Homework Answers
Matlock Company
Net cash flows from Operating activity :
| Particulars | $ | $ |
| Net income for the period 20B | 10,000 | |
| Add: Non cash expenses (Depreciation) | 8,000 | |
| Operating cash flows before working capital changes | 18,000 | |
| Working capital change: | 12,000 | |
| Add: Decrease in account receivable (in flows) | 4,000 | |
| Add: Decrease in merchandise Inventory (in flows) | 6,000 | |
| Add: Increases in accounts payable (in flows) | 2,000 | |
| Net Operating Cash flows | $ 30,000 |
Hence option "D" is correct, Cash flows from Operating activity for 20B are $ 30,000.
Add Answer to:
32. Matlock Company reported total sales revenue of $55,000 and total expenses amounting to $45,000 (i.e.,...
Tyler Company reported net income of $260,000 for the year. During the year, accounts receivable increased...
Tyler Company reported net income of $260,000 for the year. During the year, accounts receivable increased by $18,000, accounts payable decreased by $14,000 am depreciation expense of $15,000 was recorded. Net cash provided by operating activities for the year is a. $243,000. b. $213,000. C. $215,000 d. $255.000
Rogers Company reported net income of $35,000 for the year. During the year, accounts receivable increased...
Rogers Company reported net income of $35,000 for the year. During the year, accounts receivable increased by $7,000, accounts payable decreased by $3,000, and depreciation expense of $8,000 was recorded. Net cash provided by operating activities under the indirect method for the year is a. $53,000 b. $47,000 c. $33,000 d. $37,000
Q2 (Statement of Cash Flows). Based on the above information, what amount will be reported as...
Q2 (Statement of Cash Flows). Based on the above information, what amount will be reported as the net cash provided by operating, investing, and financing activities for the year on the statement of cash flows. Net Income = $10,000 • Depreciation expense = $4,000 • Decrease in accounts payable = $1,500 • Increase in bonds payable = $8,000 * Sales of long-term investment = $2,000 * Purchase of plant and equipment - $7,000 * Sales of common stock for cash...
Winn Company's 20X2 income statement reported total revenues, $110,000, and total expenses (including $10,000 depreciation), $70,000...
Winn Company's 20X2 income statement reported total revenues, $110,000, and total expenses (including $10,000 depreciation), $70,000 (i.e., a profit of $40,000). The 20X2 balance sheet reported the following: trade receivables--beginning balance, $16,000 and ending balance, $14,000; wages payable--beginning balance, $2,000 and ending balance, $1,500. Therefore, based only on this information, the 20X2 net cash inflow from operating activities was which of the following? $48,500. $51,500. $50,000. $59,500.
Use the following information to prepare a statement of cash flows for Stable Equipment Company for...
Use the following information to prepare a statement of cash flows for Stable Equipment Company for the year ended December 31, 2019. Net income for the year 2019 was $5,000. Accounts receivable decreased $2,000, while inventories increased $4,000. Accounts payable decreased $7,000 and Accrued liabilities increased $1,000. Depreciation expense included in net income was $8,000. During the year, a piece of used equipment with its book value of $7,500 was sold for $8,000 and a new service truck was purchased...
The comparative financial statements for Prince Company are below: Year 2 Year 1 Income statement: Sales...
The comparative financial statements for Prince Company are below: Year 2 Year 1 Income statement: Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense $190,000 112,000 $167,000 100,000 67,000 53,000 14,000 4,000 10,000 78,000 56,000 Pretax income 22,000 8,000 14,000 Income tax Net income Balance sheet: $ 4,000 14,000 40,000 ,000 $103,000 $ 16,000 Cash Accounts receivable (net 7,000 18,000 34,000 38,000 97,000 Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities...
NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of...
NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of Goods Sold $550,000 Wages Expense Advertising Expense 195,000 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss $(25,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets $32,000 $80,000 Cash 49,000 42,000 Accounts Receivablé 107,000 115,000 Inventory Prepaid Advertising 10,000 14,000 Plant Assets 360,000 210,000 Accumulated Depreciation (80,000) (56,000) Total Assets $519,000 $364,000 Liabilities and...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018 and 2017, along with transaction data for 2018: (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Adams Corporation's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the indirect method. (Use a minus sign or parentheses for...
please help with these 2 multiple choice ?’s :( A company's income statement showed the following:...
please help with these 2 multiple choice ?’s :(
A company's income statement showed the following: net Income, $124,000 and depreciation expense, $30,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; and accounts payable increased $3,400. Calculate the net cash provided or used by operating activities 11 33 oints Multiple Choice 015014 $123,200 eBook $159,200 $148,800 $118,000 $178,000 A corporation...
extra info: total current assets is 108,000 The following information is available for Buckeye Company: January...
extra info: total current assets is 108,000
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods...
Tyler Company reported net income of $260,000 for the year. During the year, accounts receivable increased by $18,000, accounts payable decreased by $14,000 am depreciation expense of $15,000 was recorded. Net cash provided by operating activities for the year is a. $243,000. b. $213,000. C. $215,000 d. $255.000
Q2 (Statement of Cash Flows). Based on the above information, what amount will be reported as the net cash provided by operating, investing, and financing activities for the year on the statement of cash flows. Net Income = $10,000 • Depreciation expense = $4,000 • Decrease in accounts payable = $1,500 • Increase in bonds payable = $8,000 * Sales of long-term investment = $2,000 * Purchase of plant and equipment - $7,000 * Sales of common stock for cash...
The comparative financial statements for Prince Company are below: Year 2 Year 1 Income statement: Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense $190,000 112,000 $167,000 100,000 67,000 53,000 14,000 4,000 10,000 78,000 56,000 Pretax income 22,000 8,000 14,000 Income tax Net income Balance sheet: $ 4,000 14,000 40,000 ,000 $103,000 $ 16,000 Cash Accounts receivable (net 7,000 18,000 34,000 38,000 97,000 Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities...
NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of Goods Sold $550,000 Wages Expense Advertising Expense 195,000 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss $(25,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets $32,000 $80,000 Cash 49,000 42,000 Accounts Receivablé 107,000 115,000 Inventory Prepaid Advertising 10,000 14,000 Plant Assets 360,000 210,000 Accumulated Depreciation (80,000) (56,000) Total Assets $519,000 $364,000 Liabilities and...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018 and 2017, along with transaction data for 2018: (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Adams Corporation's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the indirect method. (Use a minus sign or parentheses for...
please help with these 2 multiple choice ?’s :(
A company's income statement showed the following: net Income, $124,000 and depreciation expense, $30,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; and accounts payable increased $3,400. Calculate the net cash provided or used by operating activities 11 33 oints Multiple Choice 015014 $123,200 eBook $159,200 $148,800 $118,000 $178,000 A corporation...
extra info: total current assets is 108,000
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods...
Most questions answered within 3 hours.
-
At the beginning of the year, Palermo Brothers, Inc., purchased
a new plastic water bottle making...
asked 19 minutes ago -
Calculate the change in the Gibbs energy of the system for the
following processes: a) 6.0...
asked 9 minutes ago -
1.
A hemophiliac male mates with a healthy female. what are the
possible genotypes for the...
asked 5 minutes ago -
After reading the Primary Care scenario in the Allied Health
Community, what could have been implemented...
asked 14 minutes ago -
A solution is prepared by dissolving 11.60 g of a mixture of
sodium carbonate and sodium...
asked 18 minutes ago -
1. Mini Case Study: Suppose that, in the future, most jobs will
be bid upon by...
asked 20 minutes ago -
Plantinga argues for the view that there is no solution to the
problem of moral evil....
asked 16 minutes ago -
For this Discussion, you examine a case study of
hearing-impaired children who developed their own language...
asked 21 minutes ago -
You could argue that even though Rockefeller clearly had
enormous market power (90% of the market)...
asked 20 minutes ago -
The moment of inertia of a disk rotating about its axis of
symmetry is Icm=1/2MR^2
The...
asked 28 minutes ago -
When using a relational database what makes data
formatting so important and critical to the functions...
asked 38 minutes ago -
The following temperatures show the (fictional) daily low
measured at O'Hare airport every January 1st from...
asked 58 minutes ago