45. Last year Lawsby Company reported sales of 120,000 on its income statement. During the year, accounts receivable increased by 10,000 and accounts payable increased by 15,000. The company uses the direct method to determine the net cash provided by the operating activities on the statement of cash flows. The sales revenue adjusted to a cash basis for the year would be:

45. Last year Lawsby Company reported sales of 120,000 on its income statement. During the year, accounts receivable increased by 10,000 and accounts payable increased by 15,000. The company uses the direct method to determine the net cash provided by the operating activities on the statement of cash flows. The sales revenue adjusted to a cash basis for the year would be:

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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Accounts receivable from sales transactions were $45,582 at the beginning of the year and $68,677 at the end of the year. Net income reported on the income statement for the year was $142,695. Exclusive of the effect of other adjustments, the net cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method would be a.$23,095 b.$119,600 c.$165,790 d.$142,695
Last year Burch Corporation's cash account decreased by $20,000. Net cash provided by investing activities was $7,500. Net cash used in financing activities was $17,000. On the statement of cash flows, the net cash flow provided by (used in) operating activities was:
Accounts receivable from sales transactions were $49,174 at the beginning of the year and $63,557 at the end of the year. Net income reported on the income statement for the year was $128,168. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method is Oa. $14,383 Ob. $142,551 Oc. $113,785 Od. $128,168
MC Qu. 12-85 Harlow Industries reported net income of... Harlow Industries reported net Income of $29,500 for the current year. During the year, Inventory decreased by $8,800, Accounts Payable decreased by $8,900, Depreclation Expense was $11,800, and Accounts Recelvable Increased by $8,30o. If the Indirect method is used, what is the net cash provided by operating activitles? Multiple Choice $12,300 $67,300 $32,900 $50.700
Compute Cash Provided by Operating Activities Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows. Horn Company's condensed income statement for the year ended December 31, 20-2, was as follows: Net sales $1,220,000 Cost of goods sold 740,000 Gross profit $480,000 Operating expenses 142,000 Operating income $338,000 Other revenues and expenses: Interest revenue $420 Interest expense (1,200) (780) Income before taxes $337,220 Income tax expense 118,000 Net income $219,220 Additional information obtained from Horn's comparative balance sheet and auxiliary records as of December 31, 20-2 and 20-1, was as follows: 20-2 20-1 Accounts receivable $135,000 $122,600 Merchandise inventory 145,300 158,900 Accounts payable 45,000 87,100 Income tax…
Metlock, Inc. had an increase in inventory of $108000. The cost of goods sold was $504000. There was a $27000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Metlock's cash payments to suppliers?
The cost of goods sold during the year was $341600. Inventory decreased by $11200 during the year and accounts payable decreased by $13400 during the year. Using the direct method of reporting cash flows from operating activities, cash payments for inventory total $355000. $343800. $366200. $317000.
Accounts receivable from sales transactions were $45,634 at the beginning of the year and $60,027 at the end of the year. Net income reported on the income statement for the year was $126,710. Exclusive of the effect of other adjustments, the net cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method would be a. $126,710 b. $112,317 c. $14,393 d. $141,103
Accounts receivable from sales transactions were $48,847 at the beginning of the year and $66,305 at the end of the year. Net income reported on the income statement for the year was $142,809. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method is:
Vaughn Company completed its first year of operations on December 31, 2022. Its initial income statement showed that Vaughn had sales revenue of $196,100 and operating expenses of $89,100. Accounts receivable and accounts payable at year-end were $53,500 and $27,700, respectively. Assume that accounts payable related to operating expenses. Ignore income taxes.Compute net cash provided by operating activities using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Russell Co. reports sales revenue of $30,000 and interest revenue of $5,000. Its comparative balance sheet shows that accounts receivable decreased $4,000 and interest receivable increased $1,000. Compute cash provided by operating activities using the direct method.
ences Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income $ 160,000 Accounts receivable increase Inventory decrease Salaries payable increase 100,000 24,000 12,000 $ 24,000 Selected Year-End Balance Sheet Data Required: Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 10,000 16,000 1,000