Homework Answers
| Lee Lapiz Inc. | ||
| Cash Flow Statement - Under Direct Method | ||
| Cash flows from operating activities | ||
| Cash receipts from cusmers | $609,000 | |
| Cash payment suppliers | -$368,500 | |
| Cash payment for Salaries | -$88,000 | |
| Cash payment for income tax | -$39,000 | |
| Cash payment for interest | -$14,000 | |
| Collection of Interest | $8,500 | |
| Cash Receipt of Dividend Revnue | $4,600 | |
| Net Cash flows from operating activities | $112,600 | |
| II. Cash flows from investing activities | ||
| Fixed Asset Purchased | -$55,400 | |
| Sale of Fixed Asset | $23,500 | |
| Net cash used in investing activities | -$31,900 | |
| III. Cash flows from financing activities | ||
| Proceed form Common Stock | $60,000 | |
| Payment of Dividend | -$46,400 | |
| Proceed form issuance of Debt | $48,100 | |
| Payment of Long term Note Payable | -$44,000 | |
| Net cash used in financing activities | $17,700 | |
| Net increase in cash (I+ II + III) | $98,400 | |
| Cash, beginning | $40,000 | |
| Cash, ending | $138,400 | |
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i More Info 5 for ng wd. Sub api of Aph. a. Purchase of fixed assets...
how and what is the formula to find net increase? a. Purchase of fixed assets for...
how and what is the formula to find net increase?
a. Purchase of fixed assets for cash, $53,300 Proceeds from issuance of common stock, $33,000 Payment of dividends, $46,400 Collection of interest, $6,500 o o o o h. i. j. k. Proceeds from sale of fixed assets, $22,400 Collections from customers, $635,000 Cash receipt of dividend revenue, $4,600 Payments to suppliers, $368,500 Depreciation expense, $59,000 Proceeds from issuance of long-term notes, $22,300 - n. Income tax expense and payments, $36,000...
i More Info a. Acquisition of plant assets was $160.000. Of this amount. $ 105,000 was...
i More Info a. Acquisition of plant assets was $160.000. Of this amount. $ 105,000 was paid in cash and $55,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled $45,000. c. Proceeds from the issuance of common stock totaled $35,000 d. Payment of a long-term note payable was $17,000. e. Payment of dividends was $9,000. f. From the balance sheets: December 31, 2018 2017 Current assets: Cash $ $ Accounts receivable Inventory Prepaid...
The income statement and additional data of Rolling Hals, Inc., follow Click the icon to view...
The income statement and additional data of Rolling Hals, Inc., follow Click the icon to view the income statement.) Click the icon to view the additional data.) Read the regirements Requirement 1. Prepare Rolling Hills's statement of cash flows and accompanying schedule of noncash investing and financing activities Report operating activities using the direct method Start by completing the cash flows from operating activities. The complete the rest of the statement of cash fows and accompanying schedule of noncash investing...
Mike's Equipment's accountants assembled the following data for the year ended November 30, 2018. (Click the...
Mike's Equipment's accountants assembled the following data for the year ended November 30, 2018. (Click the icon to view the data.) Prepare Mike's Equipment's statement of cash flows for the year ended November 30, 2018, using the indirect method. The cash balance for Mike's Equipment, Inc., at November 30, 2017, was $15,000. Begin by completing the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Mike's Equipment, Inc. Statement of Cash Flows Year...
S11-7 (similar to) Question Help stio Inland Equipment's accountants assembled the following data for the year...
S11-7 (similar to) Question Help stio Inland Equipment's accountants assembled the following data for the year ended June 30, 2018. (Click the icon to view the data.) Prepare Inland Equipment's statement of cash flows for the year ended June 30, 2018, using the indirect method. The cash balance for Inland Equipment, Inc., at June 30, 2017, was $17,000 ation Begin by completing the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) tincor...
Gibraltar Industries, In., is a manufacturer of steel products for customers such as Home Depot, Lowe's,...
Gibraltar Industries, In., is a manufacturer of steel products for customers such as Home Depot, Lowe's, Chrysler, Ford, and General Motors. In the year ended December 31, 2016, it reported the following activities: Net income Purchase of equipment Payments on notes payable to bank Net proceeds from stock issuance Depreciation Proceeds from sale of equipment $33,675 10,800 400 3,340 24,000 950 40,000 1,540 Decrease in accounts receivable Payments to acquire treasury stock Required: Based on this information, present the cash...
All info is included. thank you! 0 Data Table $ $ Payment of salaries and wages...
All info is included. thank you!
0 Data Table $ $ Payment of salaries and wages Depreciation expense Payment of interest Payment of dividends Collections from customers 30,000 13,000 15,000 6,500 117,000 Net income Payment of income tax Collection of dividend revenue Payment to suppliers 20,000 17,000 6,500 58,000 Print Done The accounting records of Lucky Dice Parts reveal the following BEE (Click the icon to view the accounting records.) Compute cash flows from operating activities using the direct method...
2018 IKIRAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 9...
2018 IKIRAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 92,000 Inventory 81,800 Prepaid expenses 6,200 Total current assets 276,700 Equipment 142,000 Accum. depreciation Equipment (36.000) Total assets $382,700 Liabilities and Equity Accounts payable $ 43,000 Wages payable 7,800 Income taxes payable 5,200 Total current liabilities 56,000 Notes payable (long term) 48,000 Total liabilities 104,000 Equity Common stock, $5 par value 256.000 Retained earnings 22,700 Total liabilities and equity $382,700 $...
i Data Table 2018 2017 Current Assets: Cash $ 86,800 $ 64,200 87,000 17,000 69,000 82,000...
i Data Table 2018 2017 Current Assets: Cash $ 86,800 $ 64,200 87,000 17,000 69,000 82,000 Accounts Receivable Merchandise Inventory Current Liabilities: Accounts Payable Income Tax Payable 58,000 14,700 55,600 16,500 i Data Table Transaction Data for 2018: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value of building sold $ 46,000 Payment of notes payable 17,000 Payment of cash dividends 69,000 Issuance of notes payable...
