Homework Answers
Step 1: Calculate Net Income
Net Income = Sales revenue - Cost of goods sold - other operating expense - depreciation
= 224000 - 100000 - 35000 - 8000
= 81000
| Mike Corporation | |
| Statement of cash flows (operating activities) | |
| For the year ended December 31, 2019 | |
| Cash flow From Operating Activities | |
| Net Income | 81000.00 |
| Add: Depreciation | 8000.00 |
| Less: Increase in operating current assets | -30000.00 |
| Less: Decrease in operating current liabilities | -5000.00 |
| Net cash provided by operating activities | 54000.00 |
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Paragraph Styles Q1. a) Mike Corporation. Accounts Department have compiled the following data for the year...
Q1. a) Mike Corporation Accounts Department have compiled the following data for the year ended December...
Q1. a) Mike Corporation Accounts Department have compiled the following data for the year ended December 31st, 2019: 35,000 40.000 Payment of dividends. Proceeds from issuance of common shares Sales revenue Increase in operating current assets other than cash Repurchase of common shares, Cost of goods sold $ 6,000 Other operating expenses. Purchase of equipment 20,000 Decrease in operating current 224,000 liabilities Payment of note payable 30,000 Proceeds from sale of land. 5,000 Depreciation expense $100,000 5.000 30,000 60,000 8.000...
a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st...
a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st 2019: 35.000 140.000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current assets other than cash Repurchase of common shares Cost of goods sold $ 6,000 Other operating expenses Purchase of equipment 20,000 Decrease in operating current 224,000 liabilities Payment of note payable 30,000 Proceeds from sale of land 5,000 Depreciation expense $100,000 5.000 30.000 60.000 8.000 Prepare...
a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st...
a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st 2019: 35.000 140.000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current assets other than cash Repurchase of common shares Cost of goods sold $ 6,000 Other operating expenses Purchase of equipment 20,000 Decrease in operating current 224,000 liabilities Payment of note payable 30,000 Proceeds from sale of land 5,000 Depreciation expense $100,000 5.000 30.000 60.000 8.000 Prepare...
a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st,...
a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st, 2019: 35,000 40,000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current assets other than cash.. Repurchase of common shares. Cost of goods sold $ 6,000 Other operating expenses.. Purchase of equipment.... 20,000 Decrease in operating current 224,000 liabilities... Payment of note payable 30,000 Proceeds from sale of land. 5,000 Depreciation expense. $100,000 5,000 30,000 60,000 8,000 ended...
QI. a) Mike Corporation. Accounts Department have compiled the following data for the year ended December...
QI. a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st, 2019: 35,000 40,000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current asfets other than cash Repurchase of common shares. Cost of goods sold $ 6,000 Other operating expenses. Purchase of equipment... 20,000 Decrease in operating current 224.000 liabilities.... Payment of note payable. 30,000 Proceeds from sale of land. 5,000 Depreciation expense $100,000 5,000 30,000 60,000 8.000...
References Review View Help Open in Desktop App Tell me what you want to do Editing...
References Review View Help Open in Desktop App Tell me what you want to do Editing 0... 12 А" А B I U A A A E A Styles v O Find v Q1. a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st, 2019: 35,000 40,000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current asfets other than cash Repurchase of common shares. Cost of goods sold...
B Or A A EvE a) Mike Corporation. Accounts Department have compiled the following data for...
B Or A A EvE a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st, 2019: 35,000 40,000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current asqets other than cash Repurchase of common shares. Cost of goods sold. $ 6,000 Other operating expenses. Purchase of equipment. 20,000 Decrease in operating current 224,000 liabilities. Payment of note payable 30,000 Proceeds from sale of land. 5,000 Depreciation expense. $100,000...
105 (Exercise S10-6 is an alternative exercise.) Edwards Comoration Inc. accountants have LEARNING OBIECTIVE assembled the...
105 (Exercise S10-6 is an alternative exercise.) Edwards Comoration Inc. accountants have LEARNING OBIECTIVE assembled the following data for the year ended June 30, 2017: Compute operating cash flows- indirect method 6.000 purchase of ing expenses 35,000 40,000 20.000 Payment of dividends. Proceeds from issuance of common shares ... 20,000 Sales revenue.................. 224,000 Increase in operating current assets other than cash. 30,000 Repurchase of common shares.......... 5,000 Cost of goods sold ............................ $100,000 Other operating expenses Purchase of equipment......... Decrease...
Mike's Equipment's accountants assembled the following data for the year ended November 30, 2018. (Click the...
