Homework Answers
Answer 1 :
| Net Income | $170 |
| Increase in Accounts Receivable | -102 |
| Decrease in Inventory | 108 |
| Increase in Salaries and Wages Payable | 48 |
| Dividends paid [AS per US GAAP, its a part of financing activities] | 0 |
| Net Cash Flow from Operating Activities | $224 |
Answer 2 :
| a | Cost of equipment sold : Beginning equipment - Ending equipment = $12,500 - $6,500 | $6,000 |
| b. | Accumulated Depreciation Equipment : Beg. Acc . Dep + Dep for the year - Ending. Acc . Dep = $2,000 + $500 - $2,200 | $300 |
| c. | Cash Received from Sale : Cost of equipment sold - Acc . Dep - Loss on sale of equipment = $6,000 - $300 - $4,000 | $1,700 |
Add Answer to:
Suppose your company reports $170 of net income and $42 of cash dividends paid, and its...
Suppose your company reports $195 of net income and $47 of cash dividends paid, and its...
Suppose your company reports $195 of net income and $47 of cash dividends paid, and its comparative balance sheet indicates the following Beginning $ 42 110 280 $432 Cash Accounts Receivable Inventory Total Salaries and Wages Payable Common Stock Retained Earnings Total Ending $242 212 172 $626 $ 85 113 280 $ 626 Required: 1. Prepare the operating activities section of the statement of cash flows, using the indirect method. (Amounts to be deducted should be indicated with a minus...
During the period, Sanchez Company sold some excess equipment at a loss. The following information was...
During the period, Sanchez Company sold some excess equipment at a loss. The following information was collected from the company’s accounting records: From the Income Statement Depreciation expense $ 920 Loss on sale of equipment 2,900 From the Balance Sheet Beginning equipment 20,600 Ending equipment 10,200 Beginning accumulated depreciation 1,990 Ending accumulated depreciation 1,770 No new equipment was bought during the period. Required: 1. For the equipment that was sold, determine its original cost, its accumulated depreciation, and the cash...
Yoric Company listed the net changes In its balance sheet accounts for the past year as...
Yoric Company listed the net changes In its balance sheet accounts for the past year as follows Debits Credits > Credits by: Debits by: $ 17,000 Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 119,000 $ 65,006 8,000 30,000 80,000 220,000 5,000 32,000 9,000 16,000 400,000 179,000 50,000 $606,000 $606,000 The following additional Information is avallable about last...
Section C: Cash Flows from Operations The Golden Rams Company reported net income of $100,000 for...
Section C: Cash Flows from Operations The Golden Rams Company reported net income of $100,000 for 2020. Net income include gain of $6.000 on the sale of land and a loss on the sale of equipment of $10.000. Depreciation on fixed assets for the year was $15,000. Balances of select accounts at the end and beginning of the year are listed below. Balances 2020 2020 Ending Beginning $ 65,000 Cash $ 70,000 . 78,000 70,000 Accounts Receivable . 85,000 Inventories...
Problem 14-11 Missing Data; Statement of Cash Flows [LO14-1, LO14-2] Yoric Company listed the net changes...
Problem 14-11 Missing Data; Statement of Cash Flows [LO14-1, LO14-2] Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: ces Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Debits > Credits > Credits by: Debits by: $122,700 170,700 $ 83,900 4,500 111,000 97,000 268,000 65,400 49,700 5,700 9,900 402,000 129,000...
2. a. What net income would the company include on its statement of cash flows? b....
2.
a. What net income would the company include on its statement of
cash flows?
b. How much depreciation would the company add to net income on
its statement of cash flows?
c. What is the amount and direction (+ or −) of the accounts
receivable adjustment to net income in the operating activities
section of the statement of cash flows?
d.
What does this adjustment represent?
Cash collected from customers > Credit sales
Cash payments > Cash collected
Cash...
Yoric Company listed the net changes in its balance sheet accounts for the past year as...
Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Debits > Credits by: Credits > Debits by: Cash and cash equivalents $ 103,000 Accounts receivable 171,000 Inventory $ 83,500 Prepaid expenses 5,000 Long-term loans to subsidiaries 105,000 Long-term investments 100,000 Plant and equipment 288,000 Accumulated depreciation 65,100 Accounts payable 49,500 Accrued liabilities 6,000 Income taxes payable 9,300 Bonds payable 407,000 Common stock 123,000 Retained earnings 76,600 $ 796,000 $ 796,000 The...
