Homework Answers
| cash flows from operating activities: | ||
| net income | 96.0 | |
| adjustments for non cash effects | ||
| depreciation | 2.50 | |
| loss on sale of equipment | 1.60 | |
| changes in operating assets and liabilities: | ||
| increase in accounts receivable | (1.40) | |
| increase in accounts payable | 2.40 | |
| increase in inventory | (3.40) | |
| net cash flow from operating activities | 97.70 |
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Sheen Awnings reported net income of $96.0 million. Included in that number were depreciation expense of...
Sunset Acres reported net income of $53.5 million. Included in that number were trademark amortization expense...
Sunset Acres reported net income of $53.5 million. Included in that number were trademark amortization expense of $1.9 million and a gain on the sale of land of $3.2 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $2.9 million, $3.9 million, and $2.9 million, respectively. What were Sunset's cash flows from operating activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000...
Net income of Mansfield Company was $41,000. The accounting records reveal depreciation expense of $76,000 as...
Net income of Mansfield Company was $41,000. The accounting records reveal depreciation expense of $76,000 as well as increases in prepaid rent, salaries payable, and income taxes payable of $56,000, $19,000, and $16,000, respectively. Prepare the cash flows from operating activities section of Mansfield's statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash...
points Software Distributors reports net income of $58,000. Included in that number is depreciation expense of...
points Software Distributors reports net income of $58,000. Included in that number is depreciation expense of $11,500 and a loss on the sale of land of $5,300. A comparison of this year's and last year's balance sheets reveals a decrease in accounts receivable of $28.000, a decrease in inventory of $16,500, and an increase in accounts payable of $48,000. Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (List cash outflows and any...
Carter Containers sold marketable securities, land, and common stock for $40.0 million, $13.5 million, and $35.0...
Carter Containers sold marketable securities, land, and common stock for $40.0 million, $13.5 million, and $35.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $10.0 million, $22.5 million, and $14.6 million, respectively. What amount should Carter report as net cash from financing activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) Cash Flows...
Carter Containers sold marketable securities, land, and common stock for $41.0 million, $12.5 million, and $40.0...
Carter Containers sold marketable securities, land, and common stock for $41.0 million, $12.5 million, and $40.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $20.5 million, $21.5 million, and $12.6 million, respectively. What amount should Carter report as net cash from investing activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) Cash Flows...
The accounting records of Hampton Company provided the data below ($ in thousands). Net income Depreciation...
The accounting records of Hampton Company provided the data below ($ in thousands). Net income Depreciation expense Increase in accounts receivable Decrease in inventory Decrease in prepaid insurance Decrease in salaries payable Increase in interest payable $33,300 9,400 5,600 7,100 2,000 4,300 1,400 Required: Prepare a reconciliation of net income to net cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Cash flows from operating activities: Adjustments for...
The accounting records of Hampton Company provided the data below ($ In 000s). Net income Depreciation...
The accounting records of Hampton Company provided the data below ($ In 000s). Net income Depreciation expense Increase in accounts receivable Decrease in inventory Decrease in prepaid insurance Decrease in salaries payable Increase in interest payable $21,300 8,200 4,400 5,900 1,400 3,100 800 Required: Prepare a reconciliation of net Income to net cash flows from operating activities. (Amounts to be deducted should be Indicated with a minus sign. Enter your answers in thousands.) Cash flows from operating activities: Adjustments for...
The accounting records of Hampton Company provided the data below ($ in 000s). Net income Depreciation...
The accounting records of Hampton Company provided the data below ($ in 000s). Net income Depreciation expense Increase in accounts receivable Decrease in inventory Decrease in prepaid insurance Decrease in salaries payable Increase in interest payable $22,300 8,300 4,500 6,000 1,450 3,200 850 Required: Prepare a reconciliation of net income to net cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Cash flows from operating activities: Adjustments for...
5. The income statement and a schedule reconciling cash flows from operating activities to net income...
5. The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Macrosoft Corporation. MACROSOFT CORPORATION Income Statement For the Year Ended December 31, 2018 ($ in millions) Revenues and gains: Sales $ 320.00 Gain on sale of cash equivalents 2.50 Gain on sale of investments 24.50 $ 347.00 Expenses and loss: Cost of goods sold $ 125.00 Salaries 40.50 Interest expense 12.50 Insurance 20.50 Depreciation 10.50 Patent amortization 4.50 Loss on...
Staley Inc. reported the following data: Net income $321,800 Depreciation expense 50,400 L...
Staley Inc. reported the following data: Net income $321,800 Depreciation expense 50,400 Loss on disposal of equipment 21,400 Increase in accounts receivable 14,800 Increase in accounts payable 12,600 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, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: $ Adjustments to reconcile net...
Sunset Acres reported net income of $53.5 million. Included in that number were trademark amortization expense of $1.9 million and a gain on the sale of land of $3.2 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $2.9 million, $3.9 million, and $2.9 million, respectively. What were Sunset's cash flows from operating activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000...
Net income of Mansfield Company was $41,000. The accounting records reveal depreciation expense of $76,000 as well as increases in prepaid rent, salaries payable, and income taxes payable of $56,000, $19,000, and $16,000, respectively. Prepare the cash flows from operating activities section of Mansfield's statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash...
points Software Distributors reports net income of $58,000. Included in that number is depreciation expense of $11,500 and a loss on the sale of land of $5,300. A comparison of this year's and last year's balance sheets reveals a decrease in accounts receivable of $28.000, a decrease in inventory of $16,500, and an increase in accounts payable of $48,000. Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (List cash outflows and any...
Carter Containers sold marketable securities, land, and common stock for $40.0 million, $13.5 million, and $35.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $10.0 million, $22.5 million, and $14.6 million, respectively. What amount should Carter report as net cash from financing activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) Cash Flows...
Carter Containers sold marketable securities, land, and common stock for $41.0 million, $12.5 million, and $40.0 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $20.5 million, $21.5 million, and $12.6 million, respectively. What amount should Carter report as net cash from investing activities? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) Cash Flows...
The accounting records of Hampton Company provided the data below ($ in thousands). Net income Depreciation expense Increase in accounts receivable Decrease in inventory Decrease in prepaid insurance Decrease in salaries payable Increase in interest payable $33,300 9,400 5,600 7,100 2,000 4,300 1,400 Required: Prepare a reconciliation of net income to net cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Cash flows from operating activities: Adjustments for...
The accounting records of Hampton Company provided the data below ($ In 000s). Net income Depreciation expense Increase in accounts receivable Decrease in inventory Decrease in prepaid insurance Decrease in salaries payable Increase in interest payable $21,300 8,200 4,400 5,900 1,400 3,100 800 Required: Prepare a reconciliation of net Income to net cash flows from operating activities. (Amounts to be deducted should be Indicated with a minus sign. Enter your answers in thousands.) Cash flows from operating activities: Adjustments for...
The accounting records of Hampton Company provided the data below ($ in 000s). Net income Depreciation expense Increase in accounts receivable Decrease in inventory Decrease in prepaid insurance Decrease in salaries payable Increase in interest payable $22,300 8,300 4,500 6,000 1,450 3,200 850 Required: Prepare a reconciliation of net income to net cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Cash flows from operating activities: Adjustments for...
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