SalesCost of goods soldDepreciationOther operating expensesIncome taxLoss on sale of equipmentGain on sale of investmentNet earnings and comprehensive incomeAs at December 31CashAccounts receivableInventoryEquipmentLess: accumulated depreciationInvestmentTotalAccounts payableIncome tax payableBonds payableCommon sharesRetained earningsTotal$193,80025,40076,10043,8003,000(2,300)20X2$ 69,30089,600187,700556,300(231, 200)54,700$ 726,400$$510,000339,800$170, 20020X1$ 55,200102, 600175,400475,400(229,100)79,000$ 658,50062,00010,00045,700307, 200301,500$ 726,400 $ 658,500$ 104,1007,000307, 200240, 200Additional information:During the year, equipment with an original cost of $99,800 was sold for cash. Required:1. Prepare the SCF. (Deductible amounts and Cash outflows should be indicated with minus sign.)GRAND CORPStatement of Cash FlowsFor the year ended 31 December 20X2Operations:Net earningsAdd: Depreciation expenseAdd: Loss on sale of equipmentLess: Gain on sale of investmentDecrease in accounts receivableDecrease in accounts payableIncrease in inventoryIncrease in income tax payableAnswer is not complete.Investing activities:Purchase of equipmentProceeds on sale of equipmentProceeds on sale of investmentFinancing activities:Issued bondDividends paidOpening cashClosing cash$ 170,20025,4003,000(2,300)$ 196,30013,000(42,100)(12,300)3,000(180,700)73,50026,60045,700(108,900)$ 157,900(80,600)(63,200)55,200$ 55,200

Cash flow statement is prepared by companies to know the exact cash position as on a particular…

Required: 1. Prepare the SCF. (Deductible amounts and Cash outflows should be indicated with minus sign.) Answer is not complete. GRAND CORP Statement of Cash Flows For the year ended 31 December 20X2 Operations: Net earnings Add: Depreciation expense $ 170,200 25,400

Required: 1. Prepare the SCF. (Deductible amounts and Cash outflows should be indicated with minus sign.) Answer is not complete. GRAND CORP Statement of Cash Flows For the year ended 31 December 20X2 Operations: Net earnings Add: Depreciation expense $ 170,200 25,400

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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Prepare cash flows from operating activities using the direct method: Net income Depreciation expense Accounts receivable increase (decrease) Inventory increase (decrease) Accounts payable increase (decrease) Accrued liabilities increase (decrease) Dots Twix $4,000 $100,000 30,000 8,000 40,000 20,000 (20,000) (10,000) 24,000 (22,000) (44,000) 12,000 Skor $72,000 24,000 (4,000) 10,000 14,000 (8,000)
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Complete the statement of sources and uses of cash from the following entries: Net income Dividends Additions to inventory $ 2,100 900 180 Additions to receivables 210 Depreciation 150 Reduction in payables 610 Net issuance of long-term debt 360 Sale of fixed assets 120 Sources Cash from operations: Total sources Uses $ 0 $ 0 Total uses
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Kennedy, Inc., reported the following data: $134,297 Net income Depreciation expense 14,195 Loss on disposal of equipment (10,514) Gain on sale of building 20,604 Increase in accounts receivable 7,029 (860') Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a Decrease in accounts payable decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flows Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Previous earch 3:28 PM 53°F Sunny (p岁 12/14/2021 a. prt sc delete pause shift home
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The list includes all balance sheet accounts related to cash from operating activities. Case X Case Y Case Z Net income $ 5,800 $ 146,000 $ 105,600 Depreciation expense 43,600 11,600 35,200 Accounts receivable increase (decrease) 58,200 29,000 (5,800 ) Inventory increase (decrease) (29,200 ) (14,600 ) 14,600 Accounts payable increase (decrease) 35,000 (32,200 ) 20,400 Accrued liabilities increase (decrease) (64,200 ) 17,600 (11,600 ) For each of the above separate cases X, Y, and Z, compute cash flows from operations using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $276,220 $257,240 Accounts receivable (net) 100,060 92,390 Inventories 282,470 273,550 Investments 0 105,980 Land 144,890 0 Equipment 311,660 241,850 Accumulated depreciation—equipment (72,960) (65,220) Total assets $1,042,340 $905,790 Liabilities and Stockholders' Equity Accounts payable $188,660 $178,440 Accrued expenses payable 18,760 23,550 Dividends payable 10,420 8,150 Common stock, $10 par 56,290 44,380 Paid-in capital: Excess of issue price over par-common stock 211,600 123,190 Retained earnings 556,610 528,080 Total liabilities and stockholders’ equity $1,042,340 $905,790 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:…
● Sanders, Inc. reported net income of $205. Beginning and ending balances of accounts receivable were $40 and $45, respectively. • Accounts payable balances at the beginning and ending of the year were $35 and $33, respectively. Assuming all relevant information has been presented, Sanders should report net operating cash flows of: A $198 $202 с $205 D $212 E None of these
How do I complete this chart of cash flow?
Statement of Cash Flows—Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation—equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable $205,700 $194,140 Accrued expenses payable 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital: Excess of issue price over par—common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:…