Given the items below, which of the following is an addition to net income to arrive...
Given the items below, which of the following is an addition to net income to arrive at operating cash flows using the indirect method?
I. Loss on sale of assets
II. Increase in Supplies
III. Increase in Accounts Payable
IV. Increase in Accounts Receivable
a. I. and III.
b. I. only.
c. III. and IV.
d. II. and III.
Homework Answers
Loss on sale of assets and Increase in Accounts payable is added to net income to arrive at operating cash flows using the indirect method.
The answer is a.
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Given the items below, which of the following is an
addition to net income to arrive...
Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $273,200 Depreciation...
Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $273,200 Depreciation expense 51,900 Loss on disposal of equipment 31,500 Increase in accounts receivable 11,200 Increase in accounts payable 11,400 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. Staley Inc. Statement of Cash Flows (partial) Cash flows from...
Kennedy, Inc. reported the following data: $159,518 16,439 Net Income Depreciation expense Loss on disposal of...
Kennedy, Inc. reported the following data: $159,518 16,439 Net Income Depreciation expense Loss on disposal of equipment Gain on sale of building Increase in accounts receivable Decrease in accounts payable (9,454) 20,113 9,064 (2,402) 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 outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows from operating...
Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year:...
Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year: Depreciation expense $46,000 26,830 Gain on disposal of equipment 287,600 Net income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $7,160 (4,080) Inventory Prepaid insurance (1,530) (4,860) Accounts payable Income taxes payable 1,530 Dividends payable 1,070 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the...
Adjustments to Net Income-Indirect Method Congress Corporation's accumulated depreciation equipment account increased by $3,800, while $2,500...
Adjustments to Net Income-Indirect Method Congress Corporation's accumulated depreciation equipment account increased by $3,800, while $2,500 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a loss of $2,900 from the sale of land. Reconcile a net income of $43,400 to net cash flow from operating activities. $ Cash Flows from Operating Activities,Indirect Method Staley Inc. reported the following data:...
Cash Flows from Operating Activities,Indirect Method The income statement disclosed the following items for the year:...
Cash Flows from Operating Activities,Indirect Method The income statement disclosed the following items for the year: Depreciation expense $57,600 Gain on disposal of equipment 33,600 Net income 508,000 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable Inventory Prepaid insurance $8,960 (5,120) (1,920) (6,080) 1,410 Accounts payable Income taxes payable Dividends payable 2,200 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the...
Kennedy, Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Gain...
Kennedy, Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Gain on sale of building $118,000 15,000 (10,000) 20,000 Increase in accounts receivable Decrease in accounts payable 7,000 (2,000) Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Dorman Company reported the following data: Net income Depreciation expense Gain on disposal of equipment Decrease in accounts receivable Decrease in account payable $225.000 25,000 20,500 14,000 3,600...
O Changes in current operating assets and liabilities-indirect method Instructions Amount Descriptions Reconciliation of Net Income...
O Changes in current operating assets and liabilities-indirect method Instructions Amount Descriptions Reconciliation of Net Income Instructions Huluduey Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $32,350 $27,670 Inventory 18,640 15,960 Accounts payable 15,940 14,650 Dividends payable 51,460 48,000 Adjust net income of $213,480 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. Refer to the Amount Descriptions list...
Check my wor Hardware Suppliers reports net income of $157,000. Included in net income is a...
Check my wor Hardware Suppliers reports net income of $157,000. Included in net income is a gain on the sale of land of $16,000. A comparison of this year's and last year's balance sheets reveals an increase in accounts receivable of $27,000, an increase in inventory of $1,000, and a decrease in accounts payable of $47,000. Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash...
1.2. 3. Hardware Suppliers reports net income of $157,000. Included in net income is a gain on the sale of land of $16,...
1.2.
3.
Hardware Suppliers reports net income of $157,000. Included in net income is a gain on the sale of land of $16,000. A comparison of this year's and last year's balance sheets reveals an increase in accounts receivable of $27,000, an increase in inventory of $16,000, and a decrease in accounts payable of $47,000. Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash as...
Help ASAP please!! Cash Flows from Operating Activities-indirect Method Staley Inc. reported the following data: Net...
Help ASAP please!!
Cash Flows from Operating Activities-indirect Method Staley Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable $465,400 68,100 29,900 21,700 Increase in accounts payable 12,700 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. Staley Inc. Statement of Cash Flows (partial)...
Kennedy, Inc. reported the following data: $159,518 16,439 Net Income Depreciation expense Loss on disposal of equipment Gain on sale of building Increase in accounts receivable Decrease in accounts payable (9,454) 20,113 9,064 (2,402) 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 outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows from operating...
Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year: Depreciation expense $46,000 26,830 Gain on disposal of equipment 287,600 Net income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $7,160 (4,080) Inventory Prepaid insurance (1,530) (4,860) Accounts payable Income taxes payable 1,530 Dividends payable 1,070 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the...
Adjustments to Net Income-Indirect Method Congress Corporation's accumulated depreciation equipment account increased by $3,800, while $2,500 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a loss of $2,900 from the sale of land. Reconcile a net income of $43,400 to net cash flow from operating activities. $ Cash Flows from Operating Activities,Indirect Method Staley Inc. reported the following data:...
Cash Flows from Operating Activities,Indirect Method The income statement disclosed the following items for the year: Depreciation expense $57,600 Gain on disposal of equipment 33,600 Net income 508,000 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable Inventory Prepaid insurance $8,960 (5,120) (1,920) (6,080) 1,410 Accounts payable Income taxes payable Dividends payable 2,200 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the...
Kennedy, Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Gain on sale of building $118,000 15,000 (10,000) 20,000 Increase in accounts receivable Decrease in accounts payable 7,000 (2,000) Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Dorman Company reported the following data: Net income Depreciation expense Gain on disposal of equipment Decrease in accounts receivable Decrease in account payable $225.000 25,000 20,500 14,000 3,600...
O Changes in current operating assets and liabilities-indirect method Instructions Amount Descriptions Reconciliation of Net Income Instructions Huluduey Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $32,350 $27,670 Inventory 18,640 15,960 Accounts payable 15,940 14,650 Dividends payable 51,460 48,000 Adjust net income of $213,480 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. Refer to the Amount Descriptions list...
Check my wor Hardware Suppliers reports net income of $157,000. Included in net income is a gain on the sale of land of $16,000. A comparison of this year's and last year's balance sheets reveals an increase in accounts receivable of $27,000, an increase in inventory of $1,000, and a decrease in accounts payable of $47,000. Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash...
1.2.
3.
Hardware Suppliers reports net income of $157,000. Included in net income is a gain on the sale of land of $16,000. A comparison of this year's and last year's balance sheets reveals an increase in accounts receivable of $27,000, an increase in inventory of $16,000, and a decrease in accounts payable of $47,000. Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash as...
Help ASAP please!!
Cash Flows from Operating Activities-indirect Method Staley Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable $465,400 68,100 29,900 21,700 Increase in accounts payable 12,700 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. Staley Inc. Statement of Cash Flows (partial)...
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