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

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Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Arco Steel, Inc. generated total sales of $45,565,200 during fiscal 2010. Depreciation and amortization for the year totaled $2,278,260, and cost of goods sold was $27,339,120. Interest expense for the year was $9,641,300 and selling, general, and administrative expenses totaled $4,556,520 for the year. What is Arco’s EBIT for 2010? A) $9,641,300 B) $11,391,300 C) $13,275,030 D) $18,490,000
Metlock, Inc.'s net income for the current year was $432000. Depreciation was $56000. Accounts receivable and inventories decreased by $18000 and $29000, respectively. Prepaid expenses and salaries payable increased, respectively, by $2000 and $14000. Equipment was sold at a gain of $7800. How much cash was provided by operating activities?
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?
Allen Company's 2022 income statement reported total revenues, $890,000 and total expenses (including $44, 000 depreciation) of $760,000. The company's accounting records showed the following: accounts receivable - beginning balance, $54,000 and ending balance, $43, 600; accounts payable - beginning balance, $26,000 and ending balance, $31,600. Therefore, based only on this information, how much was the 2022 net cash provided by operating activities? Multiple Choice $190,000. $ 178,800. $125, 200. $169, 200
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
Bracewell Company reported net income of ₱195,000 for 2012. Bracewell also reported depreciation expense of ₱45,000 and a loss of ₱5,000 on the sale of equipment. The comparative balance sheet shows a decrease in accounts receivable of ₱15,000 for the year, a ₱17,000 increase in accounts payable, and a ₱4,000 decrease in prepaid expenses. Prepare the operating activities section—indirect method.
For its fiscal year ending October 31, 2022, Pina Colada Corp. reports the following partial data shown below. Income before income taxes Income tax expense (20% x $382,200) Income from continuing operations Loss on discontinued operations Net income $491,400 76,440 414,960 109,200 $305,760 The loss on discontinued operations was comprised of a $45,500 loss from operations and a $63,700 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes. PINA COLADA CORP. Partial Statement of Comprehensive Income V V V >
Chris’s Outdoor Furniture, Incorporated, has net cash flows from operating activities for the last year of $310 million. The income statement shows that net income is $285 million and depreciation expense is $41 million. During the year, the change in inventory on the balance sheet was $31 million, change in accrued wages and taxes was $11 million, and change in accounts payable was $22 million. At the beginning of the year, the balance of accounts receivable was $41 million. Calculate the end-of-year balance for accounts receivable.
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:
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