es Exercise 16-21B (Algo) Direct: Preparing statement of cash flows and supporting note LO P5 Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Land purchased by issuing long-term notes payable Cash paid for store equipment Cash dividends paid. Cash paid for other expenses Cash received from customers Cash paid for inventory $ 41,000 74,292 4,100 118,900 140,000 205,000 100,450 81,200 38,950 24,600 65,600 795,400 413,608 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method) for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. Note: Amounts to be deducted should be indicated with a minus sign. FERRON COMPANY Statement of Cash Flows For Year Ended December 31

es Exercise 16-21B (Algo) Direct: Preparing statement of cash flows and supporting note LO P5 Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Land purchased by issuing long-term notes payable Cash paid for store equipment Cash dividends paid. Cash paid for other expenses Cash received from customers Cash paid for inventory $ 41,000 74,292 4,100 118,900 140,000 205,000 100,450 81,200 38,950 24,600 65,600 795,400 413,608 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method) for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. Note: Amounts to be deducted should be indicated with a minus sign. FERRON COMPANY Statement of Cash Flows For Year Ended December 31

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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Saved Help Save & Ex Required information Beginning a balances from the banhet Cash Equivalents Readily convertible to known amounts of cash So near to maturity there is little risk that their value will change if interest rates change Knowledge Check 01 A company reports the following information as of December 31, Year 1: $50,000 Cash and currency in cash registers Investment in debt security on December 31, Year 1 that matures on February 1, Year 2 Investment in equity security Checking account balance Petty cash 25,000 10,000 20,000 1,000 What is the amount of cash and cash equivalents that will be reported on the company's balance sheet at December 31, Year 1? Cash and cash equivalents Prey 12 of 11 Next >
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Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 2020 Assets Cash $ 102,700 $ 52,000 Accounts receivable, net 77,000 59,000 Inventory 71,800 98,500 Prepaid expenses 5,200 7,000 Total current assets 256,700 216,500 Equipment 132,000 123,000 Accumulated depreciation—Equipment (31,000) (13,000) Total assets $ 357,700 $ 326,500 Liabilities and Equity Accounts payable $ 33,000 $ 42,000 Wages payable 6,800 16,600 Income taxes payable 4,200 5,400 Total current liabilities 44,000 64,000 Notes payable (long term) 38,000 68,000 Total liabilities 82,000 132,000 Equity Common stock, $5 par value 236,000 168,000 Retained earnings 39,700 26,500 Total liabilities and equity $ 357,700 $ 326,500 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales…
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QS 12-13 (Static) Computing cash from asset sales LO P3 CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture 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 Gross profit 2021 $ 94,800 41,000 85,800 5,400 Operating expenses (excluding depreciation) Depreciation expense Income before taxes. Income taxes expense Net income 227,000 109,000 (17,000) $319,000 $ 15,000 9,000 1,400 25,400 29,000 54,400 229,000 35,600 $ 319,000 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 2020 $ 24,000 $1,000 95,800 4,200 175,000 119,000 (2,000) $285,000 $ 21,000 5,000 2,600 28,600 69,000 97,600 179,000 8,400 $ 285,000 $ 480,000 314,000…
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eek 1 Statement Matching Amortization JORN BART Accounts Payable R Cash Receipts Land Net Cash Depreciation Expense Net Income Purchased Office Equipment Cash Payments Equipment Cost of Goods Sold Dividends Paid Current Assets Interest Expense Cash From Investing Activities Balance of Retained Earnings Allowance for Doubtful Accounts Cash & Cash Equivalents Accounts Receivable Current Liabilities ㅂㅇㄹ F6 A F7 & J 2⁰ Balance Sheet 8 F8 * Income Statement F9 prt sc F10 C Cash Flow Statement home F11 ㅅ end Retained Earnings Statement F12 (4) J insert
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ts eBook Print ferences Required information [The following information applies to the questions displayed below.] Green Brands, Incorporated (GB) presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from GBI's Year 2 and Year 1 year-end balance sheets: Account Title Accounts receivable Merchandise inventory. Prepaid insurance Accounts payable Salaries payable Unearned service revenue The Year 2 income statement is shown next: Sales Cost of goods sold Gross margin Service revenue Insurance expense Salaries expense Income Statement Depreciation expense Operating income Gain on sale of equipment Net income Year 2 $ 22,300 57,000 18,800 24,200 4,800 800 Year 1 $ 28,500 48,600 24,400 16,500 4,000 3,000 $ 616,000 (380,000) 236,000 4,200 (39,000 (151,000) (5,400) 44,800 3,300 $ 48,100 b. Prepare the operating activities section of the statement of cash flows using the indirect method for Year 2. Note: Amounts to be…
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