List the name of the two financial statements needed to prepare the statement of Cash flow...
Homework Answers
Cash flow statement can be prepared in two ways 1) direct method 2) indirect method
In direct method we will prepare cash flow statement by using information from income statement we take accrual values from income statement and adjust them to know the cash out flow or inflow
In indirect method we will prepare cash flow by using net income and adjusted for changes In assets and liabilities of balance sheet by adding or subtracting to arrive operating income
So required financial statements are
1 INCOME STATEMENT
2 BALANCE SHEET
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List the name of the two financial statements needed to prepare the
statement of Cash flow...
prepare cash flow statement PROBLEM 2-7 The financial statements for the JHJ Book Store are as...
prepare cash flow statement
PROBLEM 2-7 The financial statements for the JHJ Book Store are as follows: INCOME STATEMENT 2013 3,000,000 2.500.000 500,000 Sales Cost of Books Sold Gross Profit Operating Expenses Depreciation Gain on sale of land Net Income 250,000 50.000 300,000 400.000 600.000 BALANCE SHEET 2013 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Land Total Assets 2012 100,000 125,000 150,000 100,000 (25,000) 100,000 550.000 2013 300,000 200,000 350,000 450,000 (75,000) 1.225.000 Accounts Payable Long Term Bond Payable Total...
After the trial balance is prepared, the business owner can prepare the financial statements. List and...
After the trial balance is prepared, the business owner can prepare the financial statements. List and discuss the purpose of each financial statement, the order in which the financial statements are prepared, and the information included in each financial statement (information also in Chapter 1, illustration 1.9). In addition, consider the fact that many people feel that financial statements should be expanded beyond the traditional components (income statement, statement of owner's equity, statement of cash flows and balance sheet). Should...
Discuss the structure of financial statements and how they interact with each other. Why is a cash flow statement considered an accurate indicator to evaluate a company? Locate financial statements fo...
Discuss the structure of financial statements and how they interact with each other. Why is a cash flow statement considered an accurate indicator to evaluate a company? Locate financial statements for a company of your choice, and review the cash flow statement. What insights does it provides about the company’s performance, in relation to other its other financial statements?
FIND THE CASH FLOW STATEMENT Seatwork 2.1 CASH FLOW STATEMENT The following financial statements are from...
FIND THE CASH FLOW STATEMENT
Seatwork 2.1 CASH FLOW STATEMENT The following financial statements are from Lucena Company in ($): Cash Accounts Receivable (net) Inventories Fixed Assets (net) Dec. 31, 2018 14,000 22,000 65,000 85,000 Dec. 31, 2019 16,000 28,000 55,000 79,000 TOTAL ASSETS 186,000 178,000 Accounts Payable Bonds Payable Common Stock (par value of $10) Retained Earnings 30,000 60,000 60,000 36,000 15,000 75,000 60,000 28,000 TOTALL AND SE 186,000 178,000 INCOME STATEMENT FOR 2019 Sales Cost of Goods Sold...
Locate financial statements for a company of your choice and review the cash flow statement. What...
Locate financial statements for a company of your choice and review the cash flow statement. What insights does the cash flow statement provide about the company’s performance, in relation to other financial statements? Cite your data source
Structures of insurance companies’ financial statements (income statement, balance sheet, cash flow statements) vary than structures...
Structures of insurance companies’ financial statements (income statement, balance sheet, cash flow statements) vary than structures the non- insurance organization due to the unique features of the insurance companies. Give a sample of the structures for any selected Saudi insurance company’ financial statements and explain the rational for classifying balance sheet accounts. Write no less than 300 words
Please explain with full explanations. Thanks Cash flow statements: Required: Prepare a cash flow statement for...
Please explain with full explanations. Thanks
Cash flow statements: Required: Prepare a cash flow statement for Anna's Apples Ltd using the information below. Use the indirect method for operating cash flows. Net profit for year ended 30 June 2015. | Cash Inventory Accounts Payable Unearned Revenue Prepaid Insurance Goodwill Equipment Acc Dep'n Equipment Loan Payable $ 30,000 $ 15,000 $ 12,000 $ 18,000 $ 50,000 $ 300,000 $ 150,000 $ 50,000 $ 20,000 $ 40,000 $ 30,000 $ 15,000 $...
a) Discuss the difference between Balance sheet, income statements, cash flow and owners’ equity b) List...
a) Discuss the difference between Balance sheet, income statements, cash flow and owners’ equity b) List two accounts that found in each statement
HELP! Financial statements, including direct and indirect statements of cash flow, February 6, 3 points W...
