Nt19

Which of the following statements is true of this transaction?

Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account. The goods cost your company $155 and were paid for in a previous period. Your company also recorded salaries and wages of $145, of which only $45 has been paid in cash.   How would i answer the following questions?? Calculate the amount that should be reported as net cash flow from operating activities. Calculate the amount that should be reported as net income. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).

Answer this Financial Accounting problem

Starry Company purchased equipment by borrowing money from a bank for $50,000.   Which of the following would reflect this transaction?   a. It would decrease liabilities by $50,000   b. It would decrease retained earnings by $50,000   c. It would increase assets by $50,000   d. It would decrease cash by $50,000

3. A company sells a piece of real estate it owns and receives $20.0 million in cash which includes a reported gain on sale of $1.5 million on its income statement. How would the statement of cash flows be impacted from this transaction? O Investing cash inflow of $18.5 million. Operating cash inflow of $1.5 million and an investing cash inflow of $20.0 million. Operating cash outflow of $1.5 million and an investing cash inflow of $20.0 million. O Investing cash inflow of $21.5 million. 4. The income statement utilizes the matching principle as expenses are recorded when revenues are recognized on the income statement. False O True

what is the cash flow from investing, and financing and operating? Use the following information to perform the calculations below (using the indirect method). Net income Depreciation expense Beginning accounts receivable Ending accounts receivable Beginning inventory Ending inventory Beginning prepaid insurance Ending prepaid insurance (a) $650,000 96,000 423,200 446,000 520,000 577,000 41,600 50,000 Beginning accounts payable Ending accounts payable Purchase of long-term assets Issuance of long-term debt Issuance of stock for cash Issuance of stock for long-term assets Purchase of treasury stock Sale of long-term investment at cost $121,000 159.000 610,000 263,000 188,000 113,000 67.500 57,500

Kindly help me with accounting questions

Upon reviewing Myert Company's statement of cash flows, the following was noted:      Cash flows from operating activities     $60,000      Cash flows from investing activities     (125,000)      Cash flows from financing activities     115,000 From this information, the most likely explanation is that this company is  a using cash from operations and borrowing to purchase long-term assets. b using cash from operations and selling long-term assets to pay back debt. c using its profits to expand growth. d using cash from investors to provide for operations.

Suppose your company sells services of $180 in exchange for $110 cash and $70 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Identify the amount that should be reported as net cash flow from operating activities. Net Cash Flow

Suppose your company sells services of $180 in exchange for $110 cash and $70 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). (Amounts to be deducted should be indicated with a minus sign.) Net Income Increase in Accounts Receivable Net Cash Flow from Operating Activities

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Use the following data to solve this problem.           Cash payments for interest $ (12 ) Retirement of common stock   (32 ) Cash payments to merchandise suppliers   (85 ) Purchase of land   (8 ) Sale of equipment   30   Payments of dividends   (37 ) Cash payment for salaries   (35 ) Cash collection from customers   260   Purchase of equipment   (40 )     a. Calculate net cash flows from operating activities? (Cash outflows should be indicated by a minus sign. Omit the "$" sign in your response.)   Cash flows from operating activities           $    b. Calculate net cash flows from investing activities? (Cash outflows should be indicated by a minus sign. Omit the "$" sign in your response.)   Cash flows from investing activities           $    c. Calculate net cash flows from financing activities? (Cash outflows should be indicated by a minus sign. Omit the "$" sign in your response.)   Cash flows from financing activities           $

Austin Land Company sold land for $59,930 in cash. The land was originally purchased for $34,230. At the time of the sale, $12,300 was still owed to Regions Bank. After the sale, Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation. Enter all dollar amounts as positive numbers. Line Item Description Effect Amount Total assets     Total liabilities     Stockholders' equity

1.  Use the following excerpts from Nutmeg Company’s financial records to determine net cash flows from operating activities and net cash flows from investing activities. Net income this year                                         $83,700 Purchased land this year                                  20,000 Sold investments this year                                31,500 Original cost of investments that were sold      33,000 PLEASE NOTE: All whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Net cash flows from operating activities? Net cash flows from investing activities?

Can you help me with general accounting questions ?

10 Suppose your company sells services of $310 in exchange for $175 cash and $135 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entry to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the service revenue of $175 for cash and $135 on account. Note Enter debits before credits Transaction General Journal Debit Credit

Suppose your company sells services of $270 in exchange for $155 cash and $115 on account.  Required: Prepare the journal entry to record this transaction. Identify the amount that should be reported as net cash flow from operating activities. Identify the amount that would be included in net income. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).   I have no clue how to work this problem

Suppose your company sells goods for $300, of which $200 is received in cash and $100 is onaccount. The goods cost your company $125 and were paid for in a previous period. Your companyalso recorded salaries and wages of $70, of which only $30 has been paid in cash.Required:1. Show the journal entries to record these transactions.2. Calculate the amount that should be reported as net cash flow from operating activities.3. Calculate the amount that should be reported as net income.4. Show how the indirect method would convert net income (requirement 3) to net cash flowfrom operating activities (requirement 2).5. What general rule about converting net income to operating cash flows is revealed by youranswer to requirement 4?