Provide answer general accounting Last year Maine Company reported cost of goods sold of $110,000. Inventoriesincreased by $30,000 during the year, and accounts payable decreased by$15,000. The company uses the direct method to determine the net cash flowsfrom operating activities on the statement of cash flows. The cost of goods soldadjusted to a cash basis would be:a.$140,000.b.$155,000.c.$65,000.d.$125,000.

Step 1: Define Cost of Goods SoldThe cost of goods sold, sometimes also referred to as the cost of…

Answered: Last year Maine Company reported cost…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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Which item is added to net income when computing cash flows from operating activities? a. Gain on the disposal of property, plant, and equipment b. Increase in wages payable c. Increase in inventory d. Increase in prepaid rent Use the following information for Multiple-Choice Questions 11-9 and 11-10: Cornett Company reported the following information: cash received from the issuance of common stock, $150,000; cash received from the sale of equipment, $14,800; cash paid to purchase an investment, $20,000; cash paid to retire a note payable, $50,000; and cash collected from sales to customers, $225,000.
In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts receivable, a 7,000 increase in inventory, an 8,000 increase in salaries payable, a 13,000 decrease in accounts payable, and 10,000 in depreciation expense. Using the indirect method, prepare the operating activities section of its statement of cash flows based on this information.
Last year Cucumber Company reported a cost of goods sold of $30,000. Inventories decreased by $7,000 during the year, and accounts payable decreased by $13,000. The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be: * $23,000 $36,000 $24,000 O $43,000
Last year Lawsby Company reported sales of P120,000 on its income statement. During the year, accounts receivable increased by P10,000 and accounts payable increased by P15,000. The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows. The sales revenue adjusted to a cash basis for the year would be:
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)
Hampton Company reports the following Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income information for its recent calendar year. Selected Year-End Balance Sheet Data Accounts receivable increase Inventory decrease $78,000 36,000 Salaries payable increase 8,000 7,000 $27,000 Cash flows from operating activities Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) $6,000 4,000 700 $
Oriole Company reports a $22000 increase in inventory and a $5600 decrease in accounts payable during the year. Cost of Goods Sold for the year was $315800. Using the direct method of reporting cash flows from operating activities, cash payments made to suppliers were?
The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 85,200 Expenses Cost of goods sold Depreciation expense Salaries expense $51,875 7,400 11,800 71,075 $ 14,125 Net income Prior Partial Balance Sheet Accounts receivable Inventory Salaries payable Current year $10,900 S 14,200 13,800 1,580 year 8,600 970 Required: Present the operating activities section of the statement of cash fl outflows as negative amounts.)
Burch Company Income Statement For the year ended December 31 Sales $250,000 Cost of goods sold (160,000) Depreciation expense (26,400) Other expenses (35,000) Income tax expense (12,000) Net income $16,600 Required: Compute the net cash flows from operating activities using the indirect method. 33,200 X
The cost of goods sold during the year was $281200. Inventory increased by $9000 during the year and accounts payable decreased by $14100 during the year. Using the direct method of reporting cash flows from operating activities, cash payments for inventory total?
The cost of goods sold during the year was $341600. Inventory decreased by $11200 during the year and accounts payable decreased by $13400 during the year. Using the direct method of reporting cash flows from operating activities, cash payments for inventory total $355000. $343800. $366200. $317000.
Create a statement of cash flow for the current year using Wright Co's income statement and balance sheet. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Income Statement: Current Year Revenue 4,500.00 Cost of Goods Sold 2,250.00 Gross Margin 2,250.00 SG&A 580.00 EBITDA 1,670.00 Depreciation Expense 540.00 EBIT 1,130.00 Interest Expense 170.00 EBT 960 Taxes 336.00 Net Income 624.00 Dividends 410 Addition to Retained Earnings 214.00 Balance Sheet: Assets Prior Year Current Year Cash 800 ???? Accounts Receivables 400 425.00 Inventory 300 350.00 Total Current Assets 1,500 ???? Net Fixed Assets 5,000 5,300.00 Total Asset 6,500 ???? Liabilities and Equity Prior Year Current Year Accounts Payable 300 350.00 Notes Payable 1,000 900.00 Total Current Liabilities 1,300 1,250.00 Long-Term Debt 2,000 2,500.00 Total Liabilities 3,300 ???? Common Stock and Paid-in Capital 2,200 2,200…

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