Baxter Company reported a net loss of $13,000 for the year ended December 31. During the year, accounts receivable decreased by $5,000, inventory increased by $8,000, accounts payable increased by $10,000, and depreciation expense of $4,000 was recorded. During the year, operating activities Oa. used net cash of $8,000 Ob. provided net cash of $8,000 Oc. provided net cash of $2,000 Od. used net cash of $2,000
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- For the year just completed, Hanna Company had net income of $104,500. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 62,000 $ 81,000 Accounts receivable $ 158,000 $ 180,000 Inventory $ 436,000 $ 346,000 Prepaid expenses $ 11,000 $ 14,500 Current liabilities: Accounts payable $ 352,000 $ 400,000 Accrued liabilities $ 9,000 $ 12,000 Income taxes payable $ 33,000 $ 28,000 The Accumulated Depreciation account had total credits of $46,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.) Hanna Company Statement of Cash Flows—Indirect Method (partial)Effect of doubtful accounts on net income During its first year of operations, Mack's Plumbing Supply Co. had sales of $560,000, wrote off $8,000 of accounts as uncollectible using the direct write-off method, and reported net income of $61,600. Assume that during the second year of operations Mack's Plumbing Supply Co. had sales of $672,000, wrote off $9,600 of accounts as uncollectible using the direct write- off method, and reported net income of $67,100. a. Determine what net income would have been in the second year if the allowance method (using 1.75% of sales) had been used in both the first and second years. 64,940 b. Determine what the balance of the allowance for doubtful accounts would have been at the end of the second year if the allowance method had been used in both the first and second years. If required, use the minus sign to indicate a "debit" balance. 129,880 X FoartharkDuring the year, Belyk Paving Co. had sales of $2,350,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,310,000, $585,000, and $435,000, respectively. In addition, the company had an interest expense of $260,000 and a tax rate of 25 percent. The company paid out $385,000 in cash dividends. Assume that net capital spending was zero, no new investments were made in net working capital, and no new stock was issued during the year. (Ignore any tax loss or carryforward provision and assume interest expense is fully deductible.) Calculate the firm's net new long-term debt added during the year. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Net new long-term debt
- Assume a company had net income of $79,000 that included a gain on the sale of equipment of $4,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 38,000 $ 44,000 Accrued liabilities $ 18,000 $ 15,000 Income taxes payable $ 13,000 $ 10,000 If the credits to the company’s accumulated depreciation account were $21,000, then based solely on the information provided, the company’s net cash provided by (used in) operating activities would be: Multiple Choice $63,000. $55,000. $105,000. $97,000.= Revenues = $15,369. Cost of Goods Sold $5,114. Depreciation Expense = $2,496, Interest = $537 and Taxes = $555. In addition the company's Receivables increased by $342 and Inventories decreased by $200. The company's Cash Flow from Operations was $A company had net income of $244,839. Depreciation expense is $20,103. During the year, Accounts Receivable and Inventory increased by $18,423 and $39,765, respectively. Prepaid Expenses and Accounts Payable decreased by $2,854 and $5,603, respectively. There was also a loss on the sale of equipment of $6,008. How much was the net cash flow from operating activities on the statement of cash flows using the indirect method?
- Revenues = $18,277. Cost of Goods Sold = $5,112. Depreciation Expense = $2,914, Interest = $532 and Taxes = $598. In addition the company's Receivables increased by $396 and Inventories decreased by $296. The company's Cash Flow from Operations was $ ......The company recorded a net loss of P175,000 for the year just ended. Total operating expenses was P3,792,000, cost of sales was P1,822,300 and sales discount was P89,890. How much is the gross sales that the company generated during the year?Zaire Company had a $26,000 net loss from operations. Depreciation expense for the year was $9,600, and a dividend of $2,000 was declared and paid. The balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End Beginning Cash $3,500 $7,000 Accounts receivable 16,000 27,000 Inventory 51,000 53,000 Prepaid expenses 5,000 9,000 Accounts payable 12,000 8,000 Accrued liabilities 6,000 7,600 Did Zaire Company’s operating activities provide or use cash? Use the indirect method to determine your answer. Use negative signs with cash outflow answers and to indicate operating activities used cash, if applicable.
- The following data are from a company's comparative balance sheets. The current year income statement reports depreciation expense on equipment of $7,200. During the year, equipment costing $21,000 was sold for its book value. At December 31 Equipment Accumulated depreciation-Equipment Compute cash received from the sale of equipment. Current Year $ 52,800 (35,480) Cost of equipment sold Accumulated depreciation at prior year-end Increase from depreciation expense Total "expected" accumulated depreciation Actual accumulated depreciation at current year-end Accumulated depreciation on sold equipment Cash received from sale of equipment at book value $ $ Prior Year $ 73,800 (44,280) 44,280 7,200 51,480 35,480 $ 21,000For the year just completed, Hanna Company had net income of $63,000. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 64,000 $ 77,000 Accounts receivable $ 154,000 $ 184,000 Inventory $ 433,000 $ 346,000 Prepaid expenses $ 12,000 $ 14,000 Current liabilities: Accounts payable $ 354,000 $ 388,000 Accrued liabilities $ 9,000 $ 11,500 Income taxes payable $ 35,000 $ 26,000 The Accumulated Depreciation account had total credits of $54,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.) Hanna Company Statement of Cash Flows—Indirect Method (partial)…For the year just completed, Hanna Company had net income of $37,500. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 56,000 $ 83,000 Accounts receivable $ 164,000 $ 200,000 Inventory $ 436,000 $ 364,000 Prepaid expenses $ 11,000 $ 13,000 Current liabilities: Accounts payable $ 354,000 $ 384,000 Accrued liabilities $ 9,000 $ 12,000 Income taxes payable $ 34,000 $ 26,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.)