Homework Answers
| The cash flow from operating activities is $137,500 which is calculated as follows:- | ||||
| Mary's Music Store | ||||
| Statement of Cash Flows | ||||
| For the year ended | ||||
| Particulars | Amount ($) | |||
| OPERATING ACTIVITIES: | ||||
| Net Income | 148,000 | |||
| Adjustments to reconcile net income to net cash provided by operations | ||||
| Increase in accounts receivable (28,500-32,500) | (4,000) | |||
| Decrease in Accounts Payable (13,000-19,500) | (6,500) | |||
| Cash provided by Operating Activities | 137,500 |
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4 Mary's Mine Store reported income of 18.000 Beginning balances in Accounts and Accounts $13.000, respectively...
Nevada Boot Co. reported net income of $217,400 for its year ended December 31, 2018. Purchases...
Nevada Boot Co. reported net income of $217,400 for its year ended December 31, 2018. Purchases totaled $153,800. Accounts payable balances at the beginning and end of the year were $36,900 and $31,500, respectively. Beginning and ending inventory balances were $42,200 and $48,000, respectively. Assuming that all relevant information has been presented, Nevada Boot would report operating cash flows of: Multiple Choice $206,200. $159,600. $159,200. $228,600.
Nevada Boot Co. reported net income of $217,200 for its year ended December 31, 2021. Purchases...
Nevada Boot Co. reported net income of $217,200 for its year ended December 31, 2021. Purchases totaled $153,900. Accounts payable balances at the beginning and end of the year were $36,700 and $31,100, respectively. Beginning and ending inventory balances were $42,400 and $46,100, respectively. Assuming that all relevant information has been presented, Nevada Boot would report operating cash flows of: Multiple Choice $159,500. $226,500 $207,900. $157,600.
Lucia Ltd. reported net income of $135,500 for the year ended December 31, 2021. January 1...
Lucia Ltd. reported net income of $135,500 for the year ended December 31, 2021. January 1 balances in accounts receivable and accounts payable were $27,200 and $26,100, respectively. Year-end balances in these accounts were $30,200 and $22,100, respectively. Assuming that all relevant information has been presented, Lucia's cash flows from operating activities would be: Multiple Choice $142,500. $128,500. $78,100. $138,500.
Bird Brain Co. reported net income of $45,300 for the year ended December 31, 2021. January...
Bird Brain Co. reported net income of $45,300 for the year ended December 31, 2021. January 1 balances in accounts receivable and accounts payable were $23,600 and $24.400 respectively. Year-end balances in these accounts were $22,000 and $28,700, respectively. Assuming that all relevant Information has been presented, Bird Brain's cash flows from operating activities would be: Multiple Choice $48,000 $45,300 $39.400 $51,200
Bird Brain Co. reported net income of $45,300 for the year ended December 31, 2021. January...
Bird Brain Co. reported net income of $45,300 for the year ended December 31, 2021. January 1 balances in accounts receivable and accounts payable were $23,600 and $25,600 respectively. Year-end balances in these accounts were $21,000 and $29,600, respectively. Assuming that all relevant information has been presented, Bird Brain's cash flows from operating activities would be: Multiple Choice $45,300. $51,900. O $46,700. O $38,700.
Help Save & EX Submit Lucia Ltd. reported net income of $135,000 for the year ended...
Help Save & EX Submit Lucia Ltd. reported net income of $135,000 for the year ended December 31, 2021. January 1 balances in accounts receivable and accounts payable were $29,000 and $26,000, respectively. Year-end balances in these accounts were $30,000 and $24.000, respectively. Assuming that all relevant Information has been presented, Lucia's cash flows from operating activities would be: Multiple Choice O $134,000 O $132,000 O $136.000 $138.00 $138,000
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. T...
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. The ending balance in accounts receivable was $127,500. Under the direct method of determining the net cash provided by (used in) operating activities on the statement of cash flows, sales adjusted to a cash basis are: The ending balance of accounts receivable was $75,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $360,000. Sales reported...
Moore Corporation reported net income of $ 180,000 for the current year ended June 30. Accounts...
Moore Corporation reported net income of $ 180,000 for the current year ended June 30. Accounts receivable had a beginning balance of $ 30,000 and an ending balance of $ 42,000. Accounts payable had a beginning balance of $ 25,000 and an ending balance of $ 45,000. Assuming that this is all of the relevant information, Moore's cash flows from operating activities are? A.$188,000 B.$172,000 C.$148,000 D.$ 212,000
Fallon Corporation reports net income of $370,000. Accounts Receivable balances at the beginning and end of...
Fallon Corporation reports net income of $370,000. Accounts Receivable balances at the beginning and end of the year were $40,000 and $48,000, respectively. Beginning and ending Inventory balances were $60,000 and $54,000, respectively. What is the company’s cash inflows from operating activities?
- Which of the following is an example of vertical analysis? A. Comparing income statement items...
- Which of the following is an example of vertical analysis? A. Comparing income statement items as a percentage of sales. B. Comparing the change in sales over time. C. Comparing debt with industry averages. D. Comparing gross profit across companies. - When a company issues 30,000 shares of $5 par value common stock for $50 per share, the journal entry for this issuance would include: A. A credit to Additional Paid-in Capital for $1,350,000 B. A debit to Additional...
Nevada Boot Co. reported net income of $217,200 for its year ended December 31, 2021. Purchases totaled $153,900. Accounts payable balances at the beginning and end of the year were $36,700 and $31,100, respectively. Beginning and ending inventory balances were $42,400 and $46,100, respectively. Assuming that all relevant information has been presented, Nevada Boot would report operating cash flows of: Multiple Choice $159,500. $226,500 $207,900. $157,600.
Lucia Ltd. reported net income of $135,500 for the year ended December 31, 2021. January 1 balances in accounts receivable and accounts payable were $27,200 and $26,100, respectively. Year-end balances in these accounts were $30,200 and $22,100, respectively. Assuming that all relevant information has been presented, Lucia's cash flows from operating activities would be: Multiple Choice $142,500. $128,500. $78,100. $138,500.
Bird Brain Co. reported net income of $45,300 for the year ended December 31, 2021. January 1 balances in accounts receivable and accounts payable were $23,600 and $24.400 respectively. Year-end balances in these accounts were $22,000 and $28,700, respectively. Assuming that all relevant Information has been presented, Bird Brain's cash flows from operating activities would be: Multiple Choice $48,000 $45,300 $39.400 $51,200
Bird Brain Co. reported net income of $45,300 for the year ended December 31, 2021. January 1 balances in accounts receivable and accounts payable were $23,600 and $25,600 respectively. Year-end balances in these accounts were $21,000 and $29,600, respectively. Assuming that all relevant information has been presented, Bird Brain's cash flows from operating activities would be: Multiple Choice $45,300. $51,900. O $46,700. O $38,700.
Help Save & EX Submit Lucia Ltd. reported net income of $135,000 for the year ended December 31, 2021. January 1 balances in accounts receivable and accounts payable were $29,000 and $26,000, respectively. Year-end balances in these accounts were $30,000 and $24.000, respectively. Assuming that all relevant Information has been presented, Lucia's cash flows from operating activities would be: Multiple Choice O $134,000 O $132,000 O $136.000 $138.00 $138,000
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. The ending balance in accounts receivable was $127,500. Under the direct method of determining the net cash provided by (used in) operating activities on the statement of cash flows, sales adjusted to a cash basis are: The ending balance of accounts receivable was $75,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $360,000. Sales reported...
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