epare the operating activities section—indirect method.
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Bracewell Company reported net income of ₱195,000 for 2012. Bracewell also reported
Prepare the operating activities section—indirect method.
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- Whispering Winds Corp. reported a net loss of $13800 for the year ended December 31, 2022. During the year, accounts receivable decreased $6900, inventory increased $11040, accounts payable increased by $13800, and depreciation expense of $8280 was recorded. During 2022, operating activities provided net cash of $4140. used net cash of $4140. used net cash of $9660. provided net cash of $9660.Sunland Company reported net income of $196,300for 2022, Sunland also reported depreciation expense of $47,800and a loss of $5,000on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $10,100for the year, a $12,100increase in accounts payable, and a $4,400increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis es (15,000)) SUNLAND COMPANY Partial Statement of Cash Flows For the Year Ended December 31,2022 Adjustments to reconcile net income to <(Computation of Operating Activities—Direct Method) Presented below are two independent situations.Situation A: Annie Lennox Co. reports revenues of $200,000 and operating expenses of $110,000 in its first year of operations, 2017. Accounts receivable and accounts payable at year-end were $71,000 and $29,000, respectively. Assume that the accounts payable related to operating expenses. (Ignore income taxes.)InstructionsUsing the direct method, compute net cash provided by operating activities. Situation B: The income statement for Blues Traveler Company shows cost of goods sold $310,000 and operating expenses (exclusive of depreciation) $230,000. The comparative balance sheet for the year shows that inventory increased $26,000, prepaid expenses decreased $8,000, accounts payable (related to merchandise) decreased $17,000, and accrued expenses payable increased $11,000.InstructionsCompute (a) cash payments to suppliers and (b) cash payments for operating expenses
- ( daling means less/falling) (stijging is rise/more)what is the net effect of the errors in the 2018 net income?The following information is related to Windsor Company for 2017. Retained earnings balance, January 1, 2017 $998,500 Sales Revenue 26,110,000 Cost of goods sold 16,240,000 Interest revenue 77,200 Selling and administrative expenses 4,748,000 Write-off of goodwill 837,500 Income taxes for 2017 1,254,000 Gain on the sale of investments 111,600 Loss due to flood damage 400,100 Loss on the disposition of the wholesale division (net of tax) 441,500 Loss on operations of the wholesale division (net of tax) 93,200 Dividends declared on common stock 251,800 Dividends declared on preferred stock 85,800 Windsor Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Windsor sold the wholesale operations to Rogers Company. During 2017, there were 494,700 shares of common stock outstanding all year. (a1) Prepare a multiple-step…
- Nn.21. Subject :- AccountFollowing information relate to Hawke Ltd for the financial year ended 2020 Information provided in the images. Additional information:The loss on sale of equipment relates to an item that originally cost $80 000 and had a carrying amount of $20000 when sold.Required: Calculate the following:(a) Cash collected from customers and Cash paid to suppliers (b) Cash paid to employees for wages and salary and Cash spent on plant and equipment (c) Proceeds from sale of equipment andCash paid for insuranceFor the fiscal year ended December 31, 2015, Brace Incorporated reported: • Net income of $6,000, which includes Depreciation expense totaling $1,200 • A loss on sale of equipment of $200 The company did not use or receive cash for any investing or financing activities. Relevant excerpts from Brace's balance sheets for 2015 and 2014 are as follows: Balance at Balance at Year-end Year-end 2014 2015 Accounts Receivable 2,000 Inventory 4,000 Prepaid Insurance 700 Accounts Payable 1,000 Wages Payable 2,900 Unearned Revenue 600 3,000 2,000 620 1,200 2,700 900
- The following data are from a company's comparative balance sheets. The current year income statement reports depreciation expense on equipment of $7,200. During the year, equipment costing $21,000 was sold for its book value. At December 31 Equipment Accumulated depreciation-Equipment Compute cash received from the sale of equipment. Current Year $ 52,800 (35,480) Cost of equipment sold Accumulated depreciation at prior year-end Increase from depreciation expense Total "expected" accumulated depreciation Actual accumulated depreciation at current year-end Accumulated depreciation on sold equipment Cash received from sale of equipment at book value $ $ Prior Year $ 73,800 (44,280) 44,280 7,200 51,480 35,480 $ 21,000A company had a profit of P230,000. Depreciation expense is P26,000. During the year, Accounts Receivable and Inventory increased P15,000 and P40,000, respectively. Prepaid Expenses and Accounts Payable decreased P2,000 and P4,000, respectively. There was also a loss on the sale of equipment of P3,000. How much cash was provided by operating activities? O a.P196,000. O b. P202,000. OC. P276,000. Od. P288,000.Harris Foods' 2021 income statement reported total revenues of $625,000 and total expenses of $485,000 (including $30,000 of depreciation). The 2021 comparative balance sheet reported the following: cash- beginning balance, $60,000 and ending balance, $85,000; accounts receivable- beginning balance, $50,000 and ending balance $35,000; inventory- beginning balance, $45,000 and ending balance, $55,000; Equipment- beginning balance, $225,000 and ending balance, $200,000; accounts payable- beginning balance, $65,000 and ending balance $60.000. In addition to this information, Harris Foods also reported a $5,000 gain on the sale of equipment. Therefore, based only on this information, 2021 net cash inflow from operating activities was:
