Lakeme Lakeme, Inc. reported net income of $50,000 for the year endedDecember 31, 2022. Included in net income were depreciationexpenses of $9,200 and a gain on the sale of equipment of $2,100.The equipment had a historical cost of $45,000 and accumulateddepreciation of $28,000.Each of the following accounts increased during 2022:AccountsPatentsPrepaid rentIncrease Amount$6,000$7,200Available-for-sale securities $1,500Bonds payable$6,000What is the amount of cash provided by or used by investing activitiesfor Lakeme, Inc. for the year ended December 31, 2022?

To determine the cash provided by or used in investing activities for Lakeme, Inc., we have to…

Answered: Lakeme, Inc. reported net income of…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 30CE

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The income statement disclosed the following items for the year: Line Item Description Amount Depreciation expense $43,900 Gain on disposal of equipment 25,610 Net income 292,200 The changes in the current asset and liability accounts for the year are as follows: Line Item Description Increase (Decrease) Accounts receivable $6,840 Inventory (3,890) Prepaid insurance (1,460) Accounts payable (4,640) Income taxes payable 1,460 Dividends payable 1,020 Question Content Area 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 out flows, cash payments, decreases in cash, or any negative adjustments. blankStatement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operatingactivities: $Net income Adjustments to reconcile net incometo net cash flows from (used for) operating…
The income statement disclosed the following items for the year: Depreciation expense $40,700 Gain on disposal of equipment 23,760 Net income 254,700 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $6,340 Inventory (3,610) Prepaid insurance (1,350) Accounts payable (4,300) Income taxes payable 1,350 Dividends payable 950 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 payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flows from operating activities b. Why is net cash flows from operating activities different than net income? Cash flows…
Depreciation expense is 2.4% of the gross beginning balance of property, plant and equipment (PPE). As of December 31, 2021, the gross balance of PPE is P3,980,000. For January 2022, P500,000 new PPE will be acquired. It is the policy of the company that PPE acquired in the first half of the year will be depreciated for one full year. (Assume that PPE, net at the end of 2021 is #3,123,090.) How much is the PPE, net and Accumulated Depreciation - PPE on December 31, 2022? P3,875,670.00; P684,350.00 P3,675,870.00; P864,530.00 P3,575,670.00; P984,550.00 P3,515,570.00; P964,430.00
Sunland Company reported net income of $196,300for 2022, Sunland also reported depreciation expense of $47,800and a loss of $5,000on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $10,100for the year, a $12,100increase in accounts payable, and a $4,400increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis es (15,000)) SUNLAND COMPANY Partial Statement of Cash Flows For the Year Ended December 31,2022 Adjustments to reconcile net income to <
The income statement disclosed the following items for the year: Depreciation expense $ 65,000Gain on disposal of equipment 27,500Net income 620,000 The changes in the current asset and liability accounts for the year are as follows: Increase(Decrease)Accounts receivable $11,200Inventory (6,350)Prepaid insurance (1,200)Accounts payable (4,200)Income taxes payable 1,650Dividends payable 2,500a. Prepare the Cash flows from operating activities section of the statement of cash flows, using the indirect method.b. Briefly explain why net cash flows from operating activities is different from net income.
Baldwin, Inc. had net sales of $52,200,000 for the year ended May 31, 2024. Its beginning and ending total assets were $55,200,000 and $88,800,000, respectively. Determine Baldwin's asset turnover ratio for year ended May 31, 2024. (Round the asset turnover ratio to two decimal places, X.XX.) Asset turnover ratio C
Please show each step of calculation. Thanks in advance.
During 2018, Ambiance Company reported net revenue of $3,255,000. The company reported net fixed assets of $840,000 on January 1, 2018 and net fixed assets of $1,020,000 on December 31, 2018.Required: Calculate the fixed asset turnover ratio. (Round your answer to one decimal place.)
During 2022, Sunland Company reported net sales of $3,340,500 and net income of $1,410,000. Its balance sheet reported average total assets of $1,310,000. Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.) Asset turnover $ times %24
Sarasota Corp.’s income statement contained the condensed information below. Sarasota Corp.Income StatementFor the Year Ended December 31, 2022 Service revenue $2,231,000 Operating expenses, excluding depreciation $1,412,200 Depreciation expense 126,500 Loss on disposal of plant assets 36,800 1,575,500 Income before income taxes 655,500 Income tax expense 128,800 Net income $526,700 Sarasota Corp.’s balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $161,000 $138,000 Accounts payable 94,300 73,600 Income taxes payable 29,900 16,100 Accounts payable pertain to operating expenses.Prepare the operating activities section of the statement of cash flows using the direct method.
xyz company a for profit business had a revenue of 12 million in 2022. Ezpenses other than depreciation totaled 75 percent revenues, and depreciation expense was 1.5 million. xyz company must pay taxes at a rate of 40 percent of pretax (operating) income. All revenues were collected in cash during the year, and all expenses other than depreciation were paid i cash. Depreciation orginally was 1.5 million; however, now the company 750000 in depreciation expense instead of 1.5 million. what would cash flow be
During 2020, Riverbed Corporation reported net sales of $5,542,800 and net income of $1,560,000. Its balance sheet reported average total assets of $1,490,000. Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.) Asset turnover times

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