Problem 14-11 Missing Data; Statement of Cash Flows (LO14-1, LO 14-2] Yoric Company listed the net...
Problem 14-11 Missing Data; Statement of Cash Flows (LO14-1, LO 14-2] Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Credits > Debits by: Debits > Credits by: $ 118,900 170,300 $ 84,100 4,200 103,000 99,000 267,000 Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 66,000 48,800 5,900 9,600 402,000...
Problem 14-11 Missing Data; Statement of Cash Flows (L014-1, LO14-2] Yoric Company listed the net changes...
Problem 14-11 Missing Data; Statement of Cash Flows (L014-1, LO14-2] Yoric Company listed the net changes in its balance sheet accounts for the gast year as follows: Debits > Credits by: $ 96,500 170,900 Credits > Debits by: $ 83,000 4,300 114,800 Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 95,000 307,000 65,400 49,200 5,900 9,900 407,000 125,000...
Additional info: Cash dividends were paid. The company sold equipment for $14 that was originally purchased...
Additional info:
Cash dividends were paid. The company sold equipment for $14
that was originally purchased for $8 and that had accumulated
depreciation of $1. It did not issue any bonds payable or
repurchase any of its own common stock.
The net cash provided by (used in) operating activities for the
year was:
A: $214
B: 207
C: $261
D: 299
Ending Balance Beginning $23 Less accamulated deprectation Total assets 402 LLatintses and stocsrotdes eqty payable Bonds payable 70 42...
Suppose your company reports $195 of net income and $47 of cash dividends paid, and its comparative balance sheet indicates the following Beginning $ 42 110 280 $432 Cash Accounts Receivable Inventory Total Salaries and Wages Payable Common Stock Retained Earnings Total Ending $242 212 172 $626 $ 85 113 280 $ 626 Required: 1. Prepare the operating activities section of the statement of cash flows, using the indirect method. (Amounts to be deducted should be indicated with a minus...
Yoric Company listed the net changes In its balance sheet accounts for the past year as follows Debits Credits > Credits by: Debits by: $ 17,000 Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 119,000 $ 65,006 8,000 30,000 80,000 220,000 5,000 32,000 9,000 16,000 400,000 179,000 50,000 $606,000 $606,000 The following additional Information is avallable about last...
Section C: Cash Flows from Operations The Golden Rams Company reported net income of $100,000 for 2020. Net income include gain of $6.000 on the sale of land and a loss on the sale of equipment of $10.000. Depreciation on fixed assets for the year was $15,000. Balances of select accounts at the end and beginning of the year are listed below. Balances 2020 2020 Ending Beginning $ 65,000 Cash $ 70,000 . 78,000 70,000 Accounts Receivable . 85,000 Inventories...
Problem 14-11 Missing Data; Statement of Cash Flows [LO14-1, LO14-2] Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: ces Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Debits > Credits > Credits by: Debits by: $122,700 170,700 $ 83,900 4,500 111,000 97,000 268,000 65,400 49,700 5,700 9,900 402,000 129,000...
2.
a. What net income would the company include on its statement of
cash flows?
b. How much depreciation would the company add to net income on
its statement of cash flows?
c. What is the amount and direction (+ or −) of the accounts
receivable adjustment to net income in the operating activities
section of the statement of cash flows?
d.
What does this adjustment represent?
Cash collected from customers > Credit sales
Cash payments > Cash collected
Cash...
Problem 14-11 Missing Data; Statement of Cash Flows (LO14-1, LO 14-2] Yoric Company listed the net changes in its balance sheet accounts for the past year as follows: Credits > Debits by: Debits > Credits by: $ 118,900 170,300 $ 84,100 4,200 103,000 99,000 267,000 Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 66,000 48,800 5,900 9,600 402,000...
Problem 14-11 Missing Data; Statement of Cash Flows (L014-1, LO14-2] Yoric Company listed the net changes in its balance sheet accounts for the gast year as follows: Debits > Credits by: $ 96,500 170,900 Credits > Debits by: $ 83,000 4,300 114,800 Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 95,000 307,000 65,400 49,200 5,900 9,900 407,000 125,000...
Additional info:
Cash dividends were paid. The company sold equipment for $14
that was originally purchased for $8 and that had accumulated
depreciation of $1. It did not issue any bonds payable or
repurchase any of its own common stock.
The net cash provided by (used in) operating activities for the
year was:
A: $214
B: 207
C: $261
D: 299
Ending Balance Beginning $23 Less accamulated deprectation Total assets 402 LLatintses and stocsrotdes eqty payable Bonds payable 70 42...
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