Homework Answers
| Income Statement | ||||
| Cash Sales | $ 115,000.00 | |||
| Less: | Cost of Goods sold | $ (90,000.00) | ||
| Net Income | $ 25,000.00 | |||
| Cash Flow Statement - Direct Method | |||
| Cash flow from operating activities | |||
| Cash Sales | $ 115,000.00 | ||
| Cash paid to suppliers | $ (85,000.00) | ||
| Net cash from operating act. | $ 30,000.00 | ||
| Cash flow from investing activities | $ - | ||
| Cash flow from financing activities | $ - | ||
| Ending cash balance | $ 30,000.00 | ||
| Cash Flow Statement - Indirect Method | |||
| Net Income | $ 25,000.00 | ||
| Cash flow from operating activities | |||
| Increase in Inventory | $(10,000.00) | ||
| Increase in Accounts Payable | $ 15,000.00 | ||
| Net cash from operating activities | $ 30,000.00 | ||
| Cash flow from investing activities | $ - | ||
| Cash flow from financing activities | $ - | ||
| Ending cash balance | $ 30,000.00 | ||
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Problem 4-4 Preparing the income statement and statement of cash flows (LO4-5, LO4-8) Consider the following...
prepare the statement of cash flows using the indirect method using the following information Problem 4:...
prepare the statement of cash flows using the indirect method
using the following information
Problem 4: Prepare the statement of cash flows using the indirect method using the following information: (22 points) Cash Accounts Receivable Prepaid Insurance Prepaid Taxes Equipment and Furniture Accounts Payable Salaries Payable Mortgage Payable Net Income Depreciation Expense Loss on sale of assets 2018 $240,000 85,000 25,000 50,000 1,000,000 60,000 25,000 985,000 300,000 150,000 5,000 2017 $ 230,500 100,000 30,000 25,000 935,000 50,000 36,000 1,250,000 250,000...
Exercise 4-20 (Static) Statement of cash flows; indirect method [LO4-8] Presented below is the 2021 income...
Exercise 4-20 (Static) Statement of cash flows; indirect method [LO4-8] Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $ 7,000 Operating expenses: Cost of goods sold $ 3,360 Depreciation expense 240 Insurance expense 100 General and administrative expense 1,800 Total operating expenses 5,500 Income before income taxes 1,500 Income tax expense (600 ) Net income $ 900...
Exercise 4-18 (Algo) Statement of cash flows; indirect method [LO4-8] Chew Corporation prepares its statement of ca...
Exercise 4-18 (Algo) Statement of cash flows; indirect method [LO4-8] Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2021 fiscal year was $1.255.000. Depreciation expense of $145,000 was included with operating expenses in the income statement The following information describes the changes in current assets and liabilities other than cash: Increase in account Eeceivable Decrease in inventory Decrease in Prepaid expenses Decrease in salaries payabl. Increase in income...
Exercise 4-20 (Algo) Statement of cash flows; indirect method[LO4-8]Presented below is the 2021 income...
Exercise 4-20 (Algo) Statement of cash flows; indirect method [LO4-8]Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises.TIGER ENTERPRISESIncome StatementFor the Year Ended December 31, 2021($ in thousands)Sales revenue$9,000Operating expenses:Cost of goods sold$3,800Depreciation expense280Insurance expense300General and administrative expense2,200Total operating expenses6,580Income before income taxes2,420Income tax expense(968)Net income$1,452Balance Sheet Information ($ in thousands)Dec. 31,2021Dec. 31, 2020Assets:Cash$380$240Accounts receivable770870Inventory700640Prepaid insurance9040Equipment2,5002,000Less: Accumulated depreciation(920)(640)Total assets$3,520$3,150Liabilities and Shareholders' Equity:Accounts payable$320$400Accrued liabilities (for general & administrative expense)320440Income taxes payable220190Notes payable (due 12/31/2022)1,040800Common...
Exercise 4-21 (Algo) Statement of cash flows; direct method [LO4-8) Presented below is the 2021 Income statement a...
Exercise 4-21 (Algo) Statement of cash flows; direct method [LO4-8) Presented below is the 2021 Income statement and comparative balance sheet information for Tiger Enterprises TIGER ENTERPRISES Incone Satenent To the Year Ended December 31, 2021 ( in thousands) Sales Eevenue Operating expenses: Core of goods old Depreciation expense Insurance capense General and administrative expense Total operating expenses Income before income taxes Income tax expense 6 100 1,800 N $1,050 income Balance sheet Internation in thousands) Dec. 31, 2021 Dec...
Exercise 4-21 (Static) Statement of cash flows; direct method [LO4-8] Presented below is the 2021 income...
Exercise 4-21 (Static) Statement of cash flows; direct method [LO4-8] Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $ 7,000 Operating expenses: Cost of goods sold $ 3,360 Depreciation expense 240 Insurance expense 100 General and administrative expense 1,800 Total operating expenses 5,500 Income before income taxes 1,500 Income tax expense (600 ) Net income $ 900...
Problem 4-9 (Algo) Statement of cash flows [LO4-8] The Diversified Portfolio Corporation provides investmen...
