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…
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