Homework Help is Here – Start Your Trial Now!
Business
Accounting
Chapter 13 Statement of Cash Flows 667 VEX 13-17 Statement of cash flows-indirect method Obj. 2, 3, 4, 5 V Net cash flow from operating activities, $38 The comparative balance sheet of Olson-Jones Industries Inc, for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 14 49 $183 ..... EXCEL TEMPLATE Accounts receivable (net) SOW ME HOW 55 Inventories Land 117 99 250 330 Equipment.. Accumulated depreciation-equipment Total assets . 205 175 (68) $742 (42) $625 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable.... Common stock, $1 par.. Paid-in capital in excess of par-common stock Retained earnings.. Total liabilities and stockholders' equity. $51 $ 37 5. 80 70 125 85 438 $625 476 $742 The following additional information is taken from the records: a. Land was sold for $120. b. Equipment was acquired for cash. C. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $62 credit to Retained Earnings for net income. f. There was a $24 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. b. Was Olson-Jones's net cash flow from operations more or less than net income? What is the source of this difference?

Chapter 13 Statement of Cash Flows 667 VEX 13-17 Statement of cash flows-indirect method Obj. 2, 3, 4, 5 V Net cash flow from operating activities, $38 The comparative balance sheet of Olson-Jones Industries Inc, for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 14 49 $183 ..... EXCEL TEMPLATE Accounts receivable (net) SOW ME HOW 55 Inventories Land 117 99 250 330 Equipment.. Accumulated depreciation-equipment Total assets . 205 175 (68) $742 (42) $625 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable.... Common stock, $1 par.. Paid-in capital in excess of par-common stock Retained earnings.. Total liabilities and stockholders' equity. $51 $ 37 5. 80 70 125 85 438 $625 476 $742 The following additional information is taken from the records: a. Land was sold for $120. b. Equipment was acquired for cash. C. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $62 credit to Retained Earnings for net income. f. There was a $24 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. b. Was Olson-Jones's net cash flow from operations more or less than net income? What is the source of this difference?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
Only EX 13-17 thank you!
Chapter 13 Statement of Cash Flows 667 EX 13-17 Statement of cash flows-indirect method The comparative balance sheet of Olson-lones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Obj. 2, 3, 4, 5 V Net cash flow from operating activities, $38 Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash ........ $183 $ 14 SNOW ME NOW EXCEL TEMPLATE Accounts receivable (net) 49 55 Inventories 117 99 Land Equipment.. Accumulated depreciation-equipment. 250 330 205 175 (68) $742 (42) $625 Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable. Common stock, $1 par. Paid-in capital in excess of par-common stock Retained earnings. Total liabilities and stockholders' equity $ 1 $ 37 5 125 80 85 70 438 476 $742 $625 The following additional information is taken from the records: a. Land was sold for $120. b. Equipment was acquired for cash. C. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $62 credit to Retained Earnings for net income. f. There was a $24 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. b. Was Olson-Jones's net cash flow from operations more or less than net income? What is the source of this difference? EX 13-18 Statement of cash flows-indirect method List the errors you find in the following statement of cash flows. The cash balance at the beginning of the year was $240,000. All other amounts are correct, except the cash balance at the end of the year. Obj. 2, 3, 4, 5 Shasta Inc. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from (used for) operating activities: Net income....... ১ 360,000 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation...... 100,800 Gain on sale of investments. 17,280 Changes in current operating assets and liabilities: Increase in accounts receivable 27,360 Increase in inyentories (36,000) Increase in accounts payable Decrease in accrued expenses payable. Net cash flow from operating activities Cash flows from (used for) investing activities: (3,600) (2,400) $ 463,440 Cash received from sale of investments $ 240,000
Transcribed Image Text:Chapter 13 Statement of Cash Flows 667 EX 13-17 Statement of cash flows-indirect method The comparative balance sheet of Olson-lones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Obj. 2, 3, 4, 5 V Net cash flow from operating activities, $38 Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash ........ $183 $ 14 SNOW ME NOW EXCEL TEMPLATE Accounts receivable (net) 49 55 Inventories 117 99 Land Equipment.. Accumulated depreciation-equipment. 250 330 205 175 (68) $742 (42) $625 Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable. Common stock, $1 par. Paid-in capital in excess of par-common stock Retained earnings. Total liabilities and stockholders' equity $ 1 $ 37 5 125 80 85 70 438 476 $742 $625 The following additional information is taken from the records: a. Land was sold for $120. b. Equipment was acquired for cash. C. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $62 credit to Retained Earnings for net income. f. There was a $24 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. b. Was Olson-Jones's net cash flow from operations more or less than net income? What is the source of this difference? EX 13-18 Statement of cash flows-indirect method List the errors you find in the following statement of cash flows. The cash balance at the beginning of the year was $240,000. All other amounts are correct, except the cash balance at the end of the year. Obj. 2, 3, 4, 5 Shasta Inc. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from (used for) operating activities: Net income....... ১ 360,000 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation...... 100,800 Gain on sale of investments. 17,280 Changes in current operating assets and liabilities: Increase in accounts receivable 27,360 Increase in inyentories (36,000) Increase in accounts payable Decrease in accrued expenses payable. Net cash flow from operating activities Cash flows from (used for) investing activities: (3,600) (2,400) $ 463,440 Cash received from sale of investments $ 240,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Investments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS