Net income Depreciation Expense Change in Accounts Receivable Change in Inventory Change in Accounts Payable OPERATING...
| Net income |
| Depreciation Expense |
| Change in Accounts Receivable |
| Change in Inventory |
| Change in Accounts Payable |
| OPERATING CASH FLOWS |
| Acquisitions of fixed assets |
| INVESTING CASH FLOWS |
| Change in Notes Payable |
| Change in Long-term debt |
| Change in Common stock |
| FINANCING CASH FLOWS |
| NET CHANGE IN CASH |
| CASH AT BEGINNING OF YEAR |
| CASH AT END OF YEAR |
| 2019 | 2018 | change | |
| Cash | 200,000 | 170,000 | 30,000 |
| Accounts Receivable | 864,000 | 700,000 | 164,000 |
| Inventory | 2,000,000 | 1,400,000 | 600,000 |
| - | |||
| Net Fixed assets | 6,000,000 | 5,600,000 | 400,000 |
| - | |||
| Accounts Payable | 1,400,000 | 1,090,000 | 310,000 |
| Notes Payable | 1,600,000 | 1,800,000 | (200,000) |
| - | |||
| Long term debt | 2,400,000 | 2,400,000 | - |
| Common Stock | 3,000,000 | 2,000,000 | 1,000,000 |
| Retained Earnings | 664,000 | 580,000 | 84,000 |
| Assume the following additional information: | |||
| 1. net income after taxes for the year 2019 was $84,000; EBIT was $106,329. | |||
| 2. Depreciation expense for 2019 was $300,000 | |||
| 3. Acquisitions of fixed assets were $700,000 in 2019 | |||
| 4. No dividends were paid during 2019 | |||
| 5. The firm's tax rate is 21% | |||
Homework Answers
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Net income
Depreciation Expense
Change in Accounts Receivable
Change in Inventory
Change in Accounts Payable
OPERATING...
...
Assets: 2018 2017 Cash -------- 158,000 Accounts receivable 864,000 700,000 Inventories 2,000,000 1,400,000 Total current assets 3,064,000 2,270,000 Net fixed assets 6,000,000 5,600,000 Total assets --------- ----------- Liabilities and equity: Accounts payable 1,400,000 1,090,000 Notes payable 1,600,000 1,800,000 Total current liabilities 3,000,000 2,890,000 Long-term debt 2,400,000 2,400,000 Common stock 3,000,000 2,000,000 Retained earnings 664,000 580,000 Total common equity 3,664,000 2,580,000 Total liabilities and equity ------------- --------------- Assume sales in 2017 and 2018 were the same. 200,000 = depreciation. 500,000 =...
Assets Cash Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Total assets Provincial...
Assets Cash Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Total assets Provincial Imports, Inc., Balance Sheet December 31, 2015 Liabilities and stockholders' equity $ 200,000 Accounts payable 225,000 Taxes payable 625.000 Notes payable 500,000 Other current liabilities $1,550,000 Total current liabilities 1,400,000 Long-term debt $2.950,000 Total liabilities Common stock Retained earnings Total liabilities and equity $ 700,000 95,000 200,000 5,000 $1,000,000 500,000 $1,500,000 75,000 1.375,000 $2.950.000 (1) Projected sales are $6,000,000. (2) Cost of goods sold...
$ Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease)...
$ Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) Twix 5,500 41,300 55,100 (27,600) 33,100 (60,700) Dots $ 138,000 11,000 27,500 (13,800) (30,400) 16,600 Skor $ 99,600 33,200 (5,500) 13,800 19,300 (11,000) For each separate company, compute cash flows from operations using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Dots 138,000 Skor 99,600 $ $ Cash Flows from Operating Activities (Indirect)+ I...
Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable Wages payable Income taxes...
Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable Wages payable Income taxes payable Notes payable (long-term) Common shares Retained earnings June 30 2020 2019 $ 92,160 $ 47,000 102,000 75,600 80,220 116,220 6,540 6,300 162,000 150,000 34,800 18,000 32,400 39,600 9,600 20,400 2,940 4,380 54,000 90,000 282,000 222,000 27,180 740 $792,000 480,000 $312,000 Western Environmental Inc. Income Statement For Year Ended June 30, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense $...
Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500...
Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500 Additional paid in capital 200,000 216,660 Cash ??? ??? Common Stock @ par value 37,600 42,000 COGS 131,400 172,391.00 Depreciation expense 21,600 23,813.00 Interest expense 16,200 16,246.00 Inventories 111,600 115,200 Long-term debt 135,000 139,538.00 Net fixed assets 376,626.00 399,600 Notes payable 59,400 64,800 Operating expenses (excl. depr.) 50,400 68,509.00 Retained earnings 122,400 136,800 Sales 255,600 335,355.00 Taxes 9,900 19,189.00 What is the current year's...
14. Item Prior year Current year Accounts payable 8,124.00 7,838.00 Accounts receivable 6,017.00 6,711.00 Accruals 968.00...
14. Item Prior year Current year Accounts payable 8,124.00 7,838.00 Accounts receivable 6,017.00 6,711.00 Accruals 968.00 1,366.00 Cash ??? ??? Common Stock 10,585.00 11,139.00 COGS 12,721.00 18,130.00 Current portion long-term debt 4,971.00 4,957.00 Depreciation expense 2,500 2,828.00 Interest expense 733 417 Inventories 4,210.00 4,789.00 Long-term debt 15,000.00 13,141.00 Net fixed assets 50,055.00 54,139.00 Notes payable 4,341.00 9,810.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,040.00 30,617.00 Sales 35,119 47,949.00 Taxes 2,084 2,775 What is the firm's cash flow from...
