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 company
Sowell Company
Partial Balance sheets
as on December 31
| Assets | 2016 | 2015 |
| Cash | $40,000 | $20,000 |
| Accounts receivable | 70,000 | 85,000 |
| Inventory | 40,000 | 35,000 |
| Liabilities | ||
| Accounts payable | 54,000 | 62,000 |
Additional information for 2016
| Net income | $88,000 |
| Depreciation expense | $19,000 |
Prepare the operating activities section of statement of cash flow for 2016 using the indirect method
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Prepare the operating activities section of the statement of cash flows for 2016 using the indirect method.
Prepare the operating activities section of the statement of cash flows using the indirect method
Pharoah Company's income statement for the year ended December 31, 2017, contained the following condensed information.Service revenue$842,000Operating expenses(excluding depreciation$626,000Depreciation expenses61,000loss on sale of equipment27,000714,000Income before income taxes128,000Income tax expense40,000Net income$88,000Pharoah's balance sheet contained the following comparative data at December 31Particulars20172016Accounts receivable$37,000$56,000Accounts payable39,00033,000Income taxes payable4,1008,400Prepare the operating activities section of the statement of cash flows using the indirect method
Required: Prepare the operating activities section of the statem using the indirect method. Prepare a statement...
Required: Prepare the operating activities section of the statem using the indirect method. Prepare a statement of cash flows-Indirect method (LO11-2, 11-3, 11-4, 11-5) 11-4A The income statement balance sheets, and additional information for Video Phones, Inc., are provided VIDEO PHONES, INC. Income Statement For the year ended December 31, 2021 $3,636,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $2,450,000 958,000 37,000...
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 a statement of cash flows for 2016 in good form using the indirect method for...
Prepare a statement of cash flows for 2016 in good form using
the indirect method for cash flows from operating activities.
The Murdock Corporation reported the following balance sheet data for 2016 and 2015 4 20162015 Cash Available-for-sale securities (not cash $ 92,915 $ 31,355 22,500 99,000 94.000 80,850 179,000 57600 3,400 1.278,000 1,139,000 (624,000) (586,000) equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation 0140:55 2,760 Total assets 1,045,175 $ 925,205 Accounts payable Salaries payable $88,940...
Prepare statement of cash flows using the indirect method. The income statement for 2017 and the...
Prepare statement of cash flows using the indirect method. The income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Hoover Industries, Inc. (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) A (Click the icon to view additional information.) Requirement Prepare a statement of cash flows for Hoover Industries, Inc., for the year ended December 31, 2017, using the indirect method. Prepare the statement one section at...
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...
mation for Video Phones, Required: Prepare the operating activities section of the statement of using the...
mation for Video Phones, Required: Prepare the operating activities section of the statement of using the indirect method. P11-4A The income statement, balance sheets, and additional information for Video Pb Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) Inc., are provided VIDEO PHONES, INC. Income Statement For the year ended December 31, 2021 $3,636,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses...
ties Instructions Prepare a statement of cash flows for Cheng Inc, using the direct method. P17.11A...
ties Instructions Prepare a statement of cash flows for Cheng Inc, using the direct method. P17.11A (LO 2) Financial Statement The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. Rothlisberger Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $ 81,000 $ 45,000 Accounts receivable 41,000 62,000 Inventory 151,450 142,000 Prepaid expenses 15,280 21,000 Land 105.000 130,000 Buildings 200,000 200,000 Accumulated depreciation buildings (60,000) (40,000) Equipment 221,000 155,000 Accumulated depreciation equipment (45,000) (35,000) Total...
Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows—indirect method. MIGITSU...
Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows—indirect method. MIGITSU COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $75,000 $20,000 Accounts receivable 85,000 75,000 Inventories 172,000 192,000 Land 71,000 100,000 Equipment 262,000 200,000 Accumulated depreciation (67,000 ) (34,000 ) Total $598,000 $553,000 Liabilities and Stockholders’ Equity Accounts payable $35,000 $52,000 Bonds payable 151,000 209,000 Common stock ($1 par) 218,000 172,000 Retained earnings 194,000 120,000 Total $598,000 $553,000 Additional information: 1. Net income...
STATEMENT OF CASH FLOWS (YOU MAY USE EITHER THE DIRECT OR THE INDIRECT METHOD – YOU...
STATEMENT OF CASH FLOWS (YOU MAY USE EITHER THE DIRECT OR THE INDIRECT METHOD – YOU MUST INDICATE AT THE TOP OF YOUR SOLUTION WHICH METHOD YOU ARE USING) Eyjafjallajökull Company Comparative Balance Sheet December 31 2017 2016 Assets Cash $ 70,000 $ 35,000 Accounts receivable 82,000 53,000 Inventories 120,000 132,000 Prepaid expenses 19,000 25,000 Investments 80,000 65,000 Plant assets 310,000 250,000 Accumulated depreciation (65,000) (60,000) Total $616,000 $500,000 Liabilities and Stockholders' Equity...
Required: Prepare the operating activities section of the statem using the indirect method. Prepare a statement of cash flows-Indirect method (LO11-2, 11-3, 11-4, 11-5) 11-4A The income statement balance sheets, and additional information for Video Phones, Inc., are provided VIDEO PHONES, INC. Income Statement For the year ended December 31, 2021 $3,636,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $2,450,000 958,000 37,000...
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 a statement of cash flows for 2016 in good form using
the indirect method for cash flows from operating activities.
The Murdock Corporation reported the following balance sheet data for 2016 and 2015 4 20162015 Cash Available-for-sale securities (not cash $ 92,915 $ 31,355 22,500 99,000 94.000 80,850 179,000 57600 3,400 1.278,000 1,139,000 (624,000) (586,000) equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation 0140:55 2,760 Total assets 1,045,175 $ 925,205 Accounts payable Salaries payable $88,940...
Prepare statement of cash flows using the indirect method. The income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Hoover Industries, Inc. (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) A (Click the icon to view additional information.) Requirement Prepare a statement of cash flows for Hoover Industries, Inc., for the year ended December 31, 2017, using the indirect method. Prepare the statement one section at...
mation for Video Phones, Required: Prepare the operating activities section of the statement of using the indirect method. P11-4A The income statement, balance sheets, and additional information for Video Pb Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) Inc., are provided VIDEO PHONES, INC. Income Statement For the year ended December 31, 2021 $3,636,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses...
ties Instructions Prepare a statement of cash flows for Cheng Inc, using the direct method. P17.11A (LO 2) Financial Statement The comparative balance sheets for Rothlisberger Company as of December 31 are presented below. Rothlisberger Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $ 81,000 $ 45,000 Accounts receivable 41,000 62,000 Inventory 151,450 142,000 Prepaid expenses 15,280 21,000 Land 105.000 130,000 Buildings 200,000 200,000 Accumulated depreciation buildings (60,000) (40,000) Equipment 221,000 155,000 Accumulated depreciation equipment (45,000) (35,000) Total...
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