Homework Answers
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| Alvez | ||
| Particulars | Amount $ | Amount $ |
| Net Income | 305,000.00 | |
| Adjustment to reconcile Net Income to Net Cash | ||
| Add: | ||
| Depreciation Expense | 93,700.00 | |
| Loss on sale of equipment | 10,000.00 | |
| Cash flow from Operations | 408,700.00 | |
| Changes in Current Assets/Current Liabilities | ||
| Increase in Accounts Receivable | (40,200.00) | |
| Decrease in Prepaid Expenses | 10,200.00 | |
| Increase in Accounts Payable | 15,200.00 | |
| Decrease in Wages Payable | (12,500.00) | (27,300.00) |
| Net cash provided by (Used for) operating activities | 381,400.00 | |
| Cash flow from investing activities | ||
| Increase in equipment | (75,000.00) | |
| Net cash provided by (Used for) investing activities | (75,000.00) | |
| Cash flow from financing activities | ||
| Decrease in Notes payable | (100,000.00) | |
| Net cash provided by (Used for) financing activities | (100,000.00) | |
| Net Increase/(Decrease) in cash | 206,400.00 | |
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1. Alvez reports net income of $305,000 for the year ended December 31. It also reports...
1) The net income for Shepherd Corporation was $80,433 for the year ended December 31, 2016....
1) The net income for Shepherd Corporation was $80,433 for the year ended December 31, 2016. Related information follows: Depreciation of equipment 10,620 Loss on the sale of land 3,947 Cash dividends paid 13,246 Increase in accounts receivable 15,250 Decrease in salaries payable 11,312 Increase in long-term notes payable 12,054 Sale of preferred stock for cash 5,964 Cash flows from operating activities during 2016 should be reported as:__________ 2) If sales revenue is $104,739 and accounts receivable decreased by $11,199,...
1. A company had net cash flows from operations of $133,000, cash flows from financing of...
1. A company had net cash flows from operations of $133,000, cash flows from financing of $356,000, total cash flows of $539,000, and average total assets of $3,280,000. The cash flow on total assets ratio equals: Multiple Choice 16.4%. 4.1%. 4.3%. 16.5%. 24.7% 2. In preparing a company's statement of cash flows using the indirect method, the following information is available: Net income $ 54,000 Accounts payable increased by 18,200 Accounts receivable decreased by 25,200 Inventories increased by 5,400 Depreciation...
Wildhorse Company’s income statement for the year ended December 31, 2017, contained the following condensed information...
Wildhorse Company’s income statement for the year ended December
31, 2017, contained the following condensed information.
Service revenue
$836,000
Operating expenses (excluding depreciation)
$626,000
Depreciation expense
60,000
Loss on sale of equipment
26,000
712,000
Income before income taxes
124,000
Income tax expense
40,000
Net income
$84,000
Wildhorse’s balance sheet contained the following comparative data
at December 31.
2017
2016
Accounts receivable
$38,000
$53,000
Accounts payable
41,000
30,000
Income taxes payable
4,100
8,400
(Accounts payable pertains to operating expenses.)
Prepare the...
Bagrov Corporation had a net decrease in cash of $18,500 for the current year. Net cash...
Bagrov Corporation had a net decrease in cash of $18,500 for the current year. Net cash used in investing activities was $60,500 and net cash used in financing activities was $46,500. What amount of cash was provided (used) in operating activities? $125,500 provided. $(18,500) used. $88,500 provided. $(88,500) used. $(125,500) used. Alfredo Inc. reports net income of $232,000 for the year ended December 31. It also reports $88,600 depreciation expense and a $5,100 gain on the sale of equipment. Its...
Please help ! Stephanie Ram Corporation Income Statement For the Year Ended March 31, 2016 $1,920,500...
Please help !
Stephanie Ram Corporation Income Statement For the Year Ended March 31, 2016 $1,920,500 1,435,300 Sales Cost of goods sold $485,200 Gross margin Operating exXpenses: Salaries expense Depreciation expense All other operating expense $124,400 47,400 273,200 445,000 Total operating expense 40,200 Income from operations Other income/(expenses): Gain on sale of equipment $5,000 (17,800) $22,400 (22,800) Interest expense Income before income taxes Income taxes expense 4,800 Net income $17,600 Stephanie Ram Corporation Comparative Balance Sheets March 31, 2016 and...
Salud Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data...
Salud Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $ 495,000 Accounts receivable increase $ 40,800 Depreciation expense 90,500 Prepaid expenses decrease 15,600 Gain on sale of machinery 26,900 Accounts payable increase 6,600 Wages payable decrease 3,300 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31.
Provide the Net Income for Sampson Hair Accessories for the year ended December 31, 2019:- Questoion...
