Income StatementSales$ 830491Cost of goods soldGross marginSelling and administrative expenseNet operating incomeGain on sale of plant and equipment33914219725Income before taxes222Income taxes67Net income$ 155Cash dividends were $23. The company sold equipment for $43 that was originally purchased for $23 and that hadaccumulated depreciation of $5. The net cash provided by (used in) investing activities for the year was: Comparative Balance SheetEndingBeginningBalanceBalanceAssets:Current assets:Cash and cash equivalents$ 42$ 43Accounts receivable7574Inventory5452Total current assets171169Property, plant, and equipmentLess accumulated depreciationNet property, plant, and equipment612515243276369239Total assets$ 540$ 408Liabilities and stockholders' equity:Current liabilities:Accounts payable$ 49$ 53Accrued liabilities2625Income taxes payable5458Total current liabilities129136Bonds payable6155Total liabilities190191Stockholders' equity:Common stock3635Retained earningsTotal stockholders' equity314182350217Total liabilities and stockholders' equity$ 540$ 408

Name: Income StatementSales$ 830491Cost of goods soldGross marginSelling an
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Description: Income StatementSales$ 830491Cost of goods soldGross marginSelling and administrative expenseNet operating incomeGain on sale of plant and equipment33914219725Income before taxes222Income taxes67Net income$ 155Cash dividends were $23. The company so

A financial statement that details the amounts of cash and cash equivalents that enter and leave a…

Business

Accounting

Income Statement ales ost of goods sold ross margin elling and administrative expense et operating income ain on sale of plant and equipment $ 830 491 339 142 197 25 ncome before taxes 222 ncome taxes 67 et income $ 155 h dividends were $23. The company sold equipment for $43 that was originally purchased for $23 an imulated depreciation of $5 The net cash provided by (used in) investing activities for the vear was:

Income Statement ales ost of goods sold ross margin elling and administrative expense et operating income ain on sale of plant and equipment $ 830 491 339 142 197 25 ncome before taxes 222 ncome taxes 67 et income $ 155 h dividends were $23. The company sold equipment for $43 that was originally purchased for $23 an imulated depreciation of $5 The net cash provided by (used in) investing activities for the vear was:

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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Use the following information and the indirect method to calculate the net cash provided or used by operating activitie $ 85,700 12,400 7,900 2,450 6,550 Net income Depreciation expense Gain on sale of land Increase in merchandise inventory Increase in accounts payable ↑ Multiple Choice VLC #m 3 E $94,300. d 54 L f O % 5 * 00 8 j 11 9 k X O
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Ravenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…
Ravenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…
Ravenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…
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The net cash flow from financing activities amounted to PBlank 1.
Under the indirect method, how much should be reported as cash flows from operating activities? a. P 780,000b. P 550,000c. P 600,000d. P 750,000
How much is the net cash flow from operating activities using indirect method?
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Ravenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…
Ravenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…