HELP!
Financial statements, including direct and indirect statements of cash flow, February 6, 3 points W b A new company began with $50,000 in cash and common stock (you do not need to account for that; you can assume that this transaction occurred on the last day of the previous year). It bought 100 phones for $500 each and resold 95 of them for $600 each. Ignore taxes. For statement of cash flows, refer to Power Points of Chapter 21...
Prepare trial balance and financial statements EZT (LO 4) AP A list of accounts and their...
Prepare trial balance and financial statements EZT (LO 4) AP A list of accounts and their balances of O'Neill's Psychological Services, at its year end July 31, 2021, is presented below. Supplies $ 790 Notes Payable $22.960 Unearned Revenue 1,350 Salaries Expense 45,540 Supplies Expense 5,960 T. O'Neill, Drawings 57.980 Cash 6,470 • Equipment 58,900 Accounts Receivable 7,340 T. O'Neill, Capital 64,340 Accounts Payable 9,030 Service Revenue 96,180 Rent Expense 10,880 Instructions a. Prepare a trial balance in financial statement...
prepare cash flow statement
PROBLEM 2-7 The financial statements for the JHJ Book Store are as follows: INCOME STATEMENT 2013 3,000,000 2.500.000 500,000 Sales Cost of Books Sold Gross Profit Operating Expenses Depreciation Gain on sale of land Net Income 250,000 50.000 300,000 400.000 600.000 BALANCE SHEET 2013 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Land Total Assets 2012 100,000 125,000 150,000 100,000 (25,000) 100,000 550.000 2013 300,000 200,000 350,000 450,000 (75,000) 1.225.000 Accounts Payable Long Term Bond Payable Total...
FIND THE CASH FLOW STATEMENT
Seatwork 2.1 CASH FLOW STATEMENT The following financial statements are from Lucena Company in ($): Cash Accounts Receivable (net) Inventories Fixed Assets (net) Dec. 31, 2018 14,000 22,000 65,000 85,000 Dec. 31, 2019 16,000 28,000 55,000 79,000 TOTAL ASSETS 186,000 178,000 Accounts Payable Bonds Payable Common Stock (par value of $10) Retained Earnings 30,000 60,000 60,000 36,000 15,000 75,000 60,000 28,000 TOTALL AND SE 186,000 178,000 INCOME STATEMENT FOR 2019 Sales Cost of Goods Sold...
Please explain with full explanations. Thanks
Cash flow statements: Required: Prepare a cash flow statement for Anna's Apples Ltd using the information below. Use the indirect method for operating cash flows. Net profit for year ended 30 June 2015. | Cash Inventory Accounts Payable Unearned Revenue Prepaid Insurance Goodwill Equipment Acc Dep'n Equipment Loan Payable $ 30,000 $ 15,000 $ 12,000 $ 18,000 $ 50,000 $ 300,000 $ 150,000 $ 50,000 $ 20,000 $ 40,000 $ 30,000 $ 15,000 $...
HELP!
Financial statements, including direct and indirect statements of cash flow, February 6, 3 points W b A new company began with $50,000 in cash and common stock (you do not need to account for that; you can assume that this transaction occurred on the last day of the previous year). It bought 100 phones for $500 each and resold 95 of them for $600 each. Ignore taxes. For statement of cash flows, refer to Power Points of Chapter 21...
Prepare trial balance and financial statements EZT (LO 4) AP A list of accounts and their balances of O'Neill's Psychological Services, at its year end July 31, 2021, is presented below. Supplies $ 790 Notes Payable $22.960 Unearned Revenue 1,350 Salaries Expense 45,540 Supplies Expense 5,960 T. O'Neill, Drawings 57.980 Cash 6,470 • Equipment 58,900 Accounts Receivable 7,340 T. O'Neill, Capital 64,340 Accounts Payable 9,030 Service Revenue 96,180 Rent Expense 10,880 Instructions a. Prepare a trial balance in financial statement...
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