Income StatementYear Ended December 31, 20X5SaleCost of goods soldGross ProfitOperating ExpensesLoss on Sale of equipmentProfit from OperationsOther expensesInterest ExpenseProfit before Income TaxIncome Tax ExpenseProfitAdditional Information:$55,000$ 2,500CashAccounts ReceivableInventoryPrepaid ExpensesEquipmentAccumulated Depreciation - equipmentTotal Assets$340,000$250, 100$ 89,9001. Operating expenses include depreciation expense of $10,0002. Accounts Payable related to the purchase of inventory3. Equipment that cost $12,500 was sold at a loss of $2,500Account PayableInterest PayableIncome taxes payableDividends PayableLong-term Notes Payable$ 57,500$ 32,4004. New equipment was purchased during the year for $8,5005. Dividends declared and paid in 20X5 totaled $3,0006. Common shares were sold for $12,000 cash$ 3,500$ 28,900$ 12,000$ 16,9007. Interest payable in 20X5 was $800 greater than interest payable in 20X48. The company uses IFRS and do not treat dividends as part of operationsSeaforce Manufacturing Inc. comparative balance sheet at December 31 20X5Common sharesRetained EarningsTotal Liabilities & Shareholders' Equity20X520X4$6,450 $ 4,100$ 72,000 $ 6,500$110,250 $140,000$ 1,750 $ 1,020$ 96,000 $100,000$(50,000)$(42,000)$236,450$209,620$ 16,230$ 9,900$810$10$ 10,800 $ 9,500$ 1,800$ 2,800$ 54,500$135,000$ 16,310$ 62,000$123,000$ 2,410$236,450$209,620 What is the total Cash payments to suppliers when the direct method is used to prepare the cash flow statement?Multiple Choice$280,050$286,380$214,020$250,100None of the other alternatives are correctX

The cash flow statement is prepared to record the cash flow from various activities during the…

hat is the total Cash payments to suppliers when the direct method is used to prepare the cash flow statement? Multiple Choice O $280,050 $286,380 $214,020 $250,100 None of the other alternatives are correct

hat is the total Cash payments to suppliers when the direct method is used to prepare the cash flow statement? Multiple Choice O $280,050 $286,380 $214,020 $250,100 None of the other alternatives are correct

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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Which of the following statements correctly describes the reporting of cash? O Cash is listed first in the current assets section. ○ Restricted cash funds exists when a cash account has a net negative balance. ○ Restricted cash funds may be combined with Cash. ○ Cash cannot be combined with cash equivalents.
19 What does the current ratio measure? Multiple Choice The relative proportion of current versus noncurrent assets Whether current assets are sufficient to pay current liabilities The speed which current assets can be converted to cash Whether cash is sufficient to pay current liabilities
Identify on which side of the Cash T-account would the following amounts be shown? Select all that are correct. Multiple select question. decreases would be on the left side the ending balance would be on the right side increases would be on the right side the beginning balance would be on the left side the beginning balance would be on the right side the ending balance would be on the left side increases would be on the left side decreases would be on the right side
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Which of the following statements correctly describes the reporting of cash ?
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Th e statement of cash fl ows presents the fl ows into which three groups of business activities? A . Operating, Nonoperating, and Financing.
View previous at Required information Assume a company prepares the statement of cash flows using the indirect method. The company purchases its Inventory on credit from suppliers. How should a decrease in accounts payable be reflected In the section that reconciles net income to cash flow from operating activitles? Multiple Choice It would be added if the section starts with net income and subtracted if it starts with a net loss It would be added in reconciling net income to cash flow from operafing activities It would be subtracted in reconciling net income to cash flow from operating activities A change in accounts payable does not affect the reconciliation of net income to cash flow from operating activities < Prev 15 of 15 Next Form 1040Sch...pdf 6 Form1040 Sch...pdf B1040 Sohedul...pdf Form8829 (1).pdf MacBook Air
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.