Question

9. For 2019, MAP Inc. had net income of $8,100 and collected the following information: Received dividends Decrease in mercha
To the following information for the next TWO que CPQ Corporations most recent comparative Balance of the next TWO questions
0 0
Add a comment Improve this question Transcribed image text
Answer #1

9. Cash flow fro financing activities = issue of common stock - decrease in long term notes = 3700 - 3200 = 500

10.

Particulars Amount Amount
Net Income $14000
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation Expenses $8000
Decrease in Accounts Receivable $3000
Decrease in prepaid expenses 2000
Increase in Accounts Payable $2,000 15000
Net Cash Flow from operating activities-A 29000
Add a comment
Know the answer?
Add Answer to:
9. For 2019, MAP Inc. had net income of $8,100 and collected the following information: Received...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets Ju...

    The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $ 77,900 $ 60,000 Accounts receivable, net 89,000 67,000 Inventory 79,800 110,500 Prepaid expenses 6,000 8,600 Total current assets 252,700 246,100 Equipment 140,000 131,000 Accum. depreciation—Equipment (35,000 ) (17,000 ) Total assets $ 357,700 $ 360,100 Liabilities and Equity Accounts payable $ 41,000 $ 54,000 Wages payable 7,600 18,200 Income taxes payable 5,000 7,000 Total current liabilities...

  • Required information (The following information applies to the questions displayed below.) Forten Company's current year income...

    Required information (The following information applies to the questions displayed below.) Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. FORTEN COMPANY...

  • The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June...

    The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 77,900 Accounts receivable, net 89,000 Inventory 79,800 Prepaid expenses 6,000 Total current assets 252,700 Equipment 140,000 Accum. depreciation-Equipment (35,000) Total assets $357,700 Liabilities and Equity Accounts payable $ 41,000 Wages payable 7,600 Income taxes payable 5,000 Total current liabilities 53,600 Notes payable (long term) 33,200 Total liabilities 86,800 Equity Common stock, $5 par value 252,000 Retained...

  • The comparative balance sheets for Beckwith Products Company are presented below. 2019 2018 Assets:     Cash $...

    The comparative balance sheets for Beckwith Products Company are presented below. 2019 2018 Assets:     Cash $ 36,950 $ 25,000     Accounts receivable 75,100 78,000     Inventory 45,300 36,000     Property, plant, and equipment 256,400 153,000     Accumulated depreciation 38,650 20,000 Total assets $ 375,100 $ 272,000 Liabilities and Equity:     Accounts payable $ 13,100 $ 11,000     Interest payable 11,500 8,000     Wages payable 8,100 9,000     Notes payable 106,500 90,000     Common stock 87,800 50,000     Retained earnings 148,100 104,000 Total liabilities and equity $375,100 $ 272,000 Additional Information:...

  • 2018 IKIRAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 9...

    2018 IKIRAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 92,000 Inventory 81,800 Prepaid expenses 6,200 Total current assets 276,700 Equipment 142,000 Accum. depreciation Equipment (36.000) Total assets $382,700 Liabilities and Equity Accounts payable $ 43,000 Wages payable 7,800 Income taxes payable 5,200 Total current liabilities 56,000 Notes payable (long term) 48,000 Total liabilities 104,000 Equity Common stock, $5 par value 256.000 Retained earnings 22,700 Total liabilities and equity $382,700 $...

  • Majorn Auto Parts Store had net income of $93,000 for the year just ended. Majorn collected...

    Majorn Auto Parts Store had net income of $93,000 for the year just ended. Majorn collected the following additional information to prepare its statement of cash flows for the year: Increase in accounts receivable Decrease in inventory Decrease in accounts payable Increase in retained earnings Cash received from sale of building Gain on sale of building Depreciation expense $ 126,000 $ 30,000 $ 47,000 $ 41,000 $227,000 $ 59,000 $ 44,000 Majorn uses the indirect method to prepare its statement...

  • The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. GREAT...

    The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues: $187,480 Expenses: Cost of goods sold $39,600 Operating expenses 64,820 Depreciation expense 18,900 Interest expense 9,528 Income tax expense 15,600 Total expenses 148,448 Net income $ 39,032 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Increase (I) or Decrease (D) Assets Current assets: Cash $ 264,564 $...

  • The income statement, balance sheets, and additional information for Video Phones, Inc., are provided.    Additional Information...

    The income statement, balance sheets, and additional information for Video Phones, Inc., are provided.    Additional Information for 2018: 1. Purchase investment in bonds for $100,000. 2. Sell land costing $25,000 for only $17,500, resulting in a $7,500 loss on sale of land. 3. Purchase $55,000 in equipment by issuing a $55,000 long-term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $22,500.    Required: Prepare the statement of cash...

  • Using vertical analysis, prepare an income statement. (this is all the information given) (indirect method) thats...

    Using vertical analysis, prepare an income statement. (this is all the information given) (indirect method) thats all info i have, it says indirect method on cash flow only Robust Robots, Inc. Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash Accounts Receivable, net Merchandise Inventory Supplies Prepaid Insurance Total Current Assets $ $ $ $ $ $ 65,000 150,000 135,000 9,700 30,000 389,700 $ $ $ $ $ $ 80,000 100,000 70,000 500 10,000 260,500...

  • please help The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance...

    please help The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT