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Financial statements, including direct and indirect statements of cash flow, February 6, 3 points W...
A new company began with $60,000 in cash and common stock. It bought 100 TVs for...
A new company began with $60,000 in cash and common stock. It bought 100 TVs for $600 each and resold 90 of them for $700 each. Ignore taxes. Prepare a balance sheet Prepare a direct statement of cash flows. Prepare an indirect statement of cash flows
Statement of cash flow / indirect method Ilt: Statement of Cash Flows (48 points) following financial...
Statement of cash flow / indirect method
Ilt: Statement of Cash Flows (48 points) following financial statements are available for Mavis Co. on December 31, 2017 Mavis Co. Comparative Balance Sheets As of December 31, 2017 and 2016 12/31/2017 $6,000 Cash Accounts Receivable Inventory Prepaid Rent Land Equipment Less: Accumulated Depreciation-Equip. Total Assets 61,800 40,300 12/31/2016 $6,900 50,900 60,600 5,100 3,900 35,200 205,500 -39,800 $314,100 17,900 181,700 -24,800 $297,100 Accounts Payable Income Taxes Payable Wages Payable LT Notes Payable Common...
Nt . Cash Flow Statement-indirect method (25%) Shown below is information from the financial statements of...
Nt . Cash Flow Statement-indirect method (25%) Shown below is information from the financial statements of Taurus Corporation for 2018: End of Beginning of Year 201,000$221,000 249,000 $233,000 12,000 177,000 25,500 Year Accounts receivable Inventory Short-term prepayments Accounts payable (for merchandise) Accrued operating expenses payable Accrued income taxes payable Net sales $9,500 $170,000 $33,200 15,500 $12,600 $801,000 $465,000 Cost of goods sold perating expenses (including depreciation of $40,000) Income taxes expense $39,000 (a) On the basis of the above information,...
Required information Problem 12-14A The direct versus the indirect method of determining cash flow from operating...
Required information Problem 12-14A The direct versus the indirect method of determining cash flow from operating activities LO 12-1, 12-2 The following information applies to the questions displayed below] Green Brands, Inc. (GBI) presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from GBl's Year 2 and Year 1 year-end balance sheets: Account Title Year 2 Year 1 Accounts receivable 23.000 29,00e 49,400 Merchandise inventory Prepaid insurance 56, 200 17,60e 27,80e...
ll. Cash Flow Statement-indirect method (25%) Shown below is information from the financial statements of Chapin...
ll. Cash Flow Statement-indirect method (25%) Shown below is information from the financial statements of Chapin Company for 2018 Beginning End of Year of Year 98,000 Accounts receivable nventory Prepaid expenses 106,000 $120,000 105,000 31,000 74,000 9,000 Accounts payable (for merchandise) Accrued liabilities Net sales 70,000 $28,000 30,000 8,000 t of goods sold Expenses (including depreciation of $43,000) 18,000 58,000 (a) On the basis of the above information, prepare a partial statement of cash lows, showing the computation of net...
Please help me make the following financial statements: Income Statement, Statement of Retained Earnings, and a...
Please help me make the following financial
statements: Income Statement, Statement of Retained
Earnings, and a Balance Sheet.
1-c.
Prepare the financial statements at the end of February.
(Balance Sheet only, items to be deducted must be indicated
with a negative amount.)
Required information [The following information applies to the questions displayed below.) 25 points Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the...
Prepare an INDIRECT statement of cash flow! Do not prepare a direct method statement. SHOW EXCEL...
Prepare an INDIRECT statement of cash flow! Do not prepare a direct method statement. SHOW EXCEL FORMULAS! Net income $100,000 Cash December 31, 2018 $500,000 Cash December 31 2019 ??????? Depreciation Expense $1,000 Increase in inventory $2,000 Decrease in accounts payable $3,000 Increase in Prepaid insurance $4,000 Purchased stock $5,000 Purchased land $6,000 Paid mortgage $7,000 Paid car loan $2,200 Increase in wages payable $3,300
Uncollectible Accounts, Using Direct Write-Off Method Illustrate the effects on the accounts and financial statements of...
Uncollectible Accounts, Using Direct Write-Off Method
Illustrate the effects on the accounts and financial statements
of the following transactions in the accounts of Valley Care &
Supplies Co., a local hospital supply company that uses the direct
write-off method of accounting for uncollectible receivables:
If no account or activity is affected, select "No effect" from
the dropdown list and leave the corresponding number entry box
blank. Enter account decreases and cash outflows as negative
amounts.
March 18. Received $5,000 on...
Walton Brands, Inc., presents its statement of cash flows using the Indirect method. The following accounts...
