Homework Answers
Option 3 would affect the Income statement and the Cash flow in different period.
Depreciation will affect only P&L and not cash flows
Incurring operating expense on account would affect the P&L of the current period and in turn that outstanding operating expense will come in cash flow under Working capital changes in the same period.
Paid interest that was aacrued in a prior year. This already affected the P&L of Prior year. But it will come as "Cash Outflow from Financing Activities in the Cash flow of the year in which it got actually paid that is Current year cash flow.
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Consider how each of the transactions listed below affect net income reported on the income statement...
ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset...
ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or clalms exchange CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event Increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), Investing activities (A), or financing activities (FA), or does not...
below are cash transactions of a company. indicate whether the transaction will affect an account reported...
below are cash transactions of a company. indicate whether the
transaction will affect an account reported in the income statement
or the balance sheet
Below are cash transactions of a compar. Indkate whether the transaction will affect an account reported in the income statement or the balance sheet. I ore the impact of the transaction on the Cash and Retained Earnings accounts Transaction Payton in the current period Borrowcastron the bank Paysalaries to employees for the current period Receive from...
HW SA LO 2-6, 2-6, 2-2 2-8,2-0 Required Identity whether each of the following transactions is...
HW SA LO 2-6, 2-6, 2-2 2-8,2-0 Required Identity whether each of the following transactions is an asset source (AS), asseuse (AU), asset exchange (AE) or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model indicate whether the event increases (1) decreases (O), or does not affect (NA) each element of the francial statements. In the Cash Flows column, designate the cash flow as operating activities (OA), Investing activities (A),...
The net income reported on the income statement for the current year was $334,100. Depreciation recorded...
The net income reported on the income statement for the current year was $334,100. Depreciation recorded on equipment and a building amounted to $101,710 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $90,280 $96,010 Accounts receivable (net) 111,780 118,690 Inventories 223,470 206,830 Prepaid expenses 12,870 14,850 Accounts payable (merchandise creditors) 96,330 103,900 Salaries payable 15,720 13,840 Required: A....
Indicate how each of the following transactions would affect AlarmIT Ltd.’s statement of income, statement of...
Indicate how each of the following transactions would affect
AlarmIT Ltd.’s statement of income, statement of financial
position, and statement of cash flows. If there would be no effect,
then state that. AlarmIT uses the allowance method of accounting
for bad debts.
1. AlarmIT recovered a $26,300 receivable from a customer whose
account had been previously written off.
2. AlarmIT wrote off a receivable from a customer in the amount
of $17,100.
3. AlarmIT recorded bad debts expense for the...
The net income reported on the income statement for the current year was $318,700. Depreciation recorded...
The net income reported on the income statement for the current year was $318,700. Depreciation recorded on equipment and a building amounted to $93,980 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $90,370 $95,280 Accounts receivable (net) 111,660 118,570 Inventories 232,780 203,250 Prepaid expenses 12,000 15,310 Accounts payable (merchandise creditors) 96,420 104,940 Salaries payable 15,310 13,420 Required: A....
The net income reported on an income statement for the current year was $63,000. Depreciation recorded...
The net income reported on an income statement for the current year was $63,000. Depreciation recorded on fixed assets for the year was $24,000. Balances of the current asset and current liability accounts at the end and beginning of the year are listed below. Prepare the Cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments....
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...
The net income reported on the income statement for the current year was $232,500. Depreciation recorded...
The net income reported on the income statement for the current year was $232,500. Depreciation recorded on equipment and a building amounted to $69,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $63,940 $66,500 Accounts receivable (net) 81,080 82,060 Inventories 159,850 141,380 Prepaid expenses 8,890 9,380 Accounts payable (merchandise creditors) 71,420 74,210 Salaries payable 10,290 9,240 a. Prepare...
Listed below are several terms and phrases associated with income statement presentation and the statement of...
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ldentify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or clalms exchange CE). Also show the effects of the events on the financial statements using the horizontal statements model. Indicate whether the event Increases (1), decreases (D), or does not affect (NA) each element of the financial statements. In the Cash Flows column, designate the cash flows as operating activities (OA), Investing activities (A), or financing activities (FA), or does not...
below are cash transactions of a company. indicate whether the
transaction will affect an account reported in the income statement
or the balance sheet
Below are cash transactions of a compar. Indkate whether the transaction will affect an account reported in the income statement or the balance sheet. I ore the impact of the transaction on the Cash and Retained Earnings accounts Transaction Payton in the current period Borrowcastron the bank Paysalaries to employees for the current period Receive from...
HW SA LO 2-6, 2-6, 2-2 2-8,2-0 Required Identity whether each of the following transactions is an asset source (AS), asseuse (AU), asset exchange (AE) or claims exchange (CE). Also show the effects of the events on the financial statements using the horizontal statements model indicate whether the event increases (1) decreases (O), or does not affect (NA) each element of the francial statements. In the Cash Flows column, designate the cash flow as operating activities (OA), Investing activities (A),...
Indicate how each of the following transactions would affect
AlarmIT Ltd.’s statement of income, statement of financial
position, and statement of cash flows. If there would be no effect,
then state that. AlarmIT uses the allowance method of accounting
for bad debts.
1. AlarmIT recovered a $26,300 receivable from a customer whose
account had been previously written off.
2. AlarmIT wrote off a receivable from a customer in the amount
of $17,100.
3. AlarmIT recorded bad debts expense for the...
The net income reported on an income statement for the current year was $63,000. Depreciation recorded on fixed assets for the year was $24,000. Balances of the current asset and current liability accounts at the end and beginning of the year are listed below. Prepare the Cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments....
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Listed below are several terms and phrases associated with income statement presentation and the statement of cash flows. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it a. c. List A 1. Intraperiod tax allocation 2. Comprehensive income Unrealized holding gain on 3. investments 4. Operating income 5. A discontinued operation 6. Earnings per share 7. Prior period adjustment 8. Financing activities 9. Operating activities (SCF) 10. Investing...
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