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of 17.11 please
*E17.11 (LO 4), Macgregor Company completed its first year of operations on...
Flint Corporation completed its first year of operations on December 31, 2022. Its initial income statement...
Flint Corporation completed its first year of operations on December 31, 2022. Its initial income statement showed that Flint Corporation had sales revenue of $212,058 and operatin $88,893. Accounts receivable and accounts payable at year-end were $64,260 and $24,633, respectively. Assume that accounts payable related to operating expenses. Ignore incom Compute net cash provided (used) by operating activity using the direct method. (Show amounts that decrease cash flow with either a - signe.g.-15,000 or in parenthesis (15,000).) Net cash provided...
Please show method of how to calculate each entry Picnic Corporation computed the amount of cash flows from operations...
Please show method of how to calculate each entry
Picnic Corporation computed the amount of cash flows from operations using both the direct and indirect methods, as follows. $527,000 (169,000) (198,000) $160,000 $98,200 Direct method: Collections from customers Payments to suppliers Payments for operating expenses Cash flows provided by operating activities Indirect method: Net income Depreciation Gain on sale of equipment Decrease in inventory Decrease in accounts receivable (net) Decrease in accounts payable Increase in miscellaneous accrued payable Cash flows...
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...
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...
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales...
Forten Company, a merchandiser, recently completed its
calendar-year 2017 operations. For the year, (1) all sales are
credit sales, (2) all credits to Accounts Receivable reflect cash
receipts from customers, (3) all purchases of inventory are on
credit, (4) all debits to Accounts Payable reflect cash payments
for inventory, and (5) Other Expenses are paid in advance and are
initially debited to Prepaid Expenses. The company’s income
statement and balance sheets follow.
FORTEN COMPANY
Comparative Balance Sheets
December 31, 2017...
income LO C1 In its first year of operations, Roma Company reports the following. • Earned...
income LO C1 In its first year of operations, Roma Company reports the following. • Earned revenues of $59.000 ($51,000 cash received from customers). • Incurred expenses of $32,500 ($25,150 cash paid toward them). Prepaid $10,250 cash for costs that will not be expensed until next year. Compute the company's first-year net income under both the cash basis and the accrual basis of accounting. Cash Basis Accrual Basis Revenues Expenses Net Income Prev 1 of 10 Next > o or...
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales...
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017...
all of 17.13 please *E17.13 (LO 4), Financial Statement The 2020 accounting records of Blocker Transport...
all
of 17.13 please
*E17.13 (LO 4), Financial Statement The 2020 accounting records of Blocker Transport reveal these transactions and events. Compute cash flow from operating activities - direct method. Payment of interest $182,000 10,000 48,000 Cash sales 53,000 Receipt of dividend revenue Payment of income taxes 18,000 12,000 Collection of accounts receivable Payment of salaries and wages Depreciation expense Proceeds from sale of vehicles Purchase of equipment for cash Loss on sale of vehicles 16,000 12,000 Net income 38,000...
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales...
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017...
Flint Corporation completed its first year of operations on December 31, 2022. Its initial income statement showed that Flint Corporation had sales revenue of $212,058 and operatin $88,893. Accounts receivable and accounts payable at year-end were $64,260 and $24,633, respectively. Assume that accounts payable related to operating expenses. Ignore incom Compute net cash provided (used) by operating activity using the direct method. (Show amounts that decrease cash flow with either a - signe.g.-15,000 or in parenthesis (15,000).) Net cash provided...
Please show method of how to calculate each entry
Picnic Corporation computed the amount of cash flows from operations using both the direct and indirect methods, as follows. $527,000 (169,000) (198,000) $160,000 $98,200 Direct method: Collections from customers Payments to suppliers Payments for operating expenses Cash flows provided by operating activities Indirect method: Net income Depreciation Gain on sale of equipment Decrease in inventory Decrease in accounts receivable (net) Decrease in accounts payable Increase in miscellaneous accrued payable Cash flows...
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...
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...
Forten Company, a merchandiser, recently completed its
calendar-year 2017 operations. For the year, (1) all sales are
credit sales, (2) all credits to Accounts Receivable reflect cash
receipts from customers, (3) all purchases of inventory are on
credit, (4) all debits to Accounts Payable reflect cash payments
for inventory, and (5) Other Expenses are paid in advance and are
initially debited to Prepaid Expenses. The company’s income
statement and balance sheets follow.
FORTEN COMPANY
Comparative Balance Sheets
December 31, 2017...
income LO C1 In its first year of operations, Roma Company reports the following. • Earned revenues of $59.000 ($51,000 cash received from customers). • Incurred expenses of $32,500 ($25,150 cash paid toward them). Prepaid $10,250 cash for costs that will not be expensed until next year. Compute the company's first-year net income under both the cash basis and the accrual basis of accounting. Cash Basis Accrual Basis Revenues Expenses Net Income Prev 1 of 10 Next > o or...
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017...
all
of 17.13 please
*E17.13 (LO 4), Financial Statement The 2020 accounting records of Blocker Transport reveal these transactions and events. Compute cash flow from operating activities - direct method. Payment of interest $182,000 10,000 48,000 Cash sales 53,000 Receipt of dividend revenue Payment of income taxes 18,000 12,000 Collection of accounts receivable Payment of salaries and wages Depreciation expense Proceeds from sale of vehicles Purchase of equipment for cash Loss on sale of vehicles 16,000 12,000 Net income 38,000...
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017...
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