Statement of cash flowsA summary of cash flows for A-One Travel Service for the year ended August 31, 20Y6, follows:Cash receipts:Cash received from customers$1,125,000Cash received from issuing common stock15,000Cash payments:Cash paid for operating expensesCash paid for landCash paid as dividends815,000150,00050,000The cash balance as of September 1, 20Y5, was $59,500.Prepare a statement of cash flows for A-One Travel Service for the year ended August 31, 20Y6. Use the minus sign to indicatecash outflows, cash payments and decreases in cash.A-One Travel ServiceStatement of Cash FlowsFor the Year Ended August 31, 2016Line Item DescriptionCash flows from (used for) operating activities:Cash received from customersCash paid for operating expensesNet cash flows from operating activitiesCash flows from (used for) investing activities:Cash paid for purchase of landCash flows from (used for) financing activities:Cash received from issuing common stockAmountAmount1,125,000-815,000310,000-150,00015,000Cash paid for dividends-50,000Net cash flows used for financing activitiesNet increase in cashCash balance, September 1, 2015Cash balance, August 31, 201659,500184,500

Preparation of cash flow statement as follows:Resultant values:

Answered: Statement of cash flows A summary of…

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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Lino Company’s worksheet for the preparation of its 20X1 statement of cash flows included the following information: Dec31 Jan 1 Accounts receivable 29,000 $ 23,000 Allowance for uncollectible accounts 1,000 800 Prepaid rent expense 8,200 12,400 Accounts payable 22,400 19,400 Lino’s 20X1 net income is $150,000. Required: What amount should Lino include as net cash that is provided by operating activities in the statement of cash flows?
Statement of Cash Flows The comparative balance sheet of Orange Angel Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, Dec. 31, 20Y8 20Y7 Cash Accounts receivable (net) Merchandise inventory Assets Prepaid expenses Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Mortgage note payable Common stock, $1 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity $53,650 $66,100 82,440 89,100 117,780 110,440 4,800 3,350 239,920 197,870 (62,380) (48,530) $436,210 $418,330 $91,600 0 14,000 203,000 127,610 $436,210 $87,430 125,500 9,000 118,000 78,400 $418,330 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows: a. Net income, $125,980. b. Depreciation reported on the income statement, $30,270. c. Equipment was purchased at a cost of $58,470, and fully depreciated…
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Cash receipts totaled $875,000 for property taxes and $292,500 from other revenue. Note: Enter debits before credits. Transaction General Journal Debit Credit 04 .
atio of Cash to Monthly Cash Expenses Financial data for Abrams Company follow: For Year EndedDecember 31 Cash on December 31 $54,270 Cash flow from operations (97,200) a. Compute the ratio of cash to monthly cash expenses. Round your answer to one decimal place.fill in the blank 1 months b. Interpret the results computed in (a).
A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from financing activities is:
russell co reports sales revenue of 30000 and interest revenue of 5000. it comparative balance sheet show that accounts recievable decrease 4000 and interest recievable increased 1000 compute cash provided by operating activities using the direct method
Free Cash Flow Kat Co. reports the following financial data for the current year: Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash disbursed for capital expenditures Compute Kat's free cash flow. Free cash flow S 17175 x Check $21,500 (10,555) 4,250 (4,325)
On the schedule of collection from sales what are the percentage calculations for cash collected from prior months sales? Note A Calculations for cash collected and percentages from current months sales Note B
Statement of Cash Flows The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 647,180 $ 696,900 Accounts receivable (net) 588,930 537,160 Inventories 893,110 821,920 Prepaid expenses 20,710 24,590 Land 222,630 336,530 Buildings 1,029,020 634,240 Accumulated depreciation-buildings (291,230) (271,820) Equipment 362,420 320,350 Accumulated depreciation-equipment (99,670) (111,960) Total assets $3,373,100 $2,987,910 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 640,890 $ 676,300 Bonds payable 188,890 0 Common stock, $20 par 222,000 82,000 Excess of…
January February March Sales $100,000 $121,000 $165,000 Manufacturing costs 42,000 52,000 59,000 Selling and administrative expenses 29,000 33,000 36,000 Capital expenditures 40,000 The company expects to sell about 15% of its merchandise for cash. Of sales on account, 65% are expected to be collected in full in the month following the sale and the remainder the following month. Depreciation, insurance, and property tax expense represent $8,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in June, and the annual property taxes are paid in October. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. All sales and administrative expenses are paid in the month incurred. Current assets as of January 1 include cash of $38,000, marketable securities of $54,000, and accounts receivable of $116,000 ($88,000 from December sales and $28,000 from November…

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