Cash Flows from Operating Activities-Indirect Method Staley Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable Increase 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 out flows, cash payments, decreases in cash, or any negative adjustments. $379,500 59,900 38,700 12,000 11,800 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 current operating assets and liabilities: Net cash flow from operating activities 0 00 00

Cash Flows from Operating Activities-Indirect Method Staley Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable Increase 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 out flows, cash payments, decreases in cash, or any negative adjustments. $379,500 59,900 38,700 12,000 11,800 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 current operating assets and liabilities: Net cash flow from operating activities 0 00 00

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

Problem 11-8A (Algo) Prepare an income statement using operating cash flow information-indirect and direct methods (LO11-3, 11-7) Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income tax payable Net cash flows from operating activities Cash Flows from Operating Activities (Direct method) Cash received from customers Cash paid to suppliers Cash paid for operating expenses Cash paid for income taxes Net cash flows from operating activities REVERSE LOGIC Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense…
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. *Retained earnings date Items debit credit debit credit Jan 1 Balance 2,585,700 dec 31 net loss 35,320 2,550,380 dec 31 cash dividends 32,400 2,517,980
he comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: abels and Amount Descriptions Labels Dec. 31, Dec. 31, December 31, 20Y8 For the Year Ended December 31, 20Y8 Amount Descriptions Cash paid for equipment Cash received from issuing common 20Y8 20Υ7 12 Assets 3 Cash $145,670.00 $179,640.00 4 Accounts receivable (net) 225,480.00 241,430.00 stock 5 Merchandise inventory 320,660.00 298,210.00 Cash dividends 6 Prepaid expenses 12,990.00 8,900.00 Cash paid to retire mortgage note 7 Equipment 655,730.00 537,410.00 payable Decrease in merchandise inventory 8 Accumulated depreciation-equipment (171,620.00) (132,200.00) Total assets $1,188,910.00 $1,133,3 Decrease in accounts payable Decrease in accounts receivable 10 Liabilities and Stockholders' Equity Decrease in prepaid expenses Depreciation Increase in accounts payable 11 Accounts payable (merchandise creditors) $250,770.00 $237.180.00 12 Mortgage note payable 00 336,110.00 13 Common…
4
I need some assistance in Preparing the operating activities section of the statement of cash flows using the direct method. See attached images for the inputs. I have been getting "bounced" on the yellow sections for incorrect values
Yeoman Inc. reported the following data: Net income $170,000 Depreciation expense 29,000 Loss on disposal of equipment 11,850 Increase in accounts receivable 10,490 Increase in accounts payable 5,430 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.
26
Statement of Cash Flows—Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $73,180 $89,960 Accounts receivable (net) 112,450 121,280 Inventories 160,640 150,320 Prepaid expenses 6,540 4,550 Equipment 327,220 269,310 Accumulated depreciation-equipment (85,080) (66,050) Total assets $594,950 $569,370 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $124,940 $119,000 Mortgage note payable 0 170,810 Common stock, $1 par 19,000 12,000 Paid-in capital: Excess of issue price over par-common stock 280,000 161,000 Retained earnings 171,010 106,560 Total liabilities and stockholders’ equity $594,950 $569,370 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income,…
Help
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $73,600. Depreciation recorded on store equipment for the year amounted to $27,400. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Accounts payable (merchandise creditors) Wages payable End of Year $23,500 56,000 35,500 4,750 21,800 4,900 Beginning of Year $18,700 48,000 40,000 7,000 16,800 5,800 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
Please read through the questions carefully and enter answers carefully with the table provided
Get Solve