The following information is available for Bernard Corporation for 2019: Net income $223,000 Decrease in accounts...
The following information is available for Bernard Corporation for 2019:
| Net income | $223,000 |
| Decrease in accounts receivable | 8,100 |
| Increase in inventory | 18,300 |
| Decrease in prepaid rent | 2,100 |
| Increase in salaries payable | 4,410 |
| Decrease in income taxes payable | 4,270 |
| Increase in notes payable (due 2023) | 50,000 |
| Depreciation expense | 44,700 |
| Loss on disposal of equipment | 11,000 |
Required:
Compute the net cash flows from operating activities using the indirect method.
Homework Answers
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The following information is available for Bernard Corporation
for 2019:
Net income
$223,000
Decrease in accounts...
solve and expalin simple Brief Exercise 11-20 Analyzing Balance Sheet Accounts A review of the balance...
solve and expalin simple
Brief Exercise 11-20 Analyzing Balance Sheet Accounts A review of the balance sheet of Dixon Company revealed the following chanpes in the account balances Required: 1. Classify each change in the balance sheet account as a cash flow from operating activities, a cash flow from investing activities, a cash flow from financing activities, or a noncash investing and financing activity. a. Increase in retained earmings b. Increase in equipment c Increase in interest receivable d. Decrease...
Answer choices given on the left side: (Indirect Method) Decrease in accounts payable Decrease in accounts...
Answer choices given on the left side: (Indirect Method)
Decrease in accounts payable
Decrease in accounts receivable
Decrease in income tax payable
Decrease in inventory
Decrease in prepaid rent
Decrease in salaries payable
Depreciation expense
Increase in accounts payable
Increase in accounts receivable
Increase in income tax payable
Increase in inventory
Increase in prepaid rent
Increase in salaries payable
Net income
Net loss
Operating expense
Portions of the financial statements for Alliance Technologies are provided below. $405,000 ALLIANCE TECHNOLOGIES Income...
$ Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease)...
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Net income Depreciation expense Gain on disposal of equipment Decrease in accounts receivable Decrease in accounts...
Net income Depreciation expense Gain on disposal of equipment Decrease in accounts receivable Decrease in accounts payable $225,000 25,000 20,500 14,000 3,600 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. Dorman Company Statement of Cash Flows Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating...
Required information [The following information applies to the questions displayed below.] Lansing Company's 2017 income statement...
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Amount Descriptions Decrease in accounts payable Decrease in accounts receivable Decrease in inventories Decrease in prepaid...
Amount Descriptions
Decrease in accounts payable
Decrease in accounts receivable
Decrease in inventories
Decrease in prepaid expenses
Decrease in salaries payable
Depreciation
Increase in accounts payable
Increase in accounts receivable
Increase in inventories
Increase in prepaid expenses
Increase in salaries payable
Net cash flow from operating activities
Net cash flow used for operating activities
Net income
Net loss
The net income reported on the income statement for the current year was $210,000. Depreciation recorded on equipment and a building amount...
00 for 2019. Net income Operations come of $100,000 for 2019. N. preciation on fixed assets...
00 for 2019. Net income Operations come of $100,000 for 2019. N. preciation on fixed assets for th d and beginning of the year are lis: for the years e listed below Section C: Cash Flows from Operations Golden Rams Company reported net income of $100 loss on the sale of equipment of $10,000 and depreciatia $15,000. Balances of select accounts at the end and be Balances Ending Beginning $ 70,000 Cash Accounts Receivable Inventories Prepaid Rent 78,000 102,000 4,000...
Indicate whether each of the following would be added to or deducted from net income in...
Indicate whether each of the following would be added to or deducted from net income in determining net cash flow from operating activities by the indirect method: a. Decrease in inventory b. Increase in accounts receivable c. Increase in accounts payable d. Loss on retirement of long-term debt e. Depreciation of fixed assets f. Decrease in notes receivable due in 60 days from customers g. Increase in salaries payable h. Decrease in prepaid expenses i. Amortization of patent j. Increase...
Exercise 17-04 Gutierrez Company reported net income of $197,600 for 2020. Gutierrez also reported depreciation expense...
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The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year...
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solve and expalin simple
Brief Exercise 11-20 Analyzing Balance Sheet Accounts A review of the balance sheet of Dixon Company revealed the following chanpes in the account balances Required: 1. Classify each change in the balance sheet account as a cash flow from operating activities, a cash flow from investing activities, a cash flow from financing activities, or a noncash investing and financing activity. a. Increase in retained earmings b. Increase in equipment c Increase in interest receivable d. Decrease...
Answer choices given on the left side: (Indirect Method)
Decrease in accounts payable
Decrease in accounts receivable
Decrease in income tax payable
Decrease in inventory
Decrease in prepaid rent
Decrease in salaries payable
Depreciation expense
Increase in accounts payable
Increase in accounts receivable
Increase in income tax payable
Increase in inventory
Increase in prepaid rent
Increase in salaries payable
Net income
Net loss
Operating expense
Portions of the financial statements for Alliance Technologies are provided below. $405,000 ALLIANCE TECHNOLOGIES Income...
$ Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) Twix 5,500 41,300 55,100 (27,600) 33,100 (60,700) Dots $ 138,000 11,000 27,500 (13,800) (30,400) 16,600 Skor $ 99,600 33,200 (5,500) 13,800 19,300 (11,000) For each separate company, compute cash flows from operations using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Dots 138,000 Skor 99,600 $ $ Cash Flows from Operating Activities (Indirect)+ I...
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Required information [The following information applies to the questions displayed below.] Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31 2017 $112,200 47,000 14,500 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 23,000 9,500 4,300 4,100 3,300 $ 6,500 Net income LANSING COMPANY Selected Balance Sheet...
Amount Descriptions
Decrease in accounts payable
Decrease in accounts receivable
Decrease in inventories
Decrease in prepaid expenses
Decrease in salaries payable
Depreciation
Increase in accounts payable
Increase in accounts receivable
Increase in inventories
Increase in prepaid expenses
Increase in salaries payable
Net cash flow from operating activities
Net cash flow used for operating activities
Net income
Net loss
The net income reported on the income statement for the current year was $210,000. Depreciation recorded on equipment and a building amount...
00 for 2019. Net income Operations come of $100,000 for 2019. N. preciation on fixed assets for th d and beginning of the year are lis: for the years e listed below Section C: Cash Flows from Operations Golden Rams Company reported net income of $100 loss on the sale of equipment of $10,000 and depreciatia $15,000. Balances of select accounts at the end and be Balances Ending Beginning $ 70,000 Cash Accounts Receivable Inventories Prepaid Rent 78,000 102,000 4,000...
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