Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance...
Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 50,000 $ 29,000 Accounts receivable 79,000 95,000 Inventory 50,000 44,000 Liabilities Accounts payable $ 63,000 $ 72,000 Additional information for 2018: Net income was $98,000. Depreciation expense was $24,000. Required: Prepare the operating activities section of the statement of cash flows for 2018 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
Homework Answers
| Cash flows from operating activities: | ||
| Net income | 98000 | |
| Adjustment for noncash effects: | ||
| Depreciation expense | 24000 | |
| Decrease in accounts receivable | 16000 | |
| Increase in inventory | -6000 | |
| Decrease in accounts payable | -9000 | |
| Net cash flows from operating activities | 123000 | |
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Partial balance sheets and additional information are listed
below for Sowell Company. Sowell Company Partial Balance...
Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance...
Partial balance sheets
and additional information are listed below for Sowell
Company.
Sowell Company
Partial Balance Sheets
as
of December 31
2018
2017
Assets
Cash
$
42,000
$
21,800
Accounts
receivable
71,800
87,000
Inventory
42,000
36,800
Liabilities
Accounts
payable
$
55,800
$
64,000
Additional information for 2018:
Net income was $90,000.
Depreciation expense was $20,000.
Required:
Prepare the operating activities section of the statement of cash
flows for 2018 using the indirect method. (Amounts to be
deducted should be...
Prepare the operating activities section of the statement of cash flows for 2016 using the indirect method.
Partial balance sheets and additional information are listed below for sowell companySowell CompanyPartial Balance sheetsas on December 31Assets20162015Cash$40,000$20,000Accounts receivable70,00085,000Inventory40,00035,000LiabilitiesAccounts payable54,00062,000Additional information for 2016Net income$88,000Depreciation expense$19,000Prepare the operating activities section of statement of cash flow for 2016 using the indirect method
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Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes.Additional Information on Current Year Transactionsa....
Listed below are the comparative balance sheets for the current year (20X2) and for the prior...
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The balance sheets for a company, along with additional information, are provided below: Balance Sheets December...
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The balance sheet for Plasma Screens Corporation, along with additional information, are provided below. 2017 $...
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Golden Corp.'s current year income statement , comparative balance sheets, and additional information follow. For the...
Golden Corp.'s current year
income statement , comparative balance sheets, and additional
information follow. For the year, () all sales are credit sales.
(2) all credits to Accounts Receivable reflect cash receipts from
customers , (3) all purchases of inventory are on credit, () all
debits to Accounts Payable reflect cash payments for inventory(5)
Other Expenses are all cash expenses , and (6) any change in Income
Taxes Payable reflects the accrual and cash payment of
taxes.
Required: Prepare a...
Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information...
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Partial balance sheets
and additional information are listed below for Sowell
Company.
Sowell Company
Partial Balance Sheets
as
of December 31
2018
2017
Assets
Cash
$
42,000
$
21,800
Accounts
receivable
71,800
87,000
Inventory
42,000
36,800
Liabilities
Accounts
payable
$
55,800
$
64,000
Additional information for 2018:
Net income was $90,000.
Depreciation expense was $20,000.
Required:
Prepare the operating activities section of the statement of cash
flows for 2018 using the indirect method. (Amounts to be
deducted should be...
Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes.Additional Information on Current Year Transactionsa....
Listed below are the comparative balance sheets for the current year (20X2) and for the prior year (20x1) of Johnson Corporation. 12/31/20x2 12/31/20X1 Cash Accounts receivable Inventory Prepaid expenses Investments Plant and equipment Accumulated depreciation Total Assets $ 59,000 45,000 29,000 5,000 200,000 535,000 (297,000) $ 576,000 27,000 41,000 10,000 230,000 520,000 (270,000) $ 594,000 Accounts payable Salaries payable Taxes payable Bonds payable Common stock Retained earnings Total Liabilities and Equity $ 19,000 37,000 27,000 10,000 130,000 353,000 $ 576,000...
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Golden Corp.'s current year
income statement , comparative balance sheets, and additional
information follow. For the year, () all sales are credit sales.
(2) all credits to Accounts Receivable reflect cash receipts from
customers , (3) all purchases of inventory are on credit, () all
debits to Accounts Payable reflect cash payments for inventory(5)
Other Expenses are all cash expenses , and (6) any change in Income
Taxes Payable reflects the accrual and cash payment of
taxes.
Required: Prepare a...
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Listed below are the comparative balance sheets for the current year (20X2) and for the prior year (20x1) of Johnson Corporation. 12/31/20X2 1 2/31/20X1 Cash Accounts receivable Inventory Prepaid expenses Investments Plant and equipment Accumulated depreciation Total Assets $ 59,000 45,000 29,000 5,000 200,000 535,000 (297,000) $ 576,000 $ 36,000 27,000 41,000 10,000 230,000 520,000 (270,000) $ 594,000 7 Accounts payable Salaries payable Taxes payable Bonds payable Common stock Retained earnings Total Liabilities and Equity $ 19,000 37,000 27,000 10,000...
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