Homework Answers
Under Indirect method of cash flow statement, the statement starts with net income. All the non cash expenses should be added as the profit might have got reduced due to the present of such expense. In order to arrive at cash flow from net profit, all non cash items should be adjusted. Depreciation is one such non-cash expense.
Correct Option is Depreciation Expense
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Using the indirect method, which of the following would be added to net income? O depreciation...
A company just starting its business made the following four inventory purchases in June: Date Jun...
A company just starting its business made the following four inventory purchases in June: Date Jun 1 Jun 10 Jun 15 Jun 28 Number of Units Total Cost 150 $480 200 660 200 680 150 525 On June 25, the company made its first sale when a local customer purchased 500 units for $3,500. The company uses a perpetual inventory system. Using the FIFO cost formula, the cost of the ending inventory on June 30 is $695. $1,650. O $645....
Which of the following would be added to net income using the indirect method? OA. A...
Which of the following would be added to net income using the indirect method? OA. A decrease in accounts payable OB. An increase in accounts receivable OC. An increase in prepaid expenses OD. Depreciation expense
1. Which of the following would be added to net income using the indirect method? a....
1. Which of the following would be added to net income using the indirect method? a. An increase in prepaid expenses. b. Depreciation expense. c. A decrease in accounts payable. d. An increase in accounts receivable. 2. T/F Using the indirect method, an increase in accounts receivable during a period is deducted from net income in calculating cash provided by operations. 3. T/F A loss on sale of equipment is added to net income in determining cash provided by operations...
iuple Choice Question 125 Using the indirect method, which of the following adjustments to convert net...
iuple Choice Question 125 Using the indirect method, which of the following adjustments to convert net income to net cash provided by operating activities is incorrect? Add to Net Income Deduct from Net Income CALCULATO O Accounts Payable O Inventory increase decrease O decrease Accounts Receivable O decrease Prepaid Expenses increase increase Click if you would like to show Work for this question: Open Show Question Attempts of I used SAVE FORU to search
Setion questions point cach total of 20 points pny just starting business made the following four...
Setion questions point cach total of 20 points pny just starting business made the following four inventory purchases in June Per Unit Cost Total Costs 150 units $ 390 200 units 598 June 15 630 June 28 150 units 510 $2.128 June June 10 200 units • Calculate per unit cost. A physical count of merchandise inventory Lun 30 reveals that there are 200 units on hand. Using the LIFO inventory method. calculate the value of the ending inventory on...
Which of the following is Deducted from Net Income when the indirect method is used to...
Which of the following is Deducted from Net Income when the indirect method is used to compute cash flows from operations? Select one: a. Increase in income taxes payable O b. Depreciation expense c. Decrease in accounts payable d. Decrease in prepaid expenses е Next page
A company just starting business made the following four inventory purchases in June: June 1 150...
A company just starting business made the following four inventory purchases in June: June 1 150 units $ 490 June 10 200 units 785 June 15 200 units 830 June 28 150 units 810 $2.915 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the Periodic Inventory System. a. Using the LIFO inventory method, the value of the ending inventory on June 30 is? b. Using the Average Cost Inventory Method...
A company just starting business made the following four inventory purchases in June June 1 150...
A company just starting business made the following four inventory purchases in June June 1 150 units $390 June 10 200 units $598 June 15 200 units $630 June 28 150 units $510 Total $ 2,128 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is? Using the FIFO inventory method, the value of the ending inventory...
ESOURCES Multiple Choice Question 57 A company just starting business made the following four inventory purchases i...
ESOURCES Multiple Choice Question 57 A company just starting business made the following four inventory purchases in June Date Number of units purchased Total cost June 1 $ 390 June 10 June 15 June 28 160 units 180 units 180 units 150 units A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the UFO inventory method, the value of the ending invertory on June 10 $1320 $680 $900. $1429
A company just starting business made the following four inventory purchases in June June 1 150...
A company just starting business made the following four inventory purchases in June June 1 150 units at $2.60 $ 390 June 10 200 units at $3.00 600 June 15 200 units at $3.20 640 June 28 150 units at $3.50 525 $2.155 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Instructions: Answer the following independent questions and show computations supporting your answers 1. Assume that the company uses the LIFO...
A company just starting its business made the following four inventory purchases in June: Date Jun 1 Jun 10 Jun 15 Jun 28 Number of Units Total Cost 150 $480 200 660 200 680 150 525 On June 25, the company made its first sale when a local customer purchased 500 units for $3,500. The company uses a perpetual inventory system. Using the FIFO cost formula, the cost of the ending inventory on June 30 is $695. $1,650. O $645....
Which of the following would be added to net income using the indirect method? OA. A decrease in accounts payable OB. An increase in accounts receivable OC. An increase in prepaid expenses OD. Depreciation expense
iuple Choice Question 125 Using the indirect method, which of the following adjustments to convert net income to net cash provided by operating activities is incorrect? Add to Net Income Deduct from Net Income CALCULATO O Accounts Payable O Inventory increase decrease O decrease Accounts Receivable O decrease Prepaid Expenses increase increase Click if you would like to show Work for this question: Open Show Question Attempts of I used SAVE FORU to search
Setion questions point cach total of 20 points pny just starting business made the following four inventory purchases in June Per Unit Cost Total Costs 150 units $ 390 200 units 598 June 15 630 June 28 150 units 510 $2.128 June June 10 200 units • Calculate per unit cost. A physical count of merchandise inventory Lun 30 reveals that there are 200 units on hand. Using the LIFO inventory method. calculate the value of the ending inventory on...
Which of the following is Deducted from Net Income when the indirect method is used to compute cash flows from operations? Select one: a. Increase in income taxes payable O b. Depreciation expense c. Decrease in accounts payable d. Decrease in prepaid expenses е Next page
A company just starting business made the following four inventory purchases in June: June 1 150 units $ 490 June 10 200 units 785 June 15 200 units 830 June 28 150 units 810 $2.915 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the Periodic Inventory System. a. Using the LIFO inventory method, the value of the ending inventory on June 30 is? b. Using the Average Cost Inventory Method...
ESOURCES Multiple Choice Question 57 A company just starting business made the following four inventory purchases in June Date Number of units purchased Total cost June 1 $ 390 June 10 June 15 June 28 160 units 180 units 180 units 150 units A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the UFO inventory method, the value of the ending invertory on June 10 $1320 $680 $900. $1429
A company just starting business made the following four inventory purchases in June June 1 150 units at $2.60 $ 390 June 10 200 units at $3.00 600 June 15 200 units at $3.20 640 June 28 150 units at $3.50 525 $2.155 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Instructions: Answer the following independent questions and show computations supporting your answers 1. Assume that the company uses the LIFO...
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