Please show method of how to calculate each entry
Homework Answers
| Picnic Corporation | ||
| Statement of Comprehensive Income | ||
| For the year 2018 | ||
| Revenue(i) | 523500 | |
| COGS(ii) | 164400 | |
| Gross profit(iii=i-ii) | 359100 | |
| Operating exp(iv) | 202800 | |
| dep(v) | 62000 | |
| Total Operating Expenses(vi-iv+v) | 264800 | |
| Operating income(vii=iii-vi) | 94300 | |
| Gain on sale of equipment(viii) | 3900 | |
| Net Income(ix=vii+viii) | 98200 | |
| Working Notes | ||
| Revenue(i) | ||
| Collection from customer | 527000 | |
| Less: Decrease in accounts receivable | -3500 | |
| 523500 | ||
| COGS= Opening Inventory+ Purchase- Closing Inventory | ||
| Purchase | ||
| Payment to suppliers | 169000 | |
| Less: Decrease in accounts payable | -6900 | |
| 162100 | ||
| COGS(ii)= Purchase+ Decease in Inventory(162100+2300) | 164400 | |
| Operating Expense(iv) | ||
| Payment for Operating expense | 198000 | |
| Add: Increase in Misc Accrued Exp | 4800 | |
| 202800 | ||
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Please show method of how to calculate each entry Picnic Corporation computed the amount of cash flows from operations...
Please also show the method to calculate each entry Jessie Company Comparative Balance Sheets December 31,...
Please also show the method to calculate each entry
Jessie Company Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets $35,000 $12,000 53,000 Cash and cash equivalents Accounts receivable (net) Inventory Equipment Accumulated depreciation-equipment 66,600 102,000 117,000 58,000 32,000 (22,000) (12,000) $202,000 Total assets Liabilities and Equity Accounts payable $51,700 Income tax payable 4,700 Long-term notes payable 72,000 Capital stock 62,000 Retained earnings 49,200 Total liabilities and equity $239,600 The following additional information is available: $46,300 3,700 52,000...
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities....
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2021 fiscal year was $1,258.000. Depreciation expense of $148,000 was included with operating expenses in the income statement The following information describes the changes in current assets and liabilities other than cash: Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in salaries payable Increase in income taxes payable $ 160,000 116,000 70,000 38,000 52,000 Required: Prepare...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Newcastle Corporation to prepare...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Newcastle Corporation to prepare a statement of cash flows using the indirect method: Accounts payable decrease $7,000 Accounts receivable increase 9,800 Wages payable decrease 4,200 Amortization expense 22.400 Cash balance, January 1 42,000 Cash balance, December 31 9,800 Cash paid as dividends 8,400 Cash paid to purchase land 140,000 Cash paid to retire bonds payable at par 105,000 Cash received from issuance of common stock 63,000 Cash received...
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities....
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2018 fiscal year was $704,000. Depreciation and amortization expense of $83,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Decrease in accounts receivable Increase in inventories Increase prepaid expenses Increase in salaries payable Decrease in income taxes payable $38,000 10,800 10,100 11,600 14,000 Required: Prepare...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremantle Corporation to prepare...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremantle Corporation to prepare a statement of cash flows using the indirect method Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds payable at par Cash received from issuance of common stock 75,000 Cash received from sale of equipment Depreciation expense Gain on sale...
Statement of cash flows-indirect method Instructions Labels and Amount Descriptions Statement of Cash Flows Instructions The...
Statement of cash flows-indirect method Instructions Labels and Amount Descriptions Statement of Cash Flows Instructions The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2018 and 2017, is as follows: Dec 31, 20Y8 Dec 31, 2047 $80,000.00 $100,000.00 275,000.00 300,000.00 510,000.00 400,000.00 15,000.00 10,000.00 1,070,000.00 750,000.00 (200,000.00) (160,000.00) $1,750,000.00 $1,400,000.00 Assets 3 Cash 4 Accounts receivable (net) 5 Inventories 6 Prepaid expenses 7 Equipment 8 Accumulated depreciation equipment 9 Total assets Liabilities and Stockholders' Equity 11 Accounts...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremont Corporation to prepare...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremont Corporation to prepare a statement of cash flows using the indirect method: Accounts payable increase $14,000 Accounts receivable increase 7,000 Accrued liabilities decrease 5,000 Amortization expense 31,000 Cash balance, January 1 21,000 Cash balance, December 31 141,000 Cash paid as dividends 41,000 Cash paid to purchase land 81,000 Cash paid to retire bonds payable at par 70,000 Cash received from issuance of common stock 75,000 Cash received...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Newcastle Corporation to prepare...
Statement of Cash Flows (Indirect Method)
Use the following information regarding the Newcastle Corporation
to prepare a statement of cash flows using the indirect method:
Remember to use negative signs with answers when
appropriate.
Accounts payable decrease Accounts receivable increase Wages payable decrease Amortization expense Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds payable at par Cash received from issuance of common stock Cash received from...
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the...
