ACC 201 - 8-1 Problem Set_ Module Eight

Problem 11-8A (Algo) Prepare an income statement using operating cash flow information-indirect and direct methods (LO11-3, 11-7) Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income tax payable Net cash flows from operating activities Cash Flows from Operating Activities (Direct method) Cash received from customers Cash paid to suppliers Cash paid for operating expenses Cash paid for income taxes Net cash flows from operating activities REVERSE LOGIC Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense…

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How do I use the indirect method to complete cash flow statement?

Determining Cash Flows from (Used for) Operating Activities Yeoman Inc. reported the following data: Net income $278,500 Depreciation expense 64,100 Loss on disposal of equipment 30,100 Increase in accounts receivable 16,700 Increase in accounts payable 10,100 Prepare the Cash Flows from (used for) 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. Yeoman Inc.Statement of Cash Flows (partial) Cash flows from (used for) operating activities:       $- Select -   Adjustments to reconcile net income to net cash flows from (used for) operating activities:       - Select -     - Select -   Changes in current operating assets and liabilities:       - Select -     - Select -   Net cash flows from operating activities     $fill in the blank 11

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Reporting Net Cash Flow from Operating Activities The following information is available for Cornelius Inc.: Selected Income Statement Information Amount Net income $52,000   Depreciation expense 11,300   Selected Balance Sheet Information Beginning Balance Ending Balance Accounts receivable $11,500     $17,650     Inventory 33,800     27,825     Accounts payable 15,900     24,600     Required: Prepare the net cash flows from operating activities using the indirect method. Use a minus sign to indicate any decreases in cash or cash flows. Cornelius Inc.Net Cash Flows from Operating ActivitiesUsing Indirect Method Cash flows from operating activities:       $- Select -   Adjustments to reconcile net income to net cash flow from operating activities:       $- Select -     - Select -     - Select -     - Select -   Net cash provided by operating activities   $fill in the blank 11

Question Content Area Statement of cash flows—indirect method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Line Item Description December 31, 20Y9 December 31, 20Y8 Assets Cash $317,320 $298,240 Accounts receivable (net) 114,950 107,120 Inventories 324,520 317,140 Investments 0 122,870 Land 166,440 0 Equipment 358,030 280,390 Accumulated depreciation—equipment (83,820) (75,610) Total assets $1,197,440 $1,050,150 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $216,740 $206,880 Accrued expenses payable (operating expenses) 21,550 27,300 Dividends payable 11,970 9,450 Common stock, $10 par 64,660 51,460 Paid-in capital in excess of par—common stock 243,080 142,820 Retained earnings 639,440 612,240 Total liabilities and stockholders' equity $1,197,440 $1,050,150 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: Equipment and land were acquired for cash.…

Determining Cash Flows from (Used for) Operating Activities Featherstone Inc. reported the following data: Net income $296,000 Depreciation expense 113,100 Gain on disposal of equipment 58,200 Decrease in accounts receivable 71,300 Decrease in accounts payable 27,100 Prepare the Cash Flows from (used for) 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. Featherstone Inc.Statement of Cash Flows (partial) Cash flows from (used for) operating activities:     Net income     Adjustments to reconcile net income to net cash flows from (used for) operating activities:     Depreciation expense     Gain on disposal of equipment     Changes in current operating assets and liabilities:     Decrease in accounts receivable     Decrease in accounts payable     Net cash flows from operating activities

Cash Flows from Operating Activities-Indirect Method Staley Inc. reported the following data: Net income $232,800 Depreciation expense 65,900 Loss on disposal of equipment 27,700 Increase in accounts receivable 14,000 Increase in accounts payable 10,800 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 income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities 46

Required prepare a complete statement of cash flow using indirect method for the current year

Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $410,500 Depreciation expense 79,500 Loss on disposal of equipment 20,700 Increase in accounts receivable 10,700 Increase in accounts payable 10,000 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:       $fill in the blank 2   Adjustments to reconcile net income to net cash flow from operating activities:       fill in the blank 4     fill in the blank 6   Changes in current operating assets and liabilities:       fill in the blank 8     fill in the blank 10   Net cash flow from operating activities   $fill in the blank 11

Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $480,300 Depreciation expense 69,400 Loss on disposal of equipment 37,600 Increase in accounts receivable 10,300 Increase in accounts payable 10,300 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 out flows, cash payments, decreases in cash, or any negative adjustments.   Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities:     Net income  $fill in the blank 2   Adjustments to reconcile net income to net cash flow from operating activities:     Depreciation  fill in the blank 4   Loss on disposal of equipment  fill in the blank 6   Changes in current operating assets and liabilities:     Increase in accounts receivable  fill in the blank 8   Increase in accounts payable  fill in the blank 10   Net cash flow…

Demers Inc. reported the following data: Net income $409,500 Depreciation expense 46,460 Gain on disposal of equipment 37,860 Decrease in accounts receivable 25,340 Decrease in accounts payable 5,930   Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.