Exercise 12-4 The current sections of Shamrock, Inc.’s balance sheets at December 31, 2016 and 2017,...
Exercise 12-4 The current sections of Shamrock, Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Shamrock, Inc.’s net income for 2017 was $153,612. Depreciation expense was $27,108. 2017 2016 Current assets Cash $105,420 $ 99,396 Accounts receivable 80,320 89,356 Inventory 168,672 172,688 Prepaid expenses 27,108 22,088 Total current assets $381,520 $383,528 Current liabilities Accrued expenses payable $ 15,060 $ 5,020 Accounts payable 85,340 92,368 Total current liabilities $100,400 $ 97,388 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Shamrock, Inc. Partial Statement of Cash Flows $ Adjustments to reconcile net income to $ $
Homework Answers
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Cash flow from operating activities |
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net income |
153612 |
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add depreciation |
27108 |
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changes in working capital |
||
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decrease in accounts receivables |
9036 |
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|
decrease in inventory |
4016 |
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|
increase in prepaid expense |
-5020 |
|
|
increase in accrued expense |
10040 |
|
|
decrease in accounts payable |
-7028 |
|
|
cash flow from operating activities |
191764 |
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Exercise 12-4 The current sections of Shamrock, Inc.’s balance
sheets at December 31, 2016 and 2017,...
The current sections of Sunn Inc.'s balance sheets at December 31, 2016 and 2017, are presented...
The current sections of Sunn Inc.'s balance sheets at December 31, 2016 and 2017, are presented here. Sunn Inc.'s net income for 2017 was $153,000. Depreciation expense was $27,000 2017 2016 Current assets Cash Accounts receivable Inventory Prepaid expenses $105,000 80,000 168,000 27,000 $380,000 $99,000 89,000 172,000 22,000 $382,000 Total current assets Current liabilities Accrued expenses payable Accounts payable $15,000 85,000 $100,000 $5,000 92,000 $97,000 Total current liabilities Prepare the net cash provided (used) by operating activitles section of the...
Exercise 12-5 The current sections of Windsor, Inc.’s balance sheets at December 31, 2018 and 2019,...
Exercise 12-5 The current sections of Windsor, Inc.’s balance sheets at December 31, 2018 and 2019, are presented here. Windsor’s net income for 2019 was $152,200. Depreciation expense was $24,500. 2019 2018 Current assets Cash $102,400 $96,100 Accounts receivable 110,900 80,000 Inventory 157,000 172,800 Prepaid expenses 26,800 25,600 Total current assets $397,100 $374,500 Current liabilities Accrued expenses payable $15,800 $8,700 Accounts payable 86,000 95,600 Total current liabilities $101,800 $104,300 Prepare the net cash provided by operating activities section of the...
Exercise 12-05 The current sections of Pronghorn Corp's balance sheets at December 31, 2021 and 2022,...
Exercise 12-05 The current sections of Pronghorn Corp's balance sheets at December 31, 2021 and 2022, are presented here. Pronghorn Corp's net income for 2022 was $183,600 Depreciation expense was $32,400 2022 2021 Current assets $126,000 $118,800 Cash 106,800 96,000 Accounts receivable 201,600 206,400 Inventory 32,400 26,400 Prepaid expenses $456,000 $458,400 Total current assets Current liabilities Accrued expenses payable $18,000 $6,000 Accounts payable 102,000 110,400 $120,000 $116,400 Total current liabilities Prepare the net cash provided (used) by operating activities section...
The current sections of Scoggin Inc.'s balance sheet at December 31, 2016 and 2017, are presented...
The current sections of Scoggin Inc.'s balance sheet at December 31, 2016 and 2017, are presented here. Scoggin's net income for 2017 was $153,000. Depreciation expense was $24,000 2017 2016 Current assets Cash $105,000 $99,000 Accounts Receivable 110,000 89,000 Inventory 158,000 172,000 Prepaid expenses 27,000 23,000 Total current assets $400,000 $ 382,000 Current Liabilities Accrued expense possible $15,000 $. 5,000 Accounts payable 85,000 92,000 Total current liabilities. $100,000 $ 97,000 Prepare the net cash provided by operating activities section on...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year Ended December 31, 2017 $1,775,100 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,123,620 100,650 29,280 1,253,550 521,550 102,480 $419,070 Shamrock, Inc.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $128,100 75,030 23,790 $109,800 58,560 12,810 Accounts payable pertain...
The current sections of Marin Inc.’s balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Marin Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Marin Inc.’s net income for 2022 was $317,500. Depreciation expense was $52,500. 2022 2021 Current assets Cash $77,500 $ 111,250 Accounts receivable 106,250 86,250 Inventory 97,500 77,500 Prepaid expenses 21,250 23,750 Total current assets $302,500 $298,750 Current liabilities Accrued expenses payable $ 7,500 $ 20,000 Accounts payable 110,000 90,000 Total current liabilities $117,500 $ 110,000 Prepare the net cash provided by operating activities...
The current sections of Ivanhoe Company's balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Ivanhoe Company's balance sheets at December 31, 2021 and 2022, are presented here. Ivanhoe Company's net income for 2022 was $165,100. Depreciation expense was $27,300. 2022 2021 Current assets Cash $40,300 $57,850 Accounts receivable 55,250 44,850 Inventory 50,700 40,300 Prepaid expenses 11,050 12,350 Total current assets $157,300 $155,350 Current liabilities Accrued expenses payable $3,900 $10,400 Accounts payable 57,200 46,800 Total current liabilities $61,100 $57,200 Prepare the net cash provided by operating activities section of the company's...
