Homework Answers
Non cash items are the expenses which reflect on the income statement but do not affect the cash flow statements of the firm. It does not involve any payment or receipt of cash . For example : depreciation is a non cash item that is recorded on the income statement but never on the cash flow statement. It is reported on the financial statement, that is income statement so option 4 is incorrect.
Interest expense is a cash flow item, it appears on the cash flow statement. So, statement 1 is incorrect.
The accounts receivable of a firm is a non-cash asset.
The non cash items is expenses charged against the revenue but not not directly affect the cash flow of the firm.
So, the correct option is option 2.
Add Answer to:
Non-cash items are: O Accounts such as interest expense. O Expenses charged against revenues that do...
A firm reported the following financial statement items: £ millions 2,100 Net income Non-cash charges Interest expense...
A firm reported the following financial statement items: £ millions 2,100 Net income Non-cash charges Interest expense 400 300 250 Capital expenditures Working capital expenditures Net borrowing 1,600 Tax rate 40% The free cash flow to the firm (FCFF, in £ millions) is:
1. Which of the following regarding financial statement analysis is false? a) According to the DuPont...
1. Which of the following regarding financial statement analysis is false? a) According to the DuPont identity, Return on Equity is affected by operating efficiency (or profitability), asset use efficiency, and financial leverage. b) We can calculate the market value based measures of firm performance using only financial statements prepared according to GAAP. c) Asset management ratios measure the intensity and efficiency of asset use. d) For common size statements, we divide balance sheet items by total assets and income...
Classify each of the following items as revenues (R), expenses 1. Cost of sales 4. Owner...
Classify each of the following items as revenues (R), expenses 1. Cost of sales 4. Owner withdraw 2. Service revenue 5. Rent expense 3. Wages expense 6. Rental revenue Classify each of the following items as assets (A), liabilities (L 1. Land 3. Equipment 2. Owner, Capital 4. Accounts payabl On December 31, Hawkin's records show the following ac December income statement for Hawkin. Classify each of the following items as assets (A), liabilities (L), or equity (EQ). 1. Land...
Cash flow identity. The company paid interest expense of $17,700 for 2017 and had an overall tax...
Cash flow identity. The company paid interest
expense of $17,700 for 2017 and had an overall tax rate of 40% for
2017.
Verify the cash flow identity:
cash flow from assets = cash flow to creditors + cash
flow to owners
A. The cash flow from assets is $______
B. The cash flow to creditors is $______
C. The cash flow to owners is $_______
Partial Income Statement Year Ending 2017 Sales revenue $350,000 Cost of goods sold $141,900 Fixed costs...
Sales revenue 350,200 Cost of goods sold 141,900 Fixed costs 43,000 Selling, general, and administrative expenses ...
Sales revenue 350,200
Cost of goods sold 141,900
Fixed costs 43,000
Selling, general, and administrative expenses
27,800
Depreciation 46,200
ASSETS
LIABILITIES
Cash 16,200 Notes payable
14,000
Accounts receivable 28,000 Accounts
payable 18,900
Inventories 48,100 Long-term
debt 190,100
Fixed assets 367,900 OWNERS'
EQUITY
Accumulated depreciation 140,300 Retained
earnings
Intangible assets 81,900 Common
stock 131,900
ASSETS
LIABILITIES
Cash 25,900 Notes payable
12,100
Accounts receivable 19,200 Accounts
payable 23,900
Inventories 53,100 Long-term
debt 161,800
Fixed assets 447,800 OWNERS'
EQUITY
Accumulated depreciation ...
Return to question income statement items correspond to revenues or expenses during the year ending in...
Return to question income statement items correspond to revenues or expenses during the year ending in either 2015 or 2016. All values are in thousands of dollars. 01.Alab rein Revenue Cost of goods sold Depreciation Inventories $4,000 $4,100 1,600 1,700 520 350 550 150 420 350 450 5,000 5,800 2,000 2,400 600 410 300 500 300 500 150 400 300 400 dainistrai expenses Interest expense Federal and state taxes* Accounts payable Accounts receivable Net fixed assets Long-term debt Notes payable...
The following is a list of items that might or might not be classified as intangible...
The following is a list of items that might or might not be classified as intangible assets or goodwill: 1. Goodwill recorded in the purchase of a business 2. Equipment obtained under an operating lease 3. Cost of purchasing a copyright 4. Cost of purchasing a trademark 5. Research costs involving tests of chemicals to use in a new medication that has not yet been developed 6. Goodwill generated internally 7. Aircraft acquired using a finance lease 8. Cost of...
Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax...
Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 52,964 47,138 7,923 2,424 5,270 42,901 1,340 20,656 2,648 The following activities occurred in 2019: 1. Performed advertising services on account, $62,650, 2. Received cash payments on account, $12,000. 3. Received deposits from customers for advertising services to be performed in 2020, $3,600. 4. Made payments to suppliers on account, $5,270. 5. Incurred $51,300 of operating expenses: $44,500 was paid in cash...
Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Balances...
Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Balances $ 5,400 2,200 3,400 3,900 1,200 13,800 9,300 6,000 Required: Use only the appropriate accounts to prepare an income statement. COWBOY LAW FIRM Income Statement For the Period Ended December 31 Expenses: Total expenses Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. BULLDOG, INC. Income Statement Revenues 39,000 Expenses: Salaries Advertising Utilities Net income 6,000 4.000 BULLDOG, INC. Statement...
Question 6 To track inventory items, turn this expense selection on: O Enable and use account...
Question 6 To track inventory items, turn this expense selection on: O Enable and use account numbers O Make expenses and items billable O Show items table on expense and purchase forms O Accept payments throyugh QuickBooks, emailed invoices and mobile payments Question 7 On the Chart of Accounts, the Type identifies the account for the: O Income Statement Financial Statements O Transactions Search Criteria
A firm reported the following financial statement items: £ millions 2,100 Net income Non-cash charges Interest expense 400 300 250 Capital expenditures Working capital expenditures Net borrowing 1,600 Tax rate 40% The free cash flow to the firm (FCFF, in £ millions) is:
Classify each of the following items as revenues (R), expenses 1. Cost of sales 4. Owner withdraw 2. Service revenue 5. Rent expense 3. Wages expense 6. Rental revenue Classify each of the following items as assets (A), liabilities (L 1. Land 3. Equipment 2. Owner, Capital 4. Accounts payabl On December 31, Hawkin's records show the following ac December income statement for Hawkin. Classify each of the following items as assets (A), liabilities (L), or equity (EQ). 1. Land...
Cash flow identity. The company paid interest
expense of $17,700 for 2017 and had an overall tax rate of 40% for
2017.
Verify the cash flow identity:
cash flow from assets = cash flow to creditors + cash
flow to owners
A. The cash flow from assets is $______
B. The cash flow to creditors is $______
C. The cash flow to owners is $_______
Partial Income Statement Year Ending 2017 Sales revenue $350,000 Cost of goods sold $141,900 Fixed costs...
Sales revenue 350,200
Cost of goods sold 141,900
Fixed costs 43,000
Selling, general, and administrative expenses
27,800
Depreciation 46,200
ASSETS
LIABILITIES
Cash 16,200 Notes payable
14,000
Accounts receivable 28,000 Accounts
payable 18,900
Inventories 48,100 Long-term
debt 190,100
Fixed assets 367,900 OWNERS'
EQUITY
Accumulated depreciation 140,300 Retained
earnings
Intangible assets 81,900 Common
stock 131,900
ASSETS
LIABILITIES
Cash 25,900 Notes payable
12,100
Accounts receivable 19,200 Accounts
payable 23,900
Inventories 53,100 Long-term
debt 161,800
Fixed assets 447,800 OWNERS'
EQUITY
Accumulated depreciation ...
Return to question income statement items correspond to revenues or expenses during the year ending in either 2015 or 2016. All values are in thousands of dollars. 01.Alab rein Revenue Cost of goods sold Depreciation Inventories $4,000 $4,100 1,600 1,700 520 350 550 150 420 350 450 5,000 5,800 2,000 2,400 600 410 300 500 300 500 150 400 300 400 dainistrai expenses Interest expense Federal and state taxes* Accounts payable Accounts receivable Net fixed assets Long-term debt Notes payable...
The following is a list of items that might or might not be classified as intangible assets or goodwill: 1. Goodwill recorded in the purchase of a business 2. Equipment obtained under an operating lease 3. Cost of purchasing a copyright 4. Cost of purchasing a trademark 5. Research costs involving tests of chemicals to use in a new medication that has not yet been developed 6. Goodwill generated internally 7. Aircraft acquired using a finance lease 8. Cost of...
Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 52,964 47,138 7,923 2,424 5,270 42,901 1,340 20,656 2,648 The following activities occurred in 2019: 1. Performed advertising services on account, $62,650, 2. Received cash payments on account, $12,000. 3. Received deposits from customers for advertising services to be performed in 2020, $3,600. 4. Made payments to suppliers on account, $5,270. 5. Incurred $51,300 of operating expenses: $44,500 was paid in cash...
Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Balances $ 5,400 2,200 3,400 3,900 1,200 13,800 9,300 6,000 Required: Use only the appropriate accounts to prepare an income statement. COWBOY LAW FIRM Income Statement For the Period Ended December 31 Expenses: Total expenses Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. BULLDOG, INC. Income Statement Revenues 39,000 Expenses: Salaries Advertising Utilities Net income 6,000 4.000 BULLDOG, INC. Statement...
Question 6 To track inventory items, turn this expense selection on: O Enable and use account numbers O Make expenses and items billable O Show items table on expense and purchase forms O Accept payments throyugh QuickBooks, emailed invoices and mobile payments Question 7 On the Chart of Accounts, the Type identifies the account for the: O Income Statement Financial Statements O Transactions Search Criteria
Most questions answered within 3 hours.
-
Use the following set of observed frequencies to test the
independence of the two variables. Variable...
asked 10 minutes ago -
Two kg of ice at -15 °C are placed in a 2 kg bath of water...
asked 10 minutes ago -
Describe the following with suitable
examples.
1- Security Policy Heterogeneity
2-Security Model Heterogeneity
3-Security Mechanism Heterogeneity...
asked 11 minutes ago -
Please Identify the Term "Determinism" in Psychology
asked 10 minutes ago -
The table below represents the number of republicans, democrats
and independent voting on a specific issue....
asked 15 minutes ago -
List and compare different forms of passive transport and active
transport.
asked 23 minutes ago -
In Netherland Dwarf rabbits, dwarf size is determined by allele
N, and normal-size by allele n....
asked 29 minutes ago -
During Heaton Company’s first two years of operations, it
reported absorption costing net operating income as...
asked 44 minutes ago -
Consider testing the
hypotheses:
H0: p = 0.56
H1: p > 0.56
where p is
the...
asked 47 minutes ago -
In a two-factor analysis of variance a main effect is defined as
____.
a. the unique...
asked 54 minutes ago -
A bank's loan officer rates applicants for credit. The ratings
are normally distributed with a mean...
asked 55 minutes ago -
Fill in the following information for Adipic Acid: molecular
weight, g or ml, mole, melting point,...
asked 1 hour ago