Sales Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable Decrease Inventory Increase. Salaries and Wages Payable Increase GUY'S GEAR COMPANY Cash Flows from Operating Activities-Indirect Method Adjustments to Reconcile Net Income to Cash Provided by Operating Activities $50,000 6,000 12,000 Changes in Current Assets and Current Liabilities $ 4,000 8,000 750 Required: Present the operating activities section of the statement of cash flows for Guy's Gear Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) $ 80,000 68,000 $ 12,000

Sales Expenses: Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable Decrease Inventory Increase. Salaries and Wages Payable Increase GUY'S GEAR COMPANY Cash Flows from Operating Activities-Indirect Method Adjustments to Reconcile Net Income to Cash Provided by Operating Activities $50,000 6,000 12,000 Changes in Current Assets and Current Liabilities $ 4,000 8,000 750 Required: Present the operating activities section of the statement of cash flows for Guy's Gear Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) $ 80,000 68,000 $ 12,000

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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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 $
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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…
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.
Question Content Area The following information is available from the current period financial statements: Net income $102,978 Depreciation expense 26,870 Increase in accounts receivable 15,293 Decrease in accounts payable (29,031) The net cash flows from operating activities using the indirect method is
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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
Statement of Cash Flows
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