Please answer question completely The 2022 