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
Čardinal Industries had the following operating results for 2018: Sales = $34,621; Cost of goods sold Dividends paid = $2,023. At the beginning of the year, net fixed assets were $19,970, current assets were $7,075, and current liabilities were $4,01O. At the end of the year, net fixed assets were $24,529, current assets were $8,702, and current liabilities were $4,700. The tax rate for 2018 was 25 percent. $24,359; Depreciation expense = $6,027; Interest expense $2,725; %3D a. What is net income for 2018? (Do not round intermediate calculations.) b. What is the operating cash flow for 2018? (Do not round intermediate calculations.) c. What is the cash flow from assets for 2018? (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.) d- If no new debt was issued during the year, what is the cash flow to creditors? (Do not 1. round intermediate calculations.) d- If no new debt was issued during the year, what is the cash flow to stockholders? (Do…
Given the following data calculate DEF's operating cycle and cash conversion cycle.
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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)
Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2018 2017 Sales $ 4,550,000 $ 3,650,000 Cost of goods sold 2,890,000 2,030,000 Administrative expenses 830,000 705,000 Selling expenses 390,000 342,000 Interest revenue 153,000 143,000 Interest expense 206,000 206,000 Loss on sale of assets of discontinued component 62,000 — On July 1, 2018, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2018, for $62,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/18-9/30/18 2017 Sales $ 430,000 $ 530,000 Cost of goods sold (305,000 ) (338,000 ) Administrative expenses (53,000 ) (43,000 ) Selling…
Use the following information from Eiffel Company’s financial statements. 2018 IncomeStatement BalanceSheets Sales $309,000 Cost of Goods Sold (145,000) Operating Expenses, other than Depreciation Expense (27,000) Depreciation expense (16,000) Gain on Sale of Plant Assets 16,000 Net Income $137,000 Dec. 31,2018 Accounts Receivable $45,300 Inventory 1,600 Accounts Payable 22,500 Accured Liabilities 900 Dec. 31, 2017 Accounts Receivable $22,250 Inventory 1,800 Accounts Payable 22,250 Accured Liabilities 1,150 Prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Eiffel Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2018 Operating…
Portions of the financial statements for Peach Computer are provided below. FEACH COMPUTER Income Statement For the year ended December 31, 2015 Net sales $1,575,000 Expenses: Cost of goods sold $960,000 Operating expenses 470,000 Depreciation expense 41,000 Income tax expense 31,000 Total expenses 1,502,000 Net income $73,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Total 2015 2014 Increase (I) or Decrease (D) Cash $93,000 $80,500 $12,500 (1) Accounts receivable 46,900 53,500 6,600 (D) Inventory 66,000 50,500 15,500 (1) Prepaid rent 2,100 3,200 1,100 (D) Accounts payable 36,000 32,500 3,500 (1) Income tax payable 4,100 5,500 1,400 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)
Cash flow from assets. Use the data from the following financial statements in the popup window, The company paid interest expense of $19,000 for 2017 and had an overall tax rate of 40% for 2017. Find the cash flow from assets for 2017, and break it into its three parts: operating cash flow, capital spending, and change in net working capital. The operating cash flow is $ (Round to the nearest dollar.) Data table Sales revenue $349,800 Cost of goods sold $142,000 Fixed costs $42,900 Selling, general, and administrative expenses Depreciation $28,100 $45,900 (Click on the following icon in order to copy its contents into a spreadsheet.) Partial Balance Sheet 12/31/2016 ASSETS Cash Accounts receivable Inventories LIABILITIES $16,100 Notes payable $13,800 $27,800 Accounts payable $19,100 $47,900 Long-term debt $189,800 Fixed assets $368,100 OWNERS' EQUITY Accumulated depreciation $142,100 Retained earnings Intangible assets $82,000 Common stock $131,800 (Click on the following icon in…

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