Sheridan Company completed its first year of operations on December 31. 2022. It initial income statement showed that Sheridan had sales revenue of $190,900 and operating expenses of $73,200. Accounts receivable and accounts payable at year-end were $63,900 and $31,600 respectively. Assume that accounts payable related to operating expenses. Inore income taxes. Compute net cash provided by operating activities using the direct method. (Show amo wnts that decrease cosh fow with either a sign eg 1s oog orinparenthesises (15,000) Net cash provided by operating activities

Sheridan Company completed its first year of operations on December 31. 2022. It initial income statement showed that Sheridan had sales revenue of $190,900 and operating expenses of $73,200. Accounts receivable and accounts payable at year-end were $63,900 and $31,600 respectively. Assume that accounts payable related to operating expenses. Inore income taxes. Compute net cash provided by operating activities using the direct method. (Show amo wnts that decrease cosh fow with either a sign eg 1s oog orinparenthesises (15,000) Net cash provided by operating activities

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sheridan Company reported net income of $0.50 million in 2022. Depreciation for the year was $80,000, accounts receivable decreased $175,000, and accounts payable decreased $140,000. Compute net cash provided by operating activities using the indirect approach. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Sheridan Company Statement of Cash Flows-Indirect Approach
Accounts receivable from sales transactions were $45,878 at the beginning of the year and $60,085 at the end of the year. Net income reported on the income statement for the year was $139,730. Exclusive of the effect of other adjustments, what is the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method?
Accounts receivable arising from sales to customers amounted to $80,000 and $71,000 at the beginning and end of the year, respectively. Net income reported on the income statement for the year was $293,000. Exclusive of the effect of the other adjustments, the cash flow from operating activities to be reported in the indirect statement of cash flows is
Crane Company completed its first year of operations on December 31, 2022. Its initial income statement showed that Crane had sales revenue of $197,500 and operating expenses of $71,300. Accounts receivable and accounts payable at year-end were $62,400 and $18,300, respectively. Assume that accounts payable related to operating expenses. Ignore income taxes. Compute net cash provided by operating activities using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Net cash provided by operating activities GA $ 84,162
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…
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.
Rogers Company reported net income of $43,319 for the year. During the year, accounts receivable increased by $7,282, accounts payable decreased by $3,300, and depreciation expense of $7,495 was recorded. Net cash provided by operating activities under the indirect method for the year is?
Using the Exhibit below, assume that the balance of Accounts Payable was $50,000 at the beginning of the current year. Furthermore, assume that the balance of Accounts Payable is $35,000 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…
Cheyenne Corp. reported net income of $79200 for the year 2022. During 2022, accounts receivable increased by $5280, accounts payable decreased by $3520 and depreciation expense of $8800 was recorded. Net cash provided by operating activities for 2022 is $72160. $70400. $88000. $79200.
Filton Company reported net income of $44,204 for the year. During the year, accounts receivable increased by $7,925, accounts payable decreased by $4,003 and depreciation expense of $46,347 was recorded. Find the net cash provided by operating activities for the year. Select the correct answer. $44,204 $78,623 $102,479 $94,473
Alfredo Incorporated reports net income of $233,000 for the year ended December 31. It also reports $89,000 depreciation expense and a $5,150 gain on the sale of equipment. Its comparative balance sheet reveals a $36,100 decrease in accounts receivable, a $16,050 increase in accounts payable, and a $12,700 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.
Swifty Company completed its first year of operations on December 31, 2022. Its initial income statement showed that Swifty had sales revenue of $200,000 and operating expenses of $74,400. Accounts receivable and accounts payable at year-end were $54,900 and $28,600, respectively. Assume that accounts payable related to operating expenses. Ignore income taxes. Compute net cash provided by operating activities using the direct method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Net cash provided by operating activities $