Please do fast and don't use ai...... Preparing a Statement of Cash FlowsErie Company reported the following comparative balance sheets: Problem 11-55A (Algorithmic)Preparing a Statement of Cash FlowsErie Company reported the following comparative balance sheets:Assets:20192018Cash$33,200$12,750Accounts receivable53,00044,800Inventory29,50027,500Prepaid rent2,2006,200Investments (long-term)17,60031,800Property, plant, and equipment162,000149,450Accumulated depreciation(61,600)(56,200)Total assets$235,900$216,300Liabilities and Equity:Accounts payable$16,900$19,500Interest payable3,5004,800Wages payable9,6007,100Income taxes payable5,5003,600Notes payable28,00053,000Common stock100,00068,500Retained earnings72,40059,800Total liabilities and equity$235,900$216,300Additional Information:1. Net income for 2019 was $22,000.

Cash Flow from Operating Activities: We'll use the indirect method, starting with the net income and…

Answered: Problem 11-55A (Algorithmic) Preparing…

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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Help with part "a" please!
Assuming Sherban reports dividends paid as a financing activity: Calculate net cash flow from operating activities. Use a proper three-line title. Calculate Sherban’s current cash debt coverage ratio, cash debt coverage ratio and free cash flow. Using your answers in part (b) and comment on Sherban’s liquidity and financial flexibility. Under IFRS, how else might Sherban account for cash dividends paid in the cash flow statement?
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The statement of cash flows is normally a required basic financial statement for each period for which an earnings statement is presented. The statement should include a separate schedule listing the financing and investing activities not involving cash. Required: What are financing and investing activities not involving cash? What are two types of financing and investing activities not involving cash? Explain what effect, if any, each of the following seven items would have on the statement of cash flows. accounts receivable inventory depreciation deferred tax liability issuance of long-term debt in payment for a building payoff of current portion of debt sale of a fixed asset resulting in a loss or gain
Which of the following is the final step in preparing a spreadsheet (work sheet) for the statement of cash flows using the indirect method? Add the Debit and Credit Transactions columns and verify that the totals are equal. Analyze all noncash accounts and enter the net increase (decrease) in cash during the period. Add the Balance column totals, which should total to zero. After all noncash accounts have been analyzed, enter the net increase (decrease) in cash during the period.
State the section(s) of the statement of cash flows prepared by the indirect method (operating activities, investing activities, financing activities, or not reported) and the amount that would be reported for each of the following transactions: Note: Only consider the cash component of each transaction. Use the minus sign to indicate amounts that are cash out flows, cash payments, decreases in cash, or any negative adjustments. If your answer is not reported in an amount box does not require an entry, leave it blank or enter "0". a. Received $120,000 from the sale of land costing $70,000. Investing activities $fill in the blank 2 Operating activities $fill in the blank 4 b. Purchased investments for $75,000. Investing activities $fill in the blank 6 c. Declared $35,000 cash dividends on stock. $5,000 dividends were payable at the beginning of the year, and $6,000 were payable at the end of the year. Financing activities $fill in the blank 8 d. Acquired equipment for…
Prepare the cash flows for operating activity section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments.
Staley Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable Increase in accounts payable Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. $485,300 57,200 30,500 22,400 12,100 Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities
Determining Cash Flows from (Used for) Operating Activities Yeoman Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable Increase in accounts payable $417,000 55,500 20,900 24,400 10,100 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. Yeoman Inc. Statement of Cash Flows (partial)
for Morston, Inc. have assembled the following data for the year icon to view the current accounts.) (Click the icon to view the transaction data.) ston's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities. .. he statement one section at a time, beginning with the cash flows from operating activities. (Use a m ox empty, do not select a label or enter a zero.) Data table Morston, Inc. Statement of Cash Flows Year Ended December 31, 2024 lows from Operating Activities: come 70,500 stments to Reconcile Net Income to Net Cash vided by (Used for) Operating Activities: Depreciation Expense Gain on Sale of Building Decrease in Accounts Receivable Increase in Merchandise Inventory Incroaco in Accounts Payabla Data table et asi Net Hel O Transaction Data for 2024: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value…
Required Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for in activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. every cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.)
Where is the overall change in cash shown in the statementof cash flows?a. In the top part, before the operating activities section.b. In one of the operating, investing, or financing activities sections.c. In the bottom part, following the financing activitiessection.d. None of the above.

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