Partial Balance Sheets as of December 31 2021 2020 Assets Cash Accounts receivable Inventory Liabilities Accounts payable $35,000 65,500 35,000 $15,500 80,000 30,500 $49,500 $57,000 Additional information for 2021: Net income was $83,000. Depreciation expense was $26,500. Required: Prepare the operating activities section of the statement of cash flows for 2021 be deducted should be indicated with a minus sign.) Cash flows from operating activities: Adjustment for noncash effects: Changes in operating assets and liabilities:

Partial Balance Sheets as of December 31 2021 2020 Assets Cash Accounts receivable Inventory Liabilities Accounts payable $35,000 65,500 35,000 $15,500 80,000 30,500 $49,500 $57,000 Additional information for 2021: Net income was $83,000. Depreciation expense was $26,500. Required: Prepare the operating activities section of the statement of cash flows for 2021 be deducted should be indicated with a minus sign.) Cash flows from operating activities: Adjustment for noncash effects: Changes in operating assets and liabilities:

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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This Information will be used for all questions: Selected Balance Sheet Information Year 2020 Year 2021 Cash 40,000 ? Accounts Receivable 10,000 14,000 Prepaid Rent 5,000 6,000 Inventory 35,000 30,000 Accounts Payable 3,000 2,000 Unearned Revenue 5,000 7,000 Income Taxes Payable 14,000 12,000 Other Relevant Information for 2021 Beginning Cash Balance 40,000 Net Income 65,000 Depreciation Expense 40,000 Cash Paid for Dividends 10,000 Cash Received for Loan 40,000 Cash Repaying Loan 10,000 Cash Payment to Purchase Land 12,000 Cash Received for Sale of Equipment 15,000 Gain on Sale of Equipment 5,000 Cash Received for Issuance of Stock…
Complete the statement of cash flows for Year 2021 using the indirect method by filing in the spaces.
The balance sheets for Mary Company showed the following information. Additional information concerning transactions and events during 2021 are presented below. Mary CompanyBalance Sheet December 31 2021 2020 Cash $ 31,209 $ 10,302 Accounts receivable (net) 43,733 20,503 Inventory 35,350 42,420 Long-term investments 0 15,150 Property, plant & equipment 238,865 151,500 Accumulated depreciation (38,077) (25,250) $311,080 $214,625 Accounts payable $ 17,170 $ 26,765 Accrued liabilities 21,210 17,170 Long-term notes payable 70,700 50,500 Common stock 131,300 90,900 Retained earnings 70,700 29,290 $311,080 $214,625 Additional data: 1. Net income for the year 2021, $61,610. 2. Depreciation on plant assets for the year, $12,827. 3. Sold the long-term…
Net Cash Flow from Operating Activities Hyde Company's records for 2019 provide the following information: a. amortization of premium on bonds payable, $700 b. purchase of equipment, $6,000 c. depreciation expense, $7,300 d. decrease in accounts receivable, $900 e. decrease in accounts payable, $2,700 f. issuance of long-term note for cash, $4,200 g. increase in inventories, $7,600 Required: h. i. j. HYDE COMPANY Statement of Cash Flows (Partial) For Year Ended December 31, 2019 k. I. m. gain on sale of land, $7,800 increase in prepaid assets, $600 declaration and payment of cash dividends, $1,800 increase in wages payable, $600 patent amortization expense, $1,000 net income, $10,400 Prepare the operating activities section of the 2019 statement of cash flows for Hyde Company using the indirect method. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments.
Explain well with proper answer with step by step.
Highlight the Net cash provided by Operating Activities for the Statement of Cash Flows Highlight the Net cash provided by Financing Activities for the Statement of Cash Flows Highlight the net change in cash for the period on the Statement of Cash Flows
Current Attempt in Progress Lee Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5180000 $3979520. $5180000. $6380480. $5706480. 704480 159000 337000 Lee should report cash provided by operating activities of
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Given the following financial statement information: $ in millions Income Statement Net Income: $559 Depreciation Expense: $55 Balance Sheet Dec. 31, 2022 Accounts Receivable $38 Total Inventory $122 Accounts Payable $79 Calculate the cash from operating activities. Your Answer: Dec. 31, 2023 $64 $152 $108
Reporting Net Cash Flow from Operating Activities The following information is available for Bernard Corporation for 2019: Net income $199,000 Decrease in accounts receivable 6,400 Increase in inventory 18,300 Decrease in prepaid rent 2,100 Increase in salaries payable 4,410 Decrease in income taxes payable 4,270 Increase in notes payable (due 2023) 50,000 Depreciation expense 44,700 Loss on disposal of equipment 11,000 Required: Compute the net cash flows from operating activities using the indirect method.
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