Homework Answers
| Accounts Receivable | |||
| Beg.bal. | $73,500 | ||
| Revenue earned | 318,900 | $328,700 | Cash received |
| End.bal. | $63,700 |
Cash inflow from operating activities = $328,700
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Exercise 3-12A Using a T-account to determine cash flow from operating activities LO 3-1 River Co....
3 River Co. began the accounting period with a $71,500 debit balance in its Accounts Receivable...
3 River Co. began the accounting period with a $71,500 debit balance in its Accounts Receivable account. During the accounting period, River Co. earned revenue on account of $321,700. The ending Accounts Receivable balance was $61,400. Required Based on this information alone, determine the amount of cash inflow from operating activities during the accounting period. (Hint: Use a T-account for Accounts Receivable. Enter the debits and credits for the given events, and solve for the missing amount.) 1.17 points Cash...
Exercise 3-11B W caps lock A S shift Z Х 193 The Double-Entry Accounting System d....
Exercise 3-11B
W caps lock A S shift Z Х 193 The Double-Entry Accounting System d. Determine the amount of net income on the Year 1 income statement. What is the amount of net cash flow from operating activities for Year 1? e. What amount of unearned revenue would Jones report on the December 31, Year 1, balance sheet? LO 3-1 Exercise 3-12B Using a T-account to determine cash flow from operating activities Barnes Inc. began the accounting period with...
c. W Co. had a $3,000 beginning balance in accounts payable on January 1, Year 8....
c. W Co. had a $3,000 beginning balance in accounts payable on January 1, Year 8. During Year 8. the company incurred $73,000 of operating expenses on account. The ending balance in accounts payable was $8,500. Based on this information alone, determine the amount of cash paid to settle accounts payable. W Co. Accounts Payable Summary Beginning accounts payable balance Plus: Minus: Ending accounts payable balance d. W Co. had a $6,750 beginning balance in accounts payable on January 1...
ROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit Recerding...
ROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit Recerding sapplies and ideatifing their dfect on finenciel stetemeats Exercise 13-108 LO 13-1, 13-3, 13-4 Laurs Moss started and operated a small family consuking firm in Year L The firm was aflected by two events (1) Moss provided $36,000 of services on acount, and (2) she purchased $10,000 of supplies on account. There were $1800 of supplies on hand as of December 31, Year L...
3. Operating, Investing, and financing activities and cash flows The statement of cash flows reports a...
3. Operating, Investing, and financing activities and cash flows The statement of cash flows reports a company's cash inflows and outflows for a given accounting period by categorizing the company's sources and uses of cash as either operating, investing, or financing activities. Determine whether the activities described in the following table should be categorized as operating, investing, or financing activities in the statement of cash flows. activities Investing activities Financing activities Alexander Co. purchased a factory for $920,000. Doran Industries...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
LO 14-1 Exercise 14-3A Use the indirect method to determine cash flows from operating activities Shim...
LO 14-1 Exercise 14-3A Use the indirect method to determine cash flows from operating activities Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Shim's 2017 and 2016 year-end balance sheets: Account Title 2017 $36,000 2,400 600 9.300 4.500 3,600 2016 Accounts receivable Prepaid rent Interest receivable Accounts payable Salaries payable Unearned revenue $37,200 1,800 400 10,400 5,200 5.400 The income statement reported a $1,500 gain on the...
Determining Net Income from Net Cash Flow from Operating Activities Curwen Inc. reported net cash flow...
Determining Net Income from Net Cash Flow from Operating Activities Curwen Inc. reported net cash flow from operating activities of $201,300 on its statement of cash flows for the year ended December 31. The following information was reported in the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method: Decrease in income taxes payable Decrease in inventories $4,500 11,200 17,300 7,800 Depreciation Gain on sale of investments Increase in accounts payable 3,100 Increase...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1,...
