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 DRYEYE COMPANYPartial Statement of Cash FlowsFor the Year Ended October 31, 2021Cash Flows from Opearting ActivitiesCash Receipts from CustomersLess Cash PaymentsFor Operating ExpensesNet Cash Provided by Operating Activities DRYEYE COMPANYIncome Statementfor Year Ended October 31, 2021Sales revenue$7,499,900Cost of goods soldBeginning Inventory$1,980,800Purchases4,326,200Goods available for sale6,307,000Ending Inventory1,649,800Total cost of goods soldGross Profit4,657,2002,842,700Operating expensesSelling expenses459,000Administrative expenses635,3001,094,300Net income$1,748,400Additional information:1.Accounts receivable decreased $391,600 during the year, and inventory decreased $331,000.|2.Prepaid expenses increased $172,200 during the year.|3.Accounts payable to suppliers of inventory decreased $342,100 during the year.4.Accrued expenses payable decreased $109,700 during the year.5.Administrative expenses include depreciation expense of $100,900

Cash flow statement means the statement which shows the cash flow in or out of business enterprises…

DRYEYE COMPANY Partial Statement of Cash Flows For the Year Ended October 31, 2021 | Cash Flows from Opearting Activities Cash Receipts from Customers Less Cash Payments For Operating Expenses Net Cash Provided by Operating Activities

DRYEYE COMPANY Partial Statement of Cash Flows For the Year Ended October 31, 2021 | Cash Flows from Opearting Activities Cash Receipts from Customers Less Cash Payments For Operating Expenses Net Cash Provided by 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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How would I input the formulas into excel to get those numbers for the statement of cash flows
State the section(s) of the statement of cash flows prepared by the indirect method (operating activities, investing activities, financing activities, or not reported) and the amount that would be reported for each of the following transac Note: Only consider the cash component of each transaction. Use the minus sign to indicate amounts that are cash out flows, cash payments, decreases in cash, or any negative adjustments. If your answer is not reported in an amount box does not require an entry, leave it blank or enter "0". a. Received $120,000 from the sale of land costing $70,000. b. Purchased investments for $75,000. c. Declared $35,000 cash dividends on stock. $5,000 dividends were payable at the beginning of the year, and $6,000 were payable at the end of the year. d. Acquired equipment for $64,000 cash. e. Declared and issued 100 shares of $20 par common stock as a stock dividend, when the market price of the stock was $32 a share. f. Recognized depreciation for the year,…
A reader of a statement of cash flows wishes to analyze the major classes of gross cash receipts and gross cash payments from operating activities. Which methods of reporting cash flows from operating activities will supply that information? Both the direct and indirect methods. Only the direct method. Only the indirect method. Neither method.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
What does letter B match with??
An important distinction between the direct method and the indirect method of preparing a statement of cash flows is that: a The format of the section computing net cash flow from operating activities is different under the two methods. b The direct method reconciles accrual-based net income with net cash flow from operations; the indirect method shows the specific cash inflows and outflows constituting the operating activities. c The direct method results in a lower (more conservative) figure for net cash flow from operating activities than does the indirect method. d Only those statements of cash flows prepared using the direct method are in accordance with generally accepted accounting principles as set forth by the FASB.
Distribution lines on a journal entry are also shown on the Statement of Cash Flows. True or False
Help with part "a" please!
Which of the following statements regarding the statementof cash flows is false?a. The statement of cash flows separates cash inflows andoutflows into three major categories: operating, investing, and financing. b. The ending cash balance shown on the statement ofcash flows must agree with the amount shown on thebalance sheet at the end of the same period.c. The total increase or decrease in cash shown on thestatement of cash flows must agree with the “bottomline” (net income or net loss) reported on the incomestatement.d. The statement of cash flows covers a period of time
Which of the following is the final step in preparing a spreadsheet (work sheet) for the statement of cash flows using the indirect method? Add the Debit and Credit Transactions columns and verify that the totals are equal. Analyze all noncash accounts and enter the net increase (decrease) in cash during the period. Add the Balance column totals, which should total to zero. After all noncash accounts have been analyzed, enter the net increase (decrease) in cash during the period.
State the section(s) of the statement of cash flows prepared by the indirect method (operating activities, investing activities, financing activities, or not reported) and the amount that would be reported for each of the following transactions: Note: Only consider the cash component of each transaction. Use the minus sign to indicate amounts that are cash out flows, cash payments, decreases in cash, or any negative adjustments. If your answer is not reported in an amount box does not require an entry, leave it blank or enter "0". a. Received $120,000 from the sale of land costing $70,000. Investing activities $fill in the blank 2 Operating activities $fill in the blank 4 b. Purchased investments for $75,000. Investing activities $fill in the blank 6 c. Declared $35,000 cash dividends on stock. $5,000 dividends were payable at the beginning of the year, and $6,000 were payable at the end of the year. Financing activities $fill in the blank 8 d. Acquired equipment for…
This is an accounting question about reconciling direct-method cash flow from operations to net income. I have read that generally for a simple noninventory situation the approach would be something like: Net Income Plus depreciation Minus Change in Current Assets Plus Change in Current Liabilities --> Should equal cash flows from operations in the cash flow statement. My question is about purchasing a long-term asset on account. A journal entry is made: credit accounts payable/debit long-term asset. If I generate a cash flow statement, the increase in current liabilities caused by that entry will be a part of the equation above. But that amount is not an operating cash flow, it is an investing cash flow. So my reconciliation to operating activities will be off by that amount. It seems like there's a missing adjustment in the equation, like "Minus assets purchased on account" or something like that. Example: Say my company just started and so far only has $5K contibuted cash in the…