Skysong Corporation had the following 2025 income statement.Sales revenue$186,000Cost of goods sold127,000Gross profit59,000Operating expenses (includes depreciation of $22,000)45,000Net income$14,000The following accounts increased during 2025: Accounts Receivable $13,000, Inventory $12,000, and Accounts PayaPrepare the cash flows from operating activities section of Skysong's 2025 statement of cash flows using the direct nSKYSONG CORPORATIONStatement of Cash Flows-Direct Method (Partial)For the Year Ended December 31, 2025Cash Flows from Operating ActivitiesCash Received from CustomersCash Payment to SuppliersCash Payment for Operating Expenses$$Net Cash Provided by Operating Activities$

Let's work through these calculations based on the available data:Data Provided:Sales Revenue:…

Answered: Skysong Corporation had the following…

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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Similar questions

Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts receivable, a 7,000 increase in inventory, an 8,000 increase in salaries payable, a 13,000 decrease in accounts payable, and 10,000 in depreciation expense. Using the indirect method, prepare the operating activities section of its statement of cash flows based on this information.
Use the following information from Birch Companys balance sheets to determine net cash flows from operating activities (indirect method), assuming net income for 2018 of $122,000.
Use the following excerpts from Indigo Companys balance sheets to determine net cash flows from operating activities (indirect method), assuming net income for 2018 of $225,000.
Monty Corporation had the following 2025 income statement. Sales revenue $202,000 Cost of goods sold 132,000 Gross profit 70,000 Operating expenses (includes depreciation of $20,000) 51,000 Net income $19,000 The following accounts increased during 2025: Accounts Receivable $11,000, Inventory $12,000, and Accounts Payable $14,000. Prepare the cash flows from operating activities section of Monty's 2025 statement of cash flows using the direct method. MONTY CORPORATION Statement of Cash Flows-Direct Method (Partial) > > $ +A $
Marin Corporation had the following 2025 income statement. Sales revenue $186,000 Cost of goods sold 127,000 Gross profit 59,000 Operating expenses (includes depreciation of $22,000) 45,000 Net income $14,000 The following accounts increased during 2025: Accounts Receivable $13,000, Inventory $12,000, and Accounts Payable $14,000. Prepare the cash flows from operating activities section of Marin's 2025 statement of cash flows using the direct method. MARIN CORPORATION Statement of Cash Flows-Direct Method (Partial) LA
Sarasota Corporation had the following 2025 income statement. Sales revenue $220,000 Cost of goods sold 131,000 Gross profit 89,000 Operating expenses (includes depreciation of $23,000) 46,000 Net income $43,000 The following accounts increased during 2025: Accounts Receivable $12,000, Inventory $12,000, and Accounts Payable $12,000. Prepare the cash flows from operating activities section of Sarasota's 2025 statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SARASOTA CORPORATION Statement of Cash Flows-Indirect Method (Partial) For the Year Ended December 31, 2025 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Payable Increase in Accounts Receivable Increase in Inventory : $ DOOD $ $ Net Cash Provided by Operating Activities
Bloom Corporation had the following 2025 income statement. Sales revenue $200,000 Cost of goods sold 120,000 Gross profit 80,000 Operating expenses (includes depreciation of $21,000) 50,000 Net income $30,000 The following accounts increased during 2025: Accounts Receivable $12,000, Inventory $11,000, and Accounts Payable $13,000. Prepare the cash flows from operating activities section of Bloom's 2025 statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) BLOOM CORPORATION Statement of Cash Flows-Indirect Method (Partial) For the Year Ended December 31, 2025
The following comparative information is available for Pharoah Company for 2025. LIFO FIFO Sales revenue $87,000 $87,000 Cost of goods sold 41,000 34,100 Operating expenses (including depreciation) 28,000 28,000 Depreciation 9,000 9,000 Cash paid for inventory purchases 32,990 32,990 Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis. LIFO Net cash provided by operating activities $ FIFO $ Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.) LIFO Quality of earnings ratio FIFO
Bonita Corporation had the following 2020 income statement. Sales revenue $198,000Cost of goods sold 125,000Gross profit 73,000Operating expenses (includes depreciation of $23,000) 53,000Net income $20,000 The following accounts increased during 2020: Accounts Receivable $13,000, Inventory $10,000, Accounts Payable $13,000. Prepare the cash flows from the operating activities section of Bonita’s 2020 statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Bonita CorporationStatement of Cash Flows-Indirect Method (Partial)choose the accounting periodselect an opening section nameselect an item$enter a dollar amountAdjustments to reconcile net income toselect an opening subsection nameselect an item$enter a dollar amountselect an itementer a dollar amountselect an itementer a dollar amountselect an itementer a dollar amountenter a total amount of adjustmentsselect a closing section…
The 2024 income statement of Adrian Express reports sales of $17,931,000, cost of goods sold of $11,154,000, and net income of $1,660,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets Assets Current assets: Cash Accounts receivable December 31, 2024 and 2023 2024 $660,000 1,520,000 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Common stock Retained earnings 2023 1,920,000 4,860,000 $ 8,960,000 $ 1,960,000 2,360,000 1,940,000 2,700,000 $ 820,000 1,060,000 1,460,000 4,300,000 $ 7,640,000 $ 1,720,000 2,460,000 1,940,000 1,520,000 Total liabilities and stockholders' equity $ 8,960,000 $ 7,640,000 Industry averages for the following four ratios are as follows: Average collection period Average days in inventory Current ratio Debt to equity ratio Required: 26 days 63 days 2 to 1 35% 1. Calculate the four ratios listed above for Adrian Express in 2024 assuming all sales are on…
Shamrock Corporation had the following 2020 income statement. Sales revenue $211,000 Cost of goods sold 108,000 Gross profit 103,000 Operating expenses (includes depreciation of $21,000) 50,000 Net income $53,000 The following accounts increased during 2020: Accounts Receivable $14,000, Inventory $11,000, and Accounts Payable $13,000. Prepare the cash flows from operating activities section of Shamrock's 2020 statement of cash flows using the direct method. Shamrock Corporation Statement of Cash Flows-Direct Method (Partial) 2$ > > >

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