Question 1 Maine LLC has recorded the following transactions in its cashbook for FY 2017: Balance...
Question 1
Maine LLC has recorded the following transactions in its cashbook for FY 2017:
Balance as of 1/1/ 2017: $ 10,000
Collections from customers: $15,000
Proceed from equipment sale: $10,000
Payments to suppliers: $15,000
Payments for operating expenses: $12,000
Interests payment: $4,000
Purchase of a small equipment: $5,000
Tasks: Prepare the statement of cash flows from operations under the direct method.
Homework Answers
Prepare the statement of cash flows from operations under the direct method.
| Cash flow from operating activities | ||
| Collection from customers | 15000 | |
| Payment to suppliers | (15000) | |
| Payment for operating expenses | (12000) | |
| Payment for interest paid | (4000) | |
| Net cash flow from operating activities | (16000) | |
| Cash flow from investing activities | ||
| Proceeds from equipment sale | 10000 | |
| Purchase of a small equipment | (5000) | |
| Net cash flow from investing activities | 5000 | |
| Cash flow from financing activities | ||
| Net cash flow from financing activities | ||
| Net cash flow | (11000) | |
| Beginning cash | 10000 | |
| Ending cash | (1000) | |
Add Answer to:
Question 1
Maine LLC has recorded the following transactions in its
cashbook for FY 2017:
Balance...
Smith Company has a budgeted beginning cash balance of $11,000, and a required minimum cash of...
Smith Company has a budgeted beginning cash balance of $11,000, and a required minimum cash of $5,000. Their budgeted cash flows are below. How much do they need to borrow to maintain their minimum cash balance? A. $4,000 B. $9,000 C. $14,000 D. $20,000 Payments to suppliers Cash dividends paid Collections from customers Lease payments Depreciation expense $25,000 5,000 45,000 10,000 5,000
Smith Company has a budgeted beginning cash balance of $11,000 and required minimum cash of $5,000....
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Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and...
Following are selected balance sheet accounts of Despacito Corp. at December 31, 2018 and 2017, and the increases or decreases in each account from 2017 to 2018. Also presented is selected income statement information for the year ended December 31, 2018, and additional information. Increase Selected balance sheet accounts 2018 2017 (Decrease) Assets: Accounts receivable $100,000 $ 94,000 6,000 Inventory 55,000 70,000 (15,000) Prepaid Expenses 30,000 25,000 5,000 Property, plant, and equipment 400,000 200,000 200,000 Accumulated depreciation (200,000) (180,000) 20,000 Deferred tax asset 30,000 40,000 (10,000) Liabilities and stockholders’ equity: Accounts payable 400,000 420,000 (20,000) Interest payable 8,000 6,000 2,000 Accrued expenses payable 10,000 7,000 3,000...
Russell corporation had the following activities: Recorded depreciation at $5,000 Purchased $10,000 of equipment with cash...
Russell corporation had the following activities: Recorded depreciation at $5,000 Purchased $10,000 of equipment with cash Paid $4,000 in interest payments Received $8,000 for sale of an asset What is the amount of net cash flows from (used for) investing activities?
Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of...
Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
Use the following to answer questions 26 - 32 Below is a summary of all transactions...
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Prepare a Statement of Cash Flows using the direct method. Use the following information: The following...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
Question 2 This information is for Concord Corporation for the year ended December 31, 2017. Cash...
Question 2 This information is for Concord Corporation for the year ended December 31, 2017. Cash received from lenders Cash received from customers Cash paid for new equipment Cash dividends paid Cash paid to suppliers Cash balance 1/1/17 $19,000 45,900 27,600 7,300 15,800 12,000 (a) Prepare the 2017 statement of cash flows for Concord Corporation. (List negative amounts either with a negative sign preceding the number e.g. -15,000 or in parentheses e.g. (15,000).) Concord Corporation Statement of Cash Flows Click...
ulah has the following transactions in the month of May, 2018. Show how these transactions can...
ulah has the following transactions in the month of May, 2018. Show how these transactions can be recorded in his JOURNAL. srarres May. 1 Commefced business with a captal of AEDSO,000 with cash and Bank AED25, 000. May.2 Purchased supplies for AED 10,000 cash May.3 Purchased equipment on Credit for AED 10,000 from Modern Suppliers. May.5 Provided service for cash AED 15,000 May.7 Purchased Furniture for business use AED10,000 May.12 Borrowed a loan from ADCB AED 25,000 May.18 Purchased supplies...
Identifying Transactions Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky...
Identifying Transactions Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: Cash Equipment 15,000 Dividends 1,500 (2) (3) (9) (1) (7) 40,000 13,100 (3) 4,000 5,000 6,175 6,000 1,500 Accounts Receivable 20,500 (7) 13,100 Accounts Payable 6,000 (3) 10,000 Service Revenue (5) 20,500 (5) Common Stock Supplies 4,000 (8) (2) 2,200 (1) 40,000 (4) (8) Operating Expenses 6,175...
Smith Company has a budgeted beginning cash balance of $11,000, and a required minimum cash of $5,000. Their budgeted cash flows are below. How much do they need to borrow to maintain their minimum cash balance? A. $4,000 B. $9,000 C. $14,000 D. $20,000 Payments to suppliers Cash dividends paid Collections from customers Lease payments Depreciation expense $25,000 5,000 45,000 10,000 5,000
Kay Wing, Inc., prepared the following balance sheet at December 31, 2016. Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,000 70,000 20,000 39,000 109,000 $340,000 $ 33,000 4,000 80,000 90,000 133,000 $340,000 The following occurred during 2017 1. $15,000 in cash and a $35,000 note payable were exchanged for land...
Use the following to answer questions 26 - 32 Below is a summary of all transactions of KMC Consulting for the month of October. $15,000 250,000 500,000 Cash transactions Cash collections from: Sale of unused office furniture Borrowing from bank Customers Cash payments for: Employee salaries Dividends to stockholders Advertising expense Utilities expense Purchased equipment Office supplies Noncash Transactions Issue note payable for equipment Services to customers on account Purchase office equipment on account 275,000 5,000 100,000 25,000 300,000 3,000...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
Question 2 This information is for Concord Corporation for the year ended December 31, 2017. Cash received from lenders Cash received from customers Cash paid for new equipment Cash dividends paid Cash paid to suppliers Cash balance 1/1/17 $19,000 45,900 27,600 7,300 15,800 12,000 (a) Prepare the 2017 statement of cash flows for Concord Corporation. (List negative amounts either with a negative sign preceding the number e.g. -15,000 or in parentheses e.g. (15,000).) Concord Corporation Statement of Cash Flows Click...
ulah has the following transactions in the month of May, 2018. Show how these transactions can be recorded in his JOURNAL. srarres May. 1 Commefced business with a captal of AEDSO,000 with cash and Bank AED25, 000. May.2 Purchased supplies for AED 10,000 cash May.3 Purchased equipment on Credit for AED 10,000 from Modern Suppliers. May.5 Provided service for cash AED 15,000 May.7 Purchased Furniture for business use AED10,000 May.12 Borrowed a loan from ADCB AED 25,000 May.18 Purchased supplies...
Identifying Transactions Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: Cash Equipment 15,000 Dividends 1,500 (2) (3) (9) (1) (7) 40,000 13,100 (3) 4,000 5,000 6,175 6,000 1,500 Accounts Receivable 20,500 (7) 13,100 Accounts Payable 6,000 (3) 10,000 Service Revenue (5) 20,500 (5) Common Stock Supplies 4,000 (8) (2) 2,200 (1) 40,000 (4) (8) Operating Expenses 6,175...
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