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| Cash flows from operating activities: | |||
| Net income | $ 88,000 | ||
| Adjustments to reconcile net income to net cash basis: | |||
| Depreciation expense | $ 10,000 | ||
| Gain on sale of land | $ (6,000) | ||
| Decrease in accounts receivable, inventory, and prepaid expenses ($82,000-$76,000) | $ 6,000 | ||
| Decrease in current liabilities ($46,000-$40,000) | $ (6,000) | $ 4,000 | |
| Net cash provided (used) by operating activities | $ 92,000 | ||
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Fans Corporation began the youth recebe, vertory and prepade parcs ng 100 Aland the year Forthada...
entury Corporation has the following activities for the past year: (Click the icon to view the...
entury Corporation has the following activities for the past year: (Click the icon to view the data.) Prepare the statement of cash flows for Century Corporation for the year. Century Corporation uses the Indirect method for operating activities. Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Adjustments to reconcile net income to cash basis Data Table Net cash provided by used for operating activities Investing Activities: Net income Payment of dividends $ 4,000 Proceeds...
Statement of Cash Flows Demonstration Problem The following comparative balance sheets are for Dells Corporation as...
Statement of Cash Flows Demonstration Problem The following comparative balance sheets are for Dells Corporation as of June 30, 2010, and June 30, 2017. Also provided is the statement of income and retained earnings for the year ended June 30, 2018, with additional data. Dells Company Comparative Balance Sheet June 30, 2018 and 2017 Assets 2018 2017 Increase/Decrease) Current Assets: Cash $30,000M $80,000 - L (550,000) — K Accounts Receivable, net 160,000 100,000 60,000 Merchandise Inventory 100,000 30,000 Prepaid Rent...
Selected balance sheet information and the income statement for Fountainhead Corporation for the current year are...
Selected balance sheet information and the income statement for
Fountainhead Corporation for the current year are presented
below.
Selected balance sheet information and the income statement for Fountainhead Corporation for the current year are presented below Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable Merchandise Inventory Prepaid Rent Accounts Payable Salaries and Wages Payable $ 21,300 $14,500 31,900 0 21,200 5,700 29,000 1,900 16,400 3,800 Income Statement $435,000 Sales Revenue Expenses Cost of Goods Sold Depreciation Expense Salaries...
Marlin Interiors began the year with cash of $50,000. During the year, Marlin Interiors earned service...
Marlin Interiors began the year with cash of $50,000. During the year, Marlin Interiors earned service revenue of $408,000. Cash collections for the year were $400,000. Expenses for the year were $390,000, with $375,000 of that total paid in cash. The company also used cash to purchase equipment for $70,000 and to pay a cash dividend to stockholders of $34,000. During the year, the company also borrowed $56,000 cash by issuing a long-term note payable. Requirement Prepare the company's statement...
Data Table 51,000 $ 15,000 $ 22,000 $ 13,000 Purchase of equipment with cash 27,000 $...
Data Table 51,000 $ 15,000 $ 22,000 $ 13,000 Purchase of equipment with cash 27,000 $ 17,000 Net income Payment of dividends Proceeds from issuance of stock. Purchase of treasury stock Sales revenue Payment of long-term note payable Decrease in current liabilities Cost of goods sold 8,000 Other operating expenses 72,000 Depreciation expense $117,000 S $ 6,000 other than cash Proceeds from sale of land 17,000 Increase in current assets $ 9,000 mesCorporaton as loliowing acuvitesT the past yeal EEB...
Spectacular Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $ 52 comma 000...
Spectacular Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $ 52 comma 000 and its total current liabilities totaling $ 33 comma 000. At the end of the year, these same current assets totaled $ 50 comma 000, while its total current liabilities totaled $ 27 comma 000. Net income for the year was $ 10 comma 000. Included in net income were a $ 2 comma 000 loss on the sale of land and depreciation expense...
Shamrock Corporation had the following 2017 income statement. Revenues $102,000 Expenses 65,000 $37,000 In 2017, Shamrock...
Shamrock Corporation had the following 2017 income
statement.
Revenues
$102,000
Expenses
65,000
$37,000
In 2017, Shamrock had the following activity in selected
accounts.
Accounts Receivable
1/1/17
18,000
Revenues
102,000
12/31/17
26,900
Write-offs
1,100
Collections
92,000
Allowance for Doubtful Accounts
Write-offs
1,100
1/1/17
1,300
Bad debt expense
1,700
12/31/17
1,900
(a) Prepare Shamrock’s cash flows from operating
activities section of the statement of cash flows using the direct
method.
(b) Prepare Shamrock’s cash flows from operating
activities section of the statement...
The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year...
The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2021, appears below: points Service revenue Operating expenses Income before income taxes Income tax expense Net income $1,180,000 840,000 340,000 85,000 $ 255,000 eBook The following balance sheet information also is available: Print Cash Accounts receivable Accrued liabilities (for operating expenses) Income taxes payable 12/31/2021 12/31/2020 $ 452,000 $ 84,000 148,000 114,000 98,000 74,000 24,000 43,000 In addition, the following transactions...
Mike's Equipment's accountants assembled the following data for the year ended November 30, 2018. (Click the...
