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9. Michael, Inc.'s accountant has partially completed the spreadsheet for the statement of cash flows. Fill in the remaining missing information. (lf a bax is not used in the statement, leave the box emply do not select a label or enter a zero, Dot check your answer until bath Panel A and Panel B have been completed) (Click the icon to view the information) Balance 12/31/2018 Michael, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Balance...
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Spreadsheet for Statement of Cash Flows Balance 7/1/18 Balance 12/31/18 Panel A Balance Sheet 0 Cash Accounts Receivable Inventory Office Equipment Truck Accumulated Depreciation-Plant Assets Total Assets Transaction Analysis Debit Credit 95,700 $ 12.000 4,400 6,000 5,000 6,000 123,100 6000 $ 95,700 12,000 4,400 6,000 5,000 (6,000) 117,100 0 $ $ o 5,500 10,000 5,500 10,000 Accounts Payable Note Payable-Short Term Note Payable - Long Term Total Liabilities 0 15500 15,500 100,000 Common Stock Retained Earnings Total Liabilities and Stockholders'...
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Blossom Company Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2017 Cash flows from operating activities Net income $86,081 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in accounts payable Loss on disposal of plant assets $13,277 13,861 (7,295) (3,210) 4,815 21,448 Net cash provided by operating activities Cash flows from investing activities Sale of investments Purchase of equipment 107,529 4,523 35,308) Net...
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Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,500
$10,700
Accounts receivable
20,800
23,800
Land
19,600
26,300
Buildings
70,100
70,100
Accumulated depreciation—buildings
(15,000
)
(10,700
)
Total
$110,000
$120,200
Accounts payable
$11,800
$28,300
Common stock
75,000
73,400
Retained earnings
23,200
18,500
Total
$110,000
$120,200
Additional information:
1.
Net income was $22,800. Dividends declared and paid were
$18,100.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
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For the Year Ended December 31, 2017 Cash flows from operating activities $86,081 Net income Adjustments to reconcile net income to net cash provided by operating activities: $13,277 Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in accounts payable Loss on disposal of plant assets 13,861 (7,295) (3,210) 4,815 21,448 107,529 Net cash provided by operating activities Cash flows from investing activities Sale of investments 4,523 Purchase of equipment (35,308) Net cash used by investing activities (30,785) Cash...
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61,600 Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities. Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense-Plant Assels Decrease in Accounts Receivable Increase in Merchandise Inventory Increase in Accounts Payable 16,800 5,900 (2,900) 1,300 (1.500) 19.600 Decrease in Accrued Liabilities Nel Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: 200 s/Ma Net Cash Provided by (Used for) Investing Activites Choose...
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CHENG INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities A 5 Net Income 176,700 176,700 djustments to reconcile net income to Cash Flows from Operating Activities Depreciation Expense 29,500 Loss on Disposal of Plant Assets 7,500 Increase in Accounts Receivable Increase in Inventory T -10,100 Increase in Prepaid Expenses A T -3,400 Increase in Accounts Payable ) 43,400 Decrease in Accrued Expenses Payable T -900 | © 2000-2019 John Wiley &...
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Shasta Inc. Statement of Cash Flows For the Year Ended December 31, 2049 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: $360,000 100,800 17,280 Depreciation Gain on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable 27,360 (36,000) (3,600) (2,400) Decrease in accrued expenses payable 5463,440 Net cash flow from operating activities Cash flows from investing activities:...
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The statement of cash flows for the year ended December 31, 2021, for Whiteside Incorporated is presented below. $ 214,300 WHITESIDE INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Cash received from customers $ 500,000 Interest on notes receivable 12,800 Dividends received 5,300 Purchase of inventory (196,000) Payment of operating expenses (91,000) Payment of interest on debt (16,800) Net cash flows from operating activities Cash flows from investing activities: Sale of...
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Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost of Goods Sold 93,000 Gross Profit 137,000 Operating Expenses: Salaries Expense $ 57,000 Depreciation Expense Plant Assets 28,000 Total Operating Expenses 85,000 Net Income Before Income Taxes 52,000 Income Tax Expense 8,000 $ Net Income 44,000 c. a. Acquisition of plant assets is $118,000. Of this amount, $105,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale...