Provide the Net Income for Sampson Hair Accessories for
the year ended December 31, 2019:-
Questoion 2)
The adjusted trial balance for Sampson Hair Accessories Corp. at December 31, 2019, is presented below: Debit Credit Cash $26.000 Accounts Receivable 76.000 Prepaid Rent 25.000 Supplies 19.000 Equipment 250.000 Accumulated Depreciation $57.000 Accounts Payable 34.000 Salaries Payable 15.000 Interest Payable 1.000 Notes Payable (due 6/30/2021) 54,000 Common Stock 100.000 Retained Earnings 45,000 Dividends 30.000 Sales Revenue 407.000 Salaries Expense 185.000 Rent Expense...
Salud Company reports the following information. Selected Annual Income Statement Selected Year-End Balance Sheet Data Data...
Salud Company reports the following information. Selected Annual Income Statement Selected Year-End Balance Sheet Data Data Net income $475,000 Accounts receivable increase 90,000 Prepaid expenses decrease 21,500 Accounts payable increase Wages payable decrease $53,600 Depreciation expense Gain on sale of machinery 14,700 6,600 2,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash...
IIIII Use the income statement for Hargrove Dynamics, Inc., for the past year ended December 31,...
IIIII
Use the income statement for Hargrove Dynamics, Inc., for the past year ended December 31, 2011, and the information from the comparative balance sheet shown for the beginning and the end of the year to prepare the cash from operating activities section of the statement of cash flows using the indirect method. What the similarities? What are the differences? Which statement is most informative? (Click the icon to view the income statement.) i Data Table Data Table : (Click...
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information....
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information. $848,000 Service revenue $628,000 Operating expenses (excluding depreciation) Depreciation expense 61,000 Loss on sale of equipment 715,000 26,000 Income before income taxes 133,000 Income tax expense 40,000 Net income $93,000 Cullumber's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37,000 $52000 Accounts payable 39,000 32,000 Income taxes payable 4,000 8,400 (Accounts payable pertains to operating expenses Prepare the...
Wildhorse Company’s income statement for the year ended December
31, 2017, contained the following condensed information.
Service revenue
$836,000
Operating expenses (excluding depreciation)
$626,000
Depreciation expense
60,000
Loss on sale of equipment
26,000
712,000
Income before income taxes
124,000
Income tax expense
40,000
Net income
$84,000
Wildhorse’s balance sheet contained the following comparative data
at December 31.
2017
2016
Accounts receivable
$38,000
$53,000
Accounts payable
41,000
30,000
Income taxes payable
4,100
8,400
(Accounts payable pertains to operating expenses.)
Prepare the...
Please help !
Stephanie Ram Corporation Income Statement For the Year Ended March 31, 2016 $1,920,500 1,435,300 Sales Cost of goods sold $485,200 Gross margin Operating exXpenses: Salaries expense Depreciation expense All other operating expense $124,400 47,400 273,200 445,000 Total operating expense 40,200 Income from operations Other income/(expenses): Gain on sale of equipment $5,000 (17,800) $22,400 (22,800) Interest expense Income before income taxes Income taxes expense 4,800 Net income $17,600 Stephanie Ram Corporation Comparative Balance Sheets March 31, 2016 and...
Provide the Net Income for Sampson Hair Accessories for
the year ended December 31, 2019:-
Questoion 2)
The adjusted trial balance for Sampson Hair Accessories Corp. at December 31, 2019, is presented below: Debit Credit Cash $26.000 Accounts Receivable 76.000 Prepaid Rent 25.000 Supplies 19.000 Equipment 250.000 Accumulated Depreciation $57.000 Accounts Payable 34.000 Salaries Payable 15.000 Interest Payable 1.000 Notes Payable (due 6/30/2021) 54,000 Common Stock 100.000 Retained Earnings 45,000 Dividends 30.000 Sales Revenue 407.000 Salaries Expense 185.000 Rent Expense...
Salud Company reports the following information. Selected Annual Income Statement Selected Year-End Balance Sheet Data Data Net income $475,000 Accounts receivable increase 90,000 Prepaid expenses decrease 21,500 Accounts payable increase Wages payable decrease $53,600 Depreciation expense Gain on sale of machinery 14,700 6,600 2,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash...
IIIII
Use the income statement for Hargrove Dynamics, Inc., for the past year ended December 31, 2011, and the information from the comparative balance sheet shown for the beginning and the end of the year to prepare the cash from operating activities section of the statement of cash flows using the indirect method. What the similarities? What are the differences? Which statement is most informative? (Click the icon to view the income statement.) i Data Table Data Table : (Click...
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information. $848,000 Service revenue $628,000 Operating expenses (excluding depreciation) Depreciation expense 61,000 Loss on sale of equipment 715,000 26,000 Income before income taxes 133,000 Income tax expense 40,000 Net income $93,000 Cullumber's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37,000 $52000 Accounts payable 39,000 32,000 Income taxes payable 4,000 8,400 (Accounts payable pertains to operating expenses Prepare the...
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