The following information was taken from the 2018 financial statements of Waterway Industries: Inventory, January 1,...
The following information was taken from the 2018 financial
statements of Waterway Industries:
| Inventory, January 1, 2018 | $ 177000 |
| Inventory, December 31, 2018 | 242000 |
| Accounts payable, January 1, 2018 | 157000 |
| Accounts payable, December 31, 2018 | 234000 |
| Sales revenue | 1120000 |
| Cost of goods sold | 802000 |
If the direct method is used in the 2018 statement of cash flows,
what amount should Waterway report as cash payments to
suppliers?
Homework Answers
Answer:
Cost of Goods Sold = Inventory, January 1, 2018 + Inventory
Purchases – Inventory, December 31, 2018
$802,000 = $177,000 + Inventory Purchases - $242,000
Inventory Purchases = $867,000
Accounts Payable, December 31, 2018 = Accounts Payable, January
1, 2018 + Inventory Purchases – Cash paid to Suppliers
$234,000 = $157,000 + $867,000 - Cash paid to Suppliers
Cash paid to Suppliers = $790,000
Add Answer to:
The following information was taken from the 2018 financial
statements of Waterway Industries:
Inventory, January 1,...
These items are taken from the financial statements of Waterway Industries for 2017. Retained earnings (beginning...
These items are taken from the financial statements of Waterway Industries for 2017. Retained earnings (beginning of year) $35,340 Utilities expense 2,140 Equipment 70,340 Accounts payable 20,230 Cash 14,290 Salaries and wages payable 7,920 Common stock 12,000 Dividends 12,000 Service revenue 70,650 Prepaid insurance 8,420 Maintenance and repairs expense 1,660 3,120 Depreciation expense Accounts receivable 13,630 2,680 Insurance expense 39,650 Salaries and wages expense 21,790 Accumulated depreciation-equipment (a) Prepare an income statement for the year ended December 31, 2017. Waterway...
7) The following information was taken from th Corporation: hommation was taken from the 2015 financial...
7) The following information was taken from th Corporation: hommation was taken from the 2015 financial statements of Jenny Garan Inventory, January 1, 2015 Inventory. December 31, 2015 Accounts payable, January 1, 2015 Accounts payable, December 31, 2015 Cost of goods sold $ 90,000 120,000 75.000 120,000 400.000 If the direct method is used in the 201 Gardner report as cash payments to suppliers? ethod is used in the 2015 statement of cash flows, what amount should Jenny a. b....
These items are taken from the financial statements of Waterway Industries at December 31, 2017. Buildings...
These items are taken from the financial statements of Waterway Industries at December 31, 2017. Buildings $120,612 Accounts receivable 14,364 Prepaid insurance 3,648 Cash 13,498 Equipment 93,936 Land 69,768 Insurance expense 889 Depreciation expense 6,042 Interest expense 2,964 Common stock 68,400 Retained earnings (January 1, 2017) 45,600 Accumulated depreciation—buildings 51,984 Accounts payable 10,830 Notes payable 106,704 Accumulated depreciation—equipment 21,341 Interest payable 4,104 Service revenue 16,758 Prepare a classified balance sheet. Assume that $15,504 of the note payable will be paid...
Problem 12-07A Presented below are the financial statements of Waterway Industries. Waterway Industries Comparative Bal...
Problem 12-07A Presented below are the financial statements of Waterway Industries. Waterway Industries Comparative Balance Sheets December 31 Assets 2022 2021 $58,000 $101,500 Cash 40,600 Accounts receivable 58,000 81,200 Inventory 58,000 Property, plant, and equipment 174,000 226,200 (92,800) (69,600) Accumulated depreciation $321,900 $313,200 Total Liabilities and Stockholders' Equity $ 43,500 $55,100 Accounts payable Income taxes payable 20,300 23,200 Bonds payable 49,300 95,700 52,200 Common stock 40,600 Retained earnings 110,200 145,000 $321,900 $313,200 Total Waterway Industries Income Statement For the Year...
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication....
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication. Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials budgeted for use during the year Accounts payable to suppliers of materials, January 1 Accounts payable to suppliers of materials, December 31 $ 68,000 172,000 380,000 50,000 79,000 a. Compute the budgeted amount for purchases of direct materials during the year. b. Compute the budgeted amount for cash payments during the year...
The following information is from the Manufacturing budget and the budgeted financial statements of Fabor Fabrication....
The following information is from the Manufacturing budget and the budgeted financial statements of Fabor Fabrication. Direct materials inventory, January 1 $ 68,000. Direct materials inventory, December 31 106,000. Direct materials budgeted for use during the year 390,000. Accounts payable to suppliers of materials, January 1 $50,000. Accounts payable to suppliers of materials, December 31 $79,000. Compute the budgeted amount for purchases of direct materials during the year. Compute the budgeted amount for cash payments during the year to suppliers...
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication....
