Homework Answers
Solution
| KELLY GOLD INC. | ||
| Statement of Cash Flows | ||
| Cash flows from operating activities: | ||
| Profit (loss) | $ (34.00) | |
| Adjustments: | ||
| Depreciation expense | $ 214.00 | |
| Loss on sale of long term investment | $ 86.00 | |
| Changes in current assets and liabilities | ||
| Increase in accounts payable | $ 35.00 | |
| Decrease in accrues liabilities | $ (18.00) | |
| Decease in accounts receivables | $ 102.00 | |
| Increase in Inventory | $ (41.00) | |
| Increase in prepaid insurance | $ (7.00) | |
| $ 371.00 | ||
| Net cash from Operating Activities | $ 337.00 | |
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Use the following income statement and information about changes in non-cash current assets and current liabilities...
Use the following income statement and information about changes in non-cash current assets and current liabilities...
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (Indicate any loss, cash outflow or deduction in cash with a minus sign.) Kelly Gold Inc. Income Statement For Year Ended May 31, 2017 Sales Cost of goods sold $2,820 1,424 $1,396 Gross profit Operating expenses: Depreciation expense Other expenses $ 224 1,110 Total operating expenses Loss on sale of long-term investment...
The following income statement and information about changes in noncash current assets and current liabilities are...
The following income statement and information about changes in noncash current assets and current liabilities are reported. SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales $2,047,000 Cost of goods sold 1,003,030 Gross profit 1,043,970 Operating expenses Salaries expense $280,439 Depreciation expense 49,128 Rent expense 55,269 Amortization expenses–Patents 6,141 Utilities expense 22,517 413,494 630,476 Gain on sale of equipment 8,188 Net income $638,664 Changes in current asset and current liability accounts for the year that relate to operations...
The following income statement and information about changes in noncash current assets and current liabilities are...
The following income statement and information about changes in
noncash current assets and current liabilities are
reported.
Changes in current asset and current liability accounts for the
year that relate to operations follow.
Required:
Prepare only the cash flows from operating activities section of
the statement of cash flows using the indirect method.
(Amounts to be deducted should be indicated with a minus
sign.)
value: 5.00 points Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income...
The following income statement along with additional year-end information about changes in noncash current assets and...
The following income statement along with additional year-end information about changes in noncash current assets and current liabilities are reported. $1,828,000 991,000 837,000 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $245,535 Depreciation expense 44,200 Rent expense 49,600 Amortization expense-Patents 4,200 Utilities expense 18,125 361,660 475, 340 6,200 $ 481,540 Gain on sale of equipment Net income Additional Year-End Balance Sheet Data Accounts receivable $30,500 increase Inventory 25,000...
Based on the following information for XYZ, Inc., prepare the operating section of the statement of...
Based on the following information for XYZ, Inc., prepare the operating section of the statement of cash flows for 2021: 2021 2020 $ $ 8,836,351 16,918,496 1,475,769 7,520,299 24,789,005 1,545,308 17.50% + 31.75% - 4.50% - Revenues Gain / (loss) on sales of assets Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Total expenses Net Income $ 104,558,367 Current assets (275,660) Accounts receivable 104,282,707 Inventory Prepaid expenses 54,370,351 21,957,257 Current liabilities 9,410,253 Accounts payable 85,737,861 Accrued liabilities...
Cash Flows from Operating Activities-Indirect Method Selected data (in thousands) derived from the income statement and...
Cash Flows from Operating Activities-Indirect Method Selected data (in thousands) derived from the income statement and balance sheet of National Beverage Corp. for a recent year are as follows: Income statement data: Net income $49,335 Gain on disposal of property 1,170 Depreciation expense 11,615 Other items involving noncash expenses 1,400 Balance sheet data: Increase in accounts receivable 1,750 Decrease in inventory 1,025 Increase in prepaid expenses 560 Decrease in accounts payable 695 Decrease in accrued and other current liabilities 955...
Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement and information...
Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement and information about changes in noncash current assets and current liabilities $2,333,000 1,143,170 1,189,830 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $319,621 Depreciation expense 55,992 Rent expense 62,991 Amortization expenses-Patents 6,999 Utilities expense 25,663 471,266 718,564 9,332 727,896 Gain on sale of equipment Net income $ Changes in current asset and current...
Apex Company prepared the statement of cash flows for the current year that is shown below:...
Apex Company prepared the statement of cash flows for the current year that is shown below: $ 40,000 22,000 (60,000) (25,000) 9,000 55,000 (12,000) 5,000 (6,000) 34,000 Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income Adjustments to convert net income to cash basis: Depreciation Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable Net cash provided by (used in) operating activities Investing...
