Question

DIRECT METHOD The income statement, balance sheets, and additional information for Apple Inc are provided. Apple Inc. Income

2017 $187,000 95,000 138,000 5,000 Apple Inc. Balance Sheets December 31 Assets 2018 Current Assets: Cash $182,000 Accounts r

Diseño Disposicion Referencias Correspondencia Revisar Vista Ayuda Diseño Disposición Busc Additional Information for 2018: 1

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Answer #1
Statement of Cash Flows - Direct Method
© www.excel-skills.com 2018
Cash flows from operating activities
Cash receipts from customers $    28,12,000
Cash paid to suppliers $ -19,01,000
Cash paid for Operating expenses ($ 575,000 + 2000 Change in Prepaid rent) $    -5,77,000
Interest Expenses (16000 + 1000 Change in interest Payable) $       -17,000
Income taxes paid(63,000 -2000 Change in income tax paid) $       -61,000
Net cash from operating activities $   2,56,000
Cash flows from investing activities
Purhcase of investment $       -95,000
Sale of land $         34,000
Net cash used in investing activities $     -61,000
Cash flows from financing activities
Cash Dividend Paid $    -2,00,000
Net cash used in financing activities $ -2,00,000
Net increase in cash and cash equivalents $       -5,000
Cash and cash equivalents at beginning of period $   1,87,000
Cash and cash equivalents at end of period $   1,82,000
Working notes: 1
Calculation of cash collection from customer
Sales $        28,00,000
Add: Opening AR $              95,000
Less: Closing AR $              83,000
Cash Collected $        28,12,000
Working notes: 2
Calculation of purhcase of inventory
Cost of Goods Sold $        19,00,000
Add: Closing inventory $           1,21,000
Less : Opening Inventory $           1,38,000
Material Purhcased $        18,83,000
Calculation of amount paid to supplied
Op. Balance of Acct Payabl e $              58,000
Add: Purchases $        18,83,000
Less: Cl. Balance of Account payable $              40,000
Cash paid $        19,01,000
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