Cash balance at prior year-end Increase in inventory Depreciation expense Cash received from issuing stock Cash paid for dividends VPI COMPANY Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Changes in current operating assets and liabilities $ 43,600 Gain on sale of machinery 8,600 Cash received from sale of machinery 7,600 Increase in accounts payable Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Cash paid for dividends Cash flows from investing activities 11,600 Net income 4,608 Decrease in accounts receivable Cash flows from financing activities $ $ $ 0 0 0 0 0 $ 2,900 11,300 3,300 59,000 6,600

Cash balance at prior year-end Increase in inventory Depreciation expense Cash received from issuing stock Cash paid for dividends VPI COMPANY Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Changes in current operating assets and liabilities $ 43,600 Gain on sale of machinery 8,600 Cash received from sale of machinery 7,600 Increase in accounts payable Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Cash paid for dividends Cash flows from investing activities 11,600 Net income 4,608 Decrease in accounts receivable Cash flows from financing activities $ $ $ 0 0 0 0 0 $ 2,900 11,300 3,300 59,000 6,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Review the Statement of Cash Flows. What is the largest item impacting reconciliation of net income to net cash for the most recent period?
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…
Use the following information of VPI Company to prepare a statement of cash flows for the year ended December 31 using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) Cash balance at prior year-end Increase in inventory Depreciation expense Cash received from issuing stock Cash paid for dividends Cash flows from operating activities VPI COMPANY Statement of Cash Flows (Indirect Method) For Current Year Ended December 31 Changes in current operating assets and liabilities $43,600 8,600 7,600 11,600 4,600 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Cash flows from investing activities Gain on sale of machinery Cash received from sale of machinery Increase in accounts payable Net income Decrease in accounts receivable Cash flows from financing activities $ 2,900 11,300 3,300 59,000 6,600
Changes in Current Operating Assets and Liabilities Victor Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $21,800 $27,300 Inventory 77,000 67,500 Accounts payable 29,600 24,900 Dividends payable 22,000 21,000 Adjust net income of $93,800 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
On December 31, 2021, using Indirect Method of Presenting the Cash flows from Operations, total adjustments from the net income due to non-operating items amounted to?
Balance Sheet at December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-terel Common Stock Retained Earnings Total Liabilities and Stockholders' F Equity Income Statement Service Revenue Salaries and Wages Expense Depreciation Expense Income Tax Expense Net Income HEADS UP COMPANY Statement of Cash Flows For the Year Ended December 21 Cash Flows from Operating Activities Cash Collected from Customers Clash Paid for Income Tax Cash Paid for Salaries and Wages to Employees Cash Paid for Other Operating Expenses Activities Net Cash Provided by Operating Additional Data: a Bought new hockey equipment for cash, $470 b Borrowed $1000 cash from the bank during the year c Accounts Payable includes only purchases of services made on credit for operating purposes. Because there are no liability accounts relating to income tax, assume that this expense was fully paid in cash Required: 1.…
Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $298,400 Depreciation expense 59,600 Loss on disposal of equipment 24,800 Increase in accounts receivable 13,200 Increase in accounts payable 11,800 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.
Changes in Current Operating Assets and Liabilities Blue Circle Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $20,300 $25,000 Inventory 85,100 76,000 Accounts payable 18,100 22,100 Dividends payable 24,000 23,000 Adjust net income of $104,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
Subject: acounting
Comment on the Cash flows from operating activities R756 000; Increase in receivables (R396 000) and Cash flows from investing activities (R1 368 000)
Cash Flows from Financing Activities: Payment of short-term debt Payment of notes payable Proceeds from Issuance of long-term debt Proceeds from Issuance of common stock Payment of cash dividends on common stock Net cash provided by financing activities Net decrease in cash for the year Assets Cash Accounts receivable Merchandise inventory Total current assets Land Buildings Less: Accumulated depreciation Total land and buildings Total assets Liabilities Accounts payable Short-term deb HARRIS INC. Balance Sheet At December 31, 2019 Notes payable Total current liabilities Long-term debt Stockholders' Equity Common stock, no par Retained earnings Total Stockholders' Equity Total liabilities and Stockholders Equity Required A Required B Accote: Current st Cash Accounts receivable Merchandise inventory Totalcument assets Noncurent assets: Land Buildings Less: Accumulated depreciation Total noncurent assets Total assets Liabilities and stockholders' Equity: Current liabilities: Accounts…
Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current year-end Cash received as interest Cash paid for salaries. Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Land purchased by issuing long-term notes payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received from customers Cash paid for inventory $ 46,000 129,352 4,600 133,400. 145,000 230,000 112,700 84,100 43,700 27,600 73,600 892,400 464,048 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method) for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. (Amounts to be deducted should be indicated with a minus sign.)