Net SalesInterest RevenueTotal RevenueExpensesCost of Goods SoldSelling and Administrative ExpensesTotal ExpensesIncome Before Income TaxesIncome TaxesNet IncomeX CompanyIncome StatementFor the Year Ended December 31, Year 2Additional Information:$ 310,00091,0001) Depreciation expense for the yearis $25,0002) Equipment purchases for the yearis $30,000$ 500,000S3,000503,000401,000102,00030,60071,4003) $50,000 in cash was borrowed ona long term note payable4) Cash dividends In the amount of $43,000 were declared and pald28What is the cash flow from operating activities using the indirect method of the statement of cash flows?O $71,400O$53,000O $63,000O $51,400NEXT >BOOKMARK AssetsCashAccounts ReceivablePrepaidsInventoryProperty, Plant & EquipmentLess: Accumulated DepreciationTotal AssetsLiabilitiesA wompanyBalance SheetDecember 31, Year 2Accounts PayableAccrued LiabilitiesNotes Payable (Long-Term Debt)Total LiabilitiesStockholders EquityCommon Stock ($10 par)Paid in Capital In Excess of PartRetained EarningsTreasury StockTotal Stockholders EquityTotal Liabilities and Stockholders EquityYear 2Year 1Change40,000 $20,000140,000 (10,000)$ 60,000 $130,00035,000 43,000 (8,000)183,000 120,000 63,000340,000 310,000 30,000(75,000) (50,000) (25,000)$673,000 $ 603,000 $70,000$110,600 $ 111,000 $ (400)34,000 32,000 2,00050,000 50,000100,000$244,600 $ 193,000 $51,600$ 75,000 $ 75,000 $220,000 220,000143,40010,000115,000 28,40010,000$428,400 $ 410,000 $18,400$673,000 $ 603,000 $70,00028What is the cash flow from operating activities using the indirect method of the statement of cash flows?O $71,400O $53,000O $63,000O $51,400NEXT 2BOOKMARK

A Statement of cash flow is a financial statement that includes the inflow and outflow of cash…

Assets Cash Accounts Receivable Prepaids Inventory Property, Plant & Equipment Less: Accumulated Depreciation Total Assets Liabilities Accounts Payable Accrued Liabilities Balance Sheet December 31, Year 2 Notes Payable (Long-Term Debt) Total Liabilities Stockholders Equity Common Stock ($10 par) Paid in Capital In Excess of Par Retained Earnings Treasury Stock Total Stockholders Equity Total Liabilities and Stockholders Equity Year 2 Year 1 Change $ 60,000 $ 40,000 $20,000 130,000 140,000 (10,000) 35,000 43,000 (8,000) 183,000 120,000 63.000 340,000 310,000 30,000 (75,000) (50.000) (25,000) $673,000 $603,000 $70,000 $110,600 $ 111,000 $ (400) 34,000 32,000 2,000 50.000 60.000 100.000 $244,600 $ 193,000 $51,600 $ 75,000 $ 220,000 143,400 28,400 10,000 10,000 $428,400 $ 410,000 $18,400 $673,000 $603,000 $70,000 75,000 $ 220,000 115,000 . 28 What is the cash flow from operating activities using the indirect method of the statement of cash flows? O $71,400 O $63,000 O $63,000 O $51,400 NEXT > BOOKMARK

Assets Cash Accounts Receivable Prepaids Inventory Property, Plant & Equipment Less: Accumulated Depreciation Total Assets Liabilities Accounts Payable Accrued Liabilities Balance Sheet December 31, Year 2 Notes Payable (Long-Term Debt) Total Liabilities Stockholders Equity Common Stock ($10 par) Paid in Capital In Excess of Par Retained Earnings Treasury Stock Total Stockholders Equity Total Liabilities and Stockholders Equity Year 2 Year 1 Change $ 60,000 $ 40,000 $20,000 130,000 140,000 (10,000) 35,000 43,000 (8,000) 183,000 120,000 63.000 340,000 310,000 30,000 (75,000) (50.000) (25,000) $673,000 $603,000 $70,000 $110,600 $ 111,000 $ (400) 34,000 32,000 2,000 50.000 60.000 100.000 $244,600 $ 193,000 $51,600 $ 75,000 $ 220,000 143,400 28,400 10,000 10,000 $428,400 $ 410,000 $18,400 $673,000 $603,000 $70,000 75,000 $ 220,000 115,000 . 28 What is the cash flow from operating activities using the indirect method of the statement of cash flows? O $71,400 O $63,000 O $63,000 O $51,400 NEXT > BOOKMARK

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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Statement of Cash Flow Preparation Activity Consider the following journal entries: Entry (a) cash $4 %$4 81,000.00 common stock 81,000.00 (b) treasury stock 13,000.00 cash 13,000.00 (c) cash 60,000.00 sales revenue 60,000.00 (d) land 87,700.00 cash 87,700.00 (e) depreciation expense 9,000.00 accumulated depreciation 9,000.00 (f) dividends payable 16,500.00 cash 16,500.00 (g) land 18,000.00 cash 18,000.00 (h) cash 7,200.00 7,200.00 equipment (1) bonds payable cash 45,000.00 45,000.00 (1) building 164,000.00 164,000.00 note payable, long-term (k) loss on disposal of equipment | 1,400.00 equipment, net 1,400.00 Indicate whether each transaction would result in an operating activity, an investing activity, or a financing activity for an indirect method statement of cash flow and the accompanying schedule of non-cash investing and financing activities. Click here to enter text. %24
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Cash Accounts Receivable, Net Inventory Property, Plant and Equipment, net Total Assets Accounts Payable Mortgage Payable Common Stock, par $5 Retained Earnings Total Liabilities and Owners' Equity Sales for the year Cost of Goods Sold Net Income for the year 2021 25 65 50 140 280 50 100 90 40 280 4. Calculate the earnings per share. Show work. A. $3.00 B. $4.00 $100 C. $2.00 D. $2.50 50 36 2. Using horizontal analysis, what is the change in inventory? A. 35% increase B. 35% decrease C. 25% increase D. 25% decrease Using the information above, answer the following questions. 1. Using vertical analysis, what percentage is Mortgage Payable for year 2021? Show work. A. 34.23% B. 35.71% C. 40% D. 36.71% 3. Calculate the Accounts Receivable Turnover. Show work A. 1.6 times B. 1.6% C. 1.8 times D. 1.8% 2020 30 60 40 155 285 60 110 90 25 285
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Changes in Current Operating Assets and Liabilities Blue Circle Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $20,300 $25,000 Inventory 85,100 76,000 Accounts payable 18,100 22,100 Dividends payable 24,000 23,000 Adjust net income of $104,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
Required information [The following information applies to the questions displayed below] Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit. (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Assets Cash Accounts receivable. Inventory Total current assets GOLDEN CORPORATION Comparative Balance Sheets December 31 Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable. Income taxes payable. Total current liabilities Equity Common stock, $2 par value Paid-in capital in excess of par value, common stock Retained earnings Total liabilities and equity GOLDEN CORPORATION Income Statement For Current Year Ended…
Accounts payable Accounts receivable Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock Allowance for doubtful accounts Bonds payable Buildings Cash Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory Land SHEFFIELD CORPORATION Post-Closing Trial Balance December 31, 2025 Preferred stock ($50 par) Prepaid expenses Retained earnings Treasury stock (common at cost) Totals Authorized Issued Outstanding Common 585,000 195,000 Dr. 164,000 $513,000 1,489,000 203,000 579,000 392,000 42,000 181,000 $3,399,000 Preferred 66,000 11,000 Cr. $405,100 At December 31, 2025, Sheffield had the following number of common and preferred shares. 11,000 195,000 1,310,000 150,000 27,000 292,000 195,000 3,900 550,000 271,000 $3,399,000 The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Prepare the stockholders' equity section of Sheffield's balance…
Financial statement analysis 2. Given below are the summarized accounts of Belper Ltd for the past five years. These the basis for the questions which follow. Summarized profit and loss accounts of Belper Ltd Sales Cost of sales Trading profit Depreciation Interest Net profit before tax Taxation Net profit after tax Extraordinary items Dividends Retained profits Retained at start of year Retained at end of year Fixed assets Freehold land and buildings Leasehold land and buildings Plant and machinery Total gross fixed assets Depreciation freehold Depreciation leasehold Depreciation plant, etc. Total depreciation Net fixed assets Intangible fixed assets Goodwill Investments Patents and trade marks Current assets Stock Debtors Bank and cash Current liabilities Creditors Taxation Dividends Bank loans and overdraft 19X4 Net current assets £000 Financed by Ordinary share capital Share premium account Retained profits Revaluation reserves 93,930 81,750 12,180 1,023 2,727 8,430 2,517 5,913…
gEnabled: Midterm exami 7:55 Microsoft's current assets consist of cash, short-term investments, accounts receivable, and inventory. The following data were abstracted from a rccent financial statement: Inventory Total assets Current ratio Acid-test ratio Debt to equity ratic $ 190,000 $ 780,000 Shareholders' equity 2.65 1.70 1.60 Required: Compute the shareholders' equity for Microsoft: Saved