3.846 polntSQUESTION 5Mercury Corporation reported the following information on its financial statements:2014$150,0002013$120,000Accounts receivablePrepaid expensesAccounts payableSalaries payable10,00080,0009,00065,00012,000200,00014,0005,000Net incomeDepreciation expenseGain on sale of equipment6,000If the company uses the indirect method to prepare the operating activities section of the statement of cash flows, what amount will be reported as netcash inflow from operating activities for 2014?$171,000$215,000$245,000$183,000Click Save and Submit to save and submit. Click Save All Answers to save all answers.Save All AnswersClose WindowSav

QUESTION 5 Mercury Corporation reported the following information on its financial statements: Accounts receivable Prepaid expenses Accounts payable Salaries payable Net income Depreciation expense Gain on sale of equipment 2014 $150,000 9,000 65,000 12.000 2013 $120,000 10,000 80,000 5.000 200.000 14,000 6.000 If the company uses the indirect method to prepare the operating activities section of the statement of cash flows, what amount will be reported as net cash inflow from operating activities for 2014? O $171,000 O $215.000 O $245,000 O $183,000 Save All Answers

QUESTION 5 Mercury Corporation reported the following information on its financial statements: Accounts receivable Prepaid expenses Accounts payable Salaries payable Net income Depreciation expense Gain on sale of equipment 2014 $150,000 9,000 65,000 12.000 2013 $120,000 10,000 80,000 5.000 200.000 14,000 6.000 If the company uses the indirect method to prepare the operating activities section of the statement of cash flows, what amount will be reported as net cash inflow from operating activities for 2014? O $171,000 O $215.000 O $245,000 O $183,000 Save All Answers

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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The following information is available from the current period financial statements: Net income $ 141,238 Depreciation expense $36,864 Increase in accounts receivable $15,924 Decrease in accounts payable $23,055 The net cash flow from operating activities using the indirect method is a.$217,081 b.$139,123 c.$111,505 d.$88,450
Required Information Exercise 12-12 (Static) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets 2021 2020 $ 87,500 65,000 $ 44,000 51,000 86,500 At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold IKIBAN INCORPORATED Income Statement 63,800 4,400 5,400 220,700 186,900 124,000 (27,000) $ 317,700 $ 25,000 115,000 (9,000) $292,900 $ 30,000 15,000 3,800 6,000 3,400 34,400 48,800 30,000 60,000 64,400 108,800 220,000 160,000 33,300 $317,700 24,100…
How do I describe the cash flow pattern
Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $480,300 Depreciation expense 69,400 Loss on disposal of equipment 37,600 Increase in accounts receivable 10,300 Increase in accounts payable 10,300 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. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Net income $fill in the blank 2 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation fill in the blank 4 Loss on disposal of equipment fill in the blank 6 Changes in current operating assets and liabilities: Increase in accounts receivable fill in the blank 8 Increase in accounts payable fill in the blank 10 Net cash flow…
A draft statement of cash flows contains the following: £ i Profit before tax 22 ii Depreciation 8 iii Increase in inventories -4 iv Decrease in receivables -3 v Increase in payables -2 Net cash inflow from operating activities 21 Which Two of the following corrections needs to be made to the calculation? a. ii and v b. iv and iii c. i and ii d. iv and v
TB MC Qu. 12-133 In preparing a company's statement... In preparing a company's statement of cash flows using the Indirect method, the following information is available: Net income Accounts payable increased by Accounts receivable decreased by Inventories increased by Depreciation expense Net cash provided by operating activities was: Multiple Choice $120,000. $60,000. $70,000. $80,000. $130,000. $52,000 18,000 25,000 5,000 30,000
Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $446,400 Depreciation expense 59,100 Loss on disposal of equipment 39,800 Increase in accounts receivable 27,200 Increase in accounts payable 10,700 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. 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 $
Required information Skip to question [The following information applies to the questions displayed below.] Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 102,000 $ 122,400 Accounts receivable 81,700 88,000 Inventory 109,700 100,000 Total current assets 293,400 310,400 Property, plant, and equipment 291,000 280,000 Less accumulated depreciation 97,000 70,000 Net property, plant, and equipment 194,000 210,000 Total assets $ 487,400 $ 520,400 Accounts payable $ 64,000 $ 113,700 Income taxes payable 49,700 65,700 Bonds payable 120,000 100,000 Common stock 140,000 120,000 Retained earnings 113,700 121,000 Total liabilities and stockholders’ equity $ 487,400 $ 520,400…
Question 13 Prepare a statement of cash flows in good form assuming that Avatar Company uses the indirect method. Please refer to the following information for the year 2021. Avatar Company Balance Sheet December 31, 2021 2021 2020 Change Cash $21,000 $18,000 $3,000 Accounts receivable 31,000 35,000 (4,000) Inventory 53,000 25,000 28,000 Property, Plant & Equipment (net) 120,000 90,000 30,000 Total assets $225,000 $168,000 $57,000 Accounts payable $4,000 $6,000 $(2,000) Accrued liabilities 2,000 1,000 1,000 Long-term notes payable 84,000 90,000 (6,000) Total liabilities $90,000 $97,000 $(7,000)…
Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $298,400 Depreciation expense 59,600 Loss on disposal of equipment 24,800 Increase in accounts receivable 13,200 Increase in accounts payable 11,800 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.
Subject: acounting
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