Ocean Pines Company had net income $550,000. They also had depreciation expense of $150,000, an increase...
Ocean Pines Company had net income $550,000. They also had depreciation expense of $150,000, an increase or (decrease) in accounts receivable of $20,000, and an increase or (decrease) in inventory of $35,000. Ocean Pines prepares their Statement of Cash Flows using the indirect method. Use this information to determine the dollar value of cash provided or (used) by operating activities. If the total is a use of cash, enter as a negative number. (a negative number for accounts receivable or inventory indicates that the balance decreased)
Homework Answers
| Ocean Pines Company | |
| Statement of Cash flows | |
| Particulars | Amount |
| Net Income | $550,000.00 |
| Adjustments for:- | |
| Depreciation | $150,000.00 |
| Increase in accounts receivable | ($20,000.00) |
| Increase in Inventory | ($35,000.00) |
| Cash Provided or (Utilized) by operating activities | $645,000.00 |
| Net increase in cash and cash equivalents | $645,000.00 |
| Cash and cash equivalents at beginning of period | - |
| Cash and cash equivalents at end of period | $645,000.00 |
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Ocean Pines Company had net income $550,000. They also had
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Question 1 Gutierrez Company reported net income of $190,400 for 2020. Gutierrez also reported depreciation expense...
Question 1
Gutierrez Company reported net income of $190,400 for 2020.
Gutierrez also reported depreciation expense of $41,900 and a loss
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prepaid expenses.
Prepare the operating activities section of the statement of cash
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Question 1
Gutierrez Company reported net income of $190,400 for 2020.
Gutierrez also reported depreciation expense of $41,900 and a loss
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sheet shows a decrease in accounts receivable of $14,400 for the
year, a $16,400 increase in accounts payable, and a $4,100 decrease
in prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2020. Use the indirect method. (Show amounts
that decrease cash flow...
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Gutierrez also reported depreciation expense of $46,700 and a loss
of $4,600 on disposal of equipment. The comparative balance sheet
shows an decrease in accounts receivable of $12,500 for the year, a
$14,500 increase in accounts payable, and a $4,600 decrease in
prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2017. Use the indirect method. (Show amounts
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