Homework Answers
| Net income | $50,800 |
| Gain on sale of plant assets | $(5,900) |
| Depreciation expense | $10,000 |
| Increase in current assets | $(21,000) |
| Decrease in current liabilities | $(1,200) |
| Cash flows from operating activities | $32,700 |
The answer is Option A.
Add Answer to:
Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the...
Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the...
Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Kentucky Company Income Statement Year Ended December 31, 2019 Sales Revenue $ 247,000 Interest Revenue 2,200 Gain on Sale of Plant Assets 5,900 Total Revenues and Gains $ 255, 100 Cost of Goods Sold 118,000 Salary Expense 45,000 Depreciation Expense 10,000 Other Operating Expenses 24,000 Interest Expense 1,800 Income Tax Expense 5,500 Total Expenses 204,300 Net Income (Loss) $ 50, 800...
Elmore Company uses the direct method to prepare its statement of cash flows. Refer to the...
Elmore Company uses the direct method to prepare its statement of cash flows. Refer to the following financial statement information for the year ended December 31, 2017: Elmore Company Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Increase (Decrease) Cash $37,100 $20,400 $16,700 Accounts Receivable 26,400 30,100 (3,700) Merchandise Inventory 54,500 27,500 27,000 PP&E, net 126,000 92,000 34,000 Total Assets $244,000 $170,000 $74,000 Accounts Payable 8,200 12,200 $(4,000) Accrued Liabilities 6,400 2,400 4,000 Long-term Notes Payable 71,400 80,400...
TIPOLI HO TOP 2014 T Avatar Company uses the indirect method to prepare the statement of...
TIPOLI HO TOP 2014 T Avatar Company uses the indirect method to prepare the statement of cash flows. Please refer to the following section of the comparative balance sheet: 2013 Increase/decrease Cash $ 33,000 $ 18,000 $15,000 Accounts receivable 22,000 35,000 (13,000) Inventory 170,000 115,000 55,000 Total assets $225,000 $168,000 $57,000 Classification an items: A) Operating activities minus positive cash flow B) Operating activities minus negative cash flow C) Financing activities minus positive cash flow D) Investing activities minus negative...
pic is split because had to scroll Ohio, Inc. uses the indirect method to prepare the...
pic is split because had to scroll
Ohio, Inc. uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Ohio, Inc Income Statement Year Ended December 31, 2018 Revenues and Gains: Sales Revenue $159,000 Interest Revenue 6,200 Total Revenues and Gains Expenses and Losses: Cost of Goods Sold $130,000 Salary Expense 18,000 Depreciation Expense 7.300 $165,200 Other Operating Expenses Interest Expense Loss on Sale of Plant Assets Income Tax Expense Total Expenses and...
Dhuil Problem 3: Starfire Company uses the indirect method to prepare the statement of cash income...
Dhuil
Problem 3: Starfire Company uses the indirect method to prepare the statement of cash income statement: Starfire Company Income Statement Year Ended December 31, 2015 Sales Revenue Interest Revenue Loss on Sale of Plant Assets Cost of Goods Sold Salary Expense Depreciation Expense Other Operating Expenses Interest Expense Income Tax Expense Net Income/(loss) $275,000 2,600 2,000 135,000 66,500- 32,000 35,900 2,40 6,500 $1,300 Additional information provided by the company includes the following: Current assets other than cash decreased by...
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the...
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet: Utah Corp Comparative Balance Sheet December 31, 2018 and 2017 Cash Accounts Receivable Merchandise Inventory Total Assets 2018 $45,000 48,000 180.000 $273,000 2017 Increase/(Decrease) $27,000 $18,000 45,000 3,000 132.000 48.000 $204,000 $69,000 How will the change in Merchandise Inventory be shown on the statement of cash flows? O A. addition to net income under the operating activities...
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the...
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet Utah Corp Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Increase/(Decrease) Cash $45,000 $27,000 $18,000 Accounts Receivable 48,000 45,000 3,000 Merchandise Inventory 180,000 132.000 48 000 Total Assets $273,000 $204,000 $69,000 How will the change in Merchandise Inventory be shown on the statement of cash flows? O A negative cash flow under the investing activities...
