Bryant Company reports net income of $21,200. For the year, depreciation expense is $8,200 and the company reports a gain of$4,200 from sale of machinery. It also had a $3,200 loss from retirement of notes. Compute cash flows from operations using theindirect method.Note: Amounts to be deducted should be indicated by a minus sign.Cash Flows from Operating Activities (Indirect)Adjustments to reconcile net income to net cash provided by operating activitiesIncome statement items not affecting cash

Cash flow from operating (indirect)Net Income$21,200Adjustment to reconcile net income to net cash…

Answered: Bryant Company reports net income of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accounts receivable from sales transactions were $48,847 at the beginning of the year and $66,305 at the end of the year. Net income reported on the income statement for the year was $142,809. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method is:
Bryant Company reports net income of $21,000. For the year, depreciation expense is $8,000 and the company reports a gain of $4,000 from sale of machinery. It also had a $3,000 loss from retirement of notes. Compute cash flows from operations using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Cash Flows from Operating Activities (Indirect) Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash
Laser World reports net income of $650,000. Depreciation expense is $50,000, accounts receivable increases $11,000, and accounts payable decreases $30,000. Calculate net cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
Staley Inc. reported the following data: Net income $338,400 Depreciation expense 66,700 Loss on disposal of equipment 31,900 Increase in accounts receivable 25,200 Increase in accounts payable 10,100 Prepare the Cash Flows from 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. what is the answer to this?
On the indirect statement of cash flows, $500,000 relating to notes payable was subtracted from net income to get indirect cash flow from operations. This must mean that:
Micro Manufacturing reports net income of $866,000. Depreciation Expense is $74,000, Accounts Receivable increases $36,000 and Accounts Payable decreases $11,000. Calculate net cash flows from operating activities using the indirect method. (Negative value should be indicated by minus sign.) Net cash flows from operating activities
Net income of Mansfield Company was $45,000. The accounting records reveal depreciation expense of $80,000 as well as increases in prepaid rent, salaries payable, and income taxes payable of $60,000, $15,000, and $12,000, respectively. Prepare the cash flows from operating activities section of Mansfield’s statement of cash flows using the indirect method.
A company reports net income of $157,000. Included in net income is a gain on the sale of land of $16,000. A comparison of this year's and last year's balance sheets reveals an increase in accounts receivable of $27,000, an increase in inventory of $16,000, and a decrease in accounts payable of $47,00O. Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities 2$
Kennedy, Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Gain on sale of building Increase in accounts receivable Decrease in accounts payable Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Cash flows from operating activities: $152,168 12,599 (10,151) 19,285 8,486 (3,847) Kennedy, Inc. Statement of Cash Flow Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: 0 000 0
Accounts receivable from sales transactions were $49,313 at the beginning of the year and $62,098 at the end of the year. Net income reported on the income statement for the year was $122,531. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method would be
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2021 fiscal year was $654,000. Depreciation and amortization expense of $93,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Decrease in accounts receivable $ 28,000 Increase in inventory 9,800 Increase in prepaid expenses 9,100 Increase in salaries payable 10,600 Decrease in income taxes payable 17,000 Required:Prepare the operating activities section of the 2021 statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.)
Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 102,000 $ 122,400 Accounts receivable 81,700 88,000 Inventory 109,700 100,000 Total current assets 293,400 310,400 Property, plant, and equipment 291,000 280,000 Less accumulated depreciation 97,000 70,000 Net property, plant, and equipment 194,000 210,000 Total assets $ 487,400 $ 520,400 Accounts payable $ 64,000 $ 113,700 Income taxes payable 49,700 65,700 Bonds payable 120,000 100,000 Common stock 140,000 120,000 Retained earnings 113,700 121,000 Total liabilities and stockholders’ equity $ 487,400 $ 520,400 During the year, Ravenna paid a $12,000 cash dividend and it sold a piece of equipment for $6,000 that had…

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