Company A, reports net sales of $2,200,000, cost of goods sold of $1,000,000, and income tax...
Company A, reports net sales of $2,200,000, cost of goods sold of $1,000,000, and income tax expense of $130,000 for the year ended December 31, Year 2. Selected balance sheet accounts are as follows:
| Company A Selected Balance Sheet Data December 31 |
||||||||||
| Year 2 | Year 1 | Increase (I) or Decrease (D) |
||||||||
| Cash | $ | 140,000 | $ | 175,000 | $ | 35,000 | (D) | |||
| Accounts receivable | 265,000 | 220,000 | 45,000 | (I) | ||||||
| Inventory | 115,000 | 145,000 | 30,000 | (D) | ||||||
| Accounts payable | 110,000 | 117,000 | 7,000 | (D) | ||||||
| Income tax payable | 15,000 | 14,000 | 1,000 | (I) | ||||||
Required:
Calculate cash received from customers, cash paid to suppliers, and
cash paid for income taxes.
Homework Answers
>> Cash received from customers = Sales - Increase / ( Decrease ) of Accounts Receivable
>> Cash received from customers = $ 2,200,000 - $ 45,000
>> Cash received from customers = $ 2,155,000.
>> Cash paid to supplies = Cost of Goods sold + Increase / ( Decrease ) of Inventory - Increase / ( Decrease ) of Accounts payable
>> Cash paid to supplies = $ 1,000,000 - $ 30,000 + $ 7,000
>> Cash paid to supplies = $ 977,000.
>> Cash paid for income taxes = Income tax expenses - Increase / ( Decrease ) of Income tax payable
>> Cash paid for income taxes = $ 130,000 - $ 1,000
>> Cash paid for income taxes = $ 120,000.
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Additional information:
Accounts payable pertain to the purchase of inventory.
Plant assets were sold for $40,000. The cost of the plant assets
was $40,000.
All dividends are cash.
For the year 2005:
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Purchases for the year is:
Cash paid to suppliers is:
Depreciation expense is:
Cash paid for operating expenses is:
Cash paid for interest is:
Cash paid for income taxes is:
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Cash provided by/(used in)*investing activities
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