the following information was reported by Petrulis Imports Company 2016 2015 Accounts Receivable 55,000 47,000 i...
the following information was reported by Petrulis Imports Company
| 2016 | 2015 | |
| Accounts Receivable | 55,000 | 47,000 |
| inventory | 35,000 | 45,000 |
| Prepaid Insurance | 12,000 | 10,000 |
| Acconts payable | 22,000 | 15,000 |
| income tax payable | 10,000 | 14,000 |
| interest payable | 12,000 | 9000 |
| Profits | 45,000 | |
| depreciation expense | 25,000 |
prepare the operating activites section of the statement of cash flows sing the indirect method
Homework Answers
Solution:
| Petrulis Imports Company | ||
| Statement of Cash Flows (Partial) | ||
| For the year Ended 2016 | ||
| Particulars | Details | Amount |
| Cash Flow from Operating Activities: | ||
| Net Income | $45,000.00 | |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation Expense | $25,000.00 | |
| Increase in accounts receivables | -$8,000.00 | |
| Decrease in inventory | $10,000.00 | |
| Increase in prepaid insurance | -$2,000.00 | |
| Increase in accounts payable | $7,000.00 | |
| Decrease in income tax payable | -$4,000.00 | |
| Increase in interest payable | $3,000.00 | $31,000.00 |
| Net Cash provided by operating activities | $76,000.00 | |
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the following information was reported by Petrulis Imports Company 2016 2015 Accounts Receivable 55,000 47,000 i...
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Balance Sheets as of December 31 2016 2015 $ 14,000 1 Cash and equivalents Accounts receivable...
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Retained Earnings $53,000 (at January 1, 2022)
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Advertising Expense $22,000
Cost of Goods Sold $29,000
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the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
Calculate JYF Company's total...
1.) During 2015, Orton Company earned net income of $500,000, which included depreciation expense of $54,000...
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Kennedy, Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Gain on sale of building $118,000 15,000 (10,000) 20,000 Increase in accounts receivable Decrease in accounts payable 7,000 (2,000) Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Dorman Company reported the following data: Net income Depreciation expense Gain on disposal of equipment Decrease in accounts receivable Decrease in account payable $225.000 25,000 20,500 14,000 3,600...
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JYF Company's accounting records at December 31, 2022 reported
the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
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the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
Notes Payable $86,000 (due March 1, 2023)
Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
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