Cristiano Company's net income last year was $91,000. Changes in the company's balance sheetaccounts for the year appear below:Cash(13,000)• Accounts receivable• Inventory• Prepaid expenses16,00021,000(8,000)Long-term investments• Property, plant and equipment• Accumulated depreciation• Accounts payable• Accrued expenses• Income taxes payable• Bonds payable• Common stock• Retained earnings30,00060,00036,000(21,000)14,00042,000(50,000)20,00065,000The company did not dispose of any property, plant, and equipment, sell any long-term investments,issue any bonds payable, or repurchase any of its own common stock during the year. The companydeclared and paid a cash dividend. The beginning and ending cash balances were $20,000 and $7,000,respectively.Required: Prepare a statement of cash flows using the indirect method.

The cash flow statement is prepared to record the cash flow from various activities during the…

ompany's net year was 000. Changes in the companys bálance sheet accounts for the year appear below: • Cash • Accounts receivable • Inventory • Prepaid expenses • Long-term investments • Property, plant and equipment • Accumulated depreciation • Accounts payable • Accrued expenses • Income taxes payable • Bonds payable • Common stock • Retained earnings (13,000) 16,000 21,000 (8,000) 30,000 60,000 36,000 (21,000) 14,000 42,000 (50,000) 20,000 65,000 The company did not dispose of any property, plant, and equipment, sell any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend. The beginning and ending cash balances were $20,000 and $7,000, respectively. Required: Prepare a statement of cash flows using the indirect method.

