Homework Answers
| 1.computation of change in balance sheet | ||||
| Previous year | Current year | change | type | |
| Cash | $35.00 | $205.00 | $170.00 | |
| Accounts Receivable | $75.00 | $175.00 | $100.00 | Operating activity |
| Inventory | $260.00 | $135.00 | -$125.00 | Operating activity |
| Equipment | $500.00 | $560.00 | $60.00 | Investing activity |
| Accumulated dep-equipment | -$45.00 | -$80.00 | -$35.00 | Operating activity |
| Total | $825.00 | $995.00 | $170.00 | |
| salaries and wages payable | $10.00 | $50.00 | $40.00 | Operating activity |
| Notes payable (long term) | $445.00 | $505.00 | $60.00 | Financing activity |
| common stock | $10.00 | $10.00 | $0.00 | Financing activity |
| Retained earnings | $360.00 | $430.00 | $70.00 | |
| Total | $825.00 | $995.00 | $170.00 | |
| statement of cashflows (indirect method) | |
| Cash flow statement | |
| Particulars | Amount |
| Net income | $70.00 |
| Add: Depreciation | $35.00 |
| Add: Decrease in Inventory | $125.00 |
| less:increase in Accounts Receivable | -$100.00 |
| Add: increase in Salaries and wages payable | $40.00 |
| net cash flows from operating activites ( A) | $170.00 |
| cash flows from investing activities | |
| Purchase of equipment | -$60.00 |
| Net cash used in investing activites (B) | -$60.00 |
| Cash flows from Financing Activites | |
| issuance of notes payable | $60.00 |
| Net cashflows from financing activites [C] | $60.00 |
| cash flows during the year (A+B+C) | $170.00 |
| cash flows in the beginning | $35.00 |
| cash flows in the end | $205.00 |
It's Health Company, because cash flow from Investing activity is negative
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Suppose the income statement for Goggle Company reports $70 of net income, after deducting depreciation of...
Suppose the income statement for Goggle Company reports $70 of net income, after deducting depreciation of...
Suppose the income statement for Goggle Company reports $70 of net income, after deducting depreciation of $35. The company bought equipment costing $60 and obtained a long-term bank loan for $60. The company's comparative balance sheet, at December 31, indicates the following: Required: 1. Calculate the change in each balance sheet account, and indicate whether each account relates to operating, investing, and/or financing activities. (Decreases should be indicated with minus sign.) Current Year Previous Year 35 75 Cash $ Accounts...
12 Saved Suppose the income statement for Goggle Company reports $70 of net income, after deducting...
12 Saved Suppose the income statement for Goggle Company reports $70 of net income, after deducting depreciation of $35. The company bought equipment costing $60 and obtained a long-term bank loan for $60. The company's comparative balance sheet, at December 31, indicates the following: Required: 1. Calculate the change in each balance sheet account, and indicate whether each account relates to operating Investing, and/or financing activities (Decreases should be indicated with minus sign.) Previous Year 35 5 Current Year 205...
Suppose the income statement for Goggle Company reports $175 of net income, after deducting depreciation of...
Suppose the income statement for Goggle Company reports $175 of net income, after deducting depreciation of $15. The company bought equipment costing $160 and obtained a long-term bank loan for $164. The company’s comparative balance sheet, at December 31, is presented here. Required: 1. Calculate the change in each balance sheet account and indicate whether each account relates to operating, investing, and/or financing activities (+ for increase and − for decrease). 2. Prepare a statement of cash flows using the...
Suppose the income statement for Goggle Company reports $111 of net income, after deducting depreciation of $31. The company bought equipment costing $80 and obtained a long-term bank loan for $86. T...
Suppose the income statement for Goggle Company reports $111 of net income, after deducting depreciation of $31. The company bought equipment costing $80 and obtained a long-term bank loan for $86. The company's comparative balance sheet, at December 31, is presented here. Required: 1. Calculate the change in each balance sheet account and indicate whether each account relates to operating, investing, and/or financing activities (+for increase and for decrease) 2. Prepare a statement of cash flows using the indirect method....
The following income statement and additional year-end information is provided. Sints SONAD COMPANY Income Statement For...
The following income statement and additional year-end information is provided. Sints SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $274,959 Depreciation expense 48,168 Rent expense 54,189 Amortization expenses-Patents 6,021 Utilities expense 22,077 $2,007,000 983, 430 1,023,570 Skipped eBook References Gain on sale of equipment Net income 405,414 618, 156 8,028 626,184 $ Accounts receivable Inventory $40,650 increase 39,925 increase Accounts payable Salaries payable $19,900 decrease 2,680 decrease Prepare...
3 Apex Company prepared the statement or casn Tiows for the current year that is snown...
3 Apex Company prepared the statement or casn Tiows for the current year that is snown below: 2 points eBook Hint Print Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income $ 40,000 Adjustments to convert net income to cash basis: Depreciation $ 22,000 Increase in accounts receivable (60.000) Increase in inventory (25,000) Decrease in prepaid expenses 9,000 Increase in accounts payable 55,000 Decrease in accrued liabilities (12,000) Increase in income taxes payable 5,000 16,000) Net cash provided...
Gutierrez Company reported net income of $190,100 for 2017. Gutierrez also reported depreciation expense of $46,700...
Gutierrez Company reported net income of $190,100 for 2017.
Gutierrez also reported depreciation expense of $46,700 and a loss
of $4,600 on disposal of equipment. The comparative balance sheet
shows an decrease in accounts receivable of $12,500 for the year, a
$14,500 increase in accounts payable, and a $4,600 decrease in
prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2017. Use the indirect method. (Show amounts
that decrease cash flow with either a -...
