Problem #3 Income Statement Sales Cost of goods sold Salaries expense Depreciation expense Net income $100,000 24,000 12,000 Selected Year-End Balance Sheet Data Accounts receivable Inventory Salaries payable $160,000 $24,000 $10,000 Increase 16,000 Decrease 1,000 Increase Cash flows from operating activities Hampton Company Statement of Cash Flows (partial) - Indirect Method For the year ended December 31, 20X1 Net income Adjustments to reconcile net income to operating cash flow: Depreciation expense Increase in Accounts receivable Decrease in Inventory Increase in Salaries payable Net cash provided by operating activities

Problem #3 Income Statement Sales Cost of goods sold Salaries expense Depreciation expense Net income $100,000 24,000 12,000 Selected Year-End Balance Sheet Data Accounts receivable Inventory Salaries payable $160,000 $24,000 $10,000 Increase 16,000 Decrease 1,000 Increase Cash flows from operating activities Hampton Company Statement of Cash Flows (partial) - Indirect Method For the year ended December 31, 20X1 Net income Adjustments to reconcile net income to operating cash flow: Depreciation expense Increase in Accounts receivable Decrease in Inventory Increase in Salaries payable Net cash provided by operating activities

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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Cash Flows from Operating Activities—Indirect Method Selected data derived from the income statement and balance sheet of National Beverage Co. for a recent year are as follows: Income statement data (in thousands): Net income $149,774 Loss on disposal of property (149) Depreciation expense 13,226 Other items involving noncash expense 837 Balance sheet data (in thousands): Increase in accounts receivanle 13,041 Increase in inventory 7,565 Increase in prepaid expense 10,548 Increase in accounts payable and other current liabilities 17,464 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method for National Beverage Co. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Enter the amounts in thousands of dollars, as shown above. National Beverage Co. Cash Flows from Operating Activities (in thousands) Cash flows…
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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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Apex Company prepared the statement of cash flows shown below: Apex Company Statement of Cash Flows—Indirect Method Operating activities: Net income $ 40,800 Adjustments to convert net income to cash basis: Depreciation $ 20,900 Increase in accounts receivable (61,300) Increase in inventory (25,300) Decrease in prepaid expenses 10,000 Increase in accounts payable 53,700 Decrease in accrued liabilities (11,200) Increase in income taxes payable 4,300 (8,900) Net cash provided by (used in) operating activities 31,900 Investing activities: Proceeds from the sale of equipment 14,900 Loan to Thomas Company (40,400) Additions to plant and equipment (120,000) Net cash provided by (used in) investing activities (145,500) Financing activities: Increase in bonds payable 89,400 Increase in common stock 40,000 Cash dividends (28,700) Net cash provided by (used in) financing activities 100,700 Net…
Exercise 12-7 (Algo) Indirect: Reporting cash flows from operations LO P2 Selected Year-End Balance Sheet Data Wages payable decrease Annual Income Statement Data Sales Expenses: Cost of goods sold Wages expense Amortization expense Net income $ 48,000 Inventory increase 20,000 Accounts payable decrease 12,700 1,800 $ 13,500 Prepare the operating activities section of the statement of cash flows for GreenGarden using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Assessment Tool iFrame Changes in current operating assets and liabilities $ 4,000 600 1,800 0
The following information pertains to Peak Heights Company: Sales Expenses Cost of goods sold Salaries expense Net income Income Statement for Current Year $ 93,000 $ 51,875 Depreciation expense 6,000 12,000 69,875 $ 23,125 Partial Balance Sheet Current year Accounts receivable Inventory Salaries payable $ 10,500 13,000 2,250 Prior year $ 12,000 8,000 800 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect met Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial)
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Pronghorn Inc. Cash Flow Statement For the Year Ended on 31 December 2020 Cash Flow from Operating Activities: Net Income $47,200 Adjustments to reconcile net income to net cash flows from (used for) operating activities: Add: Depreciation 9200 Changes in current operating assets and liabilities: Add: Increase in Accounts Payable 6480 Less: Increase in Accounts Receivable (4480) Net Cash Provided by Operating Activities (A) $58,400 Cash Flow from Investing Activities: Purchase of Equipment $(18,480) Net Cash Used by Investing Activities (B) $(18,480) Cash Flow from Financing Activities: Payment of Dividends $(27,680 ) Proceeds from Issuance of Common Stock 19,760 Net Cash Used by Financing Activities (C) $(7,920) Net Increase/Decrease in Cash (A+B+C) $32,000 Add Cash Balance on 1/1/2020 14480 Cash Balance on 31/12/2020 $46,480 I dont have the right spacing for this layout. what I have looks like this: Cash Flows…
1.2 Hampton Company reports the following information for its recent calendar year. Income Statement Data Selected Year-End Balance Sheet Data Sales $ 77,000 Accounts receivable increase $ 7,000 Expenses: Inventory decrease 3,000 Cost of goods sold 41,000 Salaries payable increase 800 Salaries expense 10,000 Depreciation expense 8,000 Net income $ 18,000 Required:Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
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Comment on the Cash flows from operating activities R756 000; Increase in receivables (R396 000) and Cash flows from investing activities (R1 368 000)