Mike's Equipment's accountants assembled the following data for the year ended November 30, 2018. (Click the icon to view the data.) Prepare Mike's Equipment's statement of cash flows for the year ended November 30, 2018, using the indirect method. The cash balance for Mike's Equipment, Inc., at November 30, 2017, was $15,000. Begin by completing the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Mike's Equipment, Inc. Statement of Cash Flows Year...
Michael interiors began the year with cash of $50,000. During the year, Michael Interiors earned service...
Michael interiors began the year with cash of $50,000. During the year, Michael Interiors earned service revenue of $420,000. Cash coctions for the year were $380,000. Expenses for the year were $375,000, with $360,000 of that total paid in cash. The company also used cash to purchase equipment for $60,000 and to pay a cash dividend to stockholders of $24,000. During the year, the company also borrowed $58,000 cash by issuing a long-term note payable. Requirement Prepare the company's statement...
entury Corporation has the following activities for the past year: (Click the icon to view the data.) Prepare the statement of cash flows for Century Corporation for the year. Century Corporation uses the Indirect method for operating activities. Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Adjustments to reconcile net income to cash basis Data Table Net cash provided by used for operating activities Investing Activities: Net income Payment of dividends $ 4,000 Proceeds...
Statement of Cash Flows Demonstration Problem The following comparative balance sheets are for Dells Corporation as of June 30, 2010, and June 30, 2017. Also provided is the statement of income and retained earnings for the year ended June 30, 2018, with additional data. Dells Company Comparative Balance Sheet June 30, 2018 and 2017 Assets 2018 2017 Increase/Decrease) Current Assets: Cash $30,000M $80,000 - L (550,000) — K Accounts Receivable, net 160,000 100,000 60,000 Merchandise Inventory 100,000 30,000 Prepaid Rent...
Selected balance sheet information and the income statement for
Fountainhead Corporation for the current year are presented
below.
Selected balance sheet information and the income statement for Fountainhead Corporation for the current year are presented below Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable Merchandise Inventory Prepaid Rent Accounts Payable Salaries and Wages Payable $ 21,300 $14,500 31,900 0 21,200 5,700 29,000 1,900 16,400 3,800 Income Statement $435,000 Sales Revenue Expenses Cost of Goods Sold Depreciation Expense Salaries...
Marlin Interiors began the year with cash of $50,000. During the year, Marlin Interiors earned service revenue of $408,000. Cash collections for the year were $400,000. Expenses for the year were $390,000, with $375,000 of that total paid in cash. The company also used cash to purchase equipment for $70,000 and to pay a cash dividend to stockholders of $34,000. During the year, the company also borrowed $56,000 cash by issuing a long-term note payable. Requirement Prepare the company's statement...
Data Table 51,000 $ 15,000 $ 22,000 $ 13,000 Purchase of equipment with cash 27,000 $ 17,000 Net income Payment of dividends Proceeds from issuance of stock. Purchase of treasury stock Sales revenue Payment of long-term note payable Decrease in current liabilities Cost of goods sold 8,000 Other operating expenses 72,000 Depreciation expense $117,000 S $ 6,000 other than cash Proceeds from sale of land 17,000 Increase in current assets $ 9,000 mesCorporaton as loliowing acuvitesT the past yeal EEB...
Shamrock Corporation had the following 2017 income
statement.
Revenues
$102,000
Expenses
65,000
$37,000
In 2017, Shamrock had the following activity in selected
accounts.
Accounts Receivable
1/1/17
18,000
Revenues
102,000
12/31/17
26,900
Write-offs
1,100
Collections
92,000
Allowance for Doubtful Accounts
Write-offs
1,100
1/1/17
1,300
Bad debt expense
1,700
12/31/17
1,900
(a) Prepare Shamrock’s cash flows from operating
activities section of the statement of cash flows using the direct
method.
(b) Prepare Shamrock’s cash flows from operating
activities section of the statement...
The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2021, appears below: points Service revenue Operating expenses Income before income taxes Income tax expense Net income $1,180,000 840,000 340,000 85,000 $ 255,000 eBook The following balance sheet information also is available: Print Cash Accounts receivable Accrued liabilities (for operating expenses) Income taxes payable 12/31/2021 12/31/2020 $ 452,000 $ 84,000 148,000 114,000 98,000 74,000 24,000 43,000 In addition, the following transactions...
Mike's Equipment's accountants assembled the following data for the year ended November 30, 2018. (Click the icon to view the data.) Prepare Mike's Equipment's statement of cash flows for the year ended November 30, 2018, using the indirect method. The cash balance for Mike's Equipment, Inc., at November 30, 2017, was $15,000. Begin by completing the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Mike's Equipment, Inc. Statement of Cash Flows Year...
Michael interiors began the year with cash of $50,000. During the year, Michael Interiors earned service revenue of $420,000. Cash coctions for the year were $380,000. Expenses for the year were $375,000, with $360,000 of that total paid in cash. The company also used cash to purchase equipment for $60,000 and to pay a cash dividend to stockholders of $24,000. During the year, the company also borrowed $58,000 cash by issuing a long-term note payable. Requirement Prepare the company's statement...
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