Cas Inc., corporation, has the following pertinent information happened during the year P 1,980,000 510,000 100,000 630,000 450,000 120,000 270,000 110,000 80,000 1,000,000 150,000 Net income Depreciation expense Amortization Decrease in accounts receivable Increase inventory Increase in accounts payable Payment of dividends Purchase of available for sale securities Decrease in income tax payable Increase in long-term note payable Decrease in short-term borrowings

Cas Inc., corporation, has the following pertinent information happened during the year P 1,980,000 510,000 100,000 630,000 450,000 120,000 270,000 110,000 80,000 1,000,000 150,000 Net income Depreciation expense Amortization Decrease in accounts receivable Increase inventory Increase in accounts payable Payment of dividends Purchase of available for sale securities Decrease in income tax payable Increase in long-term note payable Decrease in short-term borrowings

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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Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $480,300 Depreciation expense 69,400 Loss on disposal of equipment 37,600 Increase in accounts receivable 10,300 Increase in accounts payable 10,300 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 out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Net income $fill in the blank 2 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation fill in the blank 4 Loss on disposal of equipment fill in the blank 6 Changes in current operating assets and liabilities: Increase in accounts receivable fill in the blank 8 Increase in accounts payable fill in the blank 10 Net cash flow…
Required: Categorize the following transactions to the appropriate activity for the year ended 12/31/24 and indicate the cash effect if any. Equipment was purchased for $50,000. O Increase cash from operating activities O Decrease cash from operating activities Increase cash from investing activities Decrease cash from investing activities Increase cash from financing activities O Decrease cash from financing activities O Significant non-cash transaction O none of the above.
A draft statement of cash flows contains the following: £ i Profit before tax 22 ii Depreciation 8 iii Increase in inventories -4 iv Decrease in receivables -3 v Increase in payables -2 Net cash inflow from operating activities 21 Which Two of the following corrections needs to be made to the calculation? a. ii and v b. iv and iii c. i and ii d. iv and v
Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $446,400 Depreciation expense 59,100 Loss on disposal of equipment 39,800 Increase in accounts receivable 27,200 Increase in accounts payable 10,700 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 out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. 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 liabilities: Net cash flow from operating activities $
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 A Required: a. b. C. B What was the consolidated cash balance at January 1, 20X2? Note: Use cell A2 from the given information to complete this question. Balance at December 31, 20X2 Decrease in cash balance during 20X2: Cash flows from operations Cash outflows for investment activities In its consolidated cash flow statement for the year ended December 31, 20X2, Durango Corporation reported operating cash inflows of $284,000, financing cash outflows of $230,000, investing cash outflows of $80,000, and an ending cash balance of $57,000. Durango purchased 70 percent of Steam Company's common stock on March 12, 20X1, at book value. Steam reported net income of $30,000, paid dividends of $10,000 in 20X2, and is included in Durango's consolidated statements. Durango paid dividends of $45,000 in 20X2. The indirect method is used in computing cash flow from operations. Cash outflow for financing activities Net cash…
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Hamburger Heaven's income statement for the current year and selected balance sheet data for the current and prior years ended December 31 are presented below. Income Statement Sales Revenue $1,860 Expenses: Cost of Goods Sold 850 Depreciation Expense Salaries and Wages Expense Rent Expense 150 450 200 Insurance Expense 75 Interest Expense Utilities Expense 45 Net Income 35 Selected Balance Sheet Accounts Current Year Prior Year 72 Inventory Accounts Receivable 55 355 400 Accounts Payable Salaries/Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance 225 260 39 25 25 10 14 TIP: Prepaid Rent decreased because the amount taken out of Prepaid Rent (and subtracted from net income as Rent Expense) was more than the amount paid for rent in cash during the current year. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
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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 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. $133,712 16,162 (10,474) 21,575 8,728 (2,832) Kennedy, Inc. Statement of Cash Flows Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: 100 000
Items that are added back to net income in determining cash provided by operating activities under the indirect method, do not include: Group of answer choices an increase in inventory loss on sale of equipment depreciation expense an increase in accounts payable