Compute operating cash flows using the direct method. Tidwell Company has provided the following partial comparative...
| Compute operating cash flows using the direct method. |
Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X2.
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Tidwell Company |
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Comparative Balance Sheets |
|
At December 31, 20X1 and 20X2 |
|
1 |
20X1 |
20X2 |
|
|
2 |
Current assets: |
||
|
3 |
Accounts receivable |
$350,000.00 |
$282,000.00 |
|
4 |
Inventories |
126,000.00 |
147,000.00 |
|
5 |
Current liabilities: |
||
|
6 |
Accounts payable |
299,000.00 |
239,000.00 |
|
Tidwell Company |
|
Income Statement |
|
For the Year Ended December 31, 20X2 |
|
1 |
Revenues |
$1,208,000.00 |
|
2 |
Gain on sale of equipment |
55,000.00 |
|
3 |
Cost of goods sold |
(648,000.00) |
|
4 |
Depreciation expense |
(123,000.00) |
|
5 |
Interest expense |
(28,000.00) |
|
6 |
Net income |
$464,000.00 |
|
Tidwell Company |
|
Cash Flows from Operating Activities, Direct Method |
|
For the Year Ended December 31, 20X2 |
|
1 |
Income Statement |
Adjustments |
Cash Flows |
|
|
2 |
Revenues |
|||
|
3 |
Gain on sale of equipment |
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|
4 |
Cost of goods sold |
|||
|
5 |
Depreciation expense |
|||
|
6 |
Interest expense |
|||
|
7 |
Net income |
|||
|
8 |
Net cash from operating activities |
Homework Answers
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Compute operating cash flows using the direct method.
Tidwell Company has provided the following partial comparative...
1.3 Brief Exercise 14-19 Operating Cash Flows: Indirect Method Swasey Company provided the following partial comparative...
1.3 Brief Exercise 14-19 Operating Cash Flows: Indirect Method Swasey Company provided the following partial comparative balance sheets and the ined statement for 20X2 Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20x2 Current assets: Accounts receivable Inventories Current liabilities: Wages payable $1,500,000 600,000 $1,165,000 640,000 1,400,000 1,030,000 Swasey Company Income Statement For the Year Ended December 31, 20X2 Revenues Gain on sale of equipment Cost of goods sold Depreciation expense Interest expense Net income $...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current Assets 3 Accounts receivable 745,000.00 677,000.00 4 Inventories 295,000.00 315,000.00 5 Current liabilities 6 Wages payable 705,000.00 680,000.00 Swasey Company Income Statement For the Year Ended December 31, 20X2 1 Revenues 3,410,000.00 2 Gain on sale of equipment 100,000.00 3 Cost of goods sold (1,910,000.00) 4 Depreciation expense...
Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2...
Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current Assets 3 Accounts receivable 1,500,000.00 1,165,000.00 4 Inventories 600,000.00 640,000.00 5 Current liabilities 6 Wages payable 1,400,000.00 1,030,000.00 Swasey Company Income Statement For the Year Ended December 31, 20X2 1 Revenues 6,000,000.00 2 Gain on sale of equipment 200,000.00 3 Cost of goods sold (3,840,000.00) 4 Depreciation expense (540,000.00) 5 Interest expense (20,000.00) 6 Net income $1,800,000.00 Required: Compute operating cash flows using...
Instructions Compute Cash Provided by Operating Activities Prepare a partial statement of cash flows reporting cash...
Instructions Compute Cash Provided by Operating Activities Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows Zowine Company's condensed income statement for the year ended Dêcember 31, 20-2, was as follows: Net sales Cost of goods sold 555,000 Gross profit Operating expenses 27,700 Income before taxes $177,300 Income tax expense 62,055 Net income Additional information obtained from...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2 Swasey...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2 Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current assets: 3 Cash $460,000.00 $1,320,000.00 4 Accounts receivable $1,500,000.00 $1,165,000.00 5 Inventories 600,000.00 640,000.00 6 Long-term assets: 7 Plant and equipment 4,400,000.00 4,300,000.00 8 Accumulated depreciation (2,400,000.00) (2,540,000.00) 9 Land 2,000,000.00 2,875,000.00 10 Total assets $6,560,000.00 $7,760,000.00 11 Current liabilities: 12 Wages payable $1,400,000.00 $1,030,000.00 13 Long-term liabilities: 14...
