Cash flows from operating activities for both the indirect and direct methods are presented for Electronic...
Cash flows from operating activities for both the indirect and direct methods are presented for Electronic Transformations.
| Cash Flows from Operating Activities (Indirect method) | |||||||
| Net income | $ | 35,600 | |||||
| Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
| Depreciation expense | 8,600 | ||||||
| Increase in accounts receivable | (12,600 | ) | |||||
| Increase in accounts payable | 7,600 | ||||||
| Increase in income tax payable | 5,600 | ||||||
| Net cash flows from operating activities | $ | 44,800 | |||||
| Cash Flows from Operating Activities (Direct method) | |||||||
| Cash received from customers | $ | 81,000 | |||||
| Cash paid for operating expenses | (25,600 | ) | |||||
| Cash paid for income taxes | (10,600 | ) | |||||
| Net cash flows from operating activities | $ | 44,800 | |||||
Required:
Complete the following income statement for Electronic Transformations. Assume all accounts payable are to suppliers.
Homework Answers
Answer-
| ELECTRONIC TRANSFORMATIONS | ||
| INCOME STATEMENT | ||
| PARTICULARS | AMOUNT | |
| $ | ||
| Revenues | $81000+$12600 | 93600 |
| Less- Operating expenses | $25600+$7600 | 33200 |
| Operating income | 60400 | |
| Less- Expenses | ||
| Depreciation | 8600 | |
| Income tax expense | $10600+$5600 | 16200 |
| Net income | 35600 | |
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Cash flows from operating activities for both the indirect and
direct methods are presented for Electronic...
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse...
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). $ 156 Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income tax payable (20) 32 (13) Net cash flows from operating activities $187 $ Cash...
The answers I have are wrong. Cash flows from operating activities for both the indirect and...
The answers I have are
wrong.
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). 10 points 165 eBook 53 (29) 41 (5) (17) References Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income...
2. Cash flows from operating activities (indirect and direct methods). Presented below is the income statement...
2. Cash flows from operating activities (indirect and direct methods). Presented below is the income statement of Cowan, Inc.: $380,000 Sales revenue 225,000 $155,000 Cost of goods sold Gross profit Operating expenses Income before income taxes 95.000 60,000 24.000 S 36,000 Income taхes Net income In addition, the following information related to net changes in working capital is presented: Credit Debit $12,000 25,000 Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income taxes payable $19,400 8,000 14,000 3,000...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $213,300. Depreciation recorded on equipment and a building amounted to $63,800 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $59,510 $61,890 Accounts receivable (net) 75,460 76,370 Inventories 148,780 131,580 Prepaid expenses 8,270 8,730 Accounts payable (merchandise creditors) 66,470 69,070...
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities....
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2021 fiscal year was $694,000. Depreciation and amortization expense of $81,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Decrease in accounts receivable $36,000 Increase in inventory 10,600 Increase in prepaid expenses 9,900 Increase in salaries payable 11,400 Decrease in income taxes payable 12,000 Required:...
Cash Flows from Operating Activities-Indirect Method Operating Activities Indirect Method The net income reported on the...
Cash Flows from Operating Activities-Indirect Method Operating Activities Indirect Method The net income reported on the income statement for the current year was $146,300. Depreciation recorded on store equipment for the year amounted to $24,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $56,760 $52,220 Accounts receivable (net) 40,700 38,590 Merchandise inventory 55,570 58,750 6,240 4,960 Prepaid expenses Accounts payable (merchandise...
Cash Flows from Operating Activities - Indirect Method The net income reported on the income statement...
Cash Flows from Operating Activities - Indirect Method The net income reported on the income statement for the current year was $213,300. Depreciation recorded on equipment and a building amounted to $63,800 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $59,510 $61,890 Accounts receivable (net) 75,460 76,370 Inventories 148,780 131,580 Prepaid expenses 8,270 8,730 Accounts payable (merchandise creditors)...
The following schedule relates the income statement with cash flows from operating activities, derived by both...
The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. The amounts for income statement elements are missing. Cash Flows from Operating Activities Income Statement Indirect Method Direct Method Net income $ ? Adjustments: Sales $ ? Decrease in accounts receivable 14 Cash received from customers $ 644 Cost of goods sold ? Increase in inventory (28 ) Decrease in accounts payable (41 ) Cash paid to suppliers (447...
The following schedule relates the income statement with cash flows from operating activities, derived by both...
The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. The amounts for income statement elements are missing Income Statement 6.66 points $? Sales Cost of goods sold $ 611 Skipped Cash Flows from Operating Activities Indirect Method Direct Method Net income $ ? Adjustments: Decrease in accounts receivable 11 Cash received from customers Increase in inventory (22) Decrease in accounts payable (35) Cash paid to suppliers Increase in...
How do we compute net sales? Gelp please Saved Casn Tows Trom operating activities for porn...
How do we compute net sales? Gelp please
Saved Casn Tows Trom operating activities for porn the indirectang direct methods are presented tortlectronic Transformations. $ 34,900 Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flovs from operating activities: Depreciation expense Increase in accounts receivable Increase in accounts payable Increase in income tax payable Net cash flows from operating activities 7,900 (11, 900) 6,900 4,900 $42,700 Cash Flows from Operating Activities (Direct...
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). $ 156 Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income tax payable (20) 32 (13) Net cash flows from operating activities $187 $ Cash...
The answers I have are
wrong.
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). 10 points 165 eBook 53 (29) 41 (5) (17) References Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income...
2. Cash flows from operating activities (indirect and direct methods). Presented below is the income statement of Cowan, Inc.: $380,000 Sales revenue 225,000 $155,000 Cost of goods sold Gross profit Operating expenses Income before income taxes 95.000 60,000 24.000 S 36,000 Income taхes Net income In addition, the following information related to net changes in working capital is presented: Credit Debit $12,000 25,000 Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income taxes payable $19,400 8,000 14,000 3,000...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $213,300. Depreciation recorded on equipment and a building amounted to $63,800 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $59,510 $61,890 Accounts receivable (net) 75,460 76,370 Inventories 148,780 131,580 Prepaid expenses 8,270 8,730 Accounts payable (merchandise creditors) 66,470 69,070...
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2021 fiscal year was $694,000. Depreciation and amortization expense of $81,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Decrease in accounts receivable $36,000 Increase in inventory 10,600 Increase in prepaid expenses 9,900 Increase in salaries payable 11,400 Decrease in income taxes payable 12,000 Required:...
Cash Flows from Operating Activities-Indirect Method Operating Activities Indirect Method The net income reported on the income statement for the current year was $146,300. Depreciation recorded on store equipment for the year amounted to $24,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $56,760 $52,220 Accounts receivable (net) 40,700 38,590 Merchandise inventory 55,570 58,750 6,240 4,960 Prepaid expenses Accounts payable (merchandise...
Cash Flows from Operating Activities - Indirect Method The net income reported on the income statement for the current year was $213,300. Depreciation recorded on equipment and a building amounted to $63,800 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $59,510 $61,890 Accounts receivable (net) 75,460 76,370 Inventories 148,780 131,580 Prepaid expenses 8,270 8,730 Accounts payable (merchandise creditors)...
The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. The amounts for income statement elements are missing Income Statement 6.66 points $? Sales Cost of goods sold $ 611 Skipped Cash Flows from Operating Activities Indirect Method Direct Method Net income $ ? Adjustments: Decrease in accounts receivable 11 Cash received from customers Increase in inventory (22) Decrease in accounts payable (35) Cash paid to suppliers Increase in...
How do we compute net sales? Gelp please
Saved Casn Tows Trom operating activities for porn the indirectang direct methods are presented tortlectronic Transformations. $ 34,900 Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flovs from operating activities: Depreciation expense Increase in accounts receivable Increase in accounts payable Increase in income tax payable Net cash flows from operating activities 7,900 (11, 900) 6,900 4,900 $42,700 Cash Flows from Operating Activities (Direct...
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