Walton Brands, Inc., presents its statement of cash flows using the Indirect method. The following accounts and corresponding balances were drawn from Walton's Year 2 and Year 1 year-end balance sheets: Account Title Accounts receivable Merchandise inventory Prepaid insurance Accounts payable Salaries payable Unearned service revenue Year 2 $20,400 59,300 18,000 26,000 4,900 880 Year 1 $29,200 51,000 27,800 18,600 3,950 2,750 The Year 2 income statement is shown below: Income Statement Sales Cost of goods sold Gross margin Service...
pls help ?? PA12-3 Preparing a Statement of Cash Flows (Indirect Method) (LO 12-2, LO 12-3,...
pls help ??
PA12-3 Preparing a Statement of Cash Flows (Indirect Method) (LO 12-2, LO 12-3, LO 12-4, LO 12-5] XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term)...
Statement of cash flow / indirect method
Ilt: Statement of Cash Flows (48 points) following financial statements are available for Mavis Co. on December 31, 2017 Mavis Co. Comparative Balance Sheets As of December 31, 2017 and 2016 12/31/2017 $6,000 Cash Accounts Receivable Inventory Prepaid Rent Land Equipment Less: Accumulated Depreciation-Equip. Total Assets 61,800 40,300 12/31/2016 $6,900 50,900 60,600 5,100 3,900 35,200 205,500 -39,800 $314,100 17,900 181,700 -24,800 $297,100 Accounts Payable Income Taxes Payable Wages Payable LT Notes Payable Common...
Nt . Cash Flow Statement-indirect method (25%) Shown below is information from the financial statements of Taurus Corporation for 2018: End of Beginning of Year 201,000$221,000 249,000 $233,000 12,000 177,000 25,500 Year Accounts receivable Inventory Short-term prepayments Accounts payable (for merchandise) Accrued operating expenses payable Accrued income taxes payable Net sales $9,500 $170,000 $33,200 15,500 $12,600 $801,000 $465,000 Cost of goods sold perating expenses (including depreciation of $40,000) Income taxes expense $39,000 (a) On the basis of the above information,...
Required information Problem 12-14A The direct versus the indirect method of determining cash flow from operating activities LO 12-1, 12-2 The following information applies to the questions displayed below] Green Brands, Inc. (GBI) presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from GBl's Year 2 and Year 1 year-end balance sheets: Account Title Year 2 Year 1 Accounts receivable 23.000 29,00e 49,400 Merchandise inventory Prepaid insurance 56, 200 17,60e 27,80e...
ll. Cash Flow Statement-indirect method (25%) Shown below is information from the financial statements of Chapin Company for 2018 Beginning End of Year of Year 98,000 Accounts receivable nventory Prepaid expenses 106,000 $120,000 105,000 31,000 74,000 9,000 Accounts payable (for merchandise) Accrued liabilities Net sales 70,000 $28,000 30,000 8,000 t of goods sold Expenses (including depreciation of $43,000) 18,000 58,000 (a) On the basis of the above information, prepare a partial statement of cash lows, showing the computation of net...
Please help me make the following financial
statements: Income Statement, Statement of Retained
Earnings, and a Balance Sheet.
1-c.
Prepare the financial statements at the end of February.
(Balance Sheet only, items to be deducted must be indicated
with a negative amount.)
Required information [The following information applies to the questions displayed below.) 25 points Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the...
Uncollectible Accounts, Using Direct Write-Off Method
Illustrate the effects on the accounts and financial statements
of the following transactions in the accounts of Valley Care &
Supplies Co., a local hospital supply company that uses the direct
write-off method of accounting for uncollectible receivables:
If no account or activity is affected, select "No effect" from
the dropdown list and leave the corresponding number entry box
blank. Enter account decreases and cash outflows as negative
amounts.
March 18. Received $5,000 on...
Walton Brands, Inc., presents its statement of cash flows using the Indirect method. The following accounts and corresponding balances were drawn from Walton's Year 2 and Year 1 year-end balance sheets: Account Title Accounts receivable Merchandise inventory Prepaid insurance Accounts payable Salaries payable Unearned service revenue Year 2 $20,400 59,300 18,000 26,000 4,900 880 Year 1 $29,200 51,000 27,800 18,600 3,950 2,750 The Year 2 income statement is shown below: Income Statement Sales Cost of goods sold Gross margin Service...
pls help ??
PA12-3 Preparing a Statement of Cash Flows (Indirect Method) (LO 12-2, LO 12-3, LO 12-4, LO 12-5] XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Note Payable (long-term)...
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