Homework Answers
Case X = Cash received from customer = Sales-Increase in account receivable = 790000-11400 = 778600
Case Y = Cash paid for rent = Rent expense+Decrease in rent payable = 134200+2368 = 136568
Case Z = Cash paid for inventory = Cost of goods sold-Decrease inventory-Increase account payable = 657000-36661-20530 = 599809
Add Answer to:
Exercise 12-15B Direct: Computing cash flows LO P5 Case X: Case Zt Compute cash received from...
QS 12-21B Direct: Sustainability and computing cash flows P5 Case At Compute interest received from customers...
QS 12-21B Direct: Sustainability and computing cash flows P5 Case At Compute interest received from customers Interest revenue Interest receivable, December 31, 2018 Interest receivable, December 31, 2019 $4,400 Case Bi Compute cash paid for wages Wages expense Wages payable, December 31, 2018 Wages payable, December 31, 2019 $3,000 2,200 1,500 1,400 For each of the above two separate cases, use the information provided about the calendar-year 2019 operations of BioClean Company to compute the required cash flow Information Case...
Exercise 12-17B Direct: Preparing statement of cash flows LO P5 The following financial statements and additional...
Exercise 12-17B Direct: Preparing statement of cash flows LO P5 The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 82,100 Accounts receivable, net 78,500 Inventory 72,800 Prepaid expenses 5,300 Total current assets 238,700 Equipment 133,000 Accum. depreciation-Equipment (31,500) Total assets $340,200 Liabilities and Equity Accounts payable $ 34,000 Wages payable 6,900 Income taxes payable 4,300 Total current liabilities 45,200 Notes payable (long term) 31,800 Total...
QS 12-27B Direct: Computing cash from operations LO P5 2018 CRUZ, INC. Comparative Balance Sheets December...
QS 12-27B Direct: Computing cash from operations LO P5 2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 66,100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,700 Notes payable (long-term) 20,700 Total liabilities 38,400 Equity Common stock, $5 par value 159,500 Retained earnings 23,100...
M12-12 Computing Cash Flows from Operating Activities (Direct Method) [LO 12-6]
Case A Case B Case CSales revenue$72,000$62,000$103,000Cost of goods sold38,50029,50068,900Depreciation expense10,7002,70026,700Salaries and wages expense5,70013,7008,700Net income (loss)17,10016,100(1,300)Accounts receivable increase (decrease)(1,100)4,7003,700Inventory increase (decrease)2,7000(3,700)Accounts payable increase (decrease)03,200(1,100)Salaries and wages payable increase (decrease)1,850(2,700)1,100Compute cash flows from operating activities using the direct...
QS 12-22B Direct: Computing cash payments to suppliers LO P5 Bioware Co. reports cost of goods...
QS 12-22B Direct: Computing cash payments to suppliers LO P5 Bioware Co. reports cost of goods sold of $44,200. Its comparative balance sheet shows that inventory decreased $9,200 and accounts payable increased $7,200. Compute cash payments to suppliers using the direct method. Cash Payments to Suppliers (Direct) Cash paid for inventory
Statement of Cash Flows (Direct Method) The Forrester Company’s income statement and comparative balance sheets as...
Statement of Cash Flows (Direct Method) The Forrester Company’s income statement and comparative balance sheets as of December 31 of 2019 and 2018 are shown below: FORRESTER COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $660,000 Cost of Goods Sold $376,000 Wages Expense 107,000 Depreciation Expense 22,000 Rent Expense 28,000 Income Tax Expense 24,000 557,000 Net Income $103,000 FORRESTER COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets Cash $58,000 $30,000 Accounts Receivable 52,000 60,000...
At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings...
At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings Current Prior Year Year $ 133,000 $ 124,000 591,000 354,000 337,500 311,500 The company's net income for the current year ended December 31 was $60,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during the current year. Common Stock, $10 Par Beg. bal. End. bal. Paid-in Capital in Excess of Par Beg. bal. End. bal. Cash...
Statement of Cash Flows (Direct Method) The Artic Company's income statement and comparative balance sheets at...
Statement of Cash Flows (Direct Method) The Artic Company's income statement and comparative balance sheets at December 31 of 2019 and 2018 are shown below: ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue 5615.000 Cost of Goods Sold $430.000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29.000 590.000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec 31, 2019 Dec 31, 2018 $41.000 41.000 30.000 5.000 219.000 168.000...
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse...
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). $ 156 Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income tax payable (20) 32 (13) Net cash flows from operating activities $187 $ Cash...
Required information Exercise 12-11 Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following...