Instructions Amount Descriptions and Labels Statement of Cash Flows (Partial) Instructions Statement of Cash Flows (Partial)...
Instructions Amount Descriptions and Labels Statement of Cash Flows (Partial) Instructions Statement of Cash Flows (Partial) Tidwell Company experienced the following during 20X1: Prepare the net cash from financing activities section of the statement of cash flows. (Note: Use a minus sign to indicate any decreases in cash or cash outflows. Refer to the Amount Descriptions Nsr provided for the exact wording of the answer choices for text entries.) A. Sold preferred stock for $482.000. B. Declared dividends of $150,000...
Prepare a statement of cash flows, using the direct method of presenting cash flows from operating...
Prepare a statement of cash flows, using the direct method of
presenting cash flows from operating activities. Be sure to
complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the
answer choices for text entries. Enter amounts that represent cash
outflows as negative numbers using a minus sign. No income
statement provided.
Updated: Sorry for forgetting the income statement.
Instructions The comparative balance sheet of Livers Inc. for December...
Prepare a statement of cash flows, using the direct method of presenting cash flows from operating...
Prepare a statement of cash flows, using the direct method of
presenting cash flows from operating activities. Be sure to
complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the
answer choices for text entries. Enter amounts that represent cash
outflows as negative numbers using a minus sign.
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is as follows: Dec. 31, 20Y3 Dec. 31,...
Prepare a statement of cash flows, using the direct method of presenting cash flows from operating...
Prepare a statement of cash flows, using
the direct method of presenting cash flows from operating
activities. Be sure to complete the heading of the statement. Refer
to the Labels and Amount Descriptions list provided for the exact
wording of the answer choices for text entries. Enter amounts that
represent cash outflows as negative numbers using a minus sign.
Thanks!
Instructions The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is as follows: Dec. 31, 20Y3...
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...
1.3 Brief Exercise 14-19 Operating Cash Flows: Indirect Method Swasey Company provided the following partial comparative balance sheets and the ined statement for 20X2 Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20x2 Current assets: Accounts receivable Inventories Current liabilities: Wages payable $1,500,000 600,000 $1,165,000 640,000 1,400,000 1,030,000 Swasey Company Income Statement For the Year Ended December 31, 20X2 Revenues Gain on sale of equipment Cost of goods sold Depreciation expense Interest expense Net income $...
Instructions Compute Cash Provided by Operating Activities Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows Zowine Company's condensed income statement for the year ended Dêcember 31, 20-2, was as follows: Net sales Cost of goods sold 555,000 Gross profit Operating expenses 27,700 Income before taxes $177,300 Income tax expense 62,055 Net income Additional information obtained from...
Instructions Amount Descriptions and Labels Statement of Cash Flows (Partial) Instructions Statement of Cash Flows (Partial) Tidwell Company experienced the following during 20X1: Prepare the net cash from financing activities section of the statement of cash flows. (Note: Use a minus sign to indicate any decreases in cash or cash outflows. Refer to the Amount Descriptions Nsr provided for the exact wording of the answer choices for text entries.) A. Sold preferred stock for $482.000. B. Declared dividends of $150,000...
Prepare a statement of cash flows, using the direct method of
presenting cash flows from operating activities. Be sure to
complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the
answer choices for text entries. Enter amounts that represent cash
outflows as negative numbers using a minus sign. No income
statement provided.
Updated: Sorry for forgetting the income statement.
Instructions The comparative balance sheet of Livers Inc. for December...
Prepare a statement of cash flows, using the direct method of
presenting cash flows from operating activities. Be sure to
complete the heading of the statement. Refer to the Labels and
Amount Descriptions list provided for the exact wording of the
answer choices for text entries. Enter amounts that represent cash
outflows as negative numbers using a minus sign.
The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is as follows: Dec. 31, 20Y3 Dec. 31,...
Prepare a statement of cash flows, using
the direct method of presenting cash flows from operating
activities. Be sure to complete the heading of the statement. Refer
to the Labels and Amount Descriptions list provided for the exact
wording of the answer choices for text entries. Enter amounts that
represent cash outflows as negative numbers using a minus sign.
Thanks!
Instructions The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is as follows: Dec. 31, 20Y3...
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...
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