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication. Direct materials inventory, January 1 $ 68,000 Direct materials inventory, December 31 64,000 Direct materials budgeted for use during the year 300,000 Accounts payable to suppliers of materials, January 1 50,000 Accounts payable to suppliers of materials, December 31 79,000 a. Compute the budgeted amount for purchases of direct materials during the year. b. Compute the budgeted amount for cash payments during the...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 54,148 48,192 8,036 2,447 5,320 43,860 1,370 21, 118 2,707 The following activities occurred in 2019: 1. Performed advertising services on account, $64,050. 2. Received cash payments on account, $12,300. 3. Received deposits from customers for advertising services to...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. $ 50,596 Advertising Revenue Cash 45,030 Accounts Receivable 7,697 Interest Expense 2,378 Accounts Payable 5,170 Operating Expenses 40,983 Deferred Revenue 1,280 Equipment 19,732 Income Tax Expense 2,530 The following activities occurred in 2019: 1. Performed advertising services on account, $59,850. 2. Received cash payments on account, $11,400. 3. Received deposits from customers for advertising services to be...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 55, 332 49,245 8,149 2,470 5,370 44,819 1,400 21,579 2,767 The following activities occurred in 2019: 1. Performed advertising services on account, $65,450. 2. Received cash payments on account, $12,600. 3. Received deposits from customers for advertising services to...
These items are taken from the financial statements of Waterway Industries for 2017. Retained earnings (beginning of year) $35,340 Utilities expense 2,140 Equipment 70,340 Accounts payable 20,230 Cash 14,290 Salaries and wages payable 7,920 Common stock 12,000 Dividends 12,000 Service revenue 70,650 Prepaid insurance 8,420 Maintenance and repairs expense 1,660 3,120 Depreciation expense Accounts receivable 13,630 2,680 Insurance expense 39,650 Salaries and wages expense 21,790 Accumulated depreciation-equipment (a) Prepare an income statement for the year ended December 31, 2017. Waterway...
7) The following information was taken from th Corporation: hommation was taken from the 2015 financial statements of Jenny Garan Inventory, January 1, 2015 Inventory. December 31, 2015 Accounts payable, January 1, 2015 Accounts payable, December 31, 2015 Cost of goods sold $ 90,000 120,000 75.000 120,000 400.000 If the direct method is used in the 201 Gardner report as cash payments to suppliers? ethod is used in the 2015 statement of cash flows, what amount should Jenny a. b....
Problem 12-07A Presented below are the financial statements of Waterway Industries. Waterway Industries Comparative Balance Sheets December 31 Assets 2022 2021 $58,000 $101,500 Cash 40,600 Accounts receivable 58,000 81,200 Inventory 58,000 Property, plant, and equipment 174,000 226,200 (92,800) (69,600) Accumulated depreciation $321,900 $313,200 Total Liabilities and Stockholders' Equity $ 43,500 $55,100 Accounts payable Income taxes payable 20,300 23,200 Bonds payable 49,300 95,700 52,200 Common stock 40,600 Retained earnings 110,200 145,000 $321,900 $313,200 Total Waterway Industries Income Statement For the Year...
The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication. Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials budgeted for use during the year Accounts payable to suppliers of materials, January 1 Accounts payable to suppliers of materials, December 31 $ 68,000 172,000 380,000 50,000 79,000 a. Compute the budgeted amount for purchases of direct materials during the year. b. Compute the budgeted amount for cash payments during the year...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 54,148 48,192 8,036 2,447 5,320 43,860 1,370 21, 118 2,707 The following activities occurred in 2019: 1. Performed advertising services on account, $64,050. 2. Received cash payments on account, $12,300. 3. Received deposits from customers for advertising services to...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. $ 50,596 Advertising Revenue Cash 45,030 Accounts Receivable 7,697 Interest Expense 2,378 Accounts Payable 5,170 Operating Expenses 40,983 Deferred Revenue 1,280 Equipment 19,732 Income Tax Expense 2,530 The following activities occurred in 2019: 1. Performed advertising services on account, $59,850. 2. Received cash payments on account, $11,400. 3. Received deposits from customers for advertising services to be...
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 55, 332 49,245 8,149 2,470 5,370 44,819 1,400 21,579 2,767 The following activities occurred in 2019: 1. Performed advertising services on account, $65,450. 2. Received cash payments on account, $12,600. 3. Received deposits from customers for advertising services to...
Most questions answered within 3 hours.
-
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 53 minutes ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 28 minutes ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 7 minutes ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 1 hour ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 1 hour ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 1 hour ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 2 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 2 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 2 hours ago -
The manufacturers of Oriental Spice Sauce are concerned that the
sodium levels in their product vary...
asked 3 hours ago -
PLEASE DON'T ANSWER IF YOU CAN'T ANSWER ALL OF THE QUESTIONS. I
DESPERATELY NEED HELP
Consider...
asked 3 hours ago -
DO NOT ANSWER IF YOU ARE UNSKILLED IN THIS AREA! TYPE OR WRITE
EACH ANSWER CLEARLY!!...
asked 3 hours ago