Homework Answers
| Statement of Cash Flows - Indirect Method | ||
| Amount in $ | Amount in $ | |
| Net income | $ 18,00,000 | |
| Cash flows from operating activities | ||
| Adjustments for: | ||
| Depreciation | $ 5,40,000 | |
| Gain on sale of Equipment | $ -2,00,000 | |
| (Increase) / Decrease in Account receivables | $ -3,35,000 | |
| Inventory Decrease / (Increase) | $ 40,000 | |
| Increase in Wages Payable | $ 3,70,000 | |
| $ 4,15,000 | ||
| Net cash from operating activities | $ 22,15,000 | |
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1.3 Brief Exercise 14-19 Operating Cash Flows: Indirect Method Swasey Company provided the following partial comparative...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current Assets 3 Accounts receivable 745,000.00 677,000.00 4 Inventories 295,000.00 315,000.00 5 Current liabilities 6 Wages payable 705,000.00 680,000.00 Swasey Company Income Statement For the Year Ended December 31, 20X2 1 Revenues 3,410,000.00 2 Gain on sale of equipment 100,000.00 3 Cost of goods sold (1,910,000.00) 4 Depreciation expense...
Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2...
Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current Assets 3 Accounts receivable 1,500,000.00 1,165,000.00 4 Inventories 600,000.00 640,000.00 5 Current liabilities 6 Wages payable 1,400,000.00 1,030,000.00 Swasey Company Income Statement For the Year Ended December 31, 20X2 1 Revenues 6,000,000.00 2 Gain on sale of equipment 200,000.00 3 Cost of goods sold (3,840,000.00) 4 Depreciation expense (540,000.00) 5 Interest expense (20,000.00) 6 Net income $1,800,000.00 Required: Compute operating cash flows using...
Compute operating cash flows using the direct method. Tidwell Company has provided the following partial comparative...
Compute operating cash flows using the direct method. Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X2. Tidwell Company Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current assets: 3 Accounts receivable $350,000.00 $282,000.00 4 Inventories 126,000.00 147,000.00 5 Current liabilities: 6 Accounts payable 299,000.00 239,000.00 Tidwell Company Income Statement For the Year Ended December 31, 20X2 1 Revenues $1,208,000.00 2 Gain on sale of equipment 55,000.00 3...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2 Swasey...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2 Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current assets: 3 Cash $460,000.00 $1,320,000.00 4 Accounts receivable $1,500,000.00 $1,165,000.00 5 Inventories 600,000.00 640,000.00 6 Long-term assets: 7 Plant and equipment 4,400,000.00 4,300,000.00 8 Accumulated depreciation (2,400,000.00) (2,540,000.00) 9 Land 2,000,000.00 2,875,000.00 10 Total assets $6,560,000.00 $7,760,000.00 11 Current liabilities: 12 Wages payable $1,400,000.00 $1,030,000.00 13 Long-term liabilities: 14...
Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value...
Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20x2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 Accumulated depreciation (2,400,000) (2,540,000) Land 2,000,000 2,875,000 Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate a...
iment-take&inprogress-false Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book...
iment-take&inprogress-false Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 (2,400,000) (2,540,000) Accumulated depreciation 2,875,000 2,000,000 Land Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate...
Brief Exercise 4-32 - Prepare a worksheet for Evans Company. Required: Compute operating cash flows using...
Brief Exercise 4-32 - Prepare a worksheet for Evans Company.
Required: Compute operating cash flows using the direct method Brief Exercise 14-32 Worksheet Approach During 20X2, Evans Company had the following transactions: a. Cash dividends of $6,000 were paid. b Equipenent was sold for $2.880, It had an original cost of $10.800 and a book value of s5.400. The loss is included in operating expenses c. Land with a fair market value of $15,000 was acquired by issuing common stock...
Problem 21-14 (Algo) Statement of cash flows; Indirect method; Ilmited Information [LO21-4, 21-8] The comparative balance...
Problem 21-14 (Algo) Statement of cash flows; Indirect method; Ilmited Information [LO21-4, 21-8] The comparative balance sheets for 2021 and 2020 are given below for Surmise Company. Net income for 2021 was $80 million. SURMISE COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2e2e $ 58 106 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Prepaid expenses Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Patent $ 55 89 (24) 19 132...
Statement of Cash Flows (Indirect Method) The Wolff Company's income statement and comparative balance sheets at...
Statement of Cash Flows (Indirect Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 .. and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $762,000 Cost of Goods Sold $516,000 Wages Expense 103,200 Insurance Expense 9,600 Depreciation Expense 20,400 Interest Expense 10,800 Income Tax Expense 34,800 694,800 Net Income $67,200 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash $13,200 $6,000 Accounts...
Statement of Cash Flows (Indirect Method) The Wolff Company's income statement and comparative balance sheets at...
Statement of Cash Flows (Indirect Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2016 and 2015 are shown below: ce WOLFF COMPANY Income Statement For the Year Ended December 31, 2016 Sales Revenue $645,000 Cost of Goods Sold $430,000 Wages Expense 86,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 12,000 Income Tax Expense 29,000 582,000 Net Income $63,000 We were unable to transcribe this imageRequired a. Calculate the change in cash that occurred...
Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20x2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 Accumulated depreciation (2,400,000) (2,540,000) Land 2,000,000 2,875,000 Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate a...
iment-take&inprogress-false Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 (2,400,000) (2,540,000) Accumulated depreciation 2,875,000 2,000,000 Land Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate...
Brief Exercise 4-32 - Prepare a worksheet for Evans Company.
Required: Compute operating cash flows using the direct method Brief Exercise 14-32 Worksheet Approach During 20X2, Evans Company had the following transactions: a. Cash dividends of $6,000 were paid. b Equipenent was sold for $2.880, It had an original cost of $10.800 and a book value of s5.400. The loss is included in operating expenses c. Land with a fair market value of $15,000 was acquired by issuing common stock...
Problem 21-14 (Algo) Statement of cash flows; Indirect method; Ilmited Information [LO21-4, 21-8] The comparative balance sheets for 2021 and 2020 are given below for Surmise Company. Net income for 2021 was $80 million. SURMISE COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2e2e $ 58 106 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Prepaid expenses Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Patent $ 55 89 (24) 19 132...
Statement of Cash Flows (Indirect Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 .. and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $762,000 Cost of Goods Sold $516,000 Wages Expense 103,200 Insurance Expense 9,600 Depreciation Expense 20,400 Interest Expense 10,800 Income Tax Expense 34,800 694,800 Net Income $67,200 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash $13,200 $6,000 Accounts...
Statement of Cash Flows (Indirect Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2016 and 2015 are shown below: ce WOLFF COMPANY Income Statement For the Year Ended December 31, 2016 Sales Revenue $645,000 Cost of Goods Sold $430,000 Wages Expense 86,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 12,000 Income Tax Expense 29,000 582,000 Net Income $63,000 We were unable to transcribe this imageRequired a. Calculate the change in cash that occurred...
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