Pina Colada Corp. reported net income of $190,400 for 2022. Pina Colada also reported depreciation expense of $41,900 and a loss of $4,600 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $14,400 for the year, a $16,400 increase in accounts payable, and a $4,100 increase 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 e.g.-15,000 or in parenthesis e.g. (15,000). Pina Colada Corp. Statement of Cash Flows (Partial) - Indirect Method Adjustments to reconcile net income to

Pina Colada Corp. reported net income of $190,400 for 2022. Pina Colada also reported depreciation expense of $41,900 and a loss of $4,600 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $14,400 for the year, a $16,400 increase in accounts payable, and a $4,100 increase 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 e.g.-15,000 or in parenthesis e.g. (15,000). Pina Colada Corp. Statement of Cash Flows (Partial) - Indirect Method Adjustments to reconcile net income to

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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CQ Photography reported net income of $103,000 for 2022. Included in the income statement were depreciation expense of $6,500, patent amortization expense of $3,800, and a gain on disposal of plant assets of $4,000. CQ's comparative balance sheets show the following balances. Accounts receivable Accounts payable 12/31/22 $19,200 Net Income 8,400 12/31/21 Cash Flows from Operating Activities Calculate net cash provided by operating activities for CQ Photography using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) $27,000 CQ Photography Statement of Cash Flows For the Year Ended December 31, 2022 Adjustments to reconcile net income to 6,500 Net Cash Provided by Operating Activities $ 103000
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The 2021 Income statement for Egyptian Nolse Blasters shows that depreciation expense is $80 million, NOPAT is $239 million. At the end of the year, the balance of gross fixed assets was $650 million. The change in net operating working capital during the year was $70 million. Egyptian's free cash flow for the year was $180 million. Calculate the beginning-of-year balance for gross fixed assets. (Enter your answer in millions of dollars.) Gross fixed assets million
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Armstrong Industries had the following operating results for 2021: Sales = $35,000; Cost of goods sold = $24,000; Depreciation expense = $6,000; Interest expense = $2,700; Dividends paid = $2000. At the beginning of the year, net fixed assets were $20,000, current assets were $7,000, and current liabilities were $4,000. At the end of the year, net fixed assets were $21,500, current assets were $8,700, and current liabilities were $4,700. The tax rate for 2021 was 21 percent. What is Armstrong's 2021 Cash Flow from Assets (CFFA)? 2000 2021 Sales $35000 COGS $24000 Depreciation $6000 Interest Expense $2700 Dividends Paid $2000 Net Fixed Assets $20000 $21500 Current Assets $7000 $8700 Current Liabilities $4000 $4700 Tax Rate 21% 21% Group of answer choices $483 $3,017 $2,017 $1,817 $7,334 $1,000 $7,500 $10,517
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