Burch Company Income Statement For the year ended December 31 Sales $250,000 Cost of goods sold (160,000) Depreciation expense (26,400) Other expenses (35,000) Income tax expense (12,000) Net income $16,600 Required: Compute the net cash flows from operating activities using the indirect method. 33,200 X
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- The list includes all balance sheet accounts related to cash from operating activities. Case X Case Y Case Z Net income $ 5,800 $ 146,000 $ 105,600 Depreciation expense 43,600 11,600 35,200 Accounts receivable increase (decrease) 58,200 29,000 (5,800 ) Inventory increase (decrease) (29,200 ) (14,600 ) 14,600 Accounts payable increase (decrease) 35,000 (32,200 ) 20,400 Accrued liabilities increase (decrease) (64,200 ) 17,600 (11,600 ) For each of the above separate cases X, Y, and Z, compute cash flows from operations using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)Determining Selected Amounts for Cash Flows from Operating Activities-Direct Method Selected data taken from the accounting records of Ginis Inc. for the current year ended December 31 are as follows: Balance, December 31 Balance, January 1 Accrued expenses payable (operating expenses) $6,360 $6,950 Accounts payable (merchandise creditors) 38,680 42,690 Inventories 72,600 78,910 During the current year, the cost of merchandise sold was $420,000, and the operating expenses other than depreciation were $85,000. The direct method is used for presenting the cash flows from operating activities on the statement of cash flows. a. Determine the amount reported on the statement of cash flows for cash payments for merchandise. b. Determine the amount reported on the statement of cash flows for cash payments for operating expenses. %24termining Net Income from Net Cash Flow from Operating Activities Curwen Inc. reported net cash flow from operating activities of $216,400 on its statement of cash flows for the year ended December 31. The following information was reported in the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method: Decrease in income taxes payable $4,200 Decrease in inventories 10,400 Depreciation 16,000 Gain on sale of investments 7,200 Increase in accounts payable 2,900 Increase in prepaid expenses 1,800 Increase in accounts receivable 7,800 a. Determine the net income reported by Curwen Inc. for the year ended December 31.$fill in the blank 1 b. Curwen’s net income is different than net cash flow from operating activities. Which of the following could possibly be the reason for such difference? Because depreciation expense which has no effect on cash flows from operating activities. Changes in current operating assets and…
- Use the following information from Dubuque Company's financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018: 2018 Income Statement Balance Sheets Sales Cost of Goods Sold Operating Expenses, other than depreciation expense Depreciation Expense Gain on Sale of Plant Assets $ 299,000 (135,000) (27,000) (17,000) 16,500 136,500 Net Income Dec. 31, 2018 $45,300 1,600 22,500 900 Accounts Receivable Inventory Accounts Payable Accrued Liabilities Accounts Receivable Inventory Accounts Payable Accrued Liabilities Dec. 31, 2017 $43,400 1,800 21,250 1,150 PLEASE NOTE: Use the account and term names exactly, as shown above and the accounts will be listed in the same order as shown in the textbook examples. All dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345) and decreases will be shown with parentheses - $(12,345).ences Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income $ 160,000 Accounts receivable increase Inventory decrease Salaries payable increase 100,000 24,000 12,000 $ 24,000 Selected Year-End Balance Sheet Data Required: Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 10,000 16,000 1,000E5-10 Operating Cash Flows: Direct Method The following are various cash flows and other information for Smyczek Company: LO 5.9 Payments of interest, $8,200 b. Receipt from sale of land, S7,900 Interest collected, S10,000 d. Payment of dividends, $12,100 e. Depreciation expense, $24,700 f. g. Payments of income taxes, $15,400 h. Receipt from issuance of stock, $18,900 Payments to suppliers and employees, $67,500 Increase in inventories, $4,600 a. C. Collections from customers, $101,600 Required: Using the direct method, prepare the operating activities section of Smyczek's statement of cash flows. nte 出能 券券 班
- I need help with thisCash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $277,600. Depreciation recorded on equipment and a building amounted to $83,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $77,450 $82,100 Accounts Recievable (net) 98,210 101,310 Inventories 193,630 174,540 Prepaid Expenses 10,770 11,580 Accounts Payable (merchandise creditors) 86,510 91,620 Salaries Payable 12,470 11,410 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. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: - Net income $ Adjustments to reconcile net income to net cash flows from (used…Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current year was $106,800. Depreciation recorded on store equipment for the year amounted to $41,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Inventories End of Year Beginning of Year $24,100 65,000 47,200 3,250 23,400 4,700 $19,700 54,000 52,000 Prepaid expenses 6,000 Accounts payable (merchandise creditors) 18,500 6,400 Wages payable 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. Statement of Cash Flows (partial) Line Item Description Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities:…
- Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $277,000. Depreciation recorded on equipment and a building amounted to $82,800 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $74,240 $78,690 Accounts receivable (net) 94,140 97,100 Inventories 185,600 167,290 Prepaid expenses 10,320 11,100 Accounts payable (merchandise creditors) 82,930 87,820 Salaries payable 11,950 10,940 a. 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. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and…Lee Company has provided the following information: • Cash flow from operating activities, $258,000 .Net Income, $186.000 • Interest expense, $38,000 Interest cash payments, $28,000 • Income tax payments, $158,000 Income tax expense, $154.000 Using the modified method discussed in the text, what was Lee's cash coverage ratio? . Multiple Choice O O 15.86 16.07 8.04 6.50The following information pertains to Peak Heights Company: Sales Expenses Cost of goods sold Salaries expense Net income Income Statement for Current Year $ 93,000 $ 51,875 Depreciation expense 6,000 12,000 69,875 $ 23,125 Partial Balance Sheet Current year Accounts receivable Inventory Salaries payable $ 10,500 13,000 2,250 Prior year $ 12,000 8,000 800 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect met Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial)
