Norbury Corporation's net income last year was $19,000. The company did not sell or retire any property, plant, and equipment last year. Changes in selected balance sheet accounts for he year appear below: Increases (Decreases) Asset and Contra-Asset Accounts: $ 13,000 $ (3,500) $ 8,500 $ 23,000 Accounts receivable Inventory Prepaid expenses Accumulated depreciation Liability Accounts: Accounts payable Accrued liabilities $ 12,500 $ (8,000) $ 2,600 Income taxes payable Based solely on this information, the net cash provided by (used in) operating activities under the indirect method on the statement of cash flows would be:

Norbury Corporation's net income last year was $19,000. The company did not sell or retire any property, plant, and equipment last year. Changes in selected balance sheet accounts for he year appear below: Increases (Decreases) Asset and Contra-Asset Accounts: $ 13,000 $ (3,500) $ 8,500 $ 23,000 Accounts receivable Inventory Prepaid expenses Accumulated depreciation Liability Accounts: Accounts payable Accrued liabilities $ 12,500 $ (8,000) $ 2,600 Income taxes payable Based solely on this information, the net cash provided by (used in) operating activities under the indirect method on the statement of cash flows would be:

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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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 <
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The income statement disclosed the following items for the year: Depreciation expense $57,000 Gain on disposal of equipment 24,000 Net income 542,000 The changes in the current asset and liability accounts for the year are as follows: Increase(Decrease) Accounts receivable $9,800 Inventory (5,550) Prepaid insurance (1,000) Accounts payable (3,700) Income taxes payable 1,440 Dividends payable 2,200 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.
The following is information for Novak Corp. for the year ended December 31, 2020: Sales revenue $1,420,000 Loss on inventory due to decline in net realizable value $70,000 Unrealized gain on FV-OCI equity investments 46,000 Loss on disposal of equipment 45,000 Interest income 9,000 Depreciation expense related to buildings omitted by mistake in 2019 56,000 Cost of goods sold 852,000 Retained earnings at December 31, 2019 950,000 Selling expenses 71,000 Loss from expropriation of land 57,000 Administrative expenses 52,000 Dividends declared 46,000 Dividend revenue 15,000 The effective tax rate is 25% on all items. Novak prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. a)Prepare the retained earnings section of the statement of changes in equity for 2020. (List…
Company X failed to record (accrue) $5,000,000 of vendor invoices and warranty liability at year-end. As a result of this omission, the company's summary financial statements were stated as follows: Summarized Income Statement Sales $50,000,000 All Cost (incl. Interest & Taxes) $40,000,000 Net Income $10,000,000 Summarized Balance Sheet This Year Last Year Assets: All Current Assets combined $50,000,000 $40,000,000 All Long-Term Assets combined $50,000,000 $40,000,000 Total Assets: $100,000,000 $80,000,000 Liabilities & Stockholders Equity All Current Liabilities combined $30,000,000 $25,000,000 All Long-Term Liabilities combined $25,000,000 $20,000,000 Stockholders Equity $45,000,000 $35,000,000 Total…
Zaire Company had a $26,000 net loss from operations. Depreciation expense for the year was $9,600, and a dividend of $2,000 was declared and paid. The balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End Beginning Cash $3,500 $7,000 Accounts receivable 16,000 27,000 Inventory 51,000 53,000 Prepaid expenses 5,000 9,000 Accounts payable 12,000 8,000 Accrued liabilities 6,000 7,600 Did Zaire Company’s operating activities provide or use cash? Use the indirect method to determine your answer. Use negative signs with cash outflow answers and to indicate operating activities used cash, if applicable.
The net income reported on the income statement for the current year was $128,000. Depreciation recorded on store equipment for the year amounted to $21,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $51,200 $47,100 Accounts receivable (net) 36,710 34,810 Merchandise inventory 50,120 52,990 Prepaid expenses 5,630 4,470 Accounts payable (merchandise creditors) 47,970 44,560 Wages payable 26,210 29,110 ii) Express quantitative information to show an understanding, and or purposes of your work by for instance explaining why net cash flows from operating activities is different from net income.
The following information is available for Ehrlich Corporation for the year ended December 31, 2021. Beginning cash balance $45,000 Ending cash balance 380,900 Accounts payable decrease 3,700 Depreciation expense 162,000 Accounts receivable increase 8,200 Inventory increase 11,000 Net income 284,100 Cash received for sale of land - 35,000, purchased 2 years ago for 32,000 Cash dividends paid 12,000 Income taxes payable increase 4,700 Cash used to purchase building 289,000 Cash used to purchase treasury stock 26,000 Cash received from issuing bonds 200,000 Instructions: Prepare the operating activities section of the statement of cash flows using the indirect method and prepare the investing…
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