Homework Answers
Solution :
The amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method = $ 288,254
The solution is Option c, $ 288,254
Please find the attached screenshot of the excel sheet containing the detailed calculation for the solution.
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The net income reported on the income statement for the current year was $299,310. Depreciation recorded...
The net income reported on the income statement for the current year was $295,306. Depreciation recorded...
The net income reported on the income statement for the current year was $295,306. Depreciation recorded on fixed assets and amortization of patents for the year were $35,984 and $11,635, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Cash $55,258 Accounts Receivable 125,663 Inventories 108,205 Prepaid Expenses 4,229 Accounts Payable (merchandise creditors) 52,884 What is the amount of cash flows from operating activities reported on...
The net income reported on the income statement for the current year was $270,163. Depreciation recorded...
The net income reported on the income statement for the current year was $270,163. Depreciation recorded on fixed assets and amortization of patents for the year were $36,150 and $9,124, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $42,195 129,824 107,719 Accounts Receivable Inventories Prepaid Expenses Accounts Payable (merchandise creditors) $61,098 106,421 96,979 6,519 63,630 3,550 45,073 What is the amount of cash...
The net income reported on the income statement for the current year was $253,094. Depreciation recorded...
The net income reported on the income statement for the current year was $253,094. Depreciation recorded on fixed assets and amortization of patents for the year were $36,132 and $8,113, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $55,345 $40,432 Accounts Receivable 121,643 104,804 Inventories 101,904 95,492 Prepaid Expenses 3,490 7,401 Accounts Payable (merchandise creditors) 49,019 69,565 What is the amount of cash...
The net income reported on the income statement for the current year was $252,176. Depreciation recorded...
The net income reported on the income statement for the current year was $252,176. Depreciation recorded on fixed assets and amortization of patents for the year were $37,383, and $10,481, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $36,436 $56,297 Accounts receivable 106,564 129,589 Inventories 82,430 108,912 Prepaid expenses 6,857 2,458 Accounts payable (merchandise creditors) 69,041 45,467 What is the amount of cash...
The net income reported on the income statement for the current year was $286,967. Depreciation recorded...
The net income reported on the income statement for the current year was $286,967. Depreciation recorded on fixed assets and amortization of patents for the year were $44,400 and $9,883, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Beginning Cash $36,848 1 $51,932 Accounts Receivable 121,062 100,297 Inventories 100,428 85,746 Prepaid Expenses 4,522 6,290 Accounts Payable (merchandise creditors) 48,202 68,344 What is the amount of cash...
The net income reported on the income statement for the current year was $317,696. Depreciation recorded...
The net income reported on the income statement for the current year was $317,696. Depreciation recorded on fixed assets and amortization of patents for the year were $40,292 and $8,491, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $55,431 $45,273 Accounts Receivable 103,027 Inventories 125,331 104,959 2,309 52,516 Prepaid Expenses Accounts Payable (merchandise creditors) 94,246 6,109 72,543 What is the amount of cash...
The net income reported on the income statement for the current year was $300,400. Depreciation recorded on equipment an...
The net income reported on the income statement for the current year was $300,400. Depreciation recorded on equipment and a building amounted to $89,800 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $81,110 $85,980 Accounts receivable (net) 102,850 106,100 Inventories 202,780 182,790 Prepaid expenses 11,270 12,120 Accounts payable (merchandise creditors) 90,600 95,950 Salaries payable 13,060 11,950 a. Prepare...
The net income reported on an income statement for the current year was $63,000. Depreciation recorded...
The net income reported on an income statement for the current year was $63,000. Depreciation recorded on fixed assets for the year was $24,000. Balances of the current asset and current liability accounts at the end and beginning of the year are listed below. Prepare the Cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments....
The net income reported on the income statement for the current year was $150,800. Depreciation recorded...
The net income reported on the income statement for the current year was $150,800. Depreciation recorded on store equipment for the year amounted to $24,900. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $57,610 $53,000 Accounts receivable (net) 41,310 39,170 Merchandise inventory 56,400 59,630 Prepaid expenses 6,340 5,040 Accounts payable (merchandise creditors) 53,980 50,140 Wages payable 29,500 32,750 a. Prepare the...
The net income reported on the income statement for the current year was $232,500. Depreciation recorded...
The net income reported on the income statement for the current year was $232,500. Depreciation recorded on equipment and a building amounted to $69,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $63,940 $66,500 Accounts receivable (net) 81,080 82,060 Inventories 159,850 141,380 Prepaid expenses 8,890 9,380 Accounts payable (merchandise creditors) 71,420 74,210 Salaries payable 10,290 9,240 a. Prepare...
The net income reported on the income statement for the current year was $295,306. Depreciation recorded on fixed assets and amortization of patents for the year were $35,984 and $11,635, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Cash $55,258 Accounts Receivable 125,663 Inventories 108,205 Prepaid Expenses 4,229 Accounts Payable (merchandise creditors) 52,884 What is the amount of cash flows from operating activities reported on...
The net income reported on the income statement for the current year was $270,163. Depreciation recorded on fixed assets and amortization of patents for the year were $36,150 and $9,124, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $42,195 129,824 107,719 Accounts Receivable Inventories Prepaid Expenses Accounts Payable (merchandise creditors) $61,098 106,421 96,979 6,519 63,630 3,550 45,073 What is the amount of cash...
The net income reported on the income statement for the current year was $253,094. Depreciation recorded on fixed assets and amortization of patents for the year were $36,132 and $8,113, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $55,345 $40,432 Accounts Receivable 121,643 104,804 Inventories 101,904 95,492 Prepaid Expenses 3,490 7,401 Accounts Payable (merchandise creditors) 49,019 69,565 What is the amount of cash...
The net income reported on the income statement for the current year was $252,176. Depreciation recorded on fixed assets and amortization of patents for the year were $37,383, and $10,481, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $36,436 $56,297 Accounts receivable 106,564 129,589 Inventories 82,430 108,912 Prepaid expenses 6,857 2,458 Accounts payable (merchandise creditors) 69,041 45,467 What is the amount of cash...
The net income reported on the income statement for the current year was $286,967. Depreciation recorded on fixed assets and amortization of patents for the year were $44,400 and $9,883, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Beginning Cash $36,848 1 $51,932 Accounts Receivable 121,062 100,297 Inventories 100,428 85,746 Prepaid Expenses 4,522 6,290 Accounts Payable (merchandise creditors) 48,202 68,344 What is the amount of cash...
The net income reported on the income statement for the current year was $317,696. Depreciation recorded on fixed assets and amortization of patents for the year were $40,292 and $8,491, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $55,431 $45,273 Accounts Receivable 103,027 Inventories 125,331 104,959 2,309 52,516 Prepaid Expenses Accounts Payable (merchandise creditors) 94,246 6,109 72,543 What is the amount of cash...
The net income reported on an income statement for the current year was $63,000. Depreciation recorded on fixed assets for the year was $24,000. Balances of the current asset and current liability accounts at the end and beginning of the year are listed below. Prepare the Cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments....
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