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No, the statement stating that there is no need for separate cash flow statement report can be supported because all the financial statements except cash flow statement are prepared on the basis of accrual accounting method. It is a cash flow statement which provides details of sources from where cash has been received and details of applications where cash has been used. It provides the actual cash position of the business by giving effect to noncash items like depreciation. This statement is very important for stakeholders like investors, creditors, suppliers, management, etc. in evaluating the liquidity position for making their investment and strategic decisions. Thus, it is not advisable to ignore cash flow statement report.
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"Comparative balance sheets show opening and closing cash balances. The statement of changes in equity shows...
Brief Exercise 12-06 The comparative balance sheets for Bramble Corp. show these changes in noncash current...
Brief Exercise 12-06 The comparative balance sheets for Bramble Corp. show these changes in noncash current asset accounts: accounts receivable decreased $81,000, prepaid expenses increased $29,000, and inventories increased $41,000. Compute net cash provided by operating activities using the indirect method, assuming that net income is $187,000. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Bramble Corp. Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to Click if...
Here are comparative balance sheets for Harman Corporation. Prepare a 15 points statement of cash flows-indirect...
Here are comparative balance sheets for Harman Corporation. Prepare a 15 points statement of cash flows-indirect method and compute the free cash flow for 2017. * HARMAN CORPORATION Comparative Balance Sheets December 31 2017 Cash $ 27,200 Accounts receivable 24,200 Investments 20,000 Equipment 60,000 Accumulated depreciation (14,000) Total $117,400 2016 $ 17,700 22,300 16,000 70,000 (10,000) $116,000 Accounts payable Bonds payable Common stock Retained camings Total $ 19,600 10,000 55 000 32,800 $117,400 $11,100 30,000 45.000 29,900 $116,000 Additional information:...
The comparative balance sheets for Windsor, Inc. show these changes in noncash current asset accounts: accounts...
The comparative balance sheets for Windsor, Inc. show these changes in noncash current asset accounts: accounts receivable decreased $80,800, prepaid expenses increased $30,200, and inventories increased $36,500 Compute net cash provided by operating activities using the indirect method, assuming that net income is $170,100 (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Windsor, Inc. Statement of Cash Flows-Indirect Method Cash Flows from Operating Activities Net Income 170100 Adjustments to reconcile...
Preparation of a Statement of Cash Flows, Analysis) The comparative balance sheets of Madrasah Corporation at...
Preparation of a Statement of Cash Flows, Analysis) The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2020 appear below. Madrasah Corporation Balance Sheets Assets Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Cash $ 20,000 $ 13,000 $ 7,000 Inc. Accounts receivable 106,000 88,000 18,000 Inc. Equipment 39,000 22,000 17,000 Inc. Less: Accumulated depreciation—equipment 17,000 11,000 6,000 Inc. Total $148,000 $112,000 Liabilities and Stockholders' Equity Accounts payable $ 20,000 $ 15,000 5,000 Inc. Common...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,500 Cost of Goods Sold $559,000 Wages Expense 111,800 Insurance Expense 10,400 Depreciation Expense 22,100 Interest Expense 11,700 Income Tax Expense 37,700 752,700 Net Income $72,800 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash Accounts Receivable $14,300 53,300...
Statement of Cash Flows (Direct Method) The Forrester Company’s income statement and comparative balance sheets as...
Statement of Cash Flows (Direct Method) The Forrester Company’s income statement and comparative balance sheets as of December 31 of 2019 and 2018 are shown below: FORRESTER COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $660,000 Cost of Goods Sold $376,000 Wages Expense 107,000 Depreciation Expense 22,000 Rent Expense 28,000 Income Tax Expense 24,000 557,000 Net Income $103,000 FORRESTER COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets Cash $58,000 $30,000 Accounts Receivable 52,000 60,000...
Statement of Cash Flows (Direct Method) The Geary Company’s income statement and comparative balance sheets as...
Statement of Cash Flows (Direct Method) The Geary Company’s income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow: GEARY COMPANY Income Statement For the Year Ended December 31, 2019 Service Fees Earned $320,000 Dividend and Interest Income 16,000 $336,000 Wages and Other Operating Expenses $288,000 Depreciation Expense 55,000 Franchise Amortization Expense 10,000 Loss on Sale of Equipment 7,000 Gain on Sale of Investments (17,000) 343,000 Net Loss $(7,000) GEARY COMPANY Balance Sheets Dec. 31,...
Statement of Cash Flows (Direct Method) The Artic Company's income statement and comparative balance sheets at...
