Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $18,700 $21,700 Inventory 57,100 51,400 Accounts payable 8,500 10,800 Dividends payable 22,000 24,000 Adjust net income of $107,300 for changes in operating assets and liabilities to arrive at net cash flow from oper

Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $18,700 $21,700 Inventory 57,100 51,400 Accounts payable 8,500 10,800 Dividends payable 22,000 24,000 Adjust net income of $107,300 for changes in operating assets and liabilities to arrive at net cash flow from oper

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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Formulating Financial Statements from Raw Data Following is selected financial information from Greenwood Industries, for its fiscal year ended ($ millions). Cash and cash equivalents, end of year Net cash from operations Net sales Stockholders' equity, end of year Cost of goods sold Net cash from financing Total liabilities, end of year Other expenses, including income taxes Noncash assets, end of year Net cash from investing Net income Effect of exchange rate changes on cash Cash and cash equivalents, beginning of year Net income Cost of goods sold REQUIRED a. Prepare an income statement, balance sheet, and statement of cash flows for Greenwood Industries. Note: Do not use negative signs with your answers in the Income Statement. Net cash flows from operations $2,516.7 5,514.3 26,439.9 14,411.2 Greenwood Industries Income Statement ($ millions) # 17,245.1 (2,912.3) 31,798.9 5,878.7 43,693.4 (729.3) 3,316.2 (31.1) 675.0 # # ♦ + ♦ + $ $ $ 0 0 0 0 0 Greenwood Industries Balance Sheet (5…
The following information is available from the current period financial statements: Net income $ 141,238 Depreciation expense $36,864 Increase in accounts receivable $15,924 Decrease in accounts payable $23,055 The net cash flow from operating activities using the indirect method is a.$217,081 b.$139,123 c.$111,505 d.$88,450
The Cash and Accounts Receivable end-of-year balances for a company are provided below. Current Year Prior Year Cash $45,537 $35,300 Accounts receivable (net) 35,900 71,800 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. Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 % increase,decrease
Statement of Cash Flows The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, Dec. 31, 20Y8 20Y7 Cash Accounts receivable (net) Merchandise inventory Assets Prepaid expenses Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity $53,650 $66,100 82,440 89,100 117,780 110,440 4,800 3,350 239,920 197,870 (62,380) (48,530) $436,210 $418,330 $91,600 0 14,000 203,000 127,610 $436,210 $87,430 125,500 9,000 118,000 78,400 $418,330 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $125,980. b. Depreciation reported on the income statement, $30,270. c. Equipment was purchased at a cost of $58,470, and fully depreciated…
The following information is available from the current period financial statements: Net income $ 120,206 Depreciation expense $31,199 Increase in accounts receivable $16,040 Decrease in accounts payable $24,041 The net cash flow from operating activities using the indirect method is a.$97,008 b.$191,486 c.$111,324 d.$72,967
The following information is available from the current period financial statements: Net income $ 144,682 Depreciation expense $30,263 Increase in accounts receivable $15,664 Decrease in accounts payable $22,233 The net cash flow from operating activities using the indirect method is
Changes in Current Operating Assets and Liabilities Blue Circle Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $20,300 $25,000 Inventory 85,100 76,000 Accounts payable 18,100 22,100 Dividends payable 24,000 23,000 Adjust net income of $104,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
Fortune Corporation's comparative balance sheet showed noncash current assets and liabilities as follows: Dec. 31, Year 2 Dec. 31, Year 1 $7,639 $4,034 11,762 16,277 4,443 5,510 4,585 2,265 Accounts receivable Merchandise inventory Accounts payable Dividends payable Adjust Year 2 net income of $48,103 for changes in current operating assets and liabilities to arrive at net cash flows from operating activities using the indirect method.
W BGP Electrical Supply 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: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment. Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital. Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Additional Data: Current Year Prior Year $ 29,400 $ 37,300 32,700 28,900 38,300 100,800 (25,300) 42,000 121,500 (30,700) $ 202,800 $36,700 1,400 44,500 89,600 30,600 $ 202,800 Cash flows from operating activities: $ 123,000 73,000 38,100 $ 11,900 BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year $ 172,100 a. Bought equipment for cash, $20,700. b. Paid $6,300 on the…
The following information is available from the current period financial statements: Net income $ 111,199 Depreciation expense $34,516 Increase in accounts receivable $15,211 Decrease in accounts payable $22,902 The net cash flow from operating activities using the indirect method is a.$61,472 b.$183,828 c.$107,602 d.$84,374