 Cash balance, December 31 141,000 Cash paid as dividends 41,000 Cash paid to purchase land 81,000 Cash paid to retire bonds payable at par 70,000 Cash received from issuance of common stock 75,000 Cash received...
Question 12-4A
Use the cash flow from operating activities using the indirect method. E2-44. Statement of Cash Flows (Indirect Method) Use the following information regarding the Surpa Corporation to (a) prepare a statement of cash flows using the indirect method and (b) compute Surpa's operating-cash-flow-to-current-liabilities ratio. LO2, Accounts payable increase. Accounts receivable increase, Accrued liabilities decrease Amortization expense. Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds...
Question 1 Incorrect Mark 0.00 out of 1.00 Remove flag Cash Flow from Operating Activities Using the information for the Melville Corporation, calculate the cash flow from operating activities. Accounts payable increase $12,000 Accounts receivable increase 4,000 Accrued liabilities decrease 5,000 Amortization expense 7,000 Cash balance, January 1 22,000 Cash balance, December 31 23,000 Cash paid as dividends 31,000 Cash paid to purchase land 90,000 Cash paid to retire bonds payable at par 60,000 Cash received from issuance of common...
Fitz 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, 2017. (Amounts to be deducted should be indicated with a minus sign.) Selected 2017 Income Statement Data Net income $379,000 Depreciation expense 46,200 Amortization expense 8,100 Gain on sale of plant assets 7,400 Selected Year-End 2017 Balance Sheet Data Accounts receivable decrease $ 124,900 Inventory decrease 42,000 Prepaid expenses increase 5,500...
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...
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