Connect Homework: Chapter 12 Fitz Company reports the following information. points Selected Annual Income Statement Selected...
Connect Homework: Chapter 12 Fitz Company reports the following information. points Selected Annual Income Statement Selected Year-End Balance Sheet Data Data Net income $397,000 Accounts receivable decrease $103,900 Depreciation expense 46,400 Inventory decrease 46,500 Amortization expense 7,800 Prepaid expenses increase 6,800 Gain on sale of plant 7,100 Accounts payable decrease 9,000 assets Salaries payable increase 1,500 eBook Hint Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31....
3 The following income statement and additional year-end information is provided. 9.09 points $1,655,000 810,950 844,850...
3 The following income statement and additional year-end information is provided. 9.09 points $1,655,000 810,950 844,850 eBook SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $226,735 Depreciation expense 39,720 Rent expense 44,685 Amortization expenses-Patents 4,965 Utilities expense 18,205 Gain on sale of equipment Net income Hint Print References 334,310 509,740 6,620 $ 516,360 Accounts receivable Inventory $28,000 increase 18,775 increase Accounts payable Salaries payable $14,600 decrease 1,100 decrease...
Apex Company prepared the statement of cash flows for the current year that is shown below:...
Apex Company prepared the statement of cash flows for the current year that is shown below: Apex Company Statement of Cash Flows—Indirect Method Operating activities: Net income $ 40,600 Adjustments to convert net income to cash basis: Depreciation $ 20,500 Increase in accounts receivable (60,100 ) Increase in inventory (26,300 ) Decrease in prepaid expenses 9,700 Increase in accounts payable 54,200 Decrease in accrued liabilities (11,600 ) Increase in income taxes payable 3,500 (10,100 ) Net cash provided by (used...
Suppose the income statement for Goggle Company reports $70 of net income, after deducting depreciation of $35. The company bought equipment costing $60 and obtained a long-term bank loan for $60. The company's comparative balance sheet, at December 31, indicates the following: Required: 1. Calculate the change in each balance sheet account, and indicate whether each account relates to operating, investing, and/or financing activities. (Decreases should be indicated with minus sign.) Current Year Previous Year 35 75 Cash $ Accounts...
12 Saved Suppose the income statement for Goggle Company reports $70 of net income, after deducting depreciation of $35. The company bought equipment costing $60 and obtained a long-term bank loan for $60. The company's comparative balance sheet, at December 31, indicates the following: Required: 1. Calculate the change in each balance sheet account, and indicate whether each account relates to operating Investing, and/or financing activities (Decreases should be indicated with minus sign.) Previous Year 35 5 Current Year 205...
Suppose the income statement for Goggle Company reports $111 of net income, after deducting depreciation of $31. The company bought equipment costing $80 and obtained a long-term bank loan for $86. The company's comparative balance sheet, at December 31, is presented here. Required: 1. Calculate the change in each balance sheet account and indicate whether each account relates to operating, investing, and/or financing activities (+for increase and for decrease) 2. Prepare a statement of cash flows using the indirect method....
The following income statement and additional year-end information is provided. Sints SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $274,959 Depreciation expense 48,168 Rent expense 54,189 Amortization expenses-Patents 6,021 Utilities expense 22,077 $2,007,000 983, 430 1,023,570 Skipped eBook References Gain on sale of equipment Net income 405,414 618, 156 8,028 626,184 $ Accounts receivable Inventory $40,650 increase 39,925 increase Accounts payable Salaries payable $19,900 decrease 2,680 decrease Prepare...
3 Apex Company prepared the statement or casn Tiows for the current year that is snown below: 2 points eBook Hint Print Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income $ 40,000 Adjustments to convert net income to cash basis: Depreciation $ 22,000 Increase in accounts receivable (60.000) Increase in inventory (25,000) Decrease in prepaid expenses 9,000 Increase in accounts payable 55,000 Decrease in accrued liabilities (12,000) Increase in income taxes payable 5,000 16,000) Net cash provided...
Gutierrez Company reported net income of $190,100 for 2017.
Gutierrez also reported depreciation expense of $46,700 and a loss
of $4,600 on disposal of equipment. The comparative balance sheet
shows an decrease in accounts receivable of $12,500 for the year, a
$14,500 increase in accounts payable, and a $4,600 decrease in
prepaid expenses.
Prepare the operating activities section of the statement of cash
flows for 2017. Use the indirect method. (Show amounts
that decrease cash flow with either a -...
Connect Homework: Chapter 12 Fitz Company reports the following information. points Selected Annual Income Statement Selected Year-End Balance Sheet Data Data Net income $397,000 Accounts receivable decrease $103,900 Depreciation expense 46,400 Inventory decrease 46,500 Amortization expense 7,800 Prepaid expenses increase 6,800 Gain on sale of plant 7,100 Accounts payable decrease 9,000 assets Salaries payable increase 1,500 eBook Hint Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31....
3 The following income statement and additional year-end information is provided. 9.09 points $1,655,000 810,950 844,850 eBook SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $226,735 Depreciation expense 39,720 Rent expense 44,685 Amortization expenses-Patents 4,965 Utilities expense 18,205 Gain on sale of equipment Net income Hint Print References 334,310 509,740 6,620 $ 516,360 Accounts receivable Inventory $28,000 increase 18,775 increase Accounts payable Salaries payable $14,600 decrease 1,100 decrease...
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