Homework Answers
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Carl’s Candy Company |
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Statement of Cash Flows (Indirect Method) |
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For the year ended December 31, 2018 |
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Amount ($) |
Amount ($) |
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Cash flows from Operating Activities |
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Net Income |
7,000 |
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Adjustments to reconcile net income to Net cash provided by operating activities |
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Add: Depreciation Expenses |
6,000 |
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Less: Loss on sale of PPE |
1,000 |
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Add; Decrease in Accounts Receivables [$30,000 - $22,000] |
8,000 |
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Less: Increase in Inventory [$15,000 - $18,000] |
-3,000 |
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Add: Increase in Accounts Payable [$13,000 - $11,000] |
2,000 |
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Less: Decrease in Salaries Payable [$1,400 - $2,000] |
-600 |
13,400 |
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Net cash flows from operating activities |
20,400 |
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Add Answer to:
Part II: An Operating Section on a Statement of Cash Flows Carl's Candy Company has this...
The following information is taken from the operating section of the statement of cash flows (direct...
The following information is taken from the operating section of the statement of cash flows (direct method) of Battery Builders, Inc.: Collections from customers Payments to suppliers for purchases Payments for operating expenses Payments for income taxes Cash provided by operating activities $28,000 (13,000) (9,000) (4,000) 2,000 The following information is obtained from the income statement of Battery Builders Net income Depreciation expense Gain on sale of equipment Write-off of intangibles $4,000 4,000 2,000 1,000 In addition, the following information...
The income statement and the cash flows from the operating activities section of the statement of...
The income statement and the cash flows from the operating activities section of the statement of cash flows are provided below for Syntric Company. The merchandise inventory account balance neither increased nor decreased during the reporting period. Syntric had no liability for insurance, deferred income taxes, or interest at any time during the period. $ 273.2 (179.8) 93.4 (65.7) SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales Cost of goods sold Gross margin...
Cash Flows from Operating Activities - Indirect Method The net income reported on the income statement...
Cash Flows from Operating Activities - Indirect Method The net income reported on the income statement for the current year was $213,300. Depreciation recorded on equipment and a building amounted to $63,800 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 $59,510 $61,890 Accounts receivable (net) 75,460 76,370 Inventories 148,780 131,580 Prepaid expenses 8,270 8,730 Accounts payable (merchandise creditors)...
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities....
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net Income for the 2021 fiscal year was $704,000. Depreciation and amortization expense of $83,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: look Decrease in accounts receivable Increase in inventory Increase in prepaid expenses Increase in salaries payable Decrease in income taxes payable $38,000 10.800 10,100 11,600 14,000...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $213,300. Depreciation recorded on equipment and a building amounted to $63,800 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 $59,510 $61,890 Accounts receivable (net) 75,460 76,370 Inventories 148,780 131,580 Prepaid expenses 8,270 8,730 Accounts payable (merchandise creditors) 66,470 69,070...
Cash Flows from Operating Activities-Direct Method The income statement for Rhino Company for the current year...
Cash Flows from Operating Activities-Direct Method The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: $445,500 154,000 $291,500 Sales Cost of merchandise sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses Income before income tax Income tax expense $38,500 153,780 $137.720 39,600 Net Income $98,120 End of Year Beginning of Year Accounts receivable (net) $36,300...
with this info i need to do a activites section of the statement of cash flows...
with this info i need to do a activites section of the statement of
cash flows using indrect method?
Portions of the financial statements for Alliance Technologies are provided below. 301,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2018 Net sales $ Expenses: Cost of goods sold be $181,000 Operating expenses 56.000 Depreciation expense Income tax expense 20,000 Total experises 272,600 Olal expenses A Net income 28,400 ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2018, compared...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $286,100. Depreciation recorded on equipment and a building amounted to $85,500 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 $78,680 $81,830 99,770 100,980 196,700 173,970 Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Salaries payable 10,940 11,540...
Create the “Operating Section”of the statement of cash flows using the indirect method(ONLYTHE OPERATING SECTION). Place...
Create the “Operating Section”of the statement of cash flows
using the indirect method(ONLYTHE
OPERATING SECTION).
Place your answer on this
page(operating section only, indirect
method).
