Bramble Company reported net income of $298,900 for 2022. Bramble sold equipment that cost $122,000 and had a book value$73,200 for $63,440. The comparative balance sheet shows a decrease in accounts receivable of $23,180 for the year, a $15,860increase in accounts payable, a $4,880 increase in prepaid expenses, and a $20,740 increase in accumulated depreciation.Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method. (Show amounts that decrcash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)BRAMBLE COMPANYStatement of Cash Flows (Partial)For the Year Ended December 31, 2022Cash Flows from Operating ActivitiesNet IncomeAdjustments to reconcile net income toNet Cash Provided by Operating ActivitiesLoss on Disposal of Plant AssetsDecrease in Accounts Receivable+A976023180Increase in Accounts Payable15860Increase in Prepaid Expenses-4880Depreciation ExpenseNet Cash Provided by Operating Activities+A20,74029890064660$363560

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Answered: Bramble Company reported net income of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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The income statement disclosed the following items for the year: Depreciation expense $57,000 Gain on disposal of equipment 24,000 Net income 542,000 The changes in the current asset and liability accounts for the year are as follows: Increase(Decrease) Accounts receivable $9,800 Inventory (5,550) Prepaid insurance (1,000) Accounts payable (3,700) Income taxes payable 1,440 Dividends payable 2,200 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
The following is information for Novak Corp. for the year ended December 31, 2020: Sales revenue $1,420,000 Loss on inventory due to decline in net realizable value $70,000 Unrealized gain on FV-OCI equity investments 46,000 Loss on disposal of equipment 45,000 Interest income 9,000 Depreciation expense related to buildings omitted by mistake in 2019 56,000 Cost of goods sold 852,000 Retained earnings at December 31, 2019 950,000 Selling expenses 71,000 Loss from expropriation of land 57,000 Administrative expenses 52,000 Dividends declared 46,000 Dividend revenue 15,000 The effective tax rate is 25% on all items. Novak prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. a)Prepare the retained earnings section of the statement of changes in equity for 2020. (List…
During 2010. Raines Umbrella Corp. had sales of $740,000. Cost of goods sold, administrativeand selling expenses, and depreciation expenses were S610,000, $105,000 & $140,000respectively. In addition, the company had an interest expense of $70,000 and tax rate of 35percent.a. What is Raines's net income for 2010?b. What is its operating cash now?c. Explain your results in (a) and (b)
The 2021 Income statement for Egyptian Nolse Blasters shows that depreciation expense is $80 million, NOPAT is $239 million. At the end of the year, the balance of gross fixed assets was $650 million. The change in net operating working capital during the year was $70 million. Egyptian's free cash flow for the year was $180 million. Calculate the beginning-of-year balance for gross fixed assets. (Enter your answer in millions of dollars.) Gross fixed assets million
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.
Harris Foods' 2021 income statement reported total revenues of $625,000 and total expenses of $485,000 (including $30,000 of depreciation). The 2021 comparative balance sheet reported the following: cash- beginning balance, $60,000 and ending balance, $85,000; accounts receivable- beginning balance, $50,000 and ending balance $35,000; inventory- beginning balance, $45,000 and ending balance, $55,000; Equipment- beginning balance, $225,000 and ending balance, $200,000; accounts payable- beginning balance, $65,000 and ending balance $60.000. In addition to this information, Harris Foods also reported a $5,000 gain on the sale of equipment. Therefore, based only on this information, 2021 net cash inflow from operating activities was:
In its income statement for the year ended December 31, 2025, Cullumber Company reported the following condensed data Salaries and wages expenses $492,900 Cost of goods sold 808,930 Interest expense Interest revenue Depreciation expense (a) - 75,260 68,900 334,800 Your answer is partially correct. Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $68,900 2,142,600 Prepare a multiple-step income statement. (List other revenues before other expenses.) 26,250 169,600 116,600
During the year, the senbet discount tire company had gross saels of 556900. the companys cost of goods sold and selling expenses were 189200 and 110200, respectively. The company aslo had debt of 496000 which carried and interest rate of 6 percent. depreciation was 65700, tax rate 21 percent. a. what is the companys net income? b. what was the companys operating cash flow?
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