On December 31, 2018, Wellstone Company reported net income of $76,000 and sales of $215,000. The...
On December 31, 2018, Wellstone Company reported net income of $76,000 and sales of $215,000. The company also reported beginning and ending accounts receivable at $18,500 and $29,500, respectively. Wellstone will report cash collected from customers in its 2018 statement of cash flows (direct method) in the amount of:
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On December 31, 2018, Wellstone Company reported net income of
$76,000 and sales of $215,000. The...
5 On December 31, 2022, Wellstone Company reported net profit of $70,000 and sales of $210,000....
5 On December 31, 2022, Wellstone Company reported net profit of $70,000 and sales of $210,000. The company also reported beginning and ending accounts receivable at $20,000 and $25,000, respectively. Wellstone will report cash collected from customers in its 2022 statement of cash flows (direct method) in the amount of ______. A. $215,000 B. $285,000 C. $135,000 D. $205,000 6 . Pickering Company's prepaid insurance was $8,000 as of December 31, 2021, and $10,000 as of December 31, 2022. Pickering...
Tropical Tours reported revenue of $419,000 for its year ended December 31, 2018. Accounts receivable at...
Tropical Tours reported revenue of $419,000 for its year ended December 31, 2018. Accounts receivable at December 31, 2017 and 2018, were $36,900 and $30,400, respectively. Using the direct method for reporting cash flows from operating activities, Tropical Tours would report cash collected from customers of: Multiple Choice $425,500. $412,500. $419,000. $455,900.
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. T...
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. The ending balance in accounts receivable was $127,500. Under the direct method of determining the net cash provided by (used in) operating activities on the statement of cash flows, sales adjusted to a cash basis are: The ending balance of accounts receivable was $75,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $360,000. Sales reported...
Nevada Boot Co. reported net income of $217,400 for its year ended December 31, 2018. Purchases...
Nevada Boot Co. reported net income of $217,400 for its year ended December 31, 2018. Purchases totaled $153,800. Accounts payable balances at the beginning and end of the year were $36,900 and $31,500, respectively. Beginning and ending inventory balances were $42,200 and $48,000, respectively. Assuming that all relevant information has been presented, Nevada Boot would report operating cash flows of: Multiple Choice $206,200. $159,600. $159,200. $228,600.
The Extra Surplus Company's Balance Sheet for December 31, 2017 and the Income Statement for 2018...
The Extra Surplus Company's Balance Sheet for December 31, 2017 and the Income Statement for 2018 are shown below. Extra Surplus Company Balance Sheet December 31, 2017 Assets Cash Accounts Receivable Inventory Property and Equipment, Net $ 20,000 10,000 24,000 40,000 $94,000 Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings $ 20,000 10,000 40,000 24,000 $ 94,000 Extra Surplus Company Income Statement For the Year Ended December 31, 2018 Sales $39,000 Cost of Goods Sold...
The Extra Surplus Company's Balance Sheet for December 31, 2017 and the income Statement for 2018...
The Extra Surplus Company's Balance Sheet for December 31, 2017 and the income Statement for 2018 are shown below Extra Surplus company Balance Sheet December 31, 201 Assets Cash Accounts Receivable Inventory Property and Equipment, Net Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings Extra Surplus Company For the Year Ended December 11, 2018 Sales Cost of Goods Sold salaries and wage Expense Interest Expense Additional data Sales were 531200: 519.200 in cash wasceved from...
The comparative balance sheet of Carlson Education Supply at December 31, 2018, reported the following Requirements:...
The comparative balance sheet of Carlson Education Supply at
December 31, 2018, reported the following
Requirements:
1.) Prepare the statement of cash flows of Carlson Educational
Supply for the year ended December 31, 2018. Use the indirect
method to report cash flows from operating activities.
2. ) Evaluate Carlson's cash flows for the year. Mention all
three categories of cash flows, and give the reason for your
evaluation.
3.) If Carlson plans similar activity for 2019, what is its
expected...
