A v2.cengagenow.comChapter 17 - ACC-101-052W_2021SPCengageNOW2 | Online teaching and learning resource from Cengage LearrChapter 16eBookShow Me Howf. There was a $39,680 deblt to Retalned Earnings for cash dividends dedared.Required:Prepare a statement of cash flows, using the Indirect methodpresenting cash flows from (used for) operatng activitles. Use the minus sign to Indicate cash outflows, cash payments, decreases In cash, or any negative adjustments.Merrick Equlpment Co.Statement of Cash FlowsFor the Year Ended December 31, 20Y9Cash flows from (used for) operating activities:Adjustments to reconcle net Income to net cash flows from (used for) operating activitles:Changes In current operating assets and llablitles:Net cash flows from operating activitiesCash flows from (used for) Investing activities:Net cash flows used for investing activitiesCash flows from (used for) financing activities:Net cash flows from financing activitiesCash balance, January 1, 20Y9Cash balance, December 31, 20Y9Check My Work 3 more Check My Work uses remaining.O 00 0000 Q0d 00 A v2.cengagenow.com口CengageNOWv2| Online teaching and learning resource from CChapter 17 - ACC-101-052W_2021SPChapter 16Assets$256,570$239,760Cash92,94086,110Accounts receivable (net)262,370254,970Inventories98,780Investments134,580Land289,480225,410Equipment(67,770)(60,790)Accumulated depreciation-equipment$968,170$844,240Total assetsLiabilities and Stockholders' Equity$175,240$166,320Accounts payable17,43021,950Accrued expenses payable9,6807,600Dividends payable52,28041,370Common stock, $10 par196,540114,820Excess of paid-in capital over par517,000492,180Retained earnings$968,170$844,240Total liabilities and stockholders' equityAdditional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:a. Equipment and land were acquired for cash.b. There were no disposals of equipment during the year.C. The investments were sold for $88,900 cash.d. The common stock was issued for cash.e. There was a $64,500 credit to Retained Earnings for net income.f. There was a $39,680 debit to Retained Earnings for cash dividends declared.Check My Work 3 more Check My Work uses remaining.( PreviousNextAssignment Score: 36.43%All wo Email InstructorSave and ExitSubmit Assignment for Gra

Statement of Cash Flows: Statement of Cash Flow is one of the main four financial statements,…

Required: Prepare a statement of cash flows, using the Indirect method of presenting cash flows from (used for) operating activitles. Use the minus sign to Indicate cash outflows, cash payments, decreases In cash, or any negative adjustments. Merrick Equlpment Co. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from (used for) operating activities: Adjustments to reconcle net Income to net cash flows from (used for) operating activitles: Changes in current operating assets and llablities: Net cash flows from operating activities Cash flows from (used for) Investing activities: Net cash flows used for investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities ash balance, January 1, 20Y9 ash balance, December 31, 20Y9

Required: Prepare a statement of cash flows, using the Indirect method of presenting cash flows from (used for) operating activitles. Use the minus sign to Indicate cash outflows, cash payments, decreases In cash, or any negative adjustments. Merrick Equlpment Co. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from (used for) operating activities: Adjustments to reconcle net Income to net cash flows from (used for) operating activitles: Changes in current operating assets and llablities: Net cash flows from operating activities Cash flows from (used for) Investing activities: Net cash flows used for investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities ash balance, January 1, 20Y9 ash balance, December 31, 20Y9

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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View previous at Required information Assume a company prepares the statement of cash flows using the indirect method. The company purchases its Inventory on credit from suppliers. How should a decrease in accounts payable be reflected In the section that reconciles net income to cash flow from operating activitles? Multiple Choice It would be added if the section starts with net income and subtracted if it starts with a net loss It would be added in reconciling net income to cash flow from operafing activities It would be subtracted in reconciling net income to cash flow from operating activities A change in accounts payable does not affect the reconciliation of net income to cash flow from operating activities < Prev 15 of 15 Next Form 1040Sch...pdf 6 Form1040 Sch...pdf B1040 Sohedul...pdf Form8829 (1).pdf MacBook Air
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State the section(s) of the statement of cash flows prepared by the indirect method (operating activities, investing activities, financing activities, or not reported) and the amount that would be reported for each of the following transactions: Note: Only consider the cash component of each transaction. Use the minus sign to indicate amounts that are cash out flows, cash payments, decreases in cash, or any negative adjustments. If your answer is not reported in an amount box does not require an entry, leave it blank or enter "0". a. Received $120,000 from the sale of land costing $70,000. Investing activities $fill in the blank 2 Operating activities $fill in the blank 4 b. Purchased investments for $75,000. Investing activities $fill in the blank 6 c. Declared $35,000 cash dividends on stock. $5,000 dividends were payable at the beginning of the year, and $6,000 were payable at the end of the year. Financing activities $fill in the blank 8 d. Acquired equipment for…
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Hamburger Heaven's income statement for the current year and selected balance sheet data for the current and prior years ended December 31 are presented below. Income Statement Sales Revenue $1,860 Expenses: Cost of Goods Sold 850 Depreciation Expense Salaries and Wages Expense Rent Expense 150 450 200 Insurance Expense 75 Interest Expense Utilities Expense 45 Net Income 35 Selected Balance Sheet Accounts Current Year Prior Year 72 Inventory Accounts Receivable 55 355 400 Accounts Payable Salaries/Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance 225 260 39 25 25 10 14 TIP: Prepaid Rent decreased because the amount taken out of Prepaid Rent (and subtracted from net income as Rent Expense) was more than the amount paid for rent in cash during the current year. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
Staley Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable Increase in accounts payable 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. $485,300 57,200 30,500 22,400 12,100 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
Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 178,000 $ 122,400 Accounts receivable 104,000 85,000 Inventory 622,000 540,000 Total current assets 904,000 747,400 Equipment 372,700 313,000 Accumulated depreciation—Equipment (165,000) (111,000) Total assets $ 1,111,700 $ 949,400 Liabilities and Equity…
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Dive In Company was started several years ago by two diving instructors. The company's comparative balance sheets and income statement, as well as additional information, are presented below. Balance Sheet at December 31 Cash Accounts Receivable. Prepaid Rent Total Assets Salaries and Wages Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Rent and Office Expenses Net In Current Year $ 3,340 1,100 110 $ 4,550 $ 400 1,300 2,850 $ 4,550 $ 35,050 31,000 3,700 $ 350 Previous Year Additional Data: a. Rent is paid in advance each month, and Office Expenses are paid in cash as incurred. b. An owner contributed capital by paying $250 cash in exchange for the company's stock. $ 4,145 550 55 $4,750 $ 1,200 1,050 2,500 $4,750