Current Attempt in ProgressSplish Brothers Inc. reports a $24000 increase in inventory and a $6000 decrease in accounts payable during the year. Cost of GoodsSold for the year was $338400, Using the direct method of reporting cash flows from operating activities, cash payments made tosuppliers wereO $314400.O $368400.O $308400.O $338400.

The question is based on the concept of Cost Accounting.

Answered: Splish Brothers Inc. reports a $24000…

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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A company uses the indirect method to prepare the statement of cash flows. It presents the following data on its financial statements End of this year End of prior year $145,000 $97,000 560,000 830,000 75,000 86,000 13,000 49.000 Accounts receivable Cost of goods sold Sales revenue Accounts payable Inventory Salary payable Salary expense *Relates solely to the acquisition of inventory What will appear in the operating activities section related to accounts receivable? ⒸA. The increase of $48,000 will be subtracted from net income OB. The increase of $48,000 will be added to sales revenue. OC. The increase of $48,000 will be subtracted from sales revenue OD. The increase of $48,000 will be added to net income 67,000 105,000 10,000 45,000
Demers Inc. reported the following data: Net income $409,500 Depreciation expense 46,460 Gain on disposal of equipment 37,860 Decrease in accounts receivable 25,340 Decrease in accounts payable 5,930 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.
The income statement for Electronic Wonders reports net sales of $91,758 million and cost of goods sold of $69,278 million. An examination of balance sheet amounts indicates accounts receivable increased $1,733 million, inventory increased $883 million, and accounts payable to suppliers decreased $1,967 million.Required:Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers.
Accounts receivable from sales transactions were $49,313 at the beginning of the year and $62,098 at the end of the year. Net income reported on the income statement for the year was $122,531. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method would be
The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 85,300 Expenses Cost of goods $ sold 51,675 Depreciation 8,100 expense Salaries 12,000 71,775 expense Net income $ 13,525 Partial Balance Prior Sheet Current year year Accounts $ $ 9,900 receivable 14,400 Inventory 13,700 8,300 Salaries payable 1,550 850 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. Note: List cash outflows as negative amounts. PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities: Accounts receivable increase
The following information is available for Cullumber Products: 2014 2013 Accounts receivable $76,800 $94,720 Cost of goods sold 675,840 742,400 Inventory (ending) 66,560 87,040 Net cash provided by operating activities 281,600 217,600 Net sales 1,157,760 1,203,200 Capital expenditures 51,200 48,640 Dividends 31,104 40,960 Compute the following for 2014: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) Accounts receivable turnover enter a number of times rounded to 1 decimal place times Average collection period enter a number of days rounded to 1 decimal place days
9. What is the amount of depreciation under cash basis?
Baxter Company reported a net loss of $16,324 for the year ended December 31. During the year, accounts receivable decreased by $4,513, merchandise inventory increased by $9,092, accounts payable increased by $8,534, and depreciation expense of $4,402 was recorded. During the year, operating activities under the indirect method Oa. used net cash of $16,324 Ob. used net cash of $7,967 Oc. provided net cash of $7,967 Od. provided net cash of $16,324
Subject: acounting
Subject: acounting
The comparative balance sheets for Layton Company show these changes in noncash current asset accounts: Accounts receivable decrease: $83,700, Prepaid expenses increase: $27,180, and Inventories increase: $29,290. Compute net cash provided by operating activities using the indirect method assuming that net income is $180,980.

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