In preparing a company's statement of cash flows using the indirect method, the following information is available:Net income$71,000Accounts payable increased by19,900Accounts receivable decreased by26,900Inventories increased by8,800Depreciation expense35,700Net cash provided by operating activities was:Multiple Choice$144,700.< Prev13 of 30Nex >

Lets understand the basics. Cashflow statement indicates cash inflow and outflow occur during a…

In preparing a company's statement of cash flows using the indirect method, the following information is available: Net income $71,000 Accounts payable increased by Accounts receivable decreased by 19,900 26,900 Inventories increased by 8,800 Depreciation expense 35,700 Net cash provided by operating activities was: Multiple Choice $144,700.

In preparing a company's statement of cash flows using the indirect method, the following information is available: Net income $71,000 Accounts payable increased by Accounts receivable decreased by 19,900 26,900 Inventories increased by 8,800 Depreciation expense 35,700 Net cash provided by operating activities was: Multiple Choice $144,700.

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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Statement of Cash Flows (Indirect Method)Use the following information regarding the Lund Corporation to (a) prepare a statement of cash flows using the indirect method and (b) compute Lund’s operating-cash-flow-to-current-liabilities ratio. Accounts payable increase $9,000 Accounts receivable increase 4,000 Accrued liabilities decrease 3,000 Amortization expense 6,000 Cash balance, January 1 22,000 Cash balance, December 31 15,000 Cash paid as dividends 29,000 Cash paid to purchase land 90,000 Cash paid to retire bonds payable at par 60,000 Cash received from issuance of common stock 35,000 Cash received from sale of equipment 17,000 Depreciation expense 29,000 Gain on sale of equipment 4,000 Inventory decrease 13,000 Net income 76,000 Prepaid expenses increase 2,000 Average current liabilities 100,000 a. Use negative signs with cash outflow answers. LUND CORPORATIONStatement of Cash FlowsFor Year Ended December 31 Cash Flow from…
Subject :- Accounting
ences Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income $ 160,000 Accounts receivable increase Inventory decrease Salaries payable increase 100,000 24,000 12,000 $ 24,000 Selected Year-End Balance Sheet Data Required: Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 10,000 16,000 1,000
Apex Company prepared the statement of cash flows shown below: Apex Company Statement of Cash Flows—Indirect Method Operating activities: Net income $ 40,800 Adjustments to convert net income to cash basis: Depreciation $ 20,900 Increase in accounts receivable (61,300) Increase in inventory (25,300) Decrease in prepaid expenses 10,000 Increase in accounts payable 53,700 Decrease in accrued liabilities (11,200) Increase in income taxes payable 4,300 (8,900) Net cash provided by (used in) operating activities 31,900 Investing activities: Proceeds from the sale of equipment 14,900 Loan to Thomas Company (40,400) Additions to plant and equipment (120,000) Net cash provided by (used in) investing activities (145,500) Financing activities: Increase in bonds payable 89,400 Increase in common stock 40,000 Cash dividends (28,700) Net cash provided by (used in) financing activities 100,700 Net…
Statement of Cash Flows—Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $73,180 $89,960 Accounts receivable (net) 112,450 121,280 Inventories 160,640 150,320 Prepaid expenses 6,540 4,550 Equipment 327,220 269,310 Accumulated depreciation-equipment (85,080) (66,050) Total assets $594,950 $569,370 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $124,940 $119,000 Mortgage note payable 0 170,810 Common stock, $1 par 19,000 12,000 Paid-in capital: Excess of issue price over par-common stock 280,000 161,000 Retained earnings 171,010 106,560 Total liabilities and stockholders’ equity $594,950 $569,370 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: Net income,…
use the information in the income statement below to calculate operating cash flow (OCF). sales- $1,280 COGS- $620 Dep Exp- $180 EBIT- $480 Int Exp- $110 EBT- $370 Taxes- $78 NI- $292
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The following information pertains to Peak Heights Company: Sales Expenses Cost of goods sold Salaries expense Net income Income Statement for Current Year $ 93,000 $ 51,875 Depreciation expense 6,000 12,000 69,875 $ 23,125 Partial Balance Sheet Current year Accounts receivable Inventory Salaries payable $ 10,500 13,000 2,250 Prior year $ 12,000 8,000 800 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect met Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial)
Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $480,300 Depreciation expense 69,400 Loss on disposal of equipment 37,600 Increase in accounts receivable 10,300 Increase in accounts payable 10,300 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 out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Net income $fill in the blank 2 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation fill in the blank 4 Loss on disposal of equipment fill in the blank 6 Changes in current operating assets and liabilities: Increase in accounts receivable fill in the blank 8 Increase in accounts payable fill in the blank 10 Net cash flow…
Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Shim's Year 2 and Year 1 year-end balance sheets. Account Title Year 2 Year 1 $31,297 1,496 249 Accounts receivable $37,556 Prepaid rent 1,309 Interest receivable Accounts payable Salaries payable 199 10,537 2,930 3,215 12,644 3,348 Unearned revenue 4,287 The income statement reported a $1,170 gain on the sale of equipment, an $750 loss on the sale of land, and $3,700 of depreciation expense. Net income for the period was $53,353. Required Prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities: Plus: Less: Net cash flow from operating activities
Asap The following information is available from the current period financial statements: Net income $126,307 Depreciation expense 23,648 Increase in accounts receivable 16,473 Decrease in accounts payable (19,595) The net cash flows from operating activities using the indirect method is a.$126,307 b.$113,887 c.$66,591 d.$186,023