Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2...
|
Swasey Company |
|
Partial Comparative Balance Sheets |
|
At December 31, 20X1 and 20X2 |
|
1 |
20X1 |
20X2 |
|
|
2 |
Current Assets |
||
|
3 |
Accounts receivable |
1,500,000.00 |
1,165,000.00 |
|
4 |
Inventories |
600,000.00 |
640,000.00 |
|
5 |
Current liabilities |
||
|
6 |
Wages payable |
1,400,000.00 |
1,030,000.00 |
|
Swasey Company |
|
Income Statement |
|
For the Year Ended December 31, 20X2 |
|
1 |
Revenues |
6,000,000.00 |
|
2 |
Gain on sale of equipment |
200,000.00 |
|
3 |
Cost of goods sold |
(3,840,000.00) |
|
4 |
Depreciation expense |
(540,000.00) |
|
5 |
Interest expense |
(20,000.00) |
|
6 |
Net income |
$1,800,000.00 |
| Required: | |
| Compute operating cash flows using the indirect method. |
X
Statement of Cash Flows - Indirect Method
Shaded cells have feedback.
Compute operating cash flows using the indirect method. (Note: Use a minus sign to indicate any decreases in cash or cash outflows. Refer to the Amount Descriptions list provided for the exact wording of the answer choi
Homework Answers
| Cash flow Indirect Method | |
| Net Income | 18,00,000.00 |
| Add (Deduct) Adjustment | |
| Depreciation Expense | 5,40,000.00 |
|
Gain on sale of equipment |
-200000 |
| Decrease in Account receivable | 335000 |
| Increase in Inventory | -40000 |
| Decrease in wages payable | -370000 |
| Cash flow from Operating ActIvities | 20,65,000.00 |
Add Answer to:
Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2 Swasey...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2 Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current assets: 3 Cash $460,000.00 $1,320,000.00 4 Accounts receivable $1,500,000.00 $1,165,000.00 5 Inventories 600,000.00 640,000.00 6 Long-term assets: 7 Plant and equipment 4,400,000.00 4,300,000.00 8 Accumulated depreciation (2,400,000.00) (2,540,000.00) 9 Land 2,000,000.00 2,875,000.00 10 Total assets $6,560,000.00 $7,760,000.00 11 Current liabilities: 12 Wages payable $1,400,000.00 $1,030,000.00 13 Long-term liabilities: 14...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey...
Swasey Company provided the following partial comparative balance sheets and the income statement for 20X2. Swasey Company Partial Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current Assets 3 Accounts receivable 745,000.00 677,000.00 4 Inventories 295,000.00 315,000.00 5 Current liabilities 6 Wages payable 705,000.00 680,000.00 Swasey Company Income Statement For the Year Ended December 31, 20X2 1 Revenues 3,410,000.00 2 Gain on sale of equipment 100,000.00 3 Cost of goods sold (1,910,000.00) 4 Depreciation expense...
1.3 Brief Exercise 14-19 Operating Cash Flows: Indirect Method Swasey Company provided the following partial comparative...
1.3 Brief Exercise 14-19 Operating Cash Flows: Indirect Method Swasey Company provided the following partial comparative balance sheets and the ined statement for 20X2 Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20x2 Current assets: Accounts receivable Inventories Current liabilities: Wages payable $1,500,000 600,000 $1,165,000 640,000 1,400,000 1,030,000 Swasey Company Income Statement For the Year Ended December 31, 20X2 Revenues Gain on sale of equipment Cost of goods sold Depreciation expense Interest expense Net income $...
The comparative balance sheets and income statement of Piura Manufacturing follow. Piura Manufacturing Comparative Balance Sheets...
