Homework Answers
Solution
Cash payment to supplier $5175.50 Million
Cash payment for operating expenses $8,943.50 Million
Working
| Cash payments to supplier | |
| Cost of goods sold | $ 5,196.00 |
| Less: Decrease in Inventory | $ (5.20) |
| Net purchases | $ 5,190.80 |
| Less: Increase in Accounts payable | $ (15.30) |
| Cash payments to supplier | $ 5,175.50 |
.
| Cash payments for Operating expenses | |
| Operating expenses excluding depreciation | $ 9,094.00 |
| Less: Increase in accrued expense | -$ 196.00 |
| Add: Increase in prepaid expense | $ 45.50 |
| Cash payments for Operating expenses | $ 8,943.50 |
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Suppose the 2022 income statement for McDonald's Corporation shows cost of goods sold $5,196.0 million and...
Sales revenue $7,541,400 Cost of goods sold Beginning inventory $1,949,500 Purchases 4,316,100 Goods available for sale...
Sales revenue $7,541,400 Cost of goods sold Beginning inventory $1,949,500 Purchases 4,316,100 Goods available for sale 6,265,600 Ending inventory 1,452,600 Total cost of goods sold 4,813,000 Gross profit 2,728,400 Operating expenses 1,193,200 Net income $1,535,200 Additional information: 1. Accounts receivable increased $204,800 during the year, and inventory decreased $496,900. 2. Prepaid expenses increased $165,400 during the year. 3. Accounts payable to suppliers of merchandise decreased $338,800 during the year. 4. Accrued expenses payable decreased $101,700 during the year. 5. Operating...
Exercise 23-7 Presented below are two independent situations. Situation A: Novak Co. reports revenues of $200,000...
Exercise 23-7
Presented below are two independent situations.
Situation A:
Novak Co. reports revenues of $200,000 and operating expenses of
$109,000 in its first year of operations, 2017. Accounts receivable
and accounts payable at year-end were $71,700 and $29,300,
respectively. Assume that the accounts payable related to operating
expenses. (Ignore income taxes.)
Using the direct method, compute net cash provided (used) by
operating activities. (Show amounts that decrease cash
flow with either a - sign e.g. -15,000 or in parenthesis...
Exercise 23B-7 Presented below are two independent situations. Situation A: Ivanhoe Co. reports revenues of $198,000...
Exercise 23B-7 Presented below are two independent situations. Situation A: Ivanhoe Co. reports revenues of $198,000 and operating expenses of $109,000 in its first year of operations, 2017. Accounts receivable and accounts payable at year-end were $71,200 and $28,700, respectively. Assume that the accounts payable related to operating expenses. (Ignore income taxes.) Using the direct method, compute net cash provided (used) by operating activities. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis...
The income statement of Whitlock Company is presented here. W Income Statement NY For the Year Ended November 30, 2020...
The income statement of Whitlock Company is presented here. W Income Statement NY For the Year Ended November 30, 2020 Sales revenue $7,459,100 Cost goods sold Beginning inventory $1,986,400 Purchases 4,371,200 Goods available for sale 6,357,600 Ending inventory 1,444,200 Total cost of goods sold 4,913,400 Gross profit 2,545,700 Operating expenses 1,122,500 $1,423,200 Net income Additional information: 1. Accounts receivable increased $198,900 during the year, and inventory decreased $542,200. 2. Prepaid expenses increased $180,000 during the year. 3. Accounts payable to...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue $7,431,800 Cost of goods sold Beginning inventory $1,880,900 Purchases 4,343,000 Goods available for sale 6,223.900 Ending inventory 1,490,000 Total cost of goods sold 4,733.900 Gross profit 2,697,900 Operating expenses 1,144.400 Net income $1,553,500 Additional information: 1. Accounts receivable increased $190,300 during the year, and inventory decreased $390,900. 2. Prepaid expenses increased $169,000 during the year. 3. Accounts payable...
The income statement of Whitlock Company is presented here. $7,420,100 WHITLOCK COMPANY Income Statement For the...
The income statement of Whitlock Company is presented here. $7,420,100 WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue Cost of goods sold Beginning inventory $1,908,600 Purchases 4,385,900 Goods available for sale 6,294,500 Ending inventory 1,307,100 Total cost of goods sold Gross profit Operating expenses 4,987,400 2,432,700 1,001,500 Net income $1,431,200 Additional information: 1. Accounts receivable increased $195,700 during the year, and inventory decreased $601,500. 2. Prepaid expenses increased $166,000 during the year. 3. Accounts payable...
The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November...
The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November 30, 2018 Sales $8,100,000 Cost of goods sold 4,950,000 Gross profit 3,150,000 Salaries expense 863,000 Operating expenses 222,000 Depreciation expense 90,000 Income before income tax 1,975,000 Income tax expense 245.000 Net income $1,730,000 Additional information: 1. Accounts receivable increased $400,000 during the year, and inventory decreased $540,000. 2. Prepaid expenses, which relate to administrative expenses, increased $200,000 during the year. 3. Accounts payable to...
The income statement of Grouper Corp. is presented here. Grouper Corp. Income Statement For the Year...