Net income Depreciation expense Gain on disposal of equipment Decrease in accounts receivable Decrease in accounts...
Net income Depreciation expense Gain on disposal of equipment Decrease in accounts receivable Decrease in accounts payable $225,000 25,000 20,500 14,000 3,600 Prepare the Cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Dorman Company Statement of Cash Flows Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating...
Net income Depreciation expense Increase in accounts receivable Decrease in accounts payable $100,000 10,000 30,000 15,000...
Net income Depreciation expense Increase in accounts receivable Decrease in accounts payable $100,000 10,000 30,000 15,000 11. Based on the above information, what amount will the corporation report as Cash Provided by Operating Activities on the cash flow statement? A. $65,000 B. $125,000 C$155,000 D. $100,000 I Net Income Depreciation expense Gain on sale of truck Proceeds from sale of truck Decrease in accounts receivable $200,000 30,000 5,000 8,000 10,000 12. Assuming these are the only facts, what amount will...
Item Prior year Current year Accounts payable 8,117.00 7,732.00 Accounts receivable 6,082.00 6,561.00 Accruals 1,001.00 1,338.00...
Item Prior year Current year Accounts payable 8,117.00 7,732.00 Accounts receivable 6,082.00 6,561.00 Accruals 1,001.00 1,338.00 Cash ??? ??? Common Stock 11,966.00 12,767.00 COGS 12,780.00 18,383.00 Current portion long-term debt 4,951.00 4,943.00 Depreciation expense 2,500 2,842.00 Interest expense 733 417 Inventories 4,217.00 4,811.00 Long-term debt 13,124.00 14,127.00 Net fixed assets 51,748.00 54,405.00 Notes payable 4,340.00 9,835.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,950.00 29,088.00 Sales 35,119 45,494.00 Taxes 2,084 2,775 What is the firm's total change in cash...
Item Prior year Current year Accounts payable 8,190.00 7,761.00 Accounts receivable 6,051.00 6,785.00 Accruals 969.00 1,584.00...
Item Prior year Current year Accounts payable 8,190.00 7,761.00 Accounts receivable 6,051.00 6,785.00 Accruals 969.00 1,584.00 Cash ??? ??? Common Stock 11,677.00 12,874.00 COGS 12,656.00 18,302.00 Current portion long-term debt 4,941.00 4,981.00 Depreciation expense 2,500 2,795.00 Interest expense 733 417 Inventories 4,175.00 4,785.00 Long-term debt 14,368.00 14,794.00 Net fixed assets 51,857.00 54,127.00 Notes payable 4,378.00 9,837.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,348.00 29,341.00 Sales 35,119 45,356.00 Taxes 2,084 2,775 What is the firm's total change in cash...
Assets Cash Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Total assets Provincial Imports, Inc., Balance Sheet December 31, 2015 Liabilities and stockholders' equity $ 200,000 Accounts payable 225,000 Taxes payable 625.000 Notes payable 500,000 Other current liabilities $1,550,000 Total current liabilities 1,400,000 Long-term debt $2.950,000 Total liabilities Common stock Retained earnings Total liabilities and equity $ 700,000 95,000 200,000 5,000 $1,000,000 500,000 $1,500,000 75,000 1.375,000 $2.950.000 (1) Projected sales are $6,000,000. (2) Cost of goods sold...
$ Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) Twix 5,500 41,300 55,100 (27,600) 33,100 (60,700) Dots $ 138,000 11,000 27,500 (13,800) (30,400) 16,600 Skor $ 99,600 33,200 (5,500) 13,800 19,300 (11,000) For each separate company, compute cash flows from operations using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Dots 138,000 Skor 99,600 $ $ Cash Flows from Operating Activities (Indirect)+ I...
Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable Wages payable Income taxes payable Notes payable (long-term) Common shares Retained earnings June 30 2020 2019 $ 92,160 $ 47,000 102,000 75,600 80,220 116,220 6,540 6,300 162,000 150,000 34,800 18,000 32,400 39,600 9,600 20,400 2,940 4,380 54,000 90,000 282,000 222,000 27,180 740 $792,000 480,000 $312,000 Western Environmental Inc. Income Statement For Year Ended June 30, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense $...
Net income Depreciation expense Gain on disposal of equipment Decrease in accounts receivable Decrease in accounts payable $225,000 25,000 20,500 14,000 3,600 Prepare the Cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Dorman Company Statement of Cash Flows Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating...
Net income Depreciation expense Increase in accounts receivable Decrease in accounts payable $100,000 10,000 30,000 15,000 11. Based on the above information, what amount will the corporation report as Cash Provided by Operating Activities on the cash flow statement? A. $65,000 B. $125,000 C$155,000 D. $100,000 I Net Income Depreciation expense Gain on sale of truck Proceeds from sale of truck Decrease in accounts receivable $200,000 30,000 5,000 8,000 10,000 12. Assuming these are the only facts, what amount will...
Item Prior year Current year Accounts payable 8,117.00 7,732.00 Accounts receivable 6,082.00 6,561.00 Accruals 1,001.00 1,338.00 Cash ??? ??? Common Stock 11,966.00 12,767.00 COGS 12,780.00 18,383.00 Current portion long-term debt 4,951.00 4,943.00 Depreciation expense 2,500 2,842.00 Interest expense 733 417 Inventories 4,217.00 4,811.00 Long-term debt 13,124.00 14,127.00 Net fixed assets 51,748.00 54,405.00 Notes payable 4,340.00 9,835.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,950.00 29,088.00 Sales 35,119 45,494.00 Taxes 2,084 2,775 What is the firm's total change in cash...
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