Sarasota Corporation reported net income, $75000; cash provided by operating activies, $118000; cash usedby investing activies, $85000; and cash provided by financing activies, $140000. The net increase (decrease)in cash is

Step 1: Method to calculate net increase or decrease in cashWe add the items that provide the cash…

Answered: Sarasota Corporation reported net…

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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Hi-Tech, Inc., reports net income of $70 million. Included in that number are depreciation expense of $6 million and a loss on the sale of equipment of $2 million. Records reveal increases in accounts receivable, accounts payable, and inventory of $3 million, $4 million, and $5 million, respectively. What are Hi-Tech’s net cash flows from operating activities?
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Burger Palace Corporation reports a net-cash-used for investing activities of $3.4 million and a net-cash-provided by financing activities of $1.6 million. If cash increased by $1.1 million during the year, what was the net cash flow provided from operating activities? A) $0.7 million B) $2.9 million C) $3.9 million D) $6.1 million
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Using the Exhibit below, assume that the balance of Accounts Payable was $60,000 at the beginning of the current year. Furthermore, assume that the balance of Accounts Payable is $65,000 at the end of the current year. When preparing the Statement of Cash Flow using the indirect method for the current year, which of the following statements would describe the proper presentation of accounts payable on the Cash flow from operating activities section? EXHIBIT Increase (Decrease) Net Income (loss) $XXX Adjustments to reconcile net income to net cash flow from operating activities: Depreciation of fixed assets XXX Losses on disposal of assets XXX Gains on disposal of…
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Eq Ltd contributes to a defined benefit superannuation plan for its employees. The following information is available for the plan at 30 June 2021. Fair value of plan assets (1 July 2020) $94 356 000 Fair value of plan assets (30 June 2021) $95 832 000 Present value of defined benefit obligation (1 July 2020) $98 586 000 Present value of defined benefit obligation (30 June 2021) $103 392 000 Benefits paid $15 552 000 Contributions received $8 640 000 Current service cost $12 096 000 Rate of return on plan assets for the period…
S Company reported net income for 2021 in the amount of $400,000. The company's financial statements also included the following: Increase in accounts receivable $ 80,000 Decrease in inventory 60,000 Increase in accounts payable 200,000 Depreciation expense 104,000 Gain on sale of land 148,000 What is net cash provided by operating activities under the indirect method? O $432,000. O $536,000. O $580,000. O $832,000.
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Sarasota Corporation reported net income, $75000; cash provided by operating activies, $118000; cash used by investing activies, $85000; and cash provided by financing activies, $140000. The net increase (decrease) in cash is