Homework Answers
Answer: Indirect Method
As per indirect method, all non cash items (Depreciation, provision, Unrealized gain etc) are added/deducted from net income.
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Which of the following methods of reporting cash flows from operating activities adjusts net income for...
Cash flows from operating activities for both the indirect and direct methods are presented for Electronic...
Cash flows from operating activities for both the indirect and direct methods are presented for Electronic Transformations. Cash Flows from Operating Activities (Indirect method) Net income $ 35,600 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense 8,600 Increase in accounts receivable (12,600 ) Increase in accounts payable 7,600 Increase in income tax payable 5,600 Net cash flows from operating activities $ 44,800 Cash Flows from Operating Activities (Direct method) Cash received from customers $...
cash flows from operating activities - indirect method the net income reported Cash Flows from Operating...
cash flows from operating activities - indirect method the net
income reported
Cash Flows from Operating Activities - Indirect Method The net income reported on the income statement for the current year was $116,900. Depreciation recorded on store equipment for the year amounted to $19,300. 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 $47,810 $43,510 34,280 32,150 48,950 Accounts receivable (net)...
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse...
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). $ 156 Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income tax payable (20) 32 (13) Net cash flows from operating activities $187 $ Cash...
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...
2. Cash flows from operating activities (indirect and direct methods). Presented below is the income statement...
2. Cash flows from operating activities (indirect and direct methods). Presented below is the income statement of Cowan, Inc.: $380,000 Sales revenue 225,000 $155,000 Cost of goods sold Gross profit Operating expenses Income before income taxes 95.000 60,000 24.000 S 36,000 Income taхes Net income In addition, the following information related to net changes in working capital is presented: Credit Debit $12,000 25,000 Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income taxes payable $19,400 8,000 14,000 3,000...
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 $116,900. Depreciation recorded on store equipment for the year amounted to $19,300. 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 $45,240 $41,170 Accounts receivable (net) 32,440 30,420 Merchandise inventory 44,290 46,320 Prepaid expenses 4,980 3,910 Accounts payable (merchandise creditors) 42,390 38,950 Wages...
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 $128,100. Depreciation recorded on store equipment for the year amounted to $21,100. 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 $51,370 $46,750 Accounts receivable (net) 36,830 34,550 Merchandise inventory 50,290 52,590 Prepaid expenses 5,650 4,440 Accounts payable (merchandise creditors) 48,130 44,230 Wages...
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 $139,400. Depreciation recorded on store equipment for the year amounted to $23,000. 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 $56,460 $51,940 Accounts receivable (net) 40,480 38,380 Merchandise inventory 55,270 58,430 Prepaid expenses 6,210 4,930 Accounts payable (merchandise creditors) 52,900 49,140 Wages...
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 $128,100. Depreciation recorded on store equipment for the year amounted to $21,100. 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 $51,370 $46,750 Accounts receivable (net) 36,830 34,550 Merchandise inventory 50,290 52,590 Prepaid expenses 5,650 4,440 Accounts payable (merchandise creditors) 48,130 44,230 Wages...
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 $139,000. Depreciation recorded on store equipment for the year amounted to $22,900. 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 $55,600 $51,150 Accounts receivable (net) 39,870 37,800 Inventories 54,430 57,540 Prepaid expenses 6,120 4,860 Accounts payable (merchandise creditors) 52,100 48,390 Wages payable...
cash flows from operating activities - indirect method the net
income reported
Cash Flows from Operating Activities - Indirect Method The net income reported on the income statement for the current year was $116,900. Depreciation recorded on store equipment for the year amounted to $19,300. 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 $47,810 $43,510 34,280 32,150 48,950 Accounts receivable (net)...
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). $ 156 Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income tax payable (20) 32 (13) Net cash flows from operating activities $187 $ Cash...
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...
2. Cash flows from operating activities (indirect and direct methods). Presented below is the income statement of Cowan, Inc.: $380,000 Sales revenue 225,000 $155,000 Cost of goods sold Gross profit Operating expenses Income before income taxes 95.000 60,000 24.000 S 36,000 Income taхes Net income In addition, the following information related to net changes in working capital is presented: Credit Debit $12,000 25,000 Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income taxes payable $19,400 8,000 14,000 3,000...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $128,100. Depreciation recorded on store equipment for the year amounted to $21,100. 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 $51,370 $46,750 Accounts receivable (net) 36,830 34,550 Merchandise inventory 50,290 52,590 Prepaid expenses 5,650 4,440 Accounts payable (merchandise creditors) 48,130 44,230 Wages...
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $128,100. Depreciation recorded on store equipment for the year amounted to $21,100. 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 $51,370 $46,750 Accounts receivable (net) 36,830 34,550 Merchandise inventory 50,290 52,590 Prepaid expenses 5,650 4,440 Accounts payable (merchandise creditors) 48,130 44,230 Wages...
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