Homework Answers
| Bridgeport company | ||
| Statement of cash flows (partial) | ||
| Cash flow flows from operating activities: | ||
| Cash received form customers | $571,900 | |
| Cash paid to suppliers | ($170,400) | |
| Cash paid to employees | ($155,000) | |
| Taxes paid | ($46,800) | ($372,200) |
| Net cash provided by operating activities | $199,700 | |
Calculations:
| Sales | $585,000 |
| (Less): increase in accounts receivable | ($13,100) |
| Cash received from customers | $571,900 |
| Cot of goods sold | $180,000 |
| Increase In accounts payable | ($9,600) |
| Cash paid to suppliers | $170,400 |
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Your answer is partially correct. Bridgeport Company reported 2020 net income of $150,200 was based on...
Exercise 12-5 Your answer is partially correct. Try again. The following information is available for Bridgeport...
Exercise 12-5 Your answer is partially correct. Try again. The following information is available for Bridgeport Corp. for the year ended December 31, 2017. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds $ 48,690 4,003 175,284 8,872 11,902 307,396 37,870 12,984...
Current Attempt in Progress Flint Company reported 2020 net income of $155,200. During 2020, accounts receivable...
Current Attempt in Progress Flint Company reported 2020 net income of $155,200. During 2020, accounts receivable Increased by $15,580 and accounts payable increased by $9.943. Depreciation expense was $41,700 Prepare the cash flows from operating activities section of the statement of cash flows. (Show amounts that decrease cash flow with either a sign e.g. - 15,000 or in parenthesis e.g. (15,000).) FLINT COMPANY Cash Flow Statement Adjustments to reconcile net income to
The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November...
The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November 30, 2018 Sales $8,100,000 Cost of goods sold 4,950,000 Gross profit 3,150,000 Salaries expense 863,000 Operating expenses 222,000 Depreciation expense 90,000 Income before income tax 1,975,000 Income tax expense 245.000 Net income $1,730,000 Additional information: 1. Accounts receivable increased $400,000 during the year, and inventory decreased $540,000. 2. Prepaid expenses, which relate to administrative expenses, increased $200,000 during the year. 3. Accounts payable to...
The income statement of Bridgeport Company is shown below. BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR...
The income statement of Bridgeport Company is shown below. BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,910,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,420,000 Goods available for sale 6,330,000 Ending inventory 1,610,000 Cost of goods sold 4,720,000 Gross profit 2,190,000 Operating expenses Selling expenses 460,000 Administrative expenses 690,000 1,150,000 Net income $1,040,000 Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $190,000 during the year. 3. Accounts...
Exercise 17-04 Gutierrez Company reported net income of $197,600 for 2020. Gutierrez also reported depreciation expense...
Exercise 17-04 Gutierrez Company reported net income of $197,600 for 2020. Gutierrez also reported depreciation expense of $43,800 and a loss of $5,200 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $12,500 for the year, a $14,500 increase in accounts payable, and a $3,200 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2020. Use the indirect method. (Show amounts that decrease cash flow...
Question 3 Wise Photography reported net income of $103,500 for 2020. Included in the income statement...
Question 3 Wise Photography reported net income of $103,500 for 2020. Included in the income statement were depreciation expense of $3,700 amortization expense of $3,500, and again on disposal of plant assets of $3,800. Wise's comparative balance sheets show the following balances 12/31/19 12/31/20 Accounts receivable $27,200 $21,500 Accounts payable 6,200 9,600 Calculate net cash provided by operating activities for Wise Photography, (Show amounts that decrease cash flow with either a sign .g. -15,000 or in parenthesis a. (15,000).) Wise...
Question 1 Gutierrez Company reported net income of $190,400 for 2020. Gutierrez also reported depreciation expense...
Question 1
Gutierrez Company reported net income of $190,400 for 2020.
Gutierrez also reported depreciation expense of $41,900 and a loss
of $4,600 on the disposal of plant assets. The comparative balance
sheet shows a decrease in accounts receivable of $14,400 for the
year, a $16,400 increase in accounts payable, and a $4,100 decrease
in prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2020. Use the indirect method. (Show amounts
that decrease cash flow...