Data Table Press Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue...
Data Table Press Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 717,000 340,000 377,000 Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense $ 46,000 180,000 Other Operating Expenses Total Operating Expenses 226,000 $ 151,000 Net Income i Data Table Press Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash Accounts Receivable 18,000 $ 56,000 83,000 14,000 49,000 86,000 Merchandise Inventory Long-term Assets: Plant Assets...
Nevada Boot Co. reported net income of $217,200 for its year ended December 31, 2021. Purchases...
Nevada Boot Co. reported net income of $217,200 for its year ended December 31, 2021. Purchases totaled $153,900. Accounts payable balances at the beginning and end of the year were $36,700 and $31,100, respectively. Beginning and ending inventory balances were $42,400 and $46,100, respectively. Assuming that all relevant information has been presented, Nevada Boot would report operating cash flows of: Multiple Choice $159,500. $226,500 $207,900. $157,600.
Creble Company reported net income for 2018 in the amount of $40,000. The company's financial statements...
Creble Company reported net income for 2018 in the amount of $40,000. The company's financial statements also included the following: Increase in accounts receivable $ 4,000 Decrease in inventory 2,000 Depreciation expense 3,000 Gain on sale of equipment 5,000 In the statement of cash flows what is net cash provided by operating activities under the indirect method? Multiple Choice $36,000. $41,000. $40,000. $38,000.
Sales reported on the income statement totaled $788,000. The beginning balance in accounts receivable was $108,000. The ending balance in accounts receivable was $127,500. Under the direct method of determining the net cash provided by (used in) operating activities on the statement of cash flows, sales adjusted to a cash basis are: The ending balance of accounts receivable was $75,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $360,000. Sales reported...
The Extra Surplus Company's Balance Sheet for December 31, 2017 and the Income Statement for 2018 are shown below. Extra Surplus Company Balance Sheet December 31, 2017 Assets Cash Accounts Receivable Inventory Property and Equipment, Net $ 20,000 10,000 24,000 40,000 $94,000 Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings $ 20,000 10,000 40,000 24,000 $ 94,000 Extra Surplus Company Income Statement For the Year Ended December 31, 2018 Sales $39,000 Cost of Goods Sold...
The Extra Surplus Company's Balance Sheet for December 31, 2017 and the income Statement for 2018 are shown below Extra Surplus company Balance Sheet December 31, 201 Assets Cash Accounts Receivable Inventory Property and Equipment, Net Liabilities and Stockholders' Equity Accounts Payable Notes Payable, Long-Term Common Stock Retained Earnings Extra Surplus Company For the Year Ended December 11, 2018 Sales Cost of Goods Sold salaries and wage Expense Interest Expense Additional data Sales were 531200: 519.200 in cash wasceved from...
The comparative balance sheet of Carlson Education Supply at
December 31, 2018, reported the following
Requirements:
1.) Prepare the statement of cash flows of Carlson Educational
Supply for the year ended December 31, 2018. Use the indirect
method to report cash flows from operating activities.
2. ) Evaluate Carlson's cash flows for the year. Mention all
three categories of cash flows, and give the reason for your
evaluation.
3.) If Carlson plans similar activity for 2019, what is its
expected...
Data Table Press Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 717,000 340,000 377,000 Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense $ 46,000 180,000 Other Operating Expenses Total Operating Expenses 226,000 $ 151,000 Net Income i Data Table Press Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash Accounts Receivable 18,000 $ 56,000 83,000 14,000 49,000 86,000 Merchandise Inventory Long-term Assets: Plant Assets...
Nevada Boot Co. reported net income of $217,200 for its year ended December 31, 2021. Purchases totaled $153,900. Accounts payable balances at the beginning and end of the year were $36,700 and $31,100, respectively. Beginning and ending inventory balances were $42,400 and $46,100, respectively. Assuming that all relevant information has been presented, Nevada Boot would report operating cash flows of: Multiple Choice $159,500. $226,500 $207,900. $157,600.
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