Question 1 Using the following data, prepare the operating activities section of a statement of cash...
Question 1
Using the following data, prepare the operating activities section of a statement of cash flows for Maximum Corporation for the year ended December 31, 20X6, using the indirect method.
Increase in salary payable $1,50
Decrease in accounts payable 2,0000
Increase in accounts receivable 3,500
Net income 98,00
Decrease in inventory 5,800
Increase in prepaid expenses 1,200
Depreciation expense – equipment 5,000
Depreciation expense – building 7,500
Gain on sale of equipment 1,300
Loss on sale of patent 2,500
Homework Answers
Add Answer to:
Question 1
Using the following data, prepare the operating activities
section of a statement of cash...
Question 1 Using the following data, prepare the operating activities section of a statement of cash...
Question 1 Using the following data, prepare the operating activities section of a statement of cash flows for Maximum Corporation for the year ended December 31, 20X6, using the indirect method. Increase in salary payable $1,50 Decrease in accounts payable 2,0000 Increase in accounts receivable 3,500 Net income 98,00 Decrease in inventory 5,800 Increase in prepaid expenses 1,200 Depreciation expense – equipment 5,000 Depreciation expense – building 7,500 Gain on sale of equipment 1,300 Loss on sale of patent 2,500
Indirect Method - Preparing the Operating Activities Section The following data are from the accounting records...
Indirect Method - Preparing the Operating Activities Section The following data are from the accounting records of Clooney Company. Description Amount Net income (accrual basis) $ 40,000 Depreciation expense 7,800 Decrease in salaries payable 1,200 Decrease in trade accounts receivable 1,800 Increase in merchandise inventory 2,500 Amortization of patent Increase in long-term liabilities 10,000 Sale of capital stock for cash 25,000 Accounts payable increase 4,000 Prepare the operating activities section of the statement of cash flows for Clooney Company using...
When creating the operating section of the cash flow statement using the indirect method are the...
When creating the operating section of the cash flow statement using the indirect method are the following adjustments added to Net Income or subtracted from Net Income? Depreciation expense (Select] Gain on sale of long-term asset [Select ] Loss on sale of long-term asset (Select] Increase in short-term liabilities (Select] Decrease in short-term assets [Select] Decrease in short-term liabilities (Select] Increase in short-term assets (Select] [Select] W added to subtracted from added to Net Income for A company is $100,000....
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremont Corporation to prepare...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremont Corporation to prepare a statement of cash flows using the indirect method: Accounts payable increase $14,000 Accounts receivable increase 7,000 Accrued liabilities decrease 5,000 Amortization expense 31,000 Cash balance, January 1 21,000 Cash balance, December 31 141,000 Cash paid as dividends 41,000 Cash paid to purchase land 81,000 Cash paid to retire bonds payable at par 70,000 Cash received from issuance of common stock 75,000 Cash received...
We need use the data to prepare cash flows from operating activities section of the statement...
We need use the data to prepare cash flows from operating
activities section of the statement of cash flows using the
indirect method and develop cash flow
CASH FLOWS FROM OPERATING ACTIVITIES- INDIRECT METHOD PROBLEM DATA DEMONSTRATION COMPANY Comparative Balance Sheet Accounts December 31, 2005 2004 $30,000 $39,000 15,000 10,000 20,000 18,000 s.e Change Ce Current assets Accounts receivable Prepaid rent Inventory Current liabilities 18,000 12,000 Accounts payable Interest payable Taxes payable 6,000 2,000 3,000 S,000 DEMONSTRATION COMPANY Income Statement...
7. Prepare the operating section of the statement of cash flows under the Indirect method using...
7. Prepare the operating section of the statement of cash flows under the Indirect method using the income statement below. During the year, the accounts payable also increased by $1,200 and accounts receivable decreased by $2,200 $182,100 90.400 $ 91,700 ABC Corporation Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of merchandise sold Gross profit Operating expenses: Salaries expense $41,300 Advertising expense 1.500 Depreciation expense Amortization expense Total operating expenses Income from operations Other income and...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremantle Corporation to prepare...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremantle Corporation to prepare a statement of cash flows using the indirect method Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds payable at par Cash received from issuance of common stock 75,000 Cash received from sale of equipment Depreciation expense Gain on sale...
Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year:...
Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year: Depreciation expense $46,000 26,830 Gain on disposal of equipment 287,600 Net income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $7,160 (4,080) Inventory Prepaid insurance (1,530) (4,860) Accounts payable Income taxes payable 1,530 Dividends payable 1,070 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the...
6. The following schedule relates the income statement with cash flows from operating activities, derived by...
6.
The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. Some elements necessary to complete the schedule are missing. Required: Complete the schedule by determining each of the following missing elements: (Amounts to be deducted should be indicated with a minus sign.) Income Statement $ Sales Gain on sale of equipment Cash flows from Operating Activities Indirect Method Direct Method Net income Adjustments: 355 Decrease in accounts receivable...
1. Based on the following infomation for XYZ, Inc., prepare the operating section of the statement...
1. Based on the following infomation for XYZ, Inc., prepare the operating section of the statement of cash flows for 2021: Increase in accounts payable Decrease in accounts payable Increase in accounts receivable 2021 2020 $ 104,558,367 Current assets Revenues Gain/(loss) on sales of assets Accounts receivable 8,836,351 Decrease in accounts receivable (275,660) 7,520,299 17.50% + Total revenues Inventory -31.75% - 104,282,707 16,918,496 24,789,005 Increase in accrued liabilities Prepaid expenses 1,475,769 Decrease in accrued liabilities -4.50% - Expenses: 1,545,308 Amortization...