Statement of Cash Flows (Direct Method) The Artic Company's income statement and comparative balance sheets at December 31 of 2019 and 2018 are shown below: ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue 5615.000 Cost of Goods Sold $430.000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29.000 590.000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec 31, 2019 Dec 31, 2018 $41.000 41.000 30.000 5.000 219.000 168.000...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,500 Cost of Goods Sold $559,000 Wages Expense 111,800 Insurance Expense 10,400 Depreciation Expense 22,100 Interest Expense 11,700 Income Tax Expense 37,700 752,700 Net Income $72,800 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash $14,300 53,300 117,000 6,500...
The comparative balance sheets of Pronghorn Corporation at the beginning and end of the year 2020...
The comparative balance sheets of Pronghorn Corporation at the beginning and end of the year 2020 appear below. Inc./Dec. PRONGHORN CORPORATION BALANCE SHEETS Dec. 31, 2020 Jan 1, 2020 Assets Cash $22,120 $14,770 Accounts receivable 108,120 89,770 Equipment 41,120 23,770 Less: Accumulated Depreciation-Equipment (17,000) (11,000) Total $154,360 $117,310 Liabilities and Stockholders' Equity Accounts payable $22,120 $16,770 Common stock 102,120 81,770 Retained earnings 30,120 18,770 Total $154,360 $117,310 $7,350 Inc. 18,350 Inc. 17,350 Inc. 6,000 Inc. 5,350 Inc. 20,350 Inc. 11,350...
Brief Exercise 12-06 The comparative balance sheets for Bramble Corp. show these changes in noncash current asset accounts: accounts receivable decreased $81,000, prepaid expenses increased $29,000, and inventories increased $41,000. Compute net cash provided by operating activities using the indirect method, assuming that net income is $187,000. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Bramble Corp. Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to Click if...
Here are comparative balance sheets for Harman Corporation. Prepare a 15 points statement of cash flows-indirect method and compute the free cash flow for 2017. * HARMAN CORPORATION Comparative Balance Sheets December 31 2017 Cash $ 27,200 Accounts receivable 24,200 Investments 20,000 Equipment 60,000 Accumulated depreciation (14,000) Total $117,400 2016 $ 17,700 22,300 16,000 70,000 (10,000) $116,000 Accounts payable Bonds payable Common stock Retained camings Total $ 19,600 10,000 55 000 32,800 $117,400 $11,100 30,000 45.000 29,900 $116,000 Additional information:...
The comparative balance sheets for Windsor, Inc. show these changes in noncash current asset accounts: accounts receivable decreased $80,800, prepaid expenses increased $30,200, and inventories increased $36,500 Compute net cash provided by operating activities using the indirect method, assuming that net income is $170,100 (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Windsor, Inc. Statement of Cash Flows-Indirect Method Cash Flows from Operating Activities Net Income 170100 Adjustments to reconcile...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,500 Cost of Goods Sold $559,000 Wages Expense 111,800 Insurance Expense 10,400 Depreciation Expense 22,100 Interest Expense 11,700 Income Tax Expense 37,700 752,700 Net Income $72,800 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash Accounts Receivable $14,300 53,300...
Statement of Cash Flows (Direct Method) The Artic Company's income statement and comparative balance sheets at December 31 of 2019 and 2018 are shown below: ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue 5615.000 Cost of Goods Sold $430.000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29.000 590.000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec 31, 2019 Dec 31, 2018 $41.000 41.000 30.000 5.000 219.000 168.000...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2013 and 2012 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue $825,500 Cost of Goods Sold $559,000 Wages Expense 111,800 Insurance Expense 10,400 Depreciation Expense 22,100 Interest Expense 11,700 Income Tax Expense 37,700 752,700 Net Income $72,800 WOLFF COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Assets Cash $14,300 53,300 117,000 6,500...
The comparative balance sheets of Pronghorn Corporation at the beginning and end of the year 2020 appear below. Inc./Dec. PRONGHORN CORPORATION BALANCE SHEETS Dec. 31, 2020 Jan 1, 2020 Assets Cash $22,120 $14,770 Accounts receivable 108,120 89,770 Equipment 41,120 23,770 Less: Accumulated Depreciation-Equipment (17,000) (11,000) Total $154,360 $117,310 Liabilities and Stockholders' Equity Accounts payable $22,120 $16,770 Common stock 102,120 81,770 Retained earnings 30,120 18,770 Total $154,360 $117,310 $7,350 Inc. 18,350 Inc. 17,350 Inc. 6,000 Inc. 5,350 Inc. 20,350 Inc. 11,350...
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