Question

Q3. (20 marks) Top Aces reported the following financial statement at the end of 2016 - А D B 2016 с 2015 2 $ 23,984 18,088 259 3,880 536 $ 1,221 $ 21,115 15,333 234 4,248 485 $ 815 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 $ $ Income Statement Net sales Cost of sales Depreciation Other operating expenses Income tax expense Net income Balance Sheet Cash and cash equivalents Accounts receivable Inventory Property and equipment, net Accounts payable Accrued liabilities Income tax payable Long-term liabilities Common stock Retained earnings 15 597 3,060 4,345 1,549 942 201 476 520 4,329 14 609 2,790 3,425 1,366 639 190 463 446 3,734 20 Determine the following cash receipts and payments for Top Aces, Inc., during 2016 (enter all amounts in thousands): a. Collections from customers b. Payments for other operating expenses c. Payment of cash dividends

Answer 1

a) Collection from customer = 609+23984-597 = 23996

b) Payment for other operating expenses = 639+3880-942 = 3577

c) Payment of cash dividend = 3734+1221-4329 = 626