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $ 85,000 Expenses Salaries expense 69,000 Utilities expense Depreciation expense 31,200 Other expenses 7,600 Net loss $(55, 800) Selected Year-End Balance Sheet Data Accounts receivable decrease $29,000 Purchased a machine for cash 21,000 Salaries payable increase 26,000 Other accrued liabilities decrease 14,000 Required: 1. Prepare the operating activities section of the statement of...
Show Me How Calculator Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following...
Show Me How Calculator Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for year: Depreciation expense $46,400 Gain on disposal of equipment 27,050 Net Income 333,300 The changes in the current asset and liability accounts for the year are as follows: Accounts receivable Inventory Prepaid insurance Increase (Decrease) $7,220 (4,110) (1,540) (4,900) Accounts payable Income taxes payable 1,540 Dividends payable 1,030 a. Prepare the Cash Flows from Operating Activities section of the statement of cash...
Please also show the method to calculate each entry
Jessie Company Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets $35,000 $12,000 53,000 Cash and cash equivalents Accounts receivable (net) Inventory Equipment Accumulated depreciation-equipment 66,600 102,000 117,000 58,000 32,000 (22,000) (12,000) $202,000 Total assets Liabilities and Equity Accounts payable $51,700 Income tax payable 4,700 Long-term notes payable 72,000 Capital stock 62,000 Retained earnings 49,200 Total liabilities and equity $239,600 The following additional information is available: $46,300 3,700 52,000...
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2021 fiscal year was $1,258.000. Depreciation expense of $148,000 was included with operating expenses in the income statement The following information describes the changes in current assets and liabilities other than cash: Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in salaries payable Increase in income taxes payable $ 160,000 116,000 70,000 38,000 52,000 Required: Prepare...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Newcastle Corporation to prepare a statement of cash flows using the indirect method: Accounts payable decrease $7,000 Accounts receivable increase 9,800 Wages payable decrease 4,200 Amortization expense 22.400 Cash balance, January 1 42,000 Cash balance, December 31 9,800 Cash paid as dividends 8,400 Cash paid to purchase land 140,000 Cash paid to retire bonds payable at par 105,000 Cash received from issuance of common stock 63,000 Cash received...
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2018 fiscal year was $704,000. Depreciation and amortization expense of $83,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Decrease in accounts receivable Increase in inventories Increase prepaid expenses Increase in salaries payable Decrease in income taxes payable $38,000 10,800 10,100 11,600 14,000 Required: Prepare...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremantle Corporation to prepare a statement of cash flows using the indirect method Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds payable at par Cash received from issuance of common stock 75,000 Cash received from sale of equipment Depreciation expense Gain on sale...
Statement of cash flows-indirect method Instructions Labels and Amount Descriptions Statement of Cash Flows Instructions The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2018 and 2017, is as follows: Dec 31, 20Y8 Dec 31, 2047 $80,000.00 $100,000.00 275,000.00 300,000.00 510,000.00 400,000.00 15,000.00 10,000.00 1,070,000.00 750,000.00 (200,000.00) (160,000.00) $1,750,000.00 $1,400,000.00 Assets 3 Cash 4 Accounts receivable (net) 5 Inventories 6 Prepaid expenses 7 Equipment 8 Accumulated depreciation equipment 9 Total assets Liabilities and Stockholders' Equity 11 Accounts...
Statement of Cash Flows (Indirect Method) Use the following information regarding the Fremont Corporation to prepare a statement of cash flows using the indirect method: Accounts payable increase $14,000 Accounts receivable increase 7,000 Accrued liabilities decrease 5,000 Amortization expense 31,000 Cash balance, January 1 21,000 Cash balance, December 31 141,000 Cash paid as dividends 41,000 Cash paid to purchase land 81,000 Cash paid to retire bonds payable at par 70,000 Cash received from issuance of common stock 75,000 Cash received...
Statement of Cash Flows (Indirect Method)
Use the following information regarding the Newcastle Corporation
to prepare a statement of cash flows using the indirect method:
Remember to use negative signs with answers when
appropriate.
Accounts payable decrease Accounts receivable increase Wages payable decrease Amortization expense Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds payable at par Cash received from issuance of common stock Cash received from...
Exercise 12-3 Indirect: Reporting and interpreting cash flows from operations LO P2 Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues $ 85,000 Expenses Salaries expense 69,000 Utilities expense Depreciation expense 31,200 Other expenses 7,600 Net loss $(55, 800) Selected Year-End Balance Sheet Data Accounts receivable decrease $29,000 Purchased a machine for cash 21,000 Salaries payable increase 26,000 Other accrued liabilities decrease 14,000 Required: 1. Prepare the operating activities section of the statement of...
Show Me How Calculator Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for year: Depreciation expense $46,400 Gain on disposal of equipment 27,050 Net Income 333,300 The changes in the current asset and liability accounts for the year are as follows: Accounts receivable Inventory Prepaid insurance Increase (Decrease) $7,220 (4,110) (1,540) (4,900) Accounts payable Income taxes payable 1,540 Dividends payable 1,030 a. Prepare the Cash Flows from Operating Activities section of the statement of cash...
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