1. Based on the following infomation for XYZ, Inc., prepare the operating section of the statement...
1. Based on the following infomation for XYZ, Inc., prepare the operating section of the statement of cash flows for 2021: Increase in accounts payable Decrease in accounts payable Increase in accounts receivable 2021 2020 $ 104,558,367 Current assets Revenues Gain/(loss) on sales of assets Accounts receivable 8,836,351 Decrease in accounts receivable (275,660) 7,520,299 17.50% + Total revenues Inventory -31.75% - 104,282,707 16,918,496 24,789,005 Increase in accrued liabilities Prepaid expenses 1,475,769 Decrease in accrued liabilities -4.50% - Expenses: 1,545,308 Amortization...
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 $144,300. Depreciation recorded on store equipment for the year amounted to $23,800. 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 $57,140 $52,570 Accounts receivable (net) 40,970 38,850 Inventories 55,940 59,140 Prepaid expenses 6,290 4,990 Accounts payable (merchandise creditors) 53,540 49,730 Wages payable...
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (Indicate any loss, cash outflow or deduction in cash with a minus sign.) Kelly Gold Inc. Income Statement For Year Ended May 31, 2017 Sales Cost of goods sold $2,820 1,424 $1,396 Gross profit Operating expenses: Depreciation expense Other expenses $ 224 1,110 Total operating expenses Loss on sale of long-term investment...
The following income statement and information about changes in
noncash current assets and current liabilities are
reported.
Changes in current asset and current liability accounts for the
year that relate to operations follow.
Required:
Prepare only the cash flows from operating activities section of
the statement of cash flows using the indirect method.
(Amounts to be deducted should be indicated with a minus
sign.)
value: 5.00 points Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income...
The following income statement along with additional year-end information about changes in noncash current assets and current liabilities are reported. $1,828,000 991,000 837,000 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $245,535 Depreciation expense 44,200 Rent expense 49,600 Amortization expense-Patents 4,200 Utilities expense 18,125 361,660 475, 340 6,200 $ 481,540 Gain on sale of equipment Net income Additional Year-End Balance Sheet Data Accounts receivable $30,500 increase Inventory 25,000...
Based on the following information for XYZ, Inc., prepare the operating section of the statement of cash flows for 2021: 2021 2020 $ $ 8,836,351 16,918,496 1,475,769 7,520,299 24,789,005 1,545,308 17.50% + 31.75% - 4.50% - Revenues Gain / (loss) on sales of assets Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Total expenses Net Income $ 104,558,367 Current assets (275,660) Accounts receivable 104,282,707 Inventory Prepaid expenses 54,370,351 21,957,257 Current liabilities 9,410,253 Accounts payable 85,737,861 Accrued liabilities...
Cash Flows from Operating Activities-Indirect Method Selected data (in thousands) derived from the income statement and balance sheet of National Beverage Corp. for a recent year are as follows: Income statement data: Net income $49,335 Gain on disposal of property 1,170 Depreciation expense 11,615 Other items involving noncash expenses 1,400 Balance sheet data: Increase in accounts receivable 1,750 Decrease in inventory 1,025 Increase in prepaid expenses 560 Decrease in accounts payable 695 Decrease in accrued and other current liabilities 955...
Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement and information about changes in noncash current assets and current liabilities $2,333,000 1,143,170 1,189,830 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $319,621 Depreciation expense 55,992 Rent expense 62,991 Amortization expenses-Patents 6,999 Utilities expense 25,663 471,266 718,564 9,332 727,896 Gain on sale of equipment Net income $ Changes in current asset and current...
Apex Company prepared the statement of cash flows for the current year that is shown below: $ 40,000 22,000 (60,000) (25,000) 9,000 55,000 (12,000) 5,000 (6,000) 34,000 Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income Adjustments to convert net income to cash basis: Depreciation Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable Net cash provided by (used in) operating activities Investing...
1. Based on the following infomation for XYZ, Inc., prepare the operating section of the statement of cash flows for 2021: Increase in accounts payable Decrease in accounts payable Increase in accounts receivable 2021 2020 $ 104,558,367 Current assets Revenues Gain/(loss) on sales of assets Accounts receivable 8,836,351 Decrease in accounts receivable (275,660) 7,520,299 17.50% + Total revenues Inventory -31.75% - 104,282,707 16,918,496 24,789,005 Increase in accrued liabilities Prepaid expenses 1,475,769 Decrease in accrued liabilities -4.50% - Expenses: 1,545,308 Amortization...
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