Statement of Cash Flows - Direct Method | ||
Amount in $ | Amount in $ | |
Cash flows from operating activities | ||
Cash Paid for merchandise | $ -1,244 | |
Cash Received from Customer | $ 3,570 | |
Salaries and benefits | $ -740 | |
Heat , Light & Power paid in cash | $ -80 | |
Property taxes paid | $ -20 | |
Cash paid for miscllaneous expenses | $ -10 | |
Income taxes Paid ($30 + $ 825- $44) | $ -811 | |
Interest Paid | $ -30 | |
Sale of US Treasury notes | $ 40 | |
$ 675 | ||
Net cash from operating activities | $ 675 | |
Cash flows from investing activities | ||
Purchase of Land | $ -90 | |
Purchase of building and equipment | $ -330 | |
Net cash used in investing activities | $ -420 | |
Cash flows from Financing activities | ||
Issue of Common Stock (Issued as stock dividend no cash received) | $ - | |
Net cash used in financing activities | $ - | |
Net increase in cash and cash equivalents | $ 255 | |
Add :Cash and cash equivalents at beginning of period | $ 90 | |
Cash and cash equivalents at end of period | $ 345 | |
Cash Paid to Creditors | ||
Purchase of Material = Cost of Goods Sold + Closing inventory - Opening inventory | ||
Purchase of Material = $ 1190 + $720 - $ 550 = | $ 1,360 | |
Cash paid to creditors = Op. Account Payable + Purchase - Closing acct. Payable | ||
Cash paid to creditors = $ 320 + $ 1360 - $ 436 = | $ 1,244 | |
Cash Collected from Customers | ||
Cash Collected = Op. Bal. Account receivable + Sales - Cl. Account receivable | ||
Cash Collected = $ 500 + $ 3,830 - $ 760 = | $ 3,570 | |
Problem 23-3 Sarasota Company has not yet prepared a formal statement of cash flows for the...
Problem 23-3 Pearl Company has not yet prepared a formal statement of cash flows for the 2017 fiscal year. Comparative balance sheets as of December 31, 2016 and 2017, and a statement of income and retained earnings for the year ended December 31, 2017, are presented as follows. PEARL COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2017 ($000 OMITTED) Sales revenue $3,840 Expenses Cost of goods sold $1,190 Salaries and benefits 720 Heat, light,...
Following are a statement of cash flows (indirect method) for
Harris, Inc., for the year ended December 31, 2017, and the firm’s
balance sheet at December 31, 2016:
HARRIS, INC.
Statement of Cash Flows
For the year Ended December 31, 2017
Cash Flows from Operating Activities:
Net income
$
13,600
Add (deduct) items not affecting cash:
Depreciation expense
32,000
Increase in accounts receivable
(7,000
)
Decrease in merchandise inventory
32,800
Increase in accounts payable
4,900
Net cash provided by operating...
27. Prepare a statement of cash flows for the Crosby Corporation. Follow the general procedures indicated in Table 2–10 on page 38 .Statement of cash flows(L04)Current Assets LiabilitiesCash . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,000 Accounts payable . . . . . . . . $ 20,000Accounts receivable . . . . . . . . . . . ....
Cash flows case: (indirect method). Ronaldo Company has not yet
prepared the statement of cash flows. The Balance sheet as of
December 31, 2018 and January 1, 2018 and the additional
information regarding the statement of income and retained earnings
for the year are presented below.
Ronaldo also provided the following information:
1. The company sold equipment that had an original cost of $26
million and accumulated depreciation of $16 million. The cash
proceeds from the sale were $16 million....
III. Financial Statement Preparation: The Statement of Cash Flows Company X Income Statement For the Year Ended 2018 Revenues $300,000 Expenses $210,000 Net Income $90,000 Company X Comparative Balance Sheet 12/31/18 December 31 2018 2017 Assets Cash $42,000 $10,000 Accounts Receivable 33,000 15,000 Investments (Marketable Securities) 38,000 25,000 Truck 48,000 22,000 Computer 19,000 12,000 Accumulated Depreciation (7,300) (3,500) Total Assets $172,700 $80,500 Liabilities & Stockholders’ Equity Accounts Payable $7,500 $14,000 Bonds Payable 30,000 ...
Create a Spreadsheet for Statement of Cash Flows for the
below
ATTLEBORO GROUP, INC. Income Statement Year Ended December 31, 2018 $441,000 205,400 235,600 $ 76,300 15,300 49,600 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation Expense Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income 141,200 94,400 11,500 (24,400) (12,900) 81,500...
prepares a “Statement of Cash Flows” for the year ended December 31, 2018. Keith corporation balance sheet December 31 Assets 2003 2002 Cash $1,500 $1,000 Marketable securities 1,800 1,200 Accounts receivable 2,000 1,800 Inventories 2,900 2,800 Total current assets $8,200 $6,800 Gross fixed assets $29,500 $28,100 Less: Accumulated depreciation 14,700 13,100 Net fixed assets $14,800 $15,000 Total Assets $23,000 $21,000 Liabilities and Stockholders’ Equity Accounts payable $1,600 $1,500 Notes payable 2,800 2,200 Accruals 200 300 Total current liabilities $4,600 $4,000 Long -term debt $5,000 $5,000 Common stock $10,000 $10,000 Retained earnings 3,400 2,800 Total stockholders’ equity $13,400 $12,800 Total Liabilities and stockholders” equity $23,000 $21,800 Income Statement Data(2003) Depreciation expense $1,600 Earning before interest taxes 2,700 Taxes 933 Net profits...
Question 2 Prepare a Statement of Cash Flows for the Year Ending December 31, 201? for the Jentayu Corporation from the following Income Statement& Balance Sheet. Jentayu Corporation Income Statement For the Year Ended 31 December, 2018(in RM Millions) RM 600 460 140 Sales (-) Cost of goods sold Gross profits (-) Operating expenses: 20 Selling expenses General & administrative expenses Total operating expenses EBITDA Depreciation expense 15 35 105 30 75 15 60 18 Interest expense EBT Taxes Net...
Prepare statement of cash flows using the indirect method. The income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Hoover Industries, Inc. (Click the icon to view the income statement.) (Click the icon to view the balance sheets.) A (Click the icon to view additional information.) Requirement Prepare a statement of cash flows for Hoover Industries, Inc., for the year ended December 31, 2017, using the indirect method. Prepare the statement one section at...
Elmore Company uses the direct method to prepare its statement of cash flows. Refer to the following financial statement information for the year ended December 31, 2017: Elmore Company Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Increase (Decrease) Cash $37,100 $20,400 $16,700 Accounts Receivable 26,400 30,100 (3,700) Merchandise Inventory 54,500 27,500 27,000 PP&E, net 126,000 92,000 34,000 Total Assets $244,000 $170,000 $74,000 Accounts Payable 8,200 12,200 $(4,000) Accrued Liabilities 6,400 2,400 4,000 Long-term Notes Payable 71,400 80,400...