The comparative balance sheets and income statement of Piura Manufacturing follow. Piura Manufacturing Comparative Balance Sheets For the Years Ended June 30, 20X1 and 20X2 1 20X1 20X2 2 Assets: 3 Cash $72,000.00 $146,400.00 4 Accounts receivable 44,000.00 48,000.00 5 Inventory 64,000.00 44,000.00 6 Plant and equipment 104,000.00 112,000.00 7 Accumulated depreciation (52,000.00) (48,000.00) 8 Land 20,000.00 20,000.00 9 Total assets $252,000.00 $322,400.00 10 Liabilities and equity: 11 Accounts payable $32,000.00 $48,000.00 12 Wages payable 4,000.00 2,400.00 13 Bonds payable...
Following are partial balance sheet data for CCR Ltd. as at December 31, 20x2 and 20x1,...
Following are partial balance sheet data for CCR Ltd. as at December 31, 20x2 and 20x1, and the partial income statement for the year ended December 31, 20x2: Balance Sheets - Cash Inventory Accounts payable Interest payable 20x1 $13393 $3210 92932 82635 45327 34832 1038 20x2 1038 income Statement Revenue Cost of Goods Sold 20x2 $816602 492312 Which of the following is the correct amount for cash paid to suppliers? Select one a. $471520 b. $513104 c. $492510 d. $492114
74 Chapter 2 Problem 10 Alpha Café Unclassified Balance Sheets December 31, 20X1 and 20X2 20X2...
74 Chapter 2 Problem 10 Alpha Café Unclassified Balance Sheets December 31, 20X1 and 20X2 20X2 $ 30,000 30,000 26,000 18,000 25,000 555,000 (200,000) $484.000 20X1 $ 15,000 Cash 25,000 Marketable Securities 24,000 Accounts Receivable 20,000 Inventory 10,000 Prepaid Expenses 420,000 Equipment (180,000) Accumulated Depreciation $334,000 Total Assets ch Current Liabilities: Serene Accounts Payable $15,000 blonde Accrued Expenses 10,000 Dividends Payable 12 23,000 Mortgage Payable (current) e s lo 20,000 Mortgage Payable (long-term) 150,000 Common Stock 120,000 Treasury Stock nobstbewo...
Compute operating cash flows using the direct method. Tidwell Company has provided the following partial comparative...
Compute operating cash flows using the direct method. Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X2. Tidwell Company Comparative Balance Sheets At December 31, 20X1 and 20X2 1 20X1 20X2 2 Current assets: 3 Accounts receivable $350,000.00 $282,000.00 4 Inventories 126,000.00 147,000.00 5 Current liabilities: 6 Accounts payable 299,000.00 239,000.00 Tidwell Company Income Statement For the Year Ended December 31, 20X2 1 Revenues $1,208,000.00 2 Gain on sale of equipment 55,000.00 3...
the comparative balance sheet of yellow dog enterprises inc. at December 31, 20Y8 and 20Y7, is...
the comparative balance sheet of yellow dog enterprises inc. at December 31, 20Y8 and 20Y7, is as follows: dec 31. 20Y8 dec 31. 20Y7. Assets. cash. $80,000.00. $100,000.00. Accounts receivable 275,000.00. 300,000.00. merchandise inventory 510,000.00. 400,000.00. prepaid expenses. 15,000.00. 10,000.00. equipment. 1,750,000.00. 750,000.00. Accumulated depreciation (200,000.00. (160,000.00. total Assets. 1,750,000.00. $1400,000.00. liabilities and stockholders equity. Accounts payable. $100,000.00. $90,000,00. mortgage note payable 0.00. 400,000.00. common stock $10 par. 600,000.00. 200,000.00. paid in capital. 300,000.00. 100,000.00. retained earnings. 750,000.00. 610,000.00. total...
Adjustment for Prepaid Rent Jarem Company showed $12,000 in prepaid rent on December 31, 20X1. On...
Adjustment for Prepaid Rent Jarem Company showed $12,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was $13,400. Rent expense for 20X2 was $30,000 Required: 1. What amount of cash was paid for rent in 20x2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarem's statement of cash flows? In determining operating cash flow under the indirect method, any increase...
