The net income reported on the income statement for the current year was $222,200. Depreciation recorded on equipment and a building amounted to $66,400 for the year. Balances of the current asset and current liability accounts at the beginning and end of the yearare as follows:EndBeginningof Yearof YearCash$61,330$64,400Accounts receivable (net)77,77079,470Inventories153,330136,910Prepaid expenses8,5209,080Accounts payable (merchandise creditors)68,51071,870Salaries payable9,8708,950a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.Statement of Cash Flows (partial)Cash flows from (used for) operating activities:Adjustments to reconcile net income to net cash flows from (used for) operating activities:Changes in current operating assets and liabilities:Net cash flows from operating activitiesb. If the direct method had been used, would the net cash flow from operating activities have been the same?

Answer a) Cash Flow Statement (Indirect Method) Cash Flow from (used for) Operating…

Answered: e net income reported on the income…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $145,100. Depreciation recorded on store equipment for the year amounted to $23,900. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Accounts payable (merchandise creditors) Wages payable Cash flows from operating activities: End of Year a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. $56,730 40,680 55,540 6,240 53,160 29,050 Changes in current operating assets and liabilities: Beginning of Year $51,620 38,150 58,070 4,900 48,830 31,900 Statement of Cash Flows (partial) Net cash flow from operating activities Adjustments to reconcile net income…
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Cash Flows from (Used for) Operating Activities The income statement disclosed the following items for the year: Depreciation expense $41,700 Gain on disposal of equipment 24,350 Net income 312,200 The changes in the current asset and liability accounts for the year are as follows: Increase(Decrease) Accounts receivable $6,500 Inventory (3,700) Prepaid insurance (1,390) Accounts payable (4,410) Income taxes payable 1,390 Dividends payable 970 Question Content Area a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: $- Select - Adjustments to reconcile net income to net cash flows from (used for) operating activities: - Select - -…
Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $154,900. Depreciation recorded on store equipment for the year amounted to $25,600. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $60,720 $55,860 Accounts receivable (net) 43,540 41,280 Inventories 59,440 62,840 Prepaid expenses 6,680 5,310 Accounts payable (merchandise creditors) 56,890 52,840 Wages payable 31,090 34,520 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Sunland Company had net income for 2021 of $2960000. Additional information is as follows: Depreciation of plant assets $1204000 Amortization of intangibles 244000 Increase in accounts receivable 418000 Increase in accounts payable 546000 Sunland's net cash provided by operating activities for 2021 was $4536000. $4280000. $2656000. $4408000.
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The net income reported on the income statement for the current year was $294,649. Depreciation recorded on fixed assets and amortization of patents for the year were $44,735 and $9,224, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $41,600 $58,890 Accounts Receivable 124,965 108,432 Inventories 101,477 91,425 Prepaid Expenses 4,137 8,009 Accounts Payable (merchandise creditors) 45,964 61,724 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
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Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current year was $278,700. Depreciation recorded on equipment and a building amounted to $83,300 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year $75,250 Cash Accounts receivable (net) Inventories $79,770 95,420 98,440 188,130 169,590 Prepaid expenses 10,460 11,250 Accounts payable (merchandise creditors) Salaries payable 84,050 12,120 89,020 11,090 a. Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operating activities: Net income 278.700✔ Adjustments to reconcile net income to…
Financial Statement Presentation Olin Corp. reported the following amounts for the year just ended: Land $90 Trademarks 16 Equipment 83 Buildings 110 Goodwill 32 Accumulated amortization 10 Accumulated depreciation 55 Prepare a partial balance sheet for these amounts. Property, Plant and Equipment (net) Answer Goodwill Answer Intangible Assets Answer
Company A has sales of $830, costs of $290 (not including depreciation), depreciation expense of $40, interest expense of $40, and a tax rate of 21 percent, current assets of $260, net fixed assets of $1850, current liabilities of $240, and long-term debt of $700. What is the total asset turnover? (keep two decimal places) Your Answer: 0.39
Cash Flows from (Used for) Operating Activities The income statement disclosed the following items for the year: Depreciation expense $42,700 Gain on disposal of equipment 24,890 Net income 328,300 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $6,650 Inventory (3,780) Prepaid insurance (1,420) Accounts payable (4,510) Income taxes payable 1,420 Dividends payable 1,000 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial)

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