Following are the
income statement and some additional information for Carolina
Consulting Company.
| Carolina Consulting Company | |||||||
| Income Statement | |||||||
| For the Year Ended December 31, 2018 | |||||||
| Net sales | $ | 17,000 | |||||
| Cost of goods sold | (2,900 | ) | |||||
| Gross margin | 14,100 | ||||||
| Operating expenses | $ | 3,400 | |||||
| Depreciation expense | 1,600 | (5,000 | ) | ||||
| Income before taxes | 9,100 | ||||||
| Income taxes | (3,000 | ) | |||||
| Net income | $ | 6,100 | |||||
All sales were on credit and accounts receivable decreased by
$1,040 in 2018 compared to 2017. Merchandise purchases were on
credit with a decrease in accounts payable of $840 during the year.
Ending inventory was $640 larger than beginning inventory. Income
taxes payable increased $440 during the year. All operating
expenses were paid for in cash.
Required:
Prepare the cash flows from operating activities section of the
statement of cash flows using the direct method. (Amounts
to be deducted should be indicated with a minus sign.)
Homework Answers
| Cash flows from operating activities: | ||
| Cash received from customers | 18040 | =17000+1040 |
| Cash paid to suppliers | -4380 | =2900+840+640 |
| Cash paid for operating expenses | -3400 | |
| Cash paid for taxes | -2560 | =3000-440 |
| Net cash flows from operating activities | 7700 |
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Following are the
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The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
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