Cinq Six Corporation provided the following comparative statement of financial position and additional information necessary for the preparation of a statement of cash flows for the year ended December 31, 2021. 2020 P880,000 950,000 1,100,000 60,000 2,000,000 (540,000) 500,000 P6,760,000 P4,950,000 Accounts 2021 Cash Accounts Receivable Inventory Prepaid Expenses Property, Plant and Equipment Accumulated Depreciation Patent P1,150,000 820,000 1,180,000 40,000 4,000,000 (880,000) 450,000 Total Accrued Expenses Accounts Payable Note Payable – 60-day loan Note Payable – 5-year loan Share Capital Share Premium Retained Earnings Treasury Shares P120,000 540,000 600,000 1,000,000 3,000,000 700,000 1,040,000 (240,000) 6,760,000 P110,000 600,000 800,000 2,500,000 200,000 740,000 Total 4,950,000 Additional Information during 2021: • The net income for the year is P1,000,000. • Cash dividend of P700,000 is declared and paid. Equipment is purchased for cash amounting to P2,000,000. All notes payables represent bank loans. 5,000 shares with par value of P100 were issued at P200 per share. Treasury shares are purchased for P240,000 cash. Required: Prepare the statement of cash flows

Cinq Six Corporation provided the following comparative statement of financial position and additional information necessary for the preparation of a statement of cash flows for the year ended December 31, 2021. 2020 P880,000 950,000 1,100,000 60,000 2,000,000 (540,000) 500,000 P6,760,000 P4,950,000 Accounts 2021 Cash Accounts Receivable Inventory Prepaid Expenses Property, Plant and Equipment Accumulated Depreciation Patent P1,150,000 820,000 1,180,000 40,000 4,000,000 (880,000) 450,000 Total Accrued Expenses Accounts Payable Note Payable – 60-day loan Note Payable – 5-year loan Share Capital Share Premium Retained Earnings Treasury Shares P120,000 540,000 600,000 1,000,000 3,000,000 700,000 1,040,000 (240,000) 6,760,000 P110,000 600,000 800,000 2,500,000 200,000 740,000 Total 4,950,000 Additional Information during 2021: • The net income for the year is P1,000,000. • Cash dividend of P700,000 is declared and paid. Equipment is purchased for cash amounting to P2,000,000. All notes payables represent bank loans. 5,000 shares with par value of P100 were issued at P200 per share. Treasury shares are purchased for P240,000 cash. Required: Prepare the statement of cash flows

