Compute for the total cash provided or used by the operating activities, investing andfinancing activitiesBalances of Auditor Company as of December 31, 2016Payment to SuppliersPayment to long-term creditors15,00025,00060,0005,000Cash collection from custamersCash payments for maintenance expenseCash payment to acquire buildingCash receipts from rent to clientsCash payments for salaries of employees500,00012,00018,000Sale on account90,00025,00015,000Purchases on accountDepreciation of machineryAdditional cash investment from owner90,0006,000100,000Cash payment for amounts borrowedCash receipts from a bank loanCash withdrawal of ownersCash received for selling propertiesNet income of the companyCapital, January 1Cash, January 110,000420,000900,0002,900,0001,500,000

Since, all operating activities payments and receipts are already given, Cash Flow Statement will be…

Answered: Compute for the total cash provided or…

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

Statement of Cash Flow Problem The Statement of Cash Flows for the fiscal year ended November 30, 2019, and other data for Metro Corporation are shown below: Cash flows from operating activities: Cash collections from customers 330,000 Dividends received 20,000 Cash outflows for: Merchandise (100,000) Salaries (50,000) Taxes (25,000) Other operating expenses (20,000) Net cash provided by operating activities 155,000 Cash flows from investing activities: Sales of investments 30,000 Purchased machinery…
Required information [The following information applies to the questions displayed below.] Portions of the financial statements for Parnell Company are provided below. For the Revenues and gains: Sales Cost of goods sold Gain on sale of building Expenses and loss: Salaries Insurance Depreciation PARNELL COMPANY Income Statement Income tax expense Year Ended December 31, 2021 ($ in thousands) Interest expense Loss on sale of equipment Income before tax Net income $ 820 10 $310 122 42 125 52 13 $830 664 166 83 $ 83
The controller of Newstrom Software, Inc., provides the following information as the basis for a statement of cash flows: Cash collected from customers $785,400 Income taxes paid $58,300 Cash paid for interest 22,100 Payment of dividends 35,000 Cash paid to employees and other suppliers of goods and services 221,750 Principal payments on mortgage payable 60,000 Cash paid to suppliers of merchandise 395,540 Principal payments on long-term debt 22,000 Cash received from the issuance of long-term debt 40,000 Proceeds from the issuance of common stock 85,000 Cash received from disposal of equipment 42,500 Purchase of equipment 120,000 Cash received from sale of long-term investments 71,400 Purchase of long-term investments 75,800 I am having trouble classifying what goes into what category (Operating, Investing, or Financing) for the cash flows and so I wanted to ask about this question while I do it. Use a minus sign to indicate any cash outflows: 1. Using…
ht nces Specter Company combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. . . . . $5,000 cash deposit in checking account. $24,000 bond investment due in 20 years. $6,000 U.S. Treasury bill due in 1 month. $300, 3-year loan to an employee. $1,400 of currency and coins. $600 of accounts receivable. Checking account Bond investment U.S. Treasury bill Loan to an employee Currency and coins Accounts receivable Amount Total Cash and cash equivalents 5,000 24,000 6,000 300 1,400 600 Included in Cash and Cash Equivalents? Cash and Cash Equivalents Amount $ $ 0 0 0 0 0 0 0
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…
Free Cash Flow Kat Co. reports the following financial data for the current year: Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash disbursed for capital expenditures Compute Kat's free cash flow. Free cash flow S 17175 x Check $21,500 (10,555) 4,250 (4,325)
Cash and Cash Equivalent & Receivables The following transactions occurred between January to September 2021 for Westwood Corp.: 1. Certificate of deposits received $1,400,000 2. Cash advances made to Eastwood Corporation (a subsidiary of Westwood) $980,000 3. Advance deposit paid to Light and Power Corp. for electricity $600 4. Overdraft in special chequing account at same bank as regular chequing account $17,000 5. Petty cash fund $300 6. Coins and currency on hand $1,350 7. Postdated cheque from Mr. Blanc Chek (customer) $11,000 8. Certified cheque Tenor Inc. (customer) $9,800 9. Postage stamps on hand $620 10. Money market balance at mutual fund (fund has chequing privileges) $48,000 11. NSF cheque received from Mr. Black List (customer) $800 12. Cash advance received from Mr. Paul Prompt (customer) and not included in cash balance $900 13. Cash advance to two company executives payable on demand $7,000 14. Refundable deposit paid to a supplier of specialized drones to guarantee…
C21-11 Researching GAAP Situation You are the new accountant for 12th National Bank and are preparing its 2019 statement of cash flows. The bank reports net income of $75,800 on its 2019 income statement. Included in this net income are the following items: $6,700 gain on sale of trading securities, $1,200 unrealized holding gain on trading securities, and $5,100 loss on sale of securities available for sale. Among its 2019 transactions, the bank sold trading securities with a carrying value of $22,900 for $29,600, and purchased trading securities for $65,200. The bank sold securities available for sale with a cost (and carrying value) of $58,700 for $53,600, and purchased securities available for sale for $39,400. It also made routine 90-day loans of $47,500 to customers and collected $20,000 principal on these customer loans. As a result of the preceding information, the bank’s trading securities account increased by $43,500, the securities available for sale account decreased by…
Prepare cash flows using direct method. Thanks. One Stop Corporation Statement of Cash Flows Year Ended June 30, 2018 Cash Flows from Operating Activities: Receipts: Total Cash Receipts Payments: Total Cash Payments Net Cash Provided by (Used for) Operating Activities Collections from customers $17,000 more than sales dividend revenue, interest expense, and income tax expense equal cash amounts. payments to suppliers are sum of cost of goods sold plus advertising expense. d payments to employees are $1,500 more than salaries expense. Cash payment for acquisition of plant assets is $103,000. cash receipts from sale of land total $24,000 cash receipts from issuance of common stock total $33,000 PAYMENT OF long term notes payable $11,000 payment of dividends is $12,500 cash balance at June 30, 2017 was $26,000 at June 30, 2018 was $40,000 One stop corporation Income statement Year ended June 30, 2018 net sales revenue…
Required information [The following information applies to the questions displayed below.] The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Balance July 1, 2021 + Cash Receipts − Cash Disbursements = July 31, 2021 $7,390 $8,630 $10,140 $5,880 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $ 2,630 7/7 531 Rent $ 1,570 7/21 Sales 3,210 7/12 532 Salaries 2,030 7/31 Sales 2,790 7/19 533 Equipment 4,200 7/22 534 Utilities 970 7/30 535 Advertising 1,370 $ 8,630 $ 10,140 P.O. Box 123878 FIDELITY UNION Member FDIC Gotebo,…
The following summary transactions occurred during the year for Bluebonnet. Cash received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders $380,000 6,000 Cash flows from investing activities: -50,000 30,000 100,000 Net cash flows from investing activities 160,000 5,000 85,000 90,000 Required: Calculate net cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.) 25,000 20,000 BLUEBONNET COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $ 0
The following are summary cash transactions that occurred during the year for Hope Healthcare Company (HHC): Cash received from: Customers Interest on notes receivable Collection of notes receivable Sale of land Issuance of common stock Cash paid for: Interest on notes payable Purchase of equipment Operating expenses Dividends to shareholders Cash flows from operating activities: Cash received from customers Collection of note receivable Cash paid for operating expenses $ 810,000 27,000 250,000 Net cash flows from operating activities 55,000 350,000 Prepare the cash flows from operating activities section of HHC's statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. 33,000 195,000 515,000 45,000

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

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