Statement of Cash Flows - Indirect Review 2025 12.000 125.000 1.000 75.000 300.000 (20.000) 23 000 15,000 14.000 Balance Sheet - Selected Info. Cash Accounts Receivable Inventory Prepaid Insurance Property Plant & Equip Accumulated Depreciation Accounts Payable Salaries Payable Notes Payable (Short-Term) Dividends Pavable Bonds Payable Utilities Expense Salaries Expense Notes Payable (Long-Term) Common Stock...
Prepare the cash flows from operating activities section of the statement of cash flows for Myriad...
Prepare the cash flows from operating activities section of the
statement of cash flows for Myriad Products Company using the
indirect method.
25 points TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2018 (5 in thousands) Cash flows from operating activities Net income Adjustments for noncash effects Depreciation expense Changes in operating assets and abilities Decrease in accounts receivable Increase in inventory Increase in prepaid insurance Decrease in accounts payable Decrease in administrative and other payables...
The following information is taken from the operating section of the statement of cash flows (direct method) of Battery Builders, Inc.: Collections from customers Payments to suppliers for purchases Payments for operating expenses Payments for income taxes Cash provided by operating activities $28,000 (13,000) (9,000) (4,000) 2,000 The following information is obtained from the income statement of Battery Builders Net income Depreciation expense Gain on sale of equipment Write-off of intangibles $4,000 4,000 2,000 1,000 In addition, the following information...
The income statement and the cash flows from the operating activities section of the statement of cash flows are provided below for Syntric Company. The merchandise inventory account balance neither increased nor decreased during the reporting period. Syntric had no liability for insurance, deferred income taxes, or interest at any time during the period. $ 273.2 (179.8) 93.4 (65.7) SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales Cost of goods sold Gross margin...
Cash Flows from Operating Activities - Indirect Method The net income reported on the income statement for the current year was $213,300. Depreciation recorded on equipment and a building amounted to $63,800 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 $59,510 $61,890 Accounts receivable (net) 75,460 76,370 Inventories 148,780 131,580 Prepaid expenses 8,270 8,730 Accounts payable (merchandise creditors)...
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net Income for the 2021 fiscal year was $704,000. Depreciation and amortization expense of $83,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: look Decrease in accounts receivable Increase in inventory Increase in prepaid expenses Increase in salaries payable Decrease in income taxes payable $38,000 10.800 10,100 11,600 14,000...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $213,300. Depreciation recorded on equipment and a building amounted to $63,800 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 $59,510 $61,890 Accounts receivable (net) 75,460 76,370 Inventories 148,780 131,580 Prepaid expenses 8,270 8,730 Accounts payable (merchandise creditors) 66,470 69,070...
Cash Flows from Operating Activities-Direct Method The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: $445,500 154,000 $291,500 Sales Cost of merchandise sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses Income before income tax Income tax expense $38,500 153,780 $137.720 39,600 Net Income $98,120 End of Year Beginning of Year Accounts receivable (net) $36,300...
with this info i need to do a activites section of the statement of
cash flows using indrect method?
Portions of the financial statements for Alliance Technologies are provided below. 301,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2018 Net sales $ Expenses: Cost of goods sold be $181,000 Operating expenses 56.000 Depreciation expense Income tax expense 20,000 Total experises 272,600 Olal expenses A Net income 28,400 ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2018, compared...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $286,100. Depreciation recorded on equipment and a building amounted to $85,500 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 $78,680 $81,830 99,770 100,980 196,700 173,970 Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Salaries payable 10,940 11,540...
Create the “Operating Section”of the statement of cash flows
using the indirect method(ONLYTHE
OPERATING SECTION).
Place your answer on this
page(operating section only, indirect
method).
Statement of Cash Flows - Indirect Review 2025 12.000 125.000 1.000 75.000 300.000 (20.000) 23 000 15,000 14.000 Balance Sheet - Selected Info. Cash Accounts Receivable Inventory Prepaid Insurance Property Plant & Equip Accumulated Depreciation Accounts Payable Salaries Payable Notes Payable (Short-Term) Dividends Pavable Bonds Payable Utilities Expense Salaries Expense Notes Payable (Long-Term) Common Stock...
Prepare the cash flows from operating activities section of the
statement of cash flows for Myriad Products Company using the
indirect method.
25 points TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2018 (5 in thousands) Cash flows from operating activities Net income Adjustments for noncash effects Depreciation expense Changes in operating assets and abilities Decrease in accounts receivable Increase in inventory Increase in prepaid insurance Decrease in accounts payable Decrease in administrative and other payables...
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