Riverside Corporation's statement of cash flows for the year ended December 31, 2021, was prepared using the indirect method, and it included the following items: Net income: $85,000 Noncash adjustments: Depreciation expense: $12,000 Decrease in accounts receivable: $4,000 Increase in accounts payable: $7,000 Net cash flows from operating activities: $108,000 Riverside Corporation reported revenues from customers of $95,000 in its 2021 income statement. What amount of cash did Riverside receive from customers during the year ended December 31, 2021?

Riverside Corporation's statement of cash flows for the year ended December 31, 2021, was prepared using the indirect method, and it included the following items: Net income: $85,000 Noncash adjustments: Depreciation expense: $12,000 Decrease in accounts receivable: $4,000 Increase in accounts payable: $7,000 Net cash flows from operating activities: $108,000 Riverside Corporation reported revenues from customers of $95,000 in its 2021 income statement. What amount of cash did Riverside receive from customers during the year ended December 31, 2021?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 5RE: In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts...

See similar textbooks

Similar questions

During the year, Hepworth Company earned a net income of 61,725. Beginning and ending balances for the year for selected accounts are as follows: There were no financing or investing activities for the year. The above balances reflect all of the adjustments needed to adjust net income to operating cash flows. Required: 1. Prepare a schedule of operating cash flows using the indirect method. 2. Suppose that all the data are used in Requirement 1 except that the ending accounts payable and cash balances are not known. Assume also that you know that the operating cash flow for the year was 20,475. What is the ending balance of accounts payable? 3. CONCEPTUAL CONNECTION Hepworth has an opportunity to buy some equipment that will significantly increase productivity. The equipment costs 25,000. Assuming exactly the same data used for Requirement 1, can Hepworth buy the equipment using this years operating cash flows? If not, what would you suggest be done?
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2018 fiscal year was $1,250,000. Depreciation expense of $140,000 was included withoperating expenses in the income statement. The following information describes the changes in current assets andliabilities other than cash:Increase in accounts receivable $152,000Decrease in inventories 108,000Decrease prepaid expenses 62,000Decrease in salaries payable 30,000Increase in income taxes payable 44,000Required:Calculate cash flows from operating activities for 2018.
Macrosoft Company reports net income of $62,000. The accounting records reveal depreciation expense of $77,000 as well as increases in prepaid rent, accounts payable, and income tax payable of $57,000, $10,000, and $16,500, respectively. Prepare the operating activities section of Macrosoft's statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities MACROSOFT COMPANY Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2021 fiscal year was $654,000. Depreciation and amortization expense of $93,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Decrease in accounts receivable $ 28,000 Increase in inventory 9,800 Increase in prepaid expenses 9,100 Increase in salaries payable 10,600 Decrease in income taxes payable 17,000 Required:Prepare the operating activities section of the 2021 statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.)
Demers Inc. reported the following data: Net income $409,500 Depreciation expense 46,460 Gain on disposal of equipment 37,860 Decrease in accounts receivable 25,340 Decrease in accounts payable 5,930 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.
Nanning Company reports net income of $96,100. The accounting records reveal Depreciation Expense of $51,200 as well as increases in Prepaid Rent, Accounts Payable, and Income Tax Payable of $38,800, $23,400, and $21,600, respectively. Required: Prepare the operating activities section of Electronic Wonders' statement of cash flows using the indirect method. (Amounts to be deducted and negative values should be indicated by a minus sign.) NANNING COMPANY Statement of Cash Flows (partial) Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in current assets and current liabilities: Net cash flows from operating activities
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2021 fiscal year was $714,000. Depreciation and amortization expense of $85,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Decrease in accounts receivable $ 40,000 Increase in inventory 11,000 Increase in prepaid expenses 10,300 Increase in salaries payable 11,800 Decrease in income taxes payable 16,000 Required:Prepare the operating activities section of the 2021 statement of cash flows.
The following information is available from the current period financial statements: Net income $112,044 Depreciation expense 22,976 Increase in accounts receivable 14,959 Decrease in accounts payable 16,749 The net cash flow from operating activities using the indirect method is:
The net income reported on an income statement for the current year was $63,000. Depreciation recorded on fixed assets for the year was $24,000. Balances of the current asset and current liability accounts at the end and beginning of the year are listed below. 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. End Beginning Cash $65,000 $70,000 Accounts receivable (net) 70,000 57,000 Inventories 86,000 102,000 Prepaid expenses 4,000 4,500 Accounts payable (merchandise creditors) 51,000 58,000 Cash dividends payable 4,500 6,500 Salaries payable 6,000 7,500 Cash Flows from Operating Activities Section Cash flows from operating activities: $ Adjustments to reconcile net income to net cash flow from operating activities: Changes in current…
Net cash flow from operating activities for 2021 for Vaughn Manufacturing was $497000. The following items are reported on the financial statements for 2021: Depreciation and amortization $ 31000 Cash dividends paid on common stock 18400 Increase in accounts receivable 35500 Based only on the information above, Vaughn’s net income for 2021 was:
The comparative balance sheets for Layton Company show these changes in noncash current asset accounts: Accounts receivable decrease: $83,700, Prepaid expenses increase: $27,180, and Inventories increase: $29,290. Compute net cash provided by operating activities using the indirect method assuming that net income is $180,980.
Creble Company reported net income for 2021 in the amount of $47,000. The company's financial statements also included the following: Increase in accounts receivable Decrease in inventory Depreciation expense Gain on sale of equipment $4,800 2,400 3,900 4,700 In the statement of cash flows what is net cash provided by operating activities under the indirect method? Multiple Choice $43,800. $48,600. $36,000. $62,800.