Homework Answers
Accounts receivable a/c:
| To beginning Accounts receivable | 30000 | By cash(balance)(330,000-40000) | $290,000. |
| To sales | 300,000 | By ending Accounts receivable | 40000 |
| Total | 330,000 | Total | 330,000 |
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Allison Co. uses the direct method to determine its cash flow from operations. During the year,...
Wilson Co. uses the indirect method to determine its cash flow from operations. During the course...
Wilson Co. uses the indirect method to determine its cash flow from operations. During the course of the year, Wilson’s Accounts Receivable increased by $28,000 and its Accounts Payable decreased by $14,000. As a result of these two items, the net addition (or subtraction) to convert net income to cash flow from operations equals: Multiple Choice $42,000. ($42,000). $14,000. ($14,000).
Ashley Co. uses the direct method in calculating its cash flow from operations. Which of the following items will not ha...
Ashley Co. uses the direct method in calculating its cash flow from operations. Which of the following items will not have an effect on cash flow from operating activities? Multiple Choice Increase in inventory. Payment of dividends to stockholders. Cash collections from customers. Payment of interest to lenders.
How do you calculate is the Net cash flow provided by operations? Avatar Company uses the...
How do you calculate is the Net cash flow provided by operations? Avatar Company uses the indirect method to prepare the statement of cash flows. Please refer to the following income statement Sales revenue $240,000 Interest revenue 1,000 Gain on sale of plant assets 4,000 Total revenues and gains $245,000 Cout of goods sold 110,000 Salary expense 45,000 Depreciation expense 12,000 Other operating expenses 23,000 Interest expense 1,000 Income tax expense 5,000 Total expenses $196,000 Net income (loss) $49.000 Other...
Outdoor Paints Company uses the direct method for preparing its statement of cash flow. Outdoor reports...
Outdoor Paints Company uses the direct method for preparing its statement of cash flow. Outdoor reports the following information regarding 2019. From the income statement: Sales Revenues, $270,000 Cost of Goods Sold, $213,000 Operating Expenses, $31,000 From the balance sheet: Beginning Balance $15,000 24,200 Accounts Receivable Merchandise Inventory Accounts Payable Accrued Liabilities Ending Balance $18,200 18,300 13,800 1,600 6,900 4,700 O A. $35,700 OB. $31,000 OC. $34,100 OD. $29.400 Oregon Company is preparing its satement of cash flows using the...
c. W Co. had a $3,000 beginning balance in accounts payable on January 1, Year 8....
c. W Co. had a $3,000 beginning balance in accounts payable on January 1, Year 8. During Year 8. the company incurred $73,000 of operating expenses on account. The ending balance in accounts payable was $8,500. Based on this information alone, determine the amount of cash paid to settle accounts payable. W Co. Accounts Payable Summary Beginning accounts payable balance Plus: Minus: Ending accounts payable balance d. W Co. had a $6,750 beginning balance in accounts payable on January 1...
Slater Company uses the cash basis of accounting. Slater Company collected $950,000 from its customers during...
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Leach Inc. experienced the following events for the first two years of its operations: Year 1:...
Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $100,000 of services on account. 3. Provided $31,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $16,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 7 percent of the ending accounts receivable balance will...
Question 3 Examine the following cash from operations section of Comox Ltd. and determine whether the...
Question 3 Examine the following cash from operations section of Comox Ltd. and determine whether the asset and liability accounts shown increased or decreased during the year. $1,980 Comox Ltd. Cash from Operations For the year ended December 31, 2018 (000) Net income Depreciation Loss on sale of equipment Changes in working capital accounts Accounts receivable Inventories Accounts payable and accrued liabilities Wages payable Other current assets Cash from operations (18) $2 299 Question 4 In its April 30, 2018...
Holloway Company started operations on January 1, Year 1. During Year 1. Holloway earned $8,000 of...
Holloway Company started operations on January 1, Year 1. During Year 1. Holloway earned $8,000 of service revenue and collected $6,800 cash from accounts receivable. Required Based on this information alone, determine the following for Holloway Company. (Hint Record the events in a horizontal financial statements model before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.) HOLLOWAY COMPANY Effect of Events on the Year 1 Horizontal Financial Statements Assets - Liabilities + Stockholders' Equity Event...
Question 2 The management of a company wishes to window-dress its cash flow from operations. Which...
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How do you calculate is the Net cash flow provided by operations? Avatar Company uses the indirect method to prepare the statement of cash flows. Please refer to the following income statement Sales revenue $240,000 Interest revenue 1,000 Gain on sale of plant assets 4,000 Total revenues and gains $245,000 Cout of goods sold 110,000 Salary expense 45,000 Depreciation expense 12,000 Other operating expenses 23,000 Interest expense 1,000 Income tax expense 5,000 Total expenses $196,000 Net income (loss) $49.000 Other...
Outdoor Paints Company uses the direct method for preparing its statement of cash flow. Outdoor reports the following information regarding 2019. From the income statement: Sales Revenues, $270,000 Cost of Goods Sold, $213,000 Operating Expenses, $31,000 From the balance sheet: Beginning Balance $15,000 24,200 Accounts Receivable Merchandise Inventory Accounts Payable Accrued Liabilities Ending Balance $18,200 18,300 13,800 1,600 6,900 4,700 O A. $35,700 OB. $31,000 OC. $34,100 OD. $29.400 Oregon Company is preparing its satement of cash flows using the...
c. W Co. had a $3,000 beginning balance in accounts payable on January 1, Year 8. During Year 8. the company incurred $73,000 of operating expenses on account. The ending balance in accounts payable was $8,500. Based on this information alone, determine the amount of cash paid to settle accounts payable. W Co. Accounts Payable Summary Beginning accounts payable balance Plus: Minus: Ending accounts payable balance d. W Co. had a $6,750 beginning balance in accounts payable on January 1...
Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $100,000 of services on account. 3. Provided $31,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $16,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 7 percent of the ending accounts receivable balance will...
Question 3 Examine the following cash from operations section of Comox Ltd. and determine whether the asset and liability accounts shown increased or decreased during the year. $1,980 Comox Ltd. Cash from Operations For the year ended December 31, 2018 (000) Net income Depreciation Loss on sale of equipment Changes in working capital accounts Accounts receivable Inventories Accounts payable and accrued liabilities Wages payable Other current assets Cash from operations (18) $2 299 Question 4 In its April 30, 2018...
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