Please need answer the accounting question Bloom Corporation had the following 2014 income statement.Sales revenueCost of goods sold$207,890$118,480$89,410Gross profitOperating expenses (includes depreciation of $23,850) $49,130Net incomeThe following accounts increased during 2014:Accounts receivable $11,990$40,280InventoryAccounts payable$10,300$14,000Prepare the cash flows from the operating activities section of Bloom's 2014statement of cash flows using the indirect method.

Step 1: Introduction to the Net Cash Flows from Operating ActivitiesThe net cash flows for a firm…

Answered: Bloom Corporation had the following…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter12: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12.8E

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Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
XYZ Corporation published the following information in its financial statements for its 2018 annual report: Income Statement Items: Sales $76,000 - Cost of goods sold 49,000 Gross profit 27,000 - Cash Operating expenses $9,000 - Depreciation 2,000 Total Operating Expenses 11,000 EBIT 16,000 - Interest expense 840 EBT 15,160 - Income tax expense 5,306 Net Income $9,854 Balance Sheet Items: Cash $9,000 Marketable securities 2,000 Accounts receivable 11,000 Inventories 7,000 Fixed Assets, net 24,000 Total Assets $53,000 Accounts payable $8,000 Accrued payables 3,000 Bonds payable 12,000 Common stock 16,000 Retained earnings 14,000…
The following information is available for Cullumber Products: 2014 2013 Accounts receivable $76,800 $94,720 Cost of goods sold 675,840 742,400 Inventory (ending) 66,560 87,040 Net cash provided by operating activities 281,600 217,600 Net sales 1,157,760 1,203,200 Capital expenditures 51,200 48,640 Dividends 31,104 40,960 Compute the following for 2014: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) Accounts receivable turnover enter a number of times rounded to 1 decimal place times Average collection period enter a number of days rounded to 1 decimal place days
Bloom Corporation had the following 2017 income statement. Check the below image for income statements. The following accounts increased during 2017: Accounts Receivable $12,000, Inventory $11,000, and Accounts Payable $13,000.Prepare the cash flows from operating activities section of Bloom’s 2017 statement of cash flows using the direct method.
Given is data for General Mills Inc. for its fiscal year ended May 27, 2018 ($ millions). Cost of goods sold (COGS) = $14,438.1 Cash from operating activities = $3,977.4 Cash from investing activities = (12,159.6) Noncash assets, end of year = 42,315.0 Cash, end of year = 558.6 Cash from financing activities = 7,668.2 Income tax expense = 80.2 Total assets, beginning of year = 30,537.6 Revenue = 22,036.6 Total liabilities, end of year = 33,784.2 Total expenses, other than COGS = 4,490 Stockholders' equity, end of year = 9,089.4 Prepare Income statement, Cash flow statement and Balance sheet for the year 2008. Do not use negative sign, use brackets. Note : Answers for tally- For the year ended May 27, 2018 Answer Revenues Answer 22,036.6 Answer Cost of goods sold Answer 14,438.1 Answer Gross profit Answer 7,958.5 Answer Expenses Answer 4,490.1 Answer Net income Answer 3,108.4 Answer Total assets Answer 0 Answer Total liabilities and equity Answer 0 b. Prepare the balance…
Given the following data calculate DEF's operating cycle and cash conversion cycle.
Grau Company reported sales revenue of $100,000 and total expenses of $90,000 (including depreciation) for the year ended December 31, 2013. During 2013, accounts receivable decreased by $4,000, merchandise inventory increased by $3,000, accounts payable increased by $2,000, and depreciation expense of $7,000 was recorded. The net cash inflow from operating activities for 2013 was: A) $18,000 how do you get this answer?
Complete the common-size income statement below: Common-Size Income Statement 2016 Revenues $ 29,970 % Cost of goods sold (20,030) Gross profit $ 9,940 % Operating expenses (8,030) Net operating income $ 1,910 % Interest expense (860) Earnings before taxes $ 1,050 % Income taxes (382) Net income $ 668 %
Concord Ltd. had the following 2023 income statement data: Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $22,900) Income before income taxes Income taxes Net income $207,500 (a) 119,000 88,500 48,000 40,500 16,000 $24,500 The following accounts increased during 2023 by the amounts shown: Accounts Receivable, $15,900; Inventory, $10,800; Accounts Payable (relating to inventory), $13,900; Taxes Payable, $2,200; and Mortgage Payable, $40,500. Prepare the cash flows from operating activities section of Concord's 2023 statement of cash flows using the indirect method and following IFRS. (Show amounts that decrease cash flow with either a negative sign e.g.-15,000 or in parenthesis e.g. (15,000).) Concord Corporation Statement of Cash Flows Indirect Mothed)
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Crane Hog Products Corp. provided the following financial information for the quarter ending June 30, 2017: Net income: $ 183,375 Depreciation and amortization: $ 61,786 Increase in receivables: $62,154 Increase in inventory: $ 50,650 Increase in accounts payable: $37,655 Decrease in other current assets: $27,450 What is this firm's cash flow from operating activities during this quarter? (If an amount reduces the cash flow then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Crane Hog Products Corp.Statement of Cash Flows (Partial) Operating Activities: $ Additions (sources of cash) Subtractions (uses of cash) Net cash operating activities $

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