Compute the net cash provided by opreting activities using the incorrect method?? PureBright Corporation is a leading manufacturer of cleaning agents,including PureBright disinfectant sprays. In the 6 months ended June30, 2023, net sales of $3,450 million produced net earnings of $300million. To calculate net earnings, PureBright recorded $120 millionin depreciation and amortization. Other items of revenue and expensenot requiring cash decreased net earnings by $25 million. Dividendsof $200 million were paid during the period. Among the changes inbalance sheet accounts during the period were the following ($ inmillions):AccountAccounts receivableInventoriesChange$50 Decrease$80 IncreaseAccounts payable and accrued liabilities $150 DecreaseIncome taxes payable$15 DecreaseCompute the net cash provided by operating activities using theindirect method.

Step 1: Definition of Operating ActivitiesOperating activities are the primary revenue-generating…

Answered: PureBright Corporation is a leading…

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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Delta Ray Brands Corp. just completed their latest fiscal year. The firm had sales of $16,818,300. Depreciation and amortization was $830,300, interest expense for the year was $872,900, and selling general and administrative expenses totaled $1,404,600 for the year, and cost of goods sold was $10,640,400 for the year. Assuming a federal income tax rate of 34%, what was the Delta Ray Brands net income after-tax? Round to the nearest cent.
In 2025, Dollar Time Corporation earned sales revenues of $1,320,000 with related cost of goods sold of $720,000. The company incurred administrative expenses of $310,00 and had other revenues and gains of $22,000. Income tax expense was $31,000. Based on this information, the company will report gross profit for the year of
At the end of last year, River Side Company achieved $9 million in revenues (EBITDA). Depreciation expense was $2.2 million, with interest paid of $900,000 and a corporate tax rate of 32%. At the end of the fiscal year it had current assets totaling $12 million, $2 million in accounts payable, $1.4 million in accrued liabilities, $1.2 million in other payables, and $7 million in property, plant, and equipment. Assume that River Side has no excess cash, uses debt and equity to finance its operations, has no current liabilities, and recognizes depreciation periodically. Determine the company's net income or loss. Calculate net working capital and operating working capital.
Parsnip, Inc.'s, net income for the most recent year was $9,512. The tax rate was 3030 percent. The firm paid $3,837 in total interest expense and deducted $5,173 in depreciation expense. What was the company's cash coverage ratio for the year?
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
Harper Outdoor Furniture, Inc., has net cash flows from operating activities for the last year of $340 million. The income statement shows that net income is $315 million and depreciation expense is $46 million. During the year, the change in inventory on the balance sheet was $38 million, the change in accrued wages and taxes was $15 million, and the change in accounts payable was $20 million. At the beginning of the year the balance of accounts receivable was $50 million. Calculate the end-of-year balance for accounts receivable.
Harper Outdoor Furniture, Incorporated, has net cash flows from operating activities for the last year of $360 million. The income statement shows that net income is $313 million and depreciation expense is $66 million. During the year, the change in inventory on the balance sheet was $58 million, the change in accrued wages and taxes was $35 million, and the change in accounts payable was $40 million. At the beginning of the year the balance of accounts receivable was $40 million. Calculate the end-of-year balance for accounts receivable. (Enter your answer in millions.) End of year balance of accounts receivable million
Gibraltar Industries is a New York-based manufacturer of high-value-added steel products. In a recent year, it reported the following activities: Acquisitions (Investments in other companies) ($8,724.00) Decrease in inventories $1,770.00 Depreciation and Amortization $33,907.00 Long-Term Debt Reduction ($105,507.00) Net Cash provided by operating activities $107,874.00 Net income $24,068.00 Net proceeds from issuance of common stock $250.00 Net proceeds from sale of property and equipment $2,692.00 Payment of dividends ($5,985.00) Proceeds from long-term debt $53,439.00 Proceeds from sale of other equity investments $34,701.00 Purchase of property, plant, and equipment ($21,595.00) Required: 1. Based on this information, present the cash flows from investing and financing activities section of the cash flow statement.
Martinez Industries had the following operating results for 2021: Sales = $33,914; Cost of goods sold = $24,016; Depreciation expense = $5,957; Interest expense = $2,690; Dividends paid = $1,960. At the beginning of the year, net fixed assets were $19,900, current assets were $7,026, and current liabilities were $3,968. At the end of the year, net fixed assets were $24,466, current assets were $8,660, and current liabilities were $4,637. The tax rate for 2021 was 23 percent. What is net income for 2021? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) What is the operating cash flow for 2021? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) What is the cash flow from assets for 2021? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-1. If no new debt was issued during the…
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Chris's Outdoor Furniture, Inc., has net cash flows from operating activities for the last year of $360 million. The income statement shows that net income is $335 million and depreciation expense is $46 million. During the year, the change in inventory on the balance sheet was $36 million, change in accrued wages and taxes was $16 million, and change in accounts payable was $27 million. At the beginning of the year, the balance of accounts receivable was $46 million. Calculate the end-of-year balance for accounts receivable. (Enter your answer in millions of dollars.) Accounts receivable million
Martinez Industries had the following operating results for 2021: Sales = $34,318; Cost of goods sold = $24,212; Depreciation expense = $5,997; Interest expense = $2,710; Dividends paid = $1,996. At the beginning of the year, net fixed assets were $19,940, current assets were $7,054, and current liabilities were $3,992. At the end of the year, net fixed assets were $24,502, current assets were $8,684, and current liabilities were $4,673. The tax rate for 2021 was 22 percent. a. What is net income for 2021? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the operating cash flow for 2021? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c. What is the cash flow from assets for 2021? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-1. If no new debt was issued…

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