Answer-
SANDHILL INDUSTRIES | ||
STATEMENT OF CASH FLOWS (USING INDIRECT METHOD) | ||
FOR THE YEAR ENDED | ||
Particulars | Amount | |
$ | ||
Cash flow from operating activities | ||
Net Income | 26433 | |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Adjustment for non cash effects | ||
Depreciation & amortization expense | 24622 | |
Loss on disposal of equipment | 220 | |
Change in operating assets & liabilities | ||
Decrease in Accounts receivable | 1378 | |
Increase in merchandise inventory | -3625 | |
Increase in accounts payable | 4940 | |
Net cash flow from operating activities (a) | 53968 | |
Cash Flow from Investing activities | ||
Sale of marketable securities | 13910 | |
Sale of equipment | 919 | |
Equipment purchased | -21772 | |
Net cash Flow from Investing activities (b) | -6943 | |
Cash Flow from Financing activities | ||
Cash dividends paid | -3043 | |
Common stock issued | 2151 | |
Net cash Flow from Financing activities (c) | -892 | |
Net Change in cash c=a+b+c | 46133 | |
Beginning cash balance | 19100 | |
Closing cash balance | 65233 |
*Exercise 13-11 The following items were gathered from Sandhill Industries' general ledger: Sale of marketable securities...
Exercise 13-11 The following items were gathered from Oriole Industries' general ledger: Sale of marketable securities Depreciation and amortization expense Payment of cash dividends Proceeds from disposal of equipment Loss on disposal of equipment Net income Beginning Cash balance Purchase of equipment Decrease in Accounts Receivable Proceeds from issuing common stock Increase in Inventory Increase in Accounts Payable Ending Cash balance $ 14,310 24,272 3,333 889 230 25,643 19,980 21,832 1,548 2,311 3,585 4,700 65,133 Using the indirect method, construct...
Exercise D13-11 The following items were gathered from Sunland Industries general ledger: Sale of marketable securities Depreciation and amortization expense Payment of cash dividends Proceeds from disposal of equipment Loss on disposal of equipment Net income Beginning Cash balance Purchase of equipment Decrease in Accounts Receivable Proceeds from issuing common stock Increase in Inventory Increase in Accounts Payable Ending Cash balance 13,940 170 19,310 21,132 1,238 2,281 63,843 Using the indirect method, construct Sunland Industries statement of cash flows. (Show...
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The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date Debit Credit Balance Jan. 1 Balance 159,600 July 31 Purchase of equipment 71,200 230,800 Sept. 2 Cost of equipment constructed 52,500 283,300 Nov. 10 Cost of equipment sold 48,300 235,000 Accumulated Depreciation—Equipment Date Debit Credit Balance Jan. 1 Balance 70,500 Nov. 10 Accumulated depreciation on equipment sold 30,200 40,300 Dec. 31 Depreciation for year 23,800 64,100 Retained Earnings Date Debit Credit Balance Jan. 1...
The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Date Debit Credit Balance Jan. 1 Balance 158,600 July 31 Purchase of equipment 69,800 228,400 Sept. 2 Cost of equipment constructed 54,400 282,800 Nov. 10 Cost of equipment sold 49,500 233,300 Accumulated Depreciation—Equipment Date Debit Credit Balance Jan. 1 Balance 69,800 Nov. 10 Accumulated depreciation on equipment sold 31,700 38,100 Dec. 31 Depreciation for year 23,400 61,500 Retained Earnings Date Debit Credit Balance Jan. 1...
The following three accounts appear in the general ledger of Ivanhoe Company during 2022. Equipment Date Debit Credit Balance Jan. 1 Balance 104,000 July 31 Purchase of equipment 45,500 149,500 Sept. 2 Cost of equipment constructed 34,450 183,950 Nov. 10 Cost of equipment sold 31,850 152,100 Credit Date Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 10,400 Depreciation for year Balance 46,150 35,750 53,950 Retained Earnings Debit Credit Date Jan. 1 Aug. 23...
Gutierrez Company reported net income of $190,100 for 2017. Gutierrez also reported depreciation expense of $46,700 and a loss of $4,600 on disposal of equipment. The comparative balance sheet shows an decrease in accounts receivable of $12,500 for the year, a $14,500 increase in accounts payable, and a $4,600 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash flow with either a -...
The three accounts shown below appear in the general ledger of Herrick Corp. during 2017. From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of equipment was $4,100. (Hint: Cost of equipment constructed is reported in the investing activities section as a decrease in cash of $52,300.) (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis...
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these are the box choices to choose from (fill out accordingly please) Question 2 The following three accounts appear in the general ledger of Herrick Corp. during 2020. Equipment Debit Credit Date Jan. 1 July 31 Sept. 2 Nov. 10 Balance Purchase of equipment Cost of equipment constructed Cost of equipment sold 71,900 55,000 Balance 160,000 231,900 286,900 238,700 48,200 Date Credit Jan. 1 Nov. 10 Dec. 31 Accumulated Depreciation-Equipment Debit Balance Accumulated depreciation on equipment sold 30,700 Depreciation for...