ompany's net year was 000. Changes in the companys bálance sheet accounts for the year appear below: • Cash • Accounts receivable • Inventory • Prepaid expenses • Long-term investments • Property, plant and equipment • Accumulated depreciation • Accounts payable • Accrued expenses • Income taxes payable • Bonds payable • Common stock • Retained earnings (13,000) 16,000 21,000 (8,000) 30,000 60,000 36,000 (21,000) 14,000 42,000 (50,000) 20,000 65,000 The company did not dispose of any property, plant, and equipment, sell any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend. The beginning and ending cash balances were $20,000 and $7,000, respectively. Required: Prepare a statement of cash flows using the indirect method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
ces For the year just completed, Hanna Company had net income of $90,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Year $ 55,000 $ 152,000 $ 451,000 $ 12,000 $ 356,000 $ 8,000 $ 35,000 Beginning of Year $ 83,000 $184,000 $ 343,000 $ 14,000 $ 400,000 $ 11,500 $ 27,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) +
The following information (in $ millions) comes from the Annual Report of Saratoga Springs Company for the year ending 12/31/2024: Year ended 12/31/2024 $ 8,139 4,957 2,099 Net sales Cost of goods sold Selling and administrative expense Interest expense Income before taxes Net income Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets Total current liabilities Long-term debt Total liabilities Total stockholders' equity 606 477 648 Profit margin on sales 12/31/2024 $ 1,165 1,200. 1,245 13,690 $ 17,300 $ 5,937 5,781 $ 11,718 $5,582 Required: Compute the profit margin on sales for 2024. Note: Round your answer to 1 decimal place, e.g., 0.1234 as 12.3%. 12/31/2023 $ 83 854 709 4,034 $ 5,680 $ 2,399 2,411 $ 4,810 $ 870
On January 1, 2024, the general ledger of Tripley Company included the following account balances: Accounts Debit Credit Cash $ 274,000 Accounts receivable 74,000 Allowance for uncollectible accounts $ 37,400 Inventory 33,400 Building 243,400 Accumulated depreciation 44,000 Land 248,600 Accounts payable 190,000 Notes payable (8%, due in 3 years) 240,000 Common stock 119,600 Retained earnings 242,400 Totals $ 873,400 $ 873,400 The $33,400 beginning balance of inventory consists of 334 units, each costing $100. During January 2024, the company had the following transactions: January 2 Lent $54,000 to an employee by accepting a 6% note due in six months. January 5 Purchased 5,200 units of inventory on account for $572,000 ($110 each) with terms 110/110 , n30/�30 . January 8 Returned 100 defective units of inventory purchased on January 5. January 15 Sold 5,000 units of inventory on account for $820,000 ($164 each) with terms…
1. During 2021, Target Corporation had: Revenue of $623,000 Cost of Goods Sold of $250,000 Operating expenses of $68,000 Interest expense of $4,000 Depreciation Expense of $13,000 During the year Target Corporation paid: 50% of net income in dividends 21% in corporate taxes a. Prepare a multi-step income statement on Sheet 1 of your spreadsheet. Include the dividend and additions to Retained Earnings below the income statement. b. Calculate Target's Operating Cash Flow beneath the Income Statement. 2. The following data refers to the 2021 year-end account balances for Target. However, the Retained Earnings balance is as of 12/31/2020. The accounts are listed in alphabetical order. $ Accounts Payable 25,000 Accounts Receivable 16,000 Accumulated Depreciation 175,000 Cash 44,000 Common Stock 120,000 Fixed Assets (gross) 390,000…
The Davidson Corporation's balance sheet and income statement are provided here. Davidson Corporation: Balance Sheet as of December 31, 2021 (millions of dollars) Assets Liabilities and Equity Cash and equivalents $ 20 Accounts payable $ 140 Accounts receivable 475 Accruals 310 Inventories 890 Notes payable 225 Total current assets $ 1,385 Total current liabilities $ 675 Net plant and equipment 2,560 Long-term bonds 1,500 Total liabilities $ 2,175 Common stock (100 million shares) 270 Retained earnings $ 1,500 Common equity $ 1,770 Total assets $ 3,945 Total liabilities and equity $ 3,945 Davidson Corporation: Income Statement for Year Ending December 31, 2021 (millions of dollars) Sales $ 8,500 Operating costs excluding depreciation and amortization 5,650 EBITDA $ 2,850 Depreciation and amortization 500 EBIT $ 2,350 Interest 230 EBT $ 2,120…
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Line Item Description Current Year Previous Year Current assets: Cash $445,700 $352,000 Marketable securities 516,100 396,000 Accounts and notes receivable (net) 211,200 132,000 Inventories 370,300 241,600 Prepaid expenses 190,700 154,400 Total current assets $1,734,000 $1,276,000 Current liabilities: Accounts and notes payable (short-term) $295,800 $308,000 Accrued liabilities 214,200 132,000 Total current liabilities $510,000 $440,000 a. Determine for each year the quick ratio. Round ratios to one decimal place.
Morey Company's net income last year was P27,000 and cash dividends declared and paid to the company's stockholders totaled P13,000. Changes in selected balance sheet accounts for the year appear below: Increases (Decreases) Debit balances: P 8,000 Inventory .. (3,000) 4,000 Accounts receivable Prepaid expenses . Credit balances: Accumulated depreciation. 18,000 Accounts payable . 6,000 Taxes payable . Bonds payable (4,000) 10,000 Based solely on this information, the net cash provided by operations under the indirect method on the statement of cash flows would be:
! Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Current Year 1 Year Ago 2 Years Ago $ 43,247 74,941 $ 35,910 107,232 130,858 11,564 329,227 $ 614,791 $ 153,083 113,269 163,500 184,939 99,029 11,241 301,534 $ 529,992 $ 88,673 120,679 163,500 157,140 $ 529,992 $ 42,010 57,156 62,101 4,763 266,970 $ 433,000 $ 57,156 96,650 162,500 116,694 $ 433,000 Total liabilities and equity $ 614,791
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $51,900; total assets, $169,400; common stock, $85,000; and retained earnings, $45,550.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity $ 22,000 Accounts payable 8,800 Accrued wages payable 33,400 Income taxes payable 34,150 Long-term note payable, secured by mortgage on plant assets 2,850 152,300 Common stock Retained earnings $ 253,500 Total liabilities and equity For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income tax expense Net income $ 450,600 298,050 152,550 98,900 4,500 49,150 19,800 $ 29,350 $ 15,500 4,000 3,700…
Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $52,900; total assets, $229,400; common stock, $82,000; and retained earnings, $45,833.) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit $ 22,000 9,000 33,600 38,150 3,100 149, 300 $255,150 Operating expenses Interest expense Income before taxes Income tax expense Net income $ 455,600 297,650 157,950 99, 200 4,800 53,950 21,733 $32,217 CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity Accounts payable Accrued wages payable Income taxes payable Long-term note payable, secured by mortgage on plant assets Common stock Retained earnings Total liabilities and equity $ 18,500 2,800 3,400…
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…