Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $340,000; Cash paid for rent, $40,000; Cash paid to employees for services rendered during the year, $120,000; Cash paid for utilities, $50,000. In addition, you determine that customers owed the company $60,000 at the end of the year, and no bad debts were anticipated. Also, the company owed the gas and electric company $2,000 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year. Jul

Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $340,000; Cash paid for rent, $40,000; Cash paid to employees for services rendered during the year, $120,000; Cash paid for utilities, $50,000. In addition, you determine that customers owed the company $60,000 at the end of the year, and no bad debts were anticipated. Also, the company owed the gas and electric company $2,000 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year. Jul

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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21. Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows:Cash collected from customers, $120,000; Cash paid for rent $40,000; Cash paid to employees for services rendered during the yer, $120,000; Cash paid for utilities, $50,000.In addition, you determine the customers owed the company $60,000, at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $2,000 at year- end, and the rent payment was for a two- year period. Calculate acrual net income for the year.
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Husky Company has provided the following information for its most recent year of operation: Cash collected from customers totaled $90,800. Cash borrowed from banks totaled $34,700. Cash paid to employees for salaries totaled $33,600. Cash received from selling Husky common stock to stockholders totaled $56,000. Cash payments to banks for repayment of money borrowed totaled $9,000. Cash paid to suppliers totaled $14,000. Land costing $34,000 was sold for $34,000 cash. Cash paid for dividends to stockholders totaled $4,800. How much was Husky's cash flow from operating activities? Multiple Choice O O O $43,200 $47,800 $37,100 $32,900
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