Mike's Equipment's accountants assembled the following data for the year ended November 30, 2018. (Click the icon to view the data.) Prepare Mike's Equipment's statement of cash flows for the year ended November 30, 2018, using the indirect method. The cash balance for Mike's Equipment, Inc., at November 30, 2017, was $15,000. Begin by completing the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Mike's Equipment, Inc. Statement of Cash Flows Year...
6. Wolfe, Inc.'s accountants have assembled the following data for the year ended October 31, 2016:...
6. Wolfe, Inc.'s accountants have assembled the following data for the year ended October 31, 2016: (Click the icon to view the data.) Prepare Wolfe's statement of cash flows using the indirect method for the year ended October 31, 2016. Assume beginning and ending Cash are $19,000 and $92,400 respectively. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted. If a box...
Q1. a) Mike Corporation Accounts Department have compiled the following data for the year ended December 31st, 2019: 35,000 40.000 Payment of dividends. Proceeds from issuance of common shares Sales revenue Increase in operating current assets other than cash Repurchase of common shares, Cost of goods sold $ 6,000 Other operating expenses. Purchase of equipment 20,000 Decrease in operating current 224,000 liabilities Payment of note payable 30,000 Proceeds from sale of land. 5,000 Depreciation expense $100,000 5.000 30,000 60,000 8.000...
a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st 2019: 35.000 140.000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current assets other than cash Repurchase of common shares Cost of goods sold $ 6,000 Other operating expenses Purchase of equipment 20,000 Decrease in operating current 224,000 liabilities Payment of note payable 30,000 Proceeds from sale of land 5,000 Depreciation expense $100,000 5.000 30.000 60.000 8.000 Prepare...
a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st 2019: 35.000 140.000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current assets other than cash Repurchase of common shares Cost of goods sold $ 6,000 Other operating expenses Purchase of equipment 20,000 Decrease in operating current 224,000 liabilities Payment of note payable 30,000 Proceeds from sale of land 5,000 Depreciation expense $100,000 5.000 30.000 60.000 8.000 Prepare...
a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st, 2019: 35,000 40,000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current assets other than cash.. Repurchase of common shares. Cost of goods sold $ 6,000 Other operating expenses.. Purchase of equipment.... 20,000 Decrease in operating current 224,000 liabilities... Payment of note payable 30,000 Proceeds from sale of land. 5,000 Depreciation expense. $100,000 5,000 30,000 60,000 8,000 ended...
QI. a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st, 2019: 35,000 40,000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current asfets other than cash Repurchase of common shares. Cost of goods sold $ 6,000 Other operating expenses. Purchase of equipment... 20,000 Decrease in operating current 224.000 liabilities.... Payment of note payable. 30,000 Proceeds from sale of land. 5,000 Depreciation expense $100,000 5,000 30,000 60,000 8.000...
References Review View Help Open in Desktop App Tell me what you want to do Editing 0... 12 А" А B I U A A A E A Styles v O Find v Q1. a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st, 2019: 35,000 40,000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current asfets other than cash Repurchase of common shares. Cost of goods sold...
B Or A A EvE a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st, 2019: 35,000 40,000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current asqets other than cash Repurchase of common shares. Cost of goods sold. $ 6,000 Other operating expenses. Purchase of equipment. 20,000 Decrease in operating current 224,000 liabilities. Payment of note payable 30,000 Proceeds from sale of land. 5,000 Depreciation expense. $100,000...
105 (Exercise S10-6 is an alternative exercise.) Edwards Comoration Inc. accountants have LEARNING OBIECTIVE assembled the following data for the year ended June 30, 2017: Compute operating cash flows- indirect method 6.000 purchase of ing expenses 35,000 40,000 20.000 Payment of dividends. Proceeds from issuance of common shares ... 20,000 Sales revenue.................. 224,000 Increase in operating current assets other than cash. 30,000 Repurchase of common shares.......... 5,000 Cost of goods sold ............................ $100,000 Other operating expenses Purchase of equipment......... Decrease...
Mike's Equipment's accountants assembled the following data for the year ended November 30, 2018. (Click the icon to view the data.) Prepare Mike's Equipment's statement of cash flows for the year ended November 30, 2018, using the indirect method. The cash balance for Mike's Equipment, Inc., at November 30, 2017, was $15,000. Begin by completing the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Mike's Equipment, Inc. Statement of Cash Flows Year...
6. Wolfe, Inc.'s accountants have assembled the following data for the year ended October 31, 2016: (Click the icon to view the data.) Prepare Wolfe's statement of cash flows using the indirect method for the year ended October 31, 2016. Assume beginning and ending Cash are $19,000 and $92,400 respectively. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted. If a box...
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