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1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of notes during the period. 7. There was $4,600 of interest expense reported on the income statement. The beginning and ending balances in the Interest Payable account were $8,400 and $7,500, respectively. 8. The beginning and ending Merchandise Inventory account balances were $22,000 and $29,400, respectively. The company sold merchandise with a cost of $83,600 (cost of goods sold for the period was $83,600). The beginning and ending balances in the Accounts Payable account were $8,000 and $6,400, respectively. 9. The beginning and ending balances in the Notes Receivable account were $60,000 and $100,000, respectively. Notes receivable result from long-term loans made to employees. There were no collections from employees during the period. 10. The beginning and ending balances in the Common Stock account were $120,000 and $160,000, respectively. The increase was caused by the issue of common stock for cash. 11. Land had beginning and ending balances of $24,000 and $14,000, respectively. Land that cost $10,000 was sold for $6,000,

1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of notes during the period. 7. There was $4,600 of interest expense reported on the income statement. The beginning and ending balances in the Interest Payable account were $8,400 and $7,500, respectively. 8. The beginning and ending Merchandise Inventory account balances were $22,000 and $29,400, respectively. The company sold merchandise with a cost of $83,600 (cost of goods sold for the period was $83,600). The beginning and ending balances in the Accounts Payable account were $8,000 and $6,400, respectively. 9. The beginning and ending balances in the Notes Receivable account were $60,000 and $100,000, respectively. Notes receivable result from long-term loans made to employees. There were no collections from employees during the period. 10. The beginning and ending balances in the Common Stock account were $120,000 and $160,000, respectively. The increase was caused by the issue of common stock for cash. 11. Land had beginning and ending balances of $24,000 and $14,000, respectively. Land that cost $10,000 was sold for $6,000,

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash flow for each item and indicate whether the item should appear in the operating, investing, or financing activities section of a statement of cash flows. Assume York Company uses the direct method for showing net cash flow from operating activities. (Any cash outflow should be indicated by a minus sign. Select "No effect" if there is no effect (i.e., zero variance).) Show less A Transactions Amount Statement of cash flows 1. in Accounts receivable account 2. in Salaries payable account 3. in Other operating expenses payable 4. in Depreciation expense 5. in Equipment account 6. in Notes payable account 7. in Interest payable account 8. in Accounts payable 9. in Notes receivable 10. in Common stock account 11. in Land account 12. in Taxes payable account 13 in Investments account < Required A Required B >
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash flow for each item and indicate whether the item should appear in the operating, investing, or financing activities section of a statement of cash flows. Assume York Company uses the direct method for showing net cash flow from operating activities. (Any cash outflow should be indicated by a minus sign. Select "No effect" if there is no effect (i.e., zero variance).) Show less A Transactions Amount Statement of cash flows 1. in Accounts receivable account 2. in Salaries payable account 3. in Other operating expenses payable 4. in Depreciation expense 5. in Equipment account 6. in Notes payable account 7. in Interest payable account 8. in Accounts payable 9. in Notes receivable 10. in Common stock account 11. in Land account 12. in Taxes payable account 13 in Investments account < Required A Required B >
York Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of notes during the period. 7. There was $4,600 of interest expense reported on the income statement. The beginning and ending balances in the Interest Payable account were $8,400 and $7,500, respectively. 8. The beginning and ending Merchandise Inventory account balances were $22,000 and $29,400, respectively. The company sold merchandise with a cost of $83,600 (cost of goods sold for the period was $83,600). The beginning and ending balances in the Accounts Payable account were $8,000 and $6,400, respectively. 9. The beginning and ending balances in the Notes Receivable account were $60,000 and $100,000, respectively. Notes receivable result from long-term loans made to employees. There were no collections from employees during the period. 10. The beginning and ending balances in the Common Stock account were $120,000 and $160,000, respectively. The increase was caused by the issue of common stock for cash. 11. Land had beginning and ending balances of $24,000 and $14,000, respectively. Land that cost $10,000 was sold for $6,000, resulting in a loss of $4,000. 12. The tax expense for the period was $6,600. The Taxes Payable account had a $2,400 beginning balance and a $2,200 ending balance. 13. The Investments account had beginning and ending balances of $20,000 and $60,000, respectively. The company purchased investments for $50,000 cash during the period, and investments that cost $10,000 were sold for $22,000, resulting in a $12,000 gain. Required a. Determine the amount of cash flow for each item and indicate whether the item should appear in the operating, investing, or financing activities section of a statement of cash flows. Assume York Company uses the direct method for showing net cash flow from operating activities. b. Prepare a statement of cash flows using the direct method.
Transcribed Image Text:York Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of notes during the period. 7. There was $4,600 of interest expense reported on the income statement. The beginning and ending balances in the Interest Payable account were $8,400 and $7,500, respectively. 8. The beginning and ending Merchandise Inventory account balances were $22,000 and $29,400, respectively. The company sold merchandise with a cost of $83,600 (cost of goods sold for the period was $83,600). The beginning and ending balances in the Accounts Payable account were $8,000 and $6,400, respectively. 9. The beginning and ending balances in the Notes Receivable account were $60,000 and $100,000, respectively. Notes receivable result from long-term loans made to employees. There were no collections from employees during the period. 10. The beginning and ending balances in the Common Stock account were $120,000 and $160,000, respectively. The increase was caused by the issue of common stock for cash. 11. Land had beginning and ending balances of $24,000 and $14,000, respectively. Land that cost $10,000 was sold for $6,000, resulting in a loss of $4,000. 12. The tax expense for the period was $6,600. The Taxes Payable account had a $2,400 beginning balance and a $2,200 ending balance. 13. The Investments account had beginning and ending balances of $20,000 and $60,000, respectively. The company purchased investments for $50,000 cash during the period, and investments that cost $10,000 were sold for $22,000, resulting in a $12,000 gain. Required a. Determine the amount of cash flow for each item and indicate whether the item should appear in the operating, investing, or financing activities section of a statement of cash flows. Assume York Company uses the direct method for showing net cash flow from operating activities. b. Prepare a statement of cash flows using the direct method.
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