Indirect Method - Preparing the Operating Activities Section The following data are from the accounting records of Clooney Company. Description Amount Net income (accrual basis) $ 40,000 Depreciation expense 7,800 Decrease in salaries payable 1,200 Decrease in trade accounts receivable 1,800 Increase in merchandise inventory 2,500 Amortization of patent Increase in long-term liabilities 10,000 Sale of capital stock for cash 25,000 Accounts payable increase 4,000 Prepare the operating activities section of the statement of cash flows for Clooney Company using...
When creating the operating section of the cash flow statement using the indirect method are the following adjustments added to Net Income or subtracted from Net Income? Depreciation expense (Select] Gain on sale of long-term asset [Select ] Loss on sale of long-term asset (Select] Increase in short-term liabilities (Select] Decrease in short-term assets [Select] Decrease in short-term liabilities (Select] Increase in short-term assets (Select] [Select] W added to subtracted from added to Net Income for A company is $100,000....
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremont Corporation to prepare a statement of cash flows using the indirect method: Accounts payable increase $14,000 Accounts receivable increase 7,000 Accrued liabilities decrease 5,000 Amortization expense 31,000 Cash balance, January 1 21,000 Cash balance, December 31 141,000 Cash paid as dividends 41,000 Cash paid to purchase land 81,000 Cash paid to retire bonds payable at par 70,000 Cash received from issuance of common stock 75,000 Cash received...
We need use the data to prepare cash flows from operating
activities section of the statement of cash flows using the
indirect method and develop cash flow
CASH FLOWS FROM OPERATING ACTIVITIES- INDIRECT METHOD PROBLEM DATA DEMONSTRATION COMPANY Comparative Balance Sheet Accounts December 31, 2005 2004 $30,000 $39,000 15,000 10,000 20,000 18,000 s.e Change Ce Current assets Accounts receivable Prepaid rent Inventory Current liabilities 18,000 12,000 Accounts payable Interest payable Taxes payable 6,000 2,000 3,000 S,000 DEMONSTRATION COMPANY Income Statement...
7. Prepare the operating section of the statement of cash flows under the Indirect method using the income statement below. During the year, the accounts payable also increased by $1,200 and accounts receivable decreased by $2,200 $182,100 90.400 $ 91,700 ABC Corporation Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of merchandise sold Gross profit Operating expenses: Salaries expense $41,300 Advertising expense 1.500 Depreciation expense Amortization expense Total operating expenses Income from operations Other income and...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremantle Corporation to prepare a statement of cash flows using the indirect method Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds payable at par Cash received from issuance of common stock 75,000 Cash received from sale of equipment Depreciation expense Gain on sale...
Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year: Depreciation expense $46,000 26,830 Gain on disposal of equipment 287,600 Net income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $7,160 (4,080) Inventory Prepaid insurance (1,530) (4,860) Accounts payable Income taxes payable 1,530 Dividends payable 1,070 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the...
6.
The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. Some elements necessary to complete the schedule are missing. Required: Complete the schedule by determining each of the following missing elements: (Amounts to be deducted should be indicated with a minus sign.) Income Statement $ Sales Gain on sale of equipment Cash flows from Operating Activities Indirect Method Direct Method Net income Adjustments: 355 Decrease in accounts receivable...
1. Based on the following infomation for XYZ, Inc., prepare the operating section of the statement of cash flows for 2021: Increase in accounts payable Decrease in accounts payable Increase in accounts receivable 2021 2020 $ 104,558,367 Current assets Revenues Gain/(loss) on sales of assets Accounts receivable 8,836,351 Decrease in accounts receivable (275,660) 7,520,299 17.50% + Total revenues Inventory -31.75% - 104,282,707 16,918,496 24,789,005 Increase in accrued liabilities Prepaid expenses 1,475,769 Decrease in accrued liabilities -4.50% - Expenses: 1,545,308 Amortization...
Most questions answered within 3 hours.
-
An economist wants to estimate the mean per capita income (in
thousands of dollars) for a...
asked 10 minutes ago -
What would be the input/output characteristic of a circuit
obtained by putting two of your 2's-complementers...
asked 9 minutes ago -
In Drosophila, the transition from the syncytial blastoderm
stage to the cellular blastoderm stage is a...
asked 37 minutes ago -
Project management question:
Name 3 different types of resources (hint: humans are one
type)
asked 50 minutes ago -
Consider the following reaction: C 2H 2( g) + 2H 2( g) C 2H 6(
g)...
asked 57 minutes ago -
Consider a 1.0 L buffer containing 0.092 mol L-1 HCOOH and 0.100
mol L-1 HCOO-. What...
asked 1 hour ago -
Koch Realty has owned a vacant land with a FMV of
$775,000 and an adjusted basis...
asked 1 hour ago -
It is estimated 29% of all adults in United States invest in
stocks and that 85%...
asked 1 hour ago -
What does a 2-sided p value of 0.04 mean? (I am not asking if it
is...
asked 1 hour ago -
A parallel-plate capacitor is made from two aluminum-foil
sheets, each 7.8 cmcm wide and 5.1 mmlong....
asked 1 hour ago -
1. why is toluene a stronger nucleophile than benzene?
2.why is phenol a stronger nucleophile than...
asked 1 hour ago -
4. How can you solve for the density of the liquid from the
slope? Please show...
asked 1 hour ago