Accounting problem with correct solution Norris Company experienced the following transactionsduring 2013, its first year in operation.1) Issued $9,400 of common stock to stockholders.2) Provided $5,700 of services on account.3) Paid $2,450 cash for operating expenses.4) Collected $3,600 of cash from accounts receivable.5) Paid a $270 cash dividend to stockholders.The amount of net cash flow from operating activitiesshown on Norris Company's 2013 statement of cashflows is:a) $1,150b) $880c) $2,980d) $3,250

Step 1: Define Operating ActivitiesAll the core activities of a company are included in the…

Answered: Norris Company experienced the…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter12: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12.14E

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In its fiscal year ended February 2, 2013 balance sheet, Big Lots, Inc., reported cash and equivalents at the start of the year of $68,547 thousand. By the end of the year, the cash and cash equivalents had decreased to $60,581 thousand. The company's statement cash flows reported cash from operating activities of $281,133 thousand, cash from financing activities of $(158,742) thousand. What amount did the company report for cash from investing activities?
Charade Company uses the direct method to prepare its statement of cash flows. Charade had the following cash flows during 2014: Cash receipts from issuance of ordinary shares - P800,000; Cash receipts from customers - 400,000; Cash receipts from dividends on long term investments - 60,000; Cash receipts from repayment of loan made to another company - 440,000; Cash payments for wages & other operating expenses - 240,000; Cash payment for insurance - 20,000; Cash payments for dividends - 40,000; Cash payments for taxes - 80,000; Cash payment to purchase land - 160,000. What is the net cash provided (used) from operating activities?
XYZ Company used the direct method to prepare the statement of cash flows. The entity had the following cash flows during 2021: January 1 cash balance 1,000,000 Cash receipts from issuance of ordinary shares 1,208,000 Cash receipts from customers 1,640,000 Proceeds from sale of treasury shares (cost – P720,000) 800,000 Cash receipts from dividends on long-term investments 80,000 Cash receipts from repayment of loan made to another company 640,000 Cash payments to suppliers 1,080,000 Cash paid to redeem own shares 1,200,000 Cash paid for interest on long-term notes 120,000 Cash payments for operating expenses 320,000 Cash payments for dividends 200,000 Cash payment for income taxes 144,000 Cash paid to purchase land 1,040,000 Required: Prepare statement of cash flows at December 31, 2021.
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Baker Company had the following balances in its accounting records as of December 31,2016: Assets Liabilities and Equity Cash $35,000 Accounts Payable 7,500 Accounts Receivable 9,000 Inventory 10,000 Common Stock 40,000 Land 41,000 Retained Earnings 47,500 Total 95,000 Total 95,000 The following accounting events apply to Baker Company’s 2017 fiscal year: May 1 Made cash payment on accounts payable of $5,500. June 1 Purchased $60,000 inventory on account. August 1 Sold $31,000 worth of inventory for $56,000. The customer paid $22,000 in cash. Nov. 1 Paid $51,000 owed to the supplier. Dec. 31 Received cash collections from accounts receivable amounting to $36,000. Incurred other operating expenses on account during the year that amounted to $8,000. Record Journal entries for each transaction. Prepare 2017’s Income Statement and Balance Sheet for Baker…
Brass Corporation declared and paid $4,700 of cash dividends during the current year ended December 31. Its financial statements also reported the following summarized data: Income Statement Sales revenue Cost of goods sold Gross profit Operating expenses Interest expense. Income before income taxes. Income tax expense Net income Balance Sheet Cash Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities Notes payable (long-term) Common stock (par $5) Additional paid-in capital Retained earnings. Total liabilities and stockholders' equity Required: Current $ 265,000 144,000 121,000 70,300 4,400 46,300 13,890 $ 32,410 Required 1 $ 8,210 36,000 57,000 62,000 $ 163,210 Required 2 Required 3 1-a. Current Year 1-a. Previous Year 1-b. Current year gross profit percentage is: Previous 1. Compute the gross profit percentage for the current and previous years. Are the current-year results better, or worse, than those for the previous year? $ 233,000…
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