Kennedy, Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Gain on sale of building Increase in accounts receivable Decrease in accounts payable $152,168 12,599 (10,151) 19,285 8,486 (3,847) 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 outflows, a decrease in cash, cash payments, or any negative adjustments.

Kennedy, Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Gain on sale of building Increase in accounts receivable Decrease in accounts payable $152,168 12,599 (10,151) 19,285 8,486 (3,847) 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 outflows, a decrease in cash, cash payments, or any negative adjustments.

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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Kennedy, Inc. reported the following data: Net income $149,333 Depreciation expense 16,206 Loss on disposal of equipment (10,457) Gain on sale of building 21,852 Increase in accounts receivable 9,450 Decrease in accounts payable (3,853) 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 outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities %24 %24
Kennedy, Inc. reported the following data: Net income $131,828 Depreciation expense 15,000 Loss on disposal of equipment (8,838) Gain on sale of building 18,003 Increase in accounts receivable 8,110 Decrease in accounts payable (2,907) 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 outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities
Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $ 667,500 Cost of goods sold 302,000 Gross profit 365,500 Operating expenses (excluding depreciation) $ 149,400 Depreciation expense 37,750 187,150 Other gains (losses) Loss on sale of equipment (22,125) Income before taxes 156,225 Income taxes expense 48,050 Net income $ 108,175 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year…
For each of the following activities that may take place during the accounting period, indicate the effect on the statement of cash flows prepared using the indirect method. Choices may be selected as the answer for more than one question. Increase cash from operating activities b. Decrease cash from operating activities Increase cash from investing activities d. Decrease cash from investing activities Increase cash from financing activities Decrease cash from financing activities g. Non-cash investing and financing supplement a. c. e. f. 1. Purchase of equipment Repayment of long-term note payable 2. Amortization of intangible assets 3. Exchange of land for common stock 4. 5. Payment of dividends 6. Sale of land nents
Staley Inc. reported the following data: Net income $338,400 Depreciation expense 66,700 Loss on disposal of equipment 31,900 Increase in accounts receivable 25,200 Increase in accounts payable 10,100 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 outflows, cash payments, decreases in cash, or any negative adjustments. what is the answer to this?
I need some assistance in Preparing the operating activities section of the statement of cash flows using the direct method. See attached images for the inputs. I have been getting "bounced" on the yellow sections for incorrect values
Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Cost of goods sold Depreciation expense Other expenses Net income Additional Data: Current Year $ 67,850 20,250 26,450 214,450 (63,800) $ 265,200 $ 13,800 5,600 64,500 104,900 76,400 $ 265,200 $ 215,000 112,000 15,450 45,000 $ 42,550 a. Bought equipment for cash, $60,950. b. Paid $11,900 on the long-term note payable. c. Issued new shares of stock for $36,900 cash. d. Dividends of $10,450 were declared and paid. e. Other expenses all relate…
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18. When using the indirect method to prepare the operating section of a statement of cash flows, which of the following is deducted from net income to compute cash provided by/used by operating activities? Decrease in accounts receivable. Gain on sale of land. Amortization of patent. All of these are deducted from net income to arrive at cash flow from operating activities.
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $73,600. Depreciation recorded on store equipment for the year amounted to $27,400. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Accounts payable (merchandise creditors) Wages payable End of Year $23,500 56,000 35,500 4,750 21,800 4,900 Beginning of Year $18,700 48,000 40,000 7,000 16,800 5,800 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash
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