Kennedy, Inc. reported the following data: Net income $139,775 Depreciation expense 14,898 Loss on disposal of equipment (10,435) Gain on sale of building 19,944 Increase in accounts receivable 8,818 Decrease in accounts payable (3,307) 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: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation expense Loss on disposal of equipment Gain on sale of building Changes in current operating assets and liabilities: Increase in accounts receivable Decrease in accounts payable Net cash flow from operating activities

Kennedy, Inc. reported the following data: Net income $139,775 Depreciation expense 14,898 Loss on disposal of equipment (10,435) Gain on sale of building 19,944 Increase in accounts receivable 8,818 Decrease in accounts payable (3,307) 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: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation expense Loss on disposal of equipment Gain on sale of building Changes in current operating assets and liabilities: Increase in accounts receivable Decrease in accounts payable Net cash flow from operating activities

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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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?
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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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 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. Cash flows from operating activities: $152,168 12,599 (10,151) 19,285 8,486 (3,847) Kennedy, Inc. Statement of Cash Flow Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: 0 000 0
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Subject: acounting
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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Use the indirect method to prepare the operating activities section of Cruz’s statement of cash flows. Sales $488,000 Cost of goods sold 314,000 Gross profit 174,000 Operating expenses (excluding depreciation) 89,100 Depreciation expense 37,600 Income before taxes 47,300 Income taxes expense 17,300 Net income $30,000
Concord Ltd. had the following 2023 income statement data: Revenues Expenses In 2023. Concord had the following activity in selected accounts: 1/1/23 Revenues $107,000 46,100 $60,900 12/31/23 Accounts Receivable 18,500 107,000 30,360 1,140 94,000 Allowance for Expected Credit Losses 1,230 Write-offs Write-offs 1,140 Collections. 1,420 1,510 1/1/23. Loss on impairment 12/31/23 Prepare Concord's cash flows from operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a negative sign e.g.-10,000 or in parenthesis eg. (10,000).)