Matrix Solutions reported net income of $350,000. Matrix Solutions reported net income of$350,000. The following changes occurred duringthe year:1.2.3.Beginning inventory: $80,000Ending inventory: $85,000Beginning accounts payable: $50,0004. Ending accounts payable: $45,000What are the operating cash flows for MatrixSolutions?

Concept of Net IncomeNet income represents the company's total earnings after all expenses, taxes,…

Answered: Matrix Solutions reported net income of…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

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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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Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
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.
calculate cash flow from assets if given year 1: sales=9402, depreciation=1350, costs of good sold=3235, administrative expenses=767, interest expenses=630, cash=4931, accounts receivable=6527, short term notes payable=953, long term debt=16152, net fixed assets=41346, accounts payable=5179, inventory=11604, and dividends=1147 and given year 2: sales=10091, depreciation=1351, costs of good sold=3672, administrative expenses=641, interest expenses=724, cash=6244, accounts receivable=7352, short term notes payable=895, long term debt=19260, net fixed assets=42332, accounts payable=5022, inventory=11926, and dividends=1261 and tax rate is 34%
Innovative Products reported net income of $223,000. Beginning and ending inventory balances were $44,000 and $46,500, respectively. Accounts Payable balances at the beginning and end of the year were $39,500 and $35,500, respectively. Assuming that all relevant information has been presented, the company would report net operating cash flows of: Multiple Choice $221,500. $216,500. $229,500. $224,500.
Cash and accounts receivable for Adams Company are as follows: Cash $84,420 Accounts receivable (net) 38,428 What are the amounts and percentages of increase or decrease that would be shown with horizontal analysis? Dollar Change Percent Change Account Cash Current Year Accounts Receivable Prior Year $67,000 73,900 % % increase decrease
Hampton Company reports the following information for its recent calendar year. Selected Year-End Balance Sheet Data Accounts receivable increase $ 77,000 Inventory decrease 41,000 Salaries payable increase 12,000 4,000 $ 20,000 Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income Required: Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 5,000 5,000 900 Changes in current operating assets and liabilities
Pritchett Company reported the following year-end data: Cash Short-term investments Accounts receivable (current) Inventory Prepaid (current) assets Total current 1iabilities $ 20, 100 8, 500 13,400 24, 000 6,800 28, 000 Compute the (a) current ratio and ( acid-test ratio. Complete this question by entering your answers in the tabs below. Currlat Ratio Acid Test Ratio Compute the current ratio. Current Ratio Current Ratio Numerator: Denominator: Current assets Current liabilities Current ratio 72.800 %24 28,000 2.6 to 1 %3 Acid Test Ratio>
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?
ILoveFinance, Inc., provided the following financial information for the quarter ending September 30, 2006: Net income $241,463 Depreciation and amortization $133,414 Increase in receivables $102,709 Increase in accounts payables $62,411 Decrease in marketable securities $31,225 Increase in inventory $81,336 What is the cash flow from operating activities generated during this quarter by the firm? a. $253,243 b. -$308,458 c. $343,243 d. $374,468
Cash and accounts receivable for Adams Company are as follows: Current Prior Year Year Cash $70,000 $50,000 Accounts receivable (net) 70,400 80,000 What is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change X % Cash Accounts Receivable $ X X X % increase decrease ✓ ✓
are presented below. End of Year Beginning of Year Cash and cash equivalents $1,135 $112 Accounts receivable (net) 3,200 3,000 Inventory 1,400 1,400 Other current assets 817 470 Total current assets $6,552 $4,982 Total current liabilities $3,120 $2,482 For the year, net credit sales were $12,710 million, cost of goods sold was $8,260 million, and net cash provided by operating activities was $1,253 million. Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover, and days in inventory for the current year. (Round Current ratio to 2 decimal places, e.g. 1.62 and all other answers to 1 decimal place, e.g. 1.6.) Current ratio Accounts receivable turnover Average collection period Inventory turnover Days in inventory :1 times days times days
Cash and accounts receivable for Adams Company are provided below: Prior Year Cash $70,000 $50,000 Accounts receivable (net) 70,400 80,000 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Dollar Change Percent Change Account Current Year Cash Accounts Receivable % %

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Matrix Solutions reported net income of $350,000. The following changes occurred during the year: 1. 2. 3. Beginning inventory: $80,000 Ending inventory: $85,000 Beginning accounts payable: $50,000 4. Ending accounts payable: $45,000 What are the operating cash flows for Matrix Solutions?