Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Decrease in accrued expenses payable Net cash flow from operating activities Cash flows from (used for) investing activities: Cash received from sale of investments Cash paid for purchase of land Cash paid for purchase of equipment Net cash flow used for investing activities Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends Net cash flow from financing activities Net increase in cash Cash balance, January 1, 2018 Cash balance, December 31, 20Y8 $186,540 18,400 (50,000) (25,370) (33,450) 41,070 (12,470) $280,000 (326,000) (152,000) $187,500 (91,200) $124,720 (198,000) 96,300 $23,020 585,920 $608,940

Statement of Cash Flows For the Year Ended December 31, 20Y8 Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Decrease in accrued expenses payable Net cash flow from operating activities Cash flows from (used for) investing activities: Cash received from sale of investments Cash paid for purchase of land Cash paid for purchase of equipment Net cash flow used for investing activities Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends Net cash flow from financing activities Net increase in cash Cash balance, January 1, 2018 Cash balance, December 31, 20Y8 $186,540 18,400 (50,000) (25,370) (33,450) 41,070 (12,470) $280,000 (326,000) (152,000) $187,500 (91,200) $124,720 (198,000) 96,300 $23,020 585,920 $608,940

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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Apex Company prepared the statement of cash flows for the current year that is shown below: Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income Adjustments to convert net income to cash basis: Depreciation Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable Net cash provided by (used in) operating activities Investing activities: Proceeds from the sale of equipment Loan to Thomas Company Additions to plant and equipment Net cash provided by (used in) investing activities Financing activities: Increase in bonds payable Increase in common stock Cash dividends Net cash provided by (used in) financing activities Net decrease in cash and cash equivalents Beginning cash and cash equivalents Ending cash and cash equivalents $ 21,500 (60,300) (25,100) 10,100 54,300 (10,400) 4,400 14,400 (41,000) (121,500) 89,800 39,600 (28,500) $ 41,200…
The following information is available from the current period financial statements: Net income $ 120,206 Depreciation expense $31,199 Increase in accounts receivable $16,040 Decrease in accounts payable $24,041 The net cash flow from operating activities using the indirect method is a.$97,008 b.$191,486 c.$111,324 d.$72,967
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Apex Company prepared the statement of cash flows for the current year that is shown below: Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income Adjustments to convert net income to cash basis: Depreciation Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable Net cash provided by (used in) operating activities Investing activities: Proceeds from the sale of equipment Loan to Thomas Company Additions to plant and equipment Net cash provided by (used in) investing activities Financing activities: Increase in bonds payable Increase in common stock Cash dividends Net cash provided by (used in) financing activities Net decrease in cash and cash equivalents Beginning cash and cash equivalents Ending cash and cash equivalents $ 21,300 (61,900) (26,700) 10,300 54,700 (11,100) 3,200 Free cash flow 14,700 (41,300) (121,100) 89,000 38,900…
Determining Net Income from Net Cash Flow from Operating Activities Curwen Inc. reported net cash flow from operating activities of $357,500 on its statement of cash flows for a recent year ended December 31. The following information was reported in the Cash flows from operating activities section of the statement of cash flows, using the indirect method: Decrease in income taxes payable $7,700 Decrease in inventories 19,140 Depreciation 29,480 Gain on sale of investments 13,200 Increase in accounts payable 5,280 Increase in prepaid expenses 2,970 Increase in accounts receivable 14,300 a. Determine the net income reported by Curwen Inc. for the year ended December 31.
Statement of Cash Flows For the Year Ended December 31, 20Y2 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow from investing activities Cash flows from (used for) financing activities: Net cash flows from financing activities Cash balance, January 1, 20Y2 Cash balance, December 31, 20Y2 Q00 000 00 00 0 0 0000 Previous
The net income reported on an income statement for the current year was $63,000. Depreciation recorded on fixed assets for the year was $24,000. Balances of the current asset and current liability accounts at the end and beginning of the year are listed below. Prepare the Cash Flows from Operating Activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. End Beginning Cash $65,000 $70,000 Accounts receivable (net) 70,000 57,000 Inventories 86,000 102,000 Prepaid expenses 4,000 4,500 Accounts payable (merchandise creditors) 51,000 58,000 Cash dividends payable 4,500 6,500 Salaries payable 6,000 7,500
Cash Flows from Operating Activities—Indirect Method Staley Inc. reported the following data: Net income $298,400 Depreciation expense 59,600 Loss on disposal of equipment 24,800 Increase in accounts receivable 13,200 Increase in accounts payable 11,800 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
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Comment on the Cash flows from operating activities R756 000; Increase in receivables (R396 000) and Cash flows from investing activities (R1 368 000)
Cash Flows from Financing Activities: Payment of short-term debt Payment of notes payable Proceeds from Issuance of long-term debt Proceeds from Issuance of common stock Payment of cash dividends on common stock Net cash provided by financing activities Net decrease in cash for the year Assets Cash Accounts receivable Merchandise inventory Total current assets Land Buildings Less: Accumulated depreciation Total land and buildings Total assets Liabilities Accounts payable Short-term deb HARRIS INC. Balance Sheet At December 31, 2019 Notes payable Total current liabilities Long-term debt Stockholders' Equity Common stock, no par Retained earnings Total Stockholders' Equity Total liabilities and Stockholders Equity Required A Required B Accote: Current st Cash Accounts receivable Merchandise inventory Totalcument assets Noncurent assets: Land Buildings Less: Accumulated depreciation Total noncurent assets Total assets Liabilities and stockholders' Equity: Current liabilities: Accounts…
Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current year-end Cash received as interest Cash paid for salaries. Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Land purchased by issuing long-term notes payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received from customers Cash paid for inventory $ 46,000 129,352 4,600 133,400. 145,000 230,000 112,700 84,100 43,700 27,600 73,600 892,400 464,048 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method) for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. (Amounts to be deducted should be indicated with a minus sign.)