McDaniel, Inc. uses the direct method to prepare its statement of cash flows. Refer to the...
McDaniel, Inc. uses the direct method to prepare its statement of cash flows. Refer to the following financial statement information for the year ended December 31, 2017: McDaniel, Inc. Comparative Balance Sheet December 31, 2017 and 2016 Cash Accounts Receivable Merchandise Inventory PP&E, net Total Assets 2017 $36,000 28,700 53,300 126.000 $244.000 Increase 2016 (Decrease) $16,000 $20,000 35,700 (7,000) 26,300 27.000 92.000 34.000 $170.000 $74.000 O A. $23,300 O B. 548,400 OC. $44,400 OD. $71,700 Click to select your answer....
12 Rodriguez Inc. uses the indirect method to prepare its statement of cash flows. Refer to...
12 Rodriguez Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet 53.000 Rodriguez Inc. Comparative Balance Sheet December 31, 2014 and 2013 2014 2013 Increase decrease Cash $21,000 $18,000 Accounts Receivable 31,000 35,000 (4.000) Inventory 53,000 25,000 28.000 Plant and Equipment 123,000 90,000 33.000 Accumulated Depreciation Plant and Equipment (43.000) (40,000) (3.000) Total assets $228,000 $168,000 $60,000 Additional information provided by the company includes the following: •...
Prepare a statement of cash flows for Dair Company using: a. the indirect method b. the...
Prepare a statement of cash flows for Dair Company using:
a. the indirect method
b. the direct method
DAIR COMPANY Income Statement For Year Ended December 31, 2013 $700,000 Sales ..... $440,000 95,000 22,000 7,000 10,000 36,000 5,000 Cost of goods sold Wages and other operating expenses. Depreciation expense.. Amortisation expense. Interest expense . Income tax expense Loss on bond retirement. 615,000 Net income..... $ 85,000 DAIR COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets $ 27,000 53,000...
Kentucky Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Kentucky Company Income Statement Year Ended December 31, 2019 Sales Revenue $ 247,000 Interest Revenue 2,200 Gain on Sale of Plant Assets 5,900 Total Revenues and Gains $ 255, 100 Cost of Goods Sold 118,000 Salary Expense 45,000 Depreciation Expense 10,000 Other Operating Expenses 24,000 Interest Expense 1,800 Income Tax Expense 5,500 Total Expenses 204,300 Net Income (Loss) $ 50, 800...
TIPOLI HO TOP 2014 T Avatar Company uses the indirect method to prepare the statement of cash flows. Please refer to the following section of the comparative balance sheet: 2013 Increase/decrease Cash $ 33,000 $ 18,000 $15,000 Accounts receivable 22,000 35,000 (13,000) Inventory 170,000 115,000 55,000 Total assets $225,000 $168,000 $57,000 Classification an items: A) Operating activities minus positive cash flow B) Operating activities minus negative cash flow C) Financing activities minus positive cash flow D) Investing activities minus negative...
pic is split because had to scroll
Ohio, Inc. uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Ohio, Inc Income Statement Year Ended December 31, 2018 Revenues and Gains: Sales Revenue $159,000 Interest Revenue 6,200 Total Revenues and Gains Expenses and Losses: Cost of Goods Sold $130,000 Salary Expense 18,000 Depreciation Expense 7.300 $165,200 Other Operating Expenses Interest Expense Loss on Sale of Plant Assets Income Tax Expense Total Expenses and...
Dhuil
Problem 3: Starfire Company uses the indirect method to prepare the statement of cash income statement: Starfire Company Income Statement Year Ended December 31, 2015 Sales Revenue Interest Revenue Loss on Sale of Plant Assets Cost of Goods Sold Salary Expense Depreciation Expense Other Operating Expenses Interest Expense Income Tax Expense Net Income/(loss) $275,000 2,600 2,000 135,000 66,500- 32,000 35,900 2,40 6,500 $1,300 Additional information provided by the company includes the following: Current assets other than cash decreased by...
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet: Utah Corp Comparative Balance Sheet December 31, 2018 and 2017 Cash Accounts Receivable Merchandise Inventory Total Assets 2018 $45,000 48,000 180.000 $273,000 2017 Increase/(Decrease) $27,000 $18,000 45,000 3,000 132.000 48.000 $204,000 $69,000 How will the change in Merchandise Inventory be shown on the statement of cash flows? O A. addition to net income under the operating activities...
Utah Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative balance sheet Utah Corp Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Increase/(Decrease) Cash $45,000 $27,000 $18,000 Accounts Receivable 48,000 45,000 3,000 Merchandise Inventory 180,000 132.000 48 000 Total Assets $273,000 $204,000 $69,000 How will the change in Merchandise Inventory be shown on the statement of cash flows? O A negative cash flow under the investing activities...
McDaniel, Inc. uses the direct method to prepare its statement of cash flows. Refer to the following financial statement information for the year ended December 31, 2017: McDaniel, Inc. Comparative Balance Sheet December 31, 2017 and 2016 Cash Accounts Receivable Merchandise Inventory PP&E, net Total Assets 2017 $36,000 28,700 53,300 126.000 $244.000 Increase 2016 (Decrease) $16,000 $20,000 35,700 (7,000) 26,300 27.000 92.000 34.000 $170.000 $74.000 O A. $23,300 O B. 548,400 OC. $44,400 OD. $71,700 Click to select your answer....
12 Rodriguez Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet 53.000 Rodriguez Inc. Comparative Balance Sheet December 31, 2014 and 2013 2014 2013 Increase decrease Cash $21,000 $18,000 Accounts Receivable 31,000 35,000 (4.000) Inventory 53,000 25,000 28.000 Plant and Equipment 123,000 90,000 33.000 Accumulated Depreciation Plant and Equipment (43.000) (40,000) (3.000) Total assets $228,000 $168,000 $60,000 Additional information provided by the company includes the following: •...
Prepare a statement of cash flows for Dair Company using:
a. the indirect method
b. the direct method
DAIR COMPANY Income Statement For Year Ended December 31, 2013 $700,000 Sales ..... $440,000 95,000 22,000 7,000 10,000 36,000 5,000 Cost of goods sold Wages and other operating expenses. Depreciation expense.. Amortisation expense. Interest expense . Income tax expense Loss on bond retirement. 615,000 Net income..... $ 85,000 DAIR COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets $ 27,000 53,000...
Most questions answered within 3 hours.
-
In 2005, Derrek Lee led the National Baseball League with a
0.335 batting average, meaning that...
asked 9 minutes ago -
Write a recursive function moreFactors(a,b,fact) that does the
following:
1. Takes as an input 3 positive...
asked 8 minutes ago -
In order for corporations to behave ethically, they must,
ultimately, give up the profit motive.
...
asked 9 minutes ago -
Blue Spruce Corp. owns equipment that cost $63,400 when
purchased on January 1, 2017. It has...
asked 29 minutes ago -
A lottery exists where balls numbered 1 to 17 are placed in an
urn. To win,...
asked 1 hour ago -
Please explain steps:
An 80 kg swimmer steps off a platform 10 m above the water...
asked 1 hour ago -
26) Briefly describe, using words or simple diagrams, the
chemiosmotic theory for coupling oxidation to phosphorylation...
asked 3 hours ago -
Suppose that XX is a random variable with mean 16 and standard
deviation 5 . Also...
asked 4 hours ago -
Calculate the number density of argon gas at a temperature of
24C and a pressure of...
asked 7 hours ago -
Alternative
Classification
How to Estimate
Probabilities from Data? ( For continuous Attributes)
And How to generate...
asked 7 hours ago -
An explosion breaks a 20.0-kg object into three parts. The
object is initially moving at a...
asked 8 hours ago -
Calculate the approximate number of residues of Rubisco, which
is involved in carbon fixation in plants,...
asked 9 hours ago