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

6zOshLaGsSzvcHy9vKm0jUnAg/formResponse?pli=1 * Required Consider the following selected financial information for Aishti company. Aishti Company Income Statement For the Year Ended December 31, 2020 Aishti Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 Assets Cash Accounts Receivable Inventories $2,415 $5,040 Revenues $94.300 $5,355 $6,195 $10,290 $10,080 Less: Depreciation expense $6.825 Plant & Equipment Less: Acc. Depreciation Total Assets $22,575 ($15,960) ($9,135) S35,070 $32,970 Less: Other operating expenses 74,560 $34,755 Less: Interest Expense 3,990 Liabilities & O/E Accounts Payable Income Tax Payable Long-Term Debt Common Stock Retained Earmings Total Liabilities and 0/E $3,885 $1,260 $9,555 $11,550 $8.820 $35,070 S5,775 $2,940 $8,715 $14,175 $3,150 $34,755 Income before income taxes $9,135 Income tax expense $3.197 Net income $5,938 1. Using the indirect method of cash flow statement, what is the net dash
Net Cash Flow from Operating Activities Hyde Company's records for 2019 provide the following information: a. amortization of premium on bonds payable, $700 b. purchase of equipment, $6,000 c. depreciation expense, $7,300 d. decrease in accounts receivable, $900 e. decrease in accounts payable, $2,700 f. issuance of long-term note for cash, $4,200 g. increase in inventories, $7,600 Required: h. i. j. HYDE COMPANY Statement of Cash Flows (Partial) For Year Ended December 31, 2019 k. I. m. gain on sale of land, $7,800 increase in prepaid assets, $600 declaration and payment of cash dividends, $1,800 increase in wages payable, $600 patent amortization expense, $1,000 net income, $10,400 Prepare the operating activities section of the 2019 statement of cash flows for Hyde Company using the indirect method. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments.
Prepare a statement of cash flows for the year 2025
In preparation for developing its statement of cash flows for the year ended December 31, 2021, Millennium Solutions, Inc. collected the following information: (s in millions) Payment for the early extinguishments of long-tern notes (book value: $62.0 million) Sale of common shares Retirement of common shares Loss on sale of equipment Proceeds from sale of equipment Issuance of short-term note payable for cash Acquisition of byilding for cash Purchase of markitable securities (not a cash equivalent) Purchase of marketable securities (considered a cash equivalent) Cash payment for 3-year insurance policy Collection of note receivable with interest (principal amount, $19) Declaration of cash dividends Distribution of cash dividends declared in 2020 $ 66.0 208.0 130.0 2.8 11.2 18.0 11.0 13.0 9.0 11.0 21.0 48.0 45.0 03:28 Required: 1. In Millennium's statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2021? (Amounts to be deducted should be…
Gems Co. uses the indirect method to prepare its statement of cash flows. The following comparative statement of financial position for 2021 and 2022 are presented: At December 31 2022 2021 Property, Plant and Equipment (PPE) $1 260 000 $1 050 000 Accumulated depreciation (450 000) (375 000) Patent 153 000 174 000 Prepaid expenses 18 000 27 000 Inventory 150 000 180 000 Accounts receivable 159 000 117 000 Cash 297 000 153 000 $1 587 000 $1 326 000 Accounts payable $ 153 000 $ 168 000 Accrued liabilities 60 000 42 000 Mortgage payable ---- 450 000 Share capital-Preference 645 000 ----- Share capital-Ordinary 600 000 600 000 Retained earnings 129 000 66 000 $1 587 000 $1 326 000 Additional Information: 1. The Accumulated Depreciation account has been credited only for the depreciation expense for the…
Use the following information from Dubuque Company's financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018: 2018 Income Statement Balance Sheets Sales Cost of Goods Sold Operating Expenses, other than depreciation expense Depreciation Expense Gain on Sale of Plant Assets $ 299,000 (135,000) (27,000) (17,000) 16,500 136,500 Net Income Dec. 31, 2018 $45,300 1,600 22,500 900 Accounts Receivable Inventory Accounts Payable Accrued Liabilities Accounts Receivable Inventory Accounts Payable Accrued Liabilities Dec. 31, 2017 $43,400 1,800 21,250 1,150 PLEASE NOTE: Use the account and term names exactly, as shown above and the accounts will be listed in the same order as shown in the textbook examples. All dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345) and decreases will be shown with parentheses - $(12,345).
Using the financial statements and notes provided below, prepare a cash flow analysis for the Penelope Company for 2019. Penelope Company Income Statement For the Year Ended December 31, 2019 $2,467,000 1,285,000 1,182,000 Revenues Cost of Goods Sold Gross Margin Operating Expenses: Selling Expenses Administrative Expenses Depreciation Total Operating Expenses Operating Income 230,000 94,000 15,000 339,000 843,000 Other Items: Loss on Sale of Patent (11,000) (42,000) (53,000) 790,000 316,000 $474,000 Interest Expense Other Items Net Income Before Taxes Тахes Net Income After Taxes A review of the notes to the financial statements revealed the following information: 1. Dividends of $210,000 were declared and paid during the year. 2. Selling Expenses include charges of $10,000 for the amortization of trademarks. 3. During 2019 the company sold the only patent that had been reflected on its balance sheet at the beginning of the year. Hint: Consider the beginning balance in the Patent…
Current Attempt in Progress Lee Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5180000 $3979520. $5180000. $6380480. $5706480. 704480 159000 337000 Lee should report cash provided by operating activities of
Net cash flow from operating activities for 2021 for Vaughn Manufacturing was $497000. The following items are reported on the financial statements for 2021: Depreciation and amortization $ 31000 Cash dividends paid on common stock 18400 Increase in accounts receivable 35500 Based only on the information above, Vaughn’s net income for 2021 was:
Given the following data from company def, using the direct method of cash flows the company would have determined its cash inflow to be: $30,000.00 Accounts receivable, at 12/31/2018 $20,000.00 Accounts receivable, at 12/31/2019 $507,000.00 Sales for year 2019 $357,000.00 Gross Profit A) 497,000 B) 367,000 C) 347,000 D) 517,000
How does Accounts Payable impact Declan's Designs' 2022 Statement of Cash Flows?
Required Information Exercise 12-12 (Static) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets 2021 2020 $ 87,500 65,000 $ 44,000 51,000 86,500 At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold IKIBAN INCORPORATED Income Statement 63,800 4,400 5,400 220,700 186,900 124,000 (27,000) $ 317,700 $ 25,000 115,000 (9,000) $292,900 $ 30,000 15,000 3,800 6,000 3,400 34,400 48,800 30,000 60,000 64,400 108,800 220,000 160,000 33,300 $317,700 24,100…