II.Statement of Cash Flows: Shown below are the balance sheets of Mintz Corporation for December 31,...
II.Statement of Cash Flows: Shown below are the balance sheets of Mintz Corporation for December 31, 20x1, and December 31, 20x2: 20x2 20x1 $11,200 Cash $8,100 Receivables (net) Inventory Equipment Accumulated Depreciation 12,600 10,800 20,000 (14.000 $40,600 12,000 11,500 16,000 (12,000) $35,600 Accounts Payable $7,200 22,000 11.400 $40,600 $4,000 20,000 11,600 $35,600 Common Stock Retained Earnings The net income for 20x2 was $4,800. The company did not sell any equipment during the year 20x2, but it did scrap a fully...
1.3 Brief Exercise 14-19 Operating Cash Flows: Indirect Method Swasey Company provided the following partial comparative balance sheets and the ined statement for 20X2 Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20X2 20X1 20x2 Current assets: Accounts receivable Inventories Current liabilities: Wages payable $1,500,000 600,000 $1,165,000 640,000 1,400,000 1,030,000 Swasey Company Income Statement For the Year Ended December 31, 20X2 Revenues Gain on sale of equipment Cost of goods sold Depreciation expense Interest expense Net income $...
Following are partial balance sheet data for CCR Ltd. as at December 31, 20x2 and 20x1, and the partial income statement for the year ended December 31, 20x2: Balance Sheets - Cash Inventory Accounts payable Interest payable 20x1 $13393 $3210 92932 82635 45327 34832 1038 20x2 1038 income Statement Revenue Cost of Goods Sold 20x2 $816602 492312 Which of the following is the correct amount for cash paid to suppliers? Select one a. $471520 b. $513104 c. $492510 d. $492114
74 Chapter 2 Problem 10 Alpha Café Unclassified Balance Sheets December 31, 20X1 and 20X2 20X2 $ 30,000 30,000 26,000 18,000 25,000 555,000 (200,000) $484.000 20X1 $ 15,000 Cash 25,000 Marketable Securities 24,000 Accounts Receivable 20,000 Inventory 10,000 Prepaid Expenses 420,000 Equipment (180,000) Accumulated Depreciation $334,000 Total Assets ch Current Liabilities: Serene Accounts Payable $15,000 blonde Accrued Expenses 10,000 Dividends Payable 12 23,000 Mortgage Payable (current) e s lo 20,000 Mortgage Payable (long-term) 150,000 Common Stock 120,000 Treasury Stock nobstbewo...
Adjustment for Prepaid Rent Jarem Company showed $12,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was $13,400. Rent expense for 20X2 was $30,000 Required: 1. What amount of cash was paid for rent in 20x2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarem's statement of cash flows? In determining operating cash flow under the indirect method, any increase...
II.Statement of Cash Flows: Shown below are the balance sheets of Mintz Corporation for December 31, 20x1, and December 31, 20x2: 20x2 20x1 $11,200 Cash $8,100 Receivables (net) Inventory Equipment Accumulated Depreciation 12,600 10,800 20,000 (14.000 $40,600 12,000 11,500 16,000 (12,000) $35,600 Accounts Payable $7,200 22,000 11.400 $40,600 $4,000 20,000 11,600 $35,600 Common Stock Retained Earnings The net income for 20x2 was $4,800. The company did not sell any equipment during the year 20x2, but it did scrap a fully...
Most questions answered within 3 hours.
-
An FM modulator is tested using
single-tone baseband signal with frequency of 50kHz and a sprectrum...
asked 11 minutes ago -
Write the ionic equations for the first stage of salts
hydrolysis.
Anion, Cation?
Na2S
NiSO4
K2SO4...
asked 1 hour ago -
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 2 hours ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 3 hours ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 3 hours ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 4 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 4 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 4 hours ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 5 hours ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 5 hours ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 5 hours ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 5 hours ago