The current sections of Sheridan Company's balance sheets at December 31, 2019 and 2020, are presented...
The current sections of Sheridan Company's balance sheets at December 31, 2019 and 2020, are presented here. Sheridan's net income for 2020 was $152,700. Depreciation expense was $24,300. 2019 2018 Current assets Cash Accounts receivable Inventory $107,100 $95,300 109,200 78,300 157,800 171,100 26,100 25,300 $400,200 $370,000 Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable $15,300 $9,900 84,700 95,300 $100,000 $105,200 Total current liabilities Prepare the net cash provided by operating activities section of the company's statement...
The current sections of Bridgeport Corp.'s balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Bridgeport Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Bridgeport Corp.'s net income for 2022 was $76,500. Depreciation expense was $13,500. 2022 2021 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $52,500 40,000 84,000 13,500 $190,000 $ 49,500 44,500 86,000 11,000 $191,000 $ 7,500 42,500 $50,000 $ 2,500 46,000 $ 48,500 Prepare the net cash provided (used) by operating...
Current Attempt in Progress The current sections of Ivanhoe Company's balance sheets at December 31, 2021...
Current Attempt in Progress The current sections of Ivanhoe Company's balance sheets at December 31, 2021 and 2022, are presented here. Ivanhoe Company's net income for 2022 was $99,450. Depreciation expense was $17,550. 2022 2021 Current assets Cash $68,250 $64,350 Accounts receivable 52,000 57,850 Inventory 109,200 111,800 Prepaid expenses 17,550 14.300 Total current assets $247,000 $248,300 Current liabilities Accrued expenses payable $9,750 $3,250 Accounts payable 55,250 59,800 Total current liabilities $65,000 $63,050 Prepare the net cash provided (used) by operating...
The current sections of Sunn Inc.'s balance sheets at December 31, 2016 and 2017, are presented here. Sunn Inc.'s net income for 2017 was $153,000. Depreciation expense was $27,000 2017 2016 Current assets Cash Accounts receivable Inventory Prepaid expenses $105,000 80,000 168,000 27,000 $380,000 $99,000 89,000 172,000 22,000 $382,000 Total current assets Current liabilities Accrued expenses payable Accounts payable $15,000 85,000 $100,000 $5,000 92,000 $97,000 Total current liabilities Prepare the net cash provided (used) by operating activitles section of the...
Exercise 12-05 The current sections of Pronghorn Corp's balance sheets at December 31, 2021 and 2022, are presented here. Pronghorn Corp's net income for 2022 was $183,600 Depreciation expense was $32,400 2022 2021 Current assets $126,000 $118,800 Cash 106,800 96,000 Accounts receivable 201,600 206,400 Inventory 32,400 26,400 Prepaid expenses $456,000 $458,400 Total current assets Current liabilities Accrued expenses payable $18,000 $6,000 Accounts payable 102,000 110,400 $120,000 $116,400 Total current liabilities Prepare the net cash provided (used) by operating activities section...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year Ended December 31, 2017 $1,775,100 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,123,620 100,650 29,280 1,253,550 521,550 102,480 $419,070 Shamrock, Inc.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $128,100 75,030 23,790 $109,800 58,560 12,810 Accounts payable pertain...
The current sections of Ivanhoe Company's balance sheets at December 31, 2021 and 2022, are presented here. Ivanhoe Company's net income for 2022 was $165,100. Depreciation expense was $27,300. 2022 2021 Current assets Cash $40,300 $57,850 Accounts receivable 55,250 44,850 Inventory 50,700 40,300 Prepaid expenses 11,050 12,350 Total current assets $157,300 $155,350 Current liabilities Accrued expenses payable $3,900 $10,400 Accounts payable 57,200 46,800 Total current liabilities $61,100 $57,200 Prepare the net cash provided by operating activities section of the company's...
The current sections of Sheridan Company's balance sheets at December 31, 2019 and 2020, are presented here. Sheridan's net income for 2020 was $152,700. Depreciation expense was $24,300. 2019 2018 Current assets Cash Accounts receivable Inventory $107,100 $95,300 109,200 78,300 157,800 171,100 26,100 25,300 $400,200 $370,000 Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable $15,300 $9,900 84,700 95,300 $100,000 $105,200 Total current liabilities Prepare the net cash provided by operating activities section of the company's statement...
The current sections of Bridgeport Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Bridgeport Corp.'s net income for 2022 was $76,500. Depreciation expense was $13,500. 2022 2021 Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities $52,500 40,000 84,000 13,500 $190,000 $ 49,500 44,500 86,000 11,000 $191,000 $ 7,500 42,500 $50,000 $ 2,500 46,000 $ 48,500 Prepare the net cash provided (used) by operating...
Current Attempt in Progress The current sections of Ivanhoe Company's balance sheets at December 31, 2021 and 2022, are presented here. Ivanhoe Company's net income for 2022 was $99,450. Depreciation expense was $17,550. 2022 2021 Current assets Cash $68,250 $64,350 Accounts receivable 52,000 57,850 Inventory 109,200 111,800 Prepaid expenses 17,550 14.300 Total current assets $247,000 $248,300 Current liabilities Accrued expenses payable $9,750 $3,250 Accounts payable 55,250 59,800 Total current liabilities $65,000 $63,050 Prepare the net cash provided (used) by operating...
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