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Homework Answers
Cash flow statement
| Cash flows from operating activities | |
| Net income | 100,000 |
| Depreciation expense | 14,000 |
| Loss on sale of equipment | 1,000 |
| Increase in accounts payable | 7,000 |
| Decrease in unearned revenue | - 2,000 |
| Decrease in accounts receivables | 5,000 |
| Increase in inventory | - 6,000 |
| Net increase from operating activities | $119,000 |
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Net Income for A company is $100,000. The company had $14,000 in depreciation expense, a loss...
Net Income for A company is $100,000. The company had $14,000 in depreciation expense, a loss...
Net Income for A company is $100,000. The company had $14,000 in depreciation expense, a loss on the sale of Equipment of $1,000, an increase in accounts payable of $7,000, a decrease in accounts receivable of $5,000, an increase in inventory of $6,000, and a decrease in unearned revenue of $2,000. Fill out the Cash Flow Statement below. Note that $XX represents an addition an ($XX) represents a subtraction. A Company Cash Flow Statement Cash Flow from Operating Activities Net...
When creating the operating section of the cash flow statement using the indirect method are the...
When creating the operating section of the cash flow statement using the indirect method are the following adjustments added to Net Income or subtracted from Net Income? Depreciation expense (Select] Gain on sale of long-term asset [Select ] Loss on sale of long-term asset (Select] Increase in short-term liabilities (Select] Decrease in short-term assets [Select] Decrease in short-term liabilities (Select] Increase in short-term assets (Select] [Select] W added to subtracted from added to Net Income for A company is $100,000....
The first image is the original question, the rest are the answer choices for each box....
The first image is the original question, the rest are the
answer choices for each box.
Question 4 2 pts Net Income for A company is $100,000. The company had $14,000 in depreciation expense, a loss on the sale of Equipment of $1,000, an increase in accounts payable of $7,000, a decrease in accounts receivable of $5,000, an increase in inventory of $6,000, and a decrease in unearned revenue of $2,000 Fill out the Cash Flow Statement below. Note that...
Kennedy, Inc. reported the following data: $159,518 16,439 Net Income Depreciation expense Loss on disposal of...
Kennedy, Inc. reported the following data: $159,518 16,439 Net Income Depreciation expense Loss on disposal of equipment Gain on sale of building Increase in accounts receivable Decrease in accounts payable (9,454) 20,113 9,064 (2,402) Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows from operating...
Kennedy, Inc. reported the following data: L Net income Depreciation expense Loss on disposal of equipment...
Kennedy, Inc. reported the following data: L Net income Depreciation expense Loss on disposal of equipment Gain on sale of building ding Increase in accounts receivable Decrease in accounts payable $129,466 14,059 9,534 19,192 9,185 3,466 Prepare the Cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows...
QUESTION 1 A company had net income of $252.000. Depreciation expense was $26,000. During the year,...
QUESTION 1 A company had net income of $252.000. Depreciation expense was $26,000. During the year, accounts receivable and inventory increased by $15.000 and $40.000, respectively. Prepaid expenses and accounts payable decreased by $2.000 and $4,000, respectively. There was also a loss on the sale of equipment of $3,000. How much was the net cash flow from operating activities on the statement of cash flows using the indirect method? a. $284.000 b. $305,000 c. $217,000 d. $224.000 QUESTION 2 The...
Kennedy, Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Gain...
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...
Question 1 Gutierrez Company reported net income of $190,400 for 2020. Gutierrez also reported depreciation expense...
Question 1
Gutierrez Company reported net income of $190,400 for 2020.
Gutierrez also reported depreciation expense of $41,900 and a loss
of $4,600 on the disposal of plant assets. The comparative balance
sheet shows a decrease in accounts receivable of $14,400 for the
year, a $16,400 increase in accounts payable, and a $4,100 decrease
in prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2020. Use the indirect method. (Show amounts
that decrease cash flow...
Exercise 17-04 Gutierrez Company reported net income of $197,600 for 2020. Gutierrez also reported depreciation expense...
Exercise 17-04 Gutierrez Company reported net income of $197,600 for 2020. Gutierrez also reported depreciation expense of $43,800 and a loss of $5,200 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $12,500 for the year, a $14,500 increase in accounts payable, and a $3,200 decrease in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2020. Use the indirect method. (Show amounts that decrease cash flow...
10 A company had net income of $231,467. Depreciation expense was $26,338. During the year, accounts...
10 A company had net income of $231,467. Depreciation expense was $26,338. During the year, accounts receivable and inventory increased by $18,957 and $38,824, respectively. Prepaid expenses and accounts payable decreased by $1,764 and $5,616, respectively. There was also a loss on the sale of equipment of $4,598. How much was the net cash flow from operating activities on the statement of cash flows using the indirect method? a.$200,770 b.$246,388 c.$262,403 d.$191,574 11 Land costing $130,147 was sold for $174,490...
When creating the operating section of the cash flow statement using the indirect method are the following adjustments added to Net Income or subtracted from Net Income? Depreciation expense (Select] Gain on sale of long-term asset [Select ] Loss on sale of long-term asset (Select] Increase in short-term liabilities (Select] Decrease in short-term assets [Select] Decrease in short-term liabilities (Select] Increase in short-term assets (Select] [Select] W added to subtracted from added to Net Income for A company is $100,000....
The first image is the original question, the rest are the
answer choices for each box.
Question 4 2 pts Net Income for A company is $100,000. The company had $14,000 in depreciation expense, a loss on the sale of Equipment of $1,000, an increase in accounts payable of $7,000, a decrease in accounts receivable of $5,000, an increase in inventory of $6,000, and a decrease in unearned revenue of $2,000 Fill out the Cash Flow Statement below. Note that...
Kennedy, Inc. reported the following data: $159,518 16,439 Net Income Depreciation expense Loss on disposal of equipment Gain on sale of building Increase in accounts receivable Decrease in accounts payable (9,454) 20,113 9,064 (2,402) Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows from operating...
Kennedy, Inc. reported the following data: L Net income Depreciation expense Loss on disposal of equipment Gain on sale of building ding Increase in accounts receivable Decrease in accounts payable $129,466 14,059 9,534 19,192 9,185 3,466 Prepare the Cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows...
QUESTION 1 A company had net income of $252.000. Depreciation expense was $26,000. During the year, accounts receivable and inventory increased by $15.000 and $40.000, respectively. Prepaid expenses and accounts payable decreased by $2.000 and $4,000, respectively. There was also a loss on the sale of equipment of $3,000. How much was the net cash flow from operating activities on the statement of cash flows using the indirect method? a. $284.000 b. $305,000 c. $217,000 d. $224.000 QUESTION 2 The...
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...
Question 1
Gutierrez Company reported net income of $190,400 for 2020.
Gutierrez also reported depreciation expense of $41,900 and a loss
of $4,600 on the disposal of plant assets. The comparative balance
sheet shows a decrease in accounts receivable of $14,400 for the
year, a $16,400 increase in accounts payable, and a $4,100 decrease
in prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2020. Use the indirect method. (Show amounts
that decrease cash flow...
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