QUESTION 5 (Points 30) 5. The accounting staff of Sparks INC has assembled the following information...
QUESTION 5 (Points 30)
5. The accounting staff of Sparks INC has assembled the
following information for the year ended December 31, 2019:
5.1. Prepare a statement of cash flows in the format Example
below (Allison corporation) Place brackets around amounts
representing cash outflows. Use the direct method of reporting cash
flows from operating activities.
5.2. Some of the items above will be listed in your statement
without change. However, you will have to combine certain given
information to compute...
how and what is the formula to find net increase?
a. Purchase of fixed assets for cash, $53,300 Proceeds from issuance of common stock, $33,000 Payment of dividends, $46,400 Collection of interest, $6,500 o o o o h. i. j. k. Proceeds from sale of fixed assets, $22,400 Collections from customers, $635,000 Cash receipt of dividend revenue, $4,600 Payments to suppliers, $368,500 Depreciation expense, $59,000 Proceeds from issuance of long-term notes, $22,300 - n. Income tax expense and payments, $36,000...
i More Info a. Acquisition of plant assets was $160.000. Of this amount. $ 105,000 was paid in cash and $55,000 was financed by signing a note payable. b. Proceeds from the sale of land totaled $45,000. c. Proceeds from the issuance of common stock totaled $35,000 d. Payment of a long-term note payable was $17,000. e. Payment of dividends was $9,000. f. From the balance sheets: December 31, 2018 2017 Current assets: Cash $ $ Accounts receivable Inventory Prepaid...
The income statement and additional data of Rolling Hals, Inc., follow Click the icon to view the income statement.) Click the icon to view the additional data.) Read the regirements Requirement 1. Prepare Rolling Hills's statement of cash flows and accompanying schedule of noncash investing and financing activities Report operating activities using the direct method Start by completing the cash flows from operating activities. The complete the rest of the statement of cash fows and accompanying schedule of noncash investing...
Mike's Equipment's accountants assembled the following data for the year ended November 30, 2018. (Click the icon to view the data.) Prepare Mike's Equipment's statement of cash flows for the year ended November 30, 2018, using the indirect method. The cash balance for Mike's Equipment, Inc., at November 30, 2017, was $15,000. Begin by completing the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Mike's Equipment, Inc. Statement of Cash Flows Year...
S11-7 (similar to) Question Help stio Inland Equipment's accountants assembled the following data for the year ended June 30, 2018. (Click the icon to view the data.) Prepare Inland Equipment's statement of cash flows for the year ended June 30, 2018, using the indirect method. The cash balance for Inland Equipment, Inc., at June 30, 2017, was $17,000 ation Begin by completing the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) tincor...
Gibraltar Industries, In., is a manufacturer of steel products for customers such as Home Depot, Lowe's, Chrysler, Ford, and General Motors. In the year ended December 31, 2016, it reported the following activities: Net income Purchase of equipment Payments on notes payable to bank Net proceeds from stock issuance Depreciation Proceeds from sale of equipment $33,675 10,800 400 3,340 24,000 950 40,000 1,540 Decrease in accounts receivable Payments to acquire treasury stock Required: Based on this information, present the cash...
All info is included. thank you!
0 Data Table $ $ Payment of salaries and wages Depreciation expense Payment of interest Payment of dividends Collections from customers 30,000 13,000 15,000 6,500 117,000 Net income Payment of income tax Collection of dividend revenue Payment to suppliers 20,000 17,000 6,500 58,000 Print Done The accounting records of Lucky Dice Parts reveal the following BEE (Click the icon to view the accounting records.) Compute cash flows from operating activities using the direct method...
2018 IKIRAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 92,000 Inventory 81,800 Prepaid expenses 6,200 Total current assets 276,700 Equipment 142,000 Accum. depreciation Equipment (36.000) Total assets $382,700 Liabilities and Equity Accounts payable $ 43,000 Wages payable 7,800 Income taxes payable 5,200 Total current liabilities 56,000 Notes payable (long term) 48,000 Total liabilities 104,000 Equity Common stock, $5 par value 256.000 Retained earnings 22,700 Total liabilities and equity $382,700 $...
i Data Table 2018 2017 Current Assets: Cash $ 86,800 $ 64,200 87,000 17,000 69,000 82,000 Accounts Receivable Merchandise Inventory Current Liabilities: Accounts Payable Income Tax Payable 58,000 14,700 55,600 16,500 i Data Table Transaction Data for 2018: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value of building sold $ 46,000 Payment of notes payable 17,000 Payment of cash dividends 69,000 Issuance of notes payable...
QUESTION 5 (Points 30)
5. The accounting staff of Sparks INC has assembled the
following information for the year ended December 31, 2019:
5.1. Prepare a statement of cash flows in the format Example
below (Allison corporation) Place brackets around amounts
representing cash outflows. Use the direct method of reporting cash
flows from operating activities.
5.2. Some of the items above will be listed in your statement
without change. However, you will have to combine certain given
information to compute...
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