The income statement of Grouper Corp. is presented here. Grouper Corp. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,699,500 Cost of goods sold Beginning inventory $1,865,200 Purchases 4,417,600 Goods available for sale 6,282,800 Ending inventory 1,617,200 Total cost of goods sold 4,665,600 Gross profit 3,033,900 Operating expenses Selling expenses 442,000 Administrative expenses 713,300 1,155,300 Net income $1,878,600 Additional information: 1. Accounts receivable decreased $381,000 during the year, and inventory decreased $248,000. 2. Prepaid expenses increased $147,100...
The income statement of Bridgeport Company is shown below. BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR...
The income statement of Bridgeport Company is shown below. BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,910,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,420,000 Goods available for sale 6,330,000 Ending inventory 1,610,000 Cost of goods sold 4,720,000 Gross profit 2,190,000 Operating expenses Selling expenses 460,000 Administrative expenses 690,000 1,150,000 Net income $1,040,000 Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $190,000 during the year. 3. Accounts...
Bonita Industries reports operating expenses of $85,000, excluding depreciation expense of $14,000 for 2022. During the...
Bonita Industries reports operating expenses of $85,000, excluding depreciation expense of $14,000 for 2022. During the year, prepaid expenses decreased $6,700 and accrued expenses payable increased $3,900. Compute the cash payments for operating expenses in 2022. The cash payments for operating expenses in 2022
Exercise 23-7
Presented below are two independent situations.
Situation A:
Novak Co. reports revenues of $200,000 and operating expenses of
$109,000 in its first year of operations, 2017. Accounts receivable
and accounts payable at year-end were $71,700 and $29,300,
respectively. Assume that the accounts payable related to operating
expenses. (Ignore income taxes.)
Using the direct method, compute net cash provided (used) by
operating activities. (Show amounts that decrease cash
flow with either a - sign e.g. -15,000 or in parenthesis...
Exercise 23B-7 Presented below are two independent situations. Situation A: Ivanhoe Co. reports revenues of $198,000 and operating expenses of $109,000 in its first year of operations, 2017. Accounts receivable and accounts payable at year-end were $71,200 and $28,700, respectively. Assume that the accounts payable related to operating expenses. (Ignore income taxes.) Using the direct method, compute net cash provided (used) by operating activities. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis...
The income statement of Whitlock Company is presented here. W Income Statement NY For the Year Ended November 30, 2020 Sales revenue $7,459,100 Cost goods sold Beginning inventory $1,986,400 Purchases 4,371,200 Goods available for sale 6,357,600 Ending inventory 1,444,200 Total cost of goods sold 4,913,400 Gross profit 2,545,700 Operating expenses 1,122,500 $1,423,200 Net income Additional information: 1. Accounts receivable increased $198,900 during the year, and inventory decreased $542,200. 2. Prepaid expenses increased $180,000 during the year. 3. Accounts payable to...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue $7,431,800 Cost of goods sold Beginning inventory $1,880,900 Purchases 4,343,000 Goods available for sale 6,223.900 Ending inventory 1,490,000 Total cost of goods sold 4,733.900 Gross profit 2,697,900 Operating expenses 1,144.400 Net income $1,553,500 Additional information: 1. Accounts receivable increased $190,300 during the year, and inventory decreased $390,900. 2. Prepaid expenses increased $169,000 during the year. 3. Accounts payable...
The income statement of Whitlock Company is presented here. $7,420,100 WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue Cost of goods sold Beginning inventory $1,908,600 Purchases 4,385,900 Goods available for sale 6,294,500 Ending inventory 1,307,100 Total cost of goods sold Gross profit Operating expenses 4,987,400 2,432,700 1,001,500 Net income $1,431,200 Additional information: 1. Accounts receivable increased $195,700 during the year, and inventory decreased $601,500. 2. Prepaid expenses increased $166,000 during the year. 3. Accounts payable...
The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November 30, 2018 Sales $8,100,000 Cost of goods sold 4,950,000 Gross profit 3,150,000 Salaries expense 863,000 Operating expenses 222,000 Depreciation expense 90,000 Income before income tax 1,975,000 Income tax expense 245.000 Net income $1,730,000 Additional information: 1. Accounts receivable increased $400,000 during the year, and inventory decreased $540,000. 2. Prepaid expenses, which relate to administrative expenses, increased $200,000 during the year. 3. Accounts payable to...
The income statement of Grouper Corp. is presented here. Grouper Corp. Income Statement For the Year Ended November 30, 2022 Sales revenue $7,699,500 Cost of goods sold Beginning inventory $1,865,200 Purchases 4,417,600 Goods available for sale 6,282,800 Ending inventory 1,617,200 Total cost of goods sold 4,665,600 Gross profit 3,033,900 Operating expenses Selling expenses 442,000 Administrative expenses 713,300 1,155,300 Net income $1,878,600 Additional information: 1. Accounts receivable decreased $381,000 during the year, and inventory decreased $248,000. 2. Prepaid expenses increased $147,100...
Bonita Industries reports operating expenses of $85,000, excluding depreciation expense of $14,000 for 2022. During the year, prepaid expenses decreased $6,700 and accrued expenses payable increased $3,900. Compute the cash payments for operating expenses in 2022. The cash payments for operating expenses in 2022
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