9. Michael, Inc.'s accountant has partially completed the spreadsheet for the statement of cash flows. Fill in the remaining missing information. (lf a bax is not used in the statement, leave the box emply do not select a label or enter a zero, Dot check your answer until bath Panel A and Panel B have been completed) (Click the icon to view the information) Balance 12/31/2018 Michael, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Balance...
Spreadsheet for Statement of Cash Flows Balance 7/1/18 Balance 12/31/18 Panel A Balance Sheet 0 Cash Accounts Receivable Inventory Office Equipment Truck Accumulated Depreciation-Plant Assets Total Assets Transaction Analysis Debit Credit 95,700 $ 12.000 4,400 6,000 5,000 6,000 123,100 6000 $ 95,700 12,000 4,400 6,000 5,000 (6,000) 117,100 0 $ $ o 5,500 10,000 5,500 10,000 Accounts Payable Note Payable-Short Term Note Payable - Long Term Total Liabilities 0 15500 15,500 100,000 Common Stock Retained Earnings Total Liabilities and Stockholders'...
Blossom Company Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2017 Cash flows from operating activities Net income $86,081 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in accounts payable Loss on disposal of plant assets $13,277 13,861 (7,295) (3,210) 4,815 21,448 Net cash provided by operating activities Cash flows from investing activities Sale of investments Purchase of equipment 107,529 4,523 35,308) Net...
Rojas Corporation’s comparative balance sheets are presented
below.
ROJAS CORPORATION
Comparative Balance Sheets
December 31
2020
2019
Cash
$14,500
$10,700
Accounts receivable
20,800
23,800
Land
19,600
26,300
Buildings
70,100
70,100
Accumulated depreciation—buildings
(15,000
)
(10,700
)
Total
$110,000
$120,200
Accounts payable
$11,800
$28,300
Common stock
75,000
73,400
Retained earnings
23,200
18,500
Total
$110,000
$120,200
Additional information:
1.
Net income was $22,800. Dividends declared and paid were
$18,100.
2.
No noncash investing and financing activities occurred during
2020.
3.
The land...
For the Year Ended December 31, 2017 Cash flows from operating activities $86,081 Net income Adjustments to reconcile net income to net cash provided by operating activities: $13,277 Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in accounts payable Loss on disposal of plant assets 13,861 (7,295) (3,210) 4,815 21,448 107,529 Net cash provided by operating activities Cash flows from investing activities Sale of investments 4,523 Purchase of equipment (35,308) Net cash used by investing activities (30,785) Cash...
61,600 Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities. Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense-Plant Assels Decrease in Accounts Receivable Increase in Merchandise Inventory Increase in Accounts Payable 16,800 5,900 (2,900) 1,300 (1.500) 19.600 Decrease in Accrued Liabilities Nel Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: 200 s/Ma Net Cash Provided by (Used for) Investing Activites Choose...
CHENG INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities A 5 Net Income 176,700 176,700 djustments to reconcile net income to Cash Flows from Operating Activities Depreciation Expense 29,500 Loss on Disposal of Plant Assets 7,500 Increase in Accounts Receivable Increase in Inventory T -10,100 Increase in Prepaid Expenses A T -3,400 Increase in Accounts Payable ) 43,400 Decrease in Accrued Expenses Payable T -900 | © 2000-2019 John Wiley &...
Shasta Inc. Statement of Cash Flows For the Year Ended December 31, 2049 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: $360,000 100,800 17,280 Depreciation Gain on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable 27,360 (36,000) (3,600) (2,400) Decrease in accrued expenses payable 5463,440 Net cash flow from operating activities Cash flows from investing activities:...
The statement of cash flows for the year ended December 31, 2021, for Whiteside Incorporated is presented below. $ 214,300 WHITESIDE INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Cash received from customers $ 500,000 Interest on notes receivable 12,800 Dividends received 5,300 Purchase of inventory (196,000) Payment of operating expenses (91,000) Payment of interest on debt (16,800) Net cash flows from operating activities Cash flows from investing activities: Sale of...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost of Goods Sold 93,000 Gross Profit 137,000 Operating Expenses: Salaries Expense $ 57,000 Depreciation Expense Plant Assets 28,000 Total Operating Expenses 85,000 Net Income Before Income Taxes 52,000 Income Tax Expense 8,000 $ Net Income 44,000 c. a. Acquisition of plant assets is $118,000. Of this amount, $105,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale...