Changes in Current Operating Assets and Liabilities-Indirect MethodCovington Corporation's comparative balance sheet for current assets and liabilities was as follows:Dec. 31, 20Y2Dec. 31, 20Y1$21,700$20,50074,00074,700Accounts payable30,90029,200Dividends payable23,00025,000Adjust net income of $113,600 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.Accounts receivableInventory

Changes in Current Operating Assets and Liabilities-Indirect Method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $21,700 $20,500 Inventory 74,000 74,700 Accounts payable 30,900 29,200 Dividends payable 23,000 25,000 Adjust net income of $113,600 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.

Changes in Current Operating Assets and Liabilities-Indirect Method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $21,700 $20,500 Inventory 74,000 74,700 Accounts payable 30,900 29,200 Dividends payable 23,000 25,000 Adjust net income of $113,600 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.

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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Changes in Current Operating Assets and Liabilities-Indirect Method Victor Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $27,100 $26,900 Inventory 77,900 78,600 Accounts payable 18,600 17,200 Dividends payable 21,000 20,000 Adjust net income of $89,400 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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Horizontal Analysis The comparative temporary investments and inventory balances of a company follow: Current Year Previous Year Accounts payable $79,360 $62,000 Long-term debt 28,046 37,900 Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis? Amount of Change Increase/tcrease Percentage Accounts payable Long-term debt % %
Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $308,140 $179,040 Property, plant, and equipment 576,520 522,200 Intangible assets 109,340 44,760 Current liabilities 228,620 134,280 Long-term liabilities 397,600 313,320 Common stock 99,400 104,440 Retained earnings 268,380 193,960 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Kwan CompanyComparative Balance SheetFor the Years Ended December 31 CurrentyearAmount CurrentyearPercent PreviousyearAmount PreviousyearPercent Current assets $308,140 fill in the blank 1% $179,040 fill in the blank 2% Property, plant, and equipment 576,520 fill…
Changes in Current Operating Assets and Liabilities-Indirect Method Victor Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $22,700 $21,500 Inventory 73,700 74,400 Accounts payable 19,800 18,300 Dividends payable 30,000 28,000 Adjust net income of $125,900 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
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