Problem 17-06A Your answer is partially correct. Try again. Zumbrunn Company's income statement contained the following...
Problem 17-06A Your answer is partially correct. Try again. Zumbrunn Company's income statement contained the following condensed information. $970,700 ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020 Service revenue Operating expenses, excluding depreciation $625,000 Depreciation expense 54,300 Loss on disposal of plant assets 25,200 Income before income taxes Income tax expense 704,500 266,200 39,700 Net income $226,500 Zumbrunn's balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable Accounts payable Income taxes...
Gutierrez Company reported net income of $196,600 for 2020. Gutierrez also reported depreciation expense of $43,700...
Gutierrez Company reported net income of $196,600 for 2020. Gutierrez also reported depreciation expense of $43,700 and a loss of $4,900 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $11,600 for the year, a $13,600 Increase in accounts payable, and a $3,000 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2020. Use the indirect method. (Show amounts that decrease cash flow with either...
Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For...
Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 $315,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses $190,000 61,000 16,100 22,500 289,600 $ 25,400 Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 $6,100 13,100 9,100 5,100 8,100 20,400 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase...
Exercise 12-5 Your answer is partially correct. Try again. The following information is available for Bridgeport Corp. for the year ended December 31, 2017. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds $ 48,690 4,003 175,284 8,872 11,902 307,396 37,870 12,984...
Current Attempt in Progress Flint Company reported 2020 net income of $155,200. During 2020, accounts receivable Increased by $15,580 and accounts payable increased by $9.943. Depreciation expense was $41,700 Prepare the cash flows from operating activities section of the statement of cash flows. (Show amounts that decrease cash flow with either a sign e.g. - 15,000 or in parenthesis e.g. (15,000).) FLINT COMPANY Cash Flow Statement Adjustments to reconcile net income to
The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November 30, 2018 Sales $8,100,000 Cost of goods sold 4,950,000 Gross profit 3,150,000 Salaries expense 863,000 Operating expenses 222,000 Depreciation expense 90,000 Income before income tax 1,975,000 Income tax expense 245.000 Net income $1,730,000 Additional information: 1. Accounts receivable increased $400,000 during the year, and inventory decreased $540,000. 2. Prepaid expenses, which relate to administrative expenses, increased $200,000 during the year. 3. Accounts payable to...
Question 3 Wise Photography reported net income of $103,500 for 2020. Included in the income statement were depreciation expense of $3,700 amortization expense of $3,500, and again on disposal of plant assets of $3,800. Wise's comparative balance sheets show the following balances 12/31/19 12/31/20 Accounts receivable $27,200 $21,500 Accounts payable 6,200 9,600 Calculate net cash provided by operating activities for Wise Photography, (Show amounts that decrease cash flow with either a sign .g. -15,000 or in parenthesis a. (15,000).) Wise...
Question 1
Gutierrez Company reported net income of $190,400 for 2020.
Gutierrez also reported depreciation expense of $41,900 and a loss
of $4,600 on the disposal of plant assets. The comparative balance
sheet shows a decrease in accounts receivable of $14,400 for the
year, a $16,400 increase in accounts payable, and a $4,100 decrease
in prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2020. Use the indirect method. (Show amounts
that decrease cash flow...
Problem 17-06A Your answer is partially correct. Try again. Zumbrunn Company's income statement contained the following condensed information. $970,700 ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020 Service revenue Operating expenses, excluding depreciation $625,000 Depreciation expense 54,300 Loss on disposal of plant assets 25,200 Income before income taxes Income tax expense 704,500 266,200 39,700 Net income $226,500 Zumbrunn's balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable Accounts payable Income taxes...
Gutierrez Company reported net income of $196,600 for 2020. Gutierrez also reported depreciation expense of $43,700 and a loss of $4,900 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $11,600 for the year, a $13,600 Increase in accounts payable, and a $3,000 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2020. Use the indirect method. (Show amounts that decrease cash flow with either...
Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 $315,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses $190,000 61,000 16,100 22,500 289,600 $ 25,400 Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 $6,100 13,100 9,100 5,100 8,100 20,400 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase...
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