Provide Answer Satya Enterprises reported the cost of goods sold on its incomestatement as $12,500. The following account balances appearedon the company's comparative balance sheet for the same year:AccountEnding Balance Beginning BalanceInventory$25,000Accounts Payable $16,000$22,000$12,000The company uses the indirect method to determine the net cashprovided by operating activities. The cost of goods sold, adjustedto a cash basis, on the company's statement of cash flows for theyear would be

Concept of Cost of Goods Sold (COGS):Cost of Goods Sold (COGS) represents the direct costs incurred…

Answered: Satya Enterprises reported the cost of…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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The Simplex Company reported cost of goods sold on its income statement of $10,000. The following account balances appeared on the company's comparative balance sheet for the same year: Data shows the ending and beginning balances of the accounts: Inventory $22,000 $20,000; Accounts Payable $14,000 $11,000 The company uses the indirect method to determine the net cash provided by operating activities. The cost of goods sold, adjusted to a cash basis, on the company's statement of cash flows for the year would be: a. $11,000 b. $10,000 c. $9,000 d. $5,000
Cash flows for the year would be
Provide answer please general accounting
Company's statement of cash flows for the year would be?
ans
The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows: Please see the attachment for details: a. Prepare the Cash flows from operating activities section of the statement of cash flows, using the direct method.b. What does the direct method show about a company’s cash flows fromoperating activities that is not shown using the indirect method?
The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold. Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $241,531 42,312 47,601 5,289 19,393 Cash flows from operating activities $ 1,763,000 863,870 899, 130 356,126 543,004 7,052 $ 550,056 $ 10, 100 increase Accounts payable 13,650 increase Salaries payable Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Changes in current operating assets and liabilities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 10,175 decrease 1,350 decrease $ 0
The cost of merchandise sold during the year was $51,768. Merchandise inventories were $13,894 and $8,414 at the beginning and end of the year, respectively. Accounts payable (all owed to merchandise suppliers) were $5,591 and $3,814 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, cash payments for merchandise total a.$5,591 b.$51,768 c.$44,511 d.$48,065
The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 85,200 Expenses Cost of goods sold Depreciation expense Salaries expense $51,875 7,400 11,800 71,075 $ 14,125 Net income Prior Partial Balance Sheet Accounts receivable Inventory Salaries payable Current year $10,900 S 14,200 13,800 1,580 year 8,600 970 Required: Present the operating activities section of the statement of cash fl outflows as negative amounts.)
Lastyear Morrison Corporation reported cost of goods sold of $135,000. Inventories increased by $25,000 during the year, and accounts payable decreased by$10,000. The company uses the direct method to determine the net cash flows from operating activities on the statement of cash flows. The cost of goodssold adjusted to a cash basis would be:
Subject: acounting
Forten Company'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, and (4) all debits to Accounts Payable reflect cash payments for inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) $ 137,400 25,750 Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities FORTEN COMPANY Comparative Balance Sheets December 31 Cash flows from operating activities $ 607,500 290,000 317,500 FORTEN COMPANY…

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