Exercise 2-1A Effect of collecting accounts receivable on the accounting equation and financial statements LO 2-1, 2-3 Holloway Company earned $7,600 of service revenue on account during Year 1. The company collected $6,460 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) a. The...
2. Operating, investing, and financing activities and cash flows The statement of cash flows reports a...
2. Operating, investing, and financing activities and cash flows The statement of cash flows reports a company's cash inflows and outflows for a given accounting period by categorizing the company's sources and uses of cash as either operating, investing, or financing activities. Determine whether the activities described in the following table should be categorized as operating, investing, or financing activities in the statement of cash flows. Operating activities Investing activities Financing activities Clayton Inc. issued new common stock for $550.000,...
3 River Co. began the accounting period with a $71,500 debit balance in its Accounts Receivable account. During the accounting period, River Co. earned revenue on account of $321,700. The ending Accounts Receivable balance was $61,400. Required Based on this information alone, determine the amount of cash inflow from operating activities during the accounting period. (Hint: Use a T-account for Accounts Receivable. Enter the debits and credits for the given events, and solve for the missing amount.) 1.17 points Cash...
Exercise 3-11B
W caps lock A S shift Z Х 193 The Double-Entry Accounting System d. Determine the amount of net income on the Year 1 income statement. What is the amount of net cash flow from operating activities for Year 1? e. What amount of unearned revenue would Jones report on the December 31, Year 1, balance sheet? LO 3-1 Exercise 3-12B Using a T-account to determine cash flow from operating activities Barnes Inc. began the accounting period with...
c. W Co. had a $3,000 beginning balance in accounts payable on January 1, Year 8. During Year 8. the company incurred $73,000 of operating expenses on account. The ending balance in accounts payable was $8,500. Based on this information alone, determine the amount of cash paid to settle accounts payable. W Co. Accounts Payable Summary Beginning accounts payable balance Plus: Minus: Ending accounts payable balance d. W Co. had a $6,750 beginning balance in accounts payable on January 1...
ROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit Recerding sapplies and ideatifing their dfect on finenciel stetemeats Exercise 13-108 LO 13-1, 13-3, 13-4 Laurs Moss started and operated a small family consuking firm in Year L The firm was aflected by two events (1) Moss provided $36,000 of services on acount, and (2) she purchased $10,000 of supplies on account. There were $1800 of supplies on hand as of December 31, Year L...
3. Operating, Investing, and financing activities and cash flows The statement of cash flows reports a company's cash inflows and outflows for a given accounting period by categorizing the company's sources and uses of cash as either operating, investing, or financing activities. Determine whether the activities described in the following table should be categorized as operating, investing, or financing activities in the statement of cash flows. activities Investing activities Financing activities Alexander Co. purchased a factory for $920,000. Doran Industries...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
LO 14-1 Exercise 14-3A Use the indirect method to determine cash flows from operating activities Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Shim's 2017 and 2016 year-end balance sheets: Account Title 2017 $36,000 2,400 600 9.300 4.500 3,600 2016 Accounts receivable Prepaid rent Interest receivable Accounts payable Salaries payable Unearned revenue $37,200 1,800 400 10,400 5,200 5.400 The income statement reported a $1,500 gain on the...
Determining Net Income from Net Cash Flow from Operating Activities Curwen Inc. reported net cash flow from operating activities of $201,300 on its statement of cash flows for the year ended December 31. The following information was reported in the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method: Decrease in income taxes payable Decrease in inventories $4,500 11,200 17,300 7,800 Depreciation Gain on sale of investments Increase in accounts payable 3,100 Increase...
2. Operating, investing, and financing activities and cash flows The statement of cash flows reports a company's cash inflows and outflows for a given accounting period by categorizing the company's sources and uses of cash as either operating, investing, or financing activities. Determine whether the activities described in the following table should be categorized as operating, investing, or financing activities in the statement of cash flows. Operating activities Investing activities Financing activities Clayton Inc. issued new common stock for $550.000,...
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