Problem 4-9 (Algo) Statement of cash flows [LO4-8] The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2021, appears below: Service revenue Operating expenses Income before income taxes Income tax expense Net income $1,200.000 890,000 310.000 73.500 $ 292,500 The following balance sheet information also is available Cash Accounts receivable Accrued liabilities to operating expenses) Income taxes payable 12/91/2021 12/91/2020 $444,500 $ 89,000 158,000 119.000 100,000 79.000 29,000 53,000 In...
In preparing a company's statement of cash flows using the indirect method, the following information is...
In
preparing a company's statement of cash flows using the indirect
method, the following information is availiable:
Net income Accounts payable decreased by Accounts receivable increased by Inventories increased by Depreciation expense $82,000 33,000 40,000 20,000 60,000 Net cash provided by operating activities was: Multiple Choice ο $115,000. ο $155,000. ο $49,000. ο $75,000. ο $82,000.
Part Three - Statement of Cash Flows (indirect method) Ignoring all of the previous information, use...
Part Three - Statement of Cash Flows (indirect method) Ignoring all of the previous information, use the information provided below to prepare a statement of Cash Flows using the indirect method. Use worksheet #8. Botswana Tea Company, Inc. Comparative Balance Sheet December 31, 2018 and 2017 Assets 2018 Cash 100,000 Accounts receivable (net) 78,000 Inventories 101,500 Machinery and equipment 410,000 Accumulated depreciation-machinery & equipment (150,000) Total assets 539,500 2017 78,000 85,000 90,000 370,000 (158,000) 465,000 Liabilities and Stockholders' Equity Accounts...
Exercise 4-21 (Algo) Statement of cash flows; direct method [LO4-8] Presented below is the 2021 income...
Exercise 4-21 (Algo) Statement of cash flows; direct method [LO4-8] Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $ 7,660 Operating expenses: Cost of goods sold $ 3,470 Depreciation expense 350 Insurance expense 210 General and administrative expense 1,910 Total operating expenses 5,940 Income before income taxes 1,720 Income tax expense (710 ) Net income $ 1,010...
prepare the statement of cash flows using the indirect method
using the following information
Problem 4: Prepare the statement of cash flows using the indirect method using the following information: (22 points) Cash Accounts Receivable Prepaid Insurance Prepaid Taxes Equipment and Furniture Accounts Payable Salaries Payable Mortgage Payable Net Income Depreciation Expense Loss on sale of assets 2018 $240,000 85,000 25,000 50,000 1,000,000 60,000 25,000 985,000 300,000 150,000 5,000 2017 $ 230,500 100,000 30,000 25,000 935,000 50,000 36,000 1,250,000 250,000...
Exercise 4-18 (Algo) Statement of cash flows; indirect method [LO4-8] Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2021 fiscal year was $1.255.000. Depreciation expense of $145,000 was included with operating expenses in the income statement The following information describes the changes in current assets and liabilities other than cash: Increase in account Eeceivable Decrease in inventory Decrease in Prepaid expenses Decrease in salaries payabl. Increase in income...
Exercise 4-21 (Algo) Statement of cash flows; direct method [LO4-8) Presented below is the 2021 Income statement and comparative balance sheet information for Tiger Enterprises TIGER ENTERPRISES Incone Satenent To the Year Ended December 31, 2021 ( in thousands) Sales Eevenue Operating expenses: Core of goods old Depreciation expense Insurance capense General and administrative expense Total operating expenses Income before income taxes Income tax expense 6 100 1,800 N $1,050 income Balance sheet Internation in thousands) Dec. 31, 2021 Dec...
Problem 4-9 (Algo) Statement of cash flows [LO4-8] The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2021, appears below: Service revenue Operating expenses Income before income taxes Income tax expense Net income $1,200.000 890,000 310.000 73.500 $ 292,500 The following balance sheet information also is available Cash Accounts receivable Accrued liabilities to operating expenses) Income taxes payable 12/91/2021 12/91/2020 $444,500 $ 89,000 158,000 119.000 100,000 79.000 29,000 53,000 In...
In
preparing a company's statement of cash flows using the indirect
method, the following information is availiable:
Net income Accounts payable decreased by Accounts receivable increased by Inventories increased by Depreciation expense $82,000 33,000 40,000 20,000 60,000 Net cash provided by operating activities was: Multiple Choice ο $115,000. ο $155,000. ο $49,000. ο $75,000. ο $82,000.
Part Three - Statement of Cash Flows (indirect method) Ignoring all of the previous information, use the information provided below to prepare a statement of Cash Flows using the indirect method. Use worksheet #8. Botswana Tea Company, Inc. Comparative Balance Sheet December 31, 2018 and 2017 Assets 2018 Cash 100,000 Accounts receivable (net) 78,000 Inventories 101,500 Machinery and equipment 410,000 Accumulated depreciation-machinery & equipment (150,000) Total assets 539,500 2017 78,000 85,000 90,000 370,000 (158,000) 465,000 Liabilities and Stockholders' Equity Accounts...
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