Required information Exercise 12-11 Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $100,300 Accounts receivable, net 83,000 Inventory 75,800 Prepaid expenses Total current assets 264, 700 Equipment 136,000 Accum. depreciation Equipment (33.000) Total assets $367,700 Liabilities and Equity Accounts payable 37,000 Wages payable 7,200 Income taxes...
QS 12-21B Direct: Sustainability and computing cash flows P5 Case At Compute interest received from customers Interest revenue Interest receivable, December 31, 2018 Interest receivable, December 31, 2019 $4,400 Case Bi Compute cash paid for wages Wages expense Wages payable, December 31, 2018 Wages payable, December 31, 2019 $3,000 2,200 1,500 1,400 For each of the above two separate cases, use the information provided about the calendar-year 2019 operations of BioClean Company to compute the required cash flow Information Case...
Exercise 12-17B Direct: Preparing statement of cash flows LO P5 The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 82,100 Accounts receivable, net 78,500 Inventory 72,800 Prepaid expenses 5,300 Total current assets 238,700 Equipment 133,000 Accum. depreciation-Equipment (31,500) Total assets $340,200 Liabilities and Equity Accounts payable $ 34,000 Wages payable 6,900 Income taxes payable 4,300 Total current liabilities 45,200 Notes payable (long term) 31,800 Total...
QS 12-27B Direct: Computing cash from operations LO P5 2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 66,100 Accounts receivable, net 28,500 Inventory 59,700 Prepaid expenses 3,700 Total current assets 158,000 Furniture 74,600 Accum. depreciation Furniture (11,600) Total assets $221,000 Liabilities and Equity Accounts payable $ 10,400 Wages payable 6,300 Income taxes payable 1,000 Total current liabilities 17,700 Notes payable (long-term) 20,700 Total liabilities 38,400 Equity Common stock, $5 par value 159,500 Retained earnings 23,100...
QS 12-22B Direct: Computing cash payments to suppliers LO P5 Bioware Co. reports cost of goods sold of $44,200. Its comparative balance sheet shows that inventory decreased $9,200 and accounts payable increased $7,200. Compute cash payments to suppliers using the direct method. Cash Payments to Suppliers (Direct) Cash paid for inventory
At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings Current Prior Year Year $ 133,000 $ 124,000 591,000 354,000 337,500 311,500 The company's net income for the current year ended December 31 was $60,000. 1. Complete the T-accounts to calculate the cash received from the sale of its common stock during the current year. Common Stock, $10 Par Beg. bal. End. bal. Paid-in Capital in Excess of Par Beg. bal. End. bal. Cash...
Statement of Cash Flows (Direct Method) The Artic Company's income statement and comparative balance sheets at December 31 of 2019 and 2018 are shown below: ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue 5615.000 Cost of Goods Sold $430.000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29.000 590.000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec 31, 2019 Dec 31, 2018 $41.000 41.000 30.000 5.000 219.000 168.000...
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). $ 156 Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income tax payable (20) 32 (13) Net cash flows from operating activities $187 $ Cash...
Required information Exercise 12-11 Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $100,300 Accounts receivable, net 83,000 Inventory 75,800 Prepaid expenses Total current assets 264, 700 Equipment 136,000 Accum. depreciation Equipment (33.000) Total assets $367,700 Liabilities and Equity Accounts payable 37,000 Wages payable 7,200 Income taxes...
Most questions answered within 3 hours.
-
At the beginning of the year, Palermo Brothers, Inc., purchased
a new plastic water bottle making...
asked 20 minutes ago -
Calculate the change in the Gibbs energy of the system for the
following processes: a) 6.0...
asked 10 minutes ago -
1.
A hemophiliac male mates with a healthy female. what are the
possible genotypes for the...
asked 6 minutes ago -
After reading the Primary Care scenario in the Allied Health
Community, what could have been implemented...
asked 15 minutes ago -
A solution is prepared by dissolving 11.60 g of a mixture of
sodium carbonate and sodium...
asked 19 minutes ago -
1. Mini Case Study: Suppose that, in the future, most jobs will
be bid upon by...
asked 21 minutes ago -
Plantinga argues for the view that there is no solution to the
problem of moral evil....
asked 17 minutes ago -
For this Discussion, you examine a case study of
hearing-impaired children who developed their own language...
asked 22 minutes ago -
You could argue that even though Rockefeller clearly had
enormous market power (90% of the market)...
asked 21 minutes ago -
The moment of inertia of a disk rotating about its axis of
symmetry is Icm=1/2MR^2
The...
asked 29 minutes ago -
When using a relational database what makes data
formatting so important and critical to the functions...
asked 39 minutes ago -
The following temperatures show the (fictional) daily low
measured at O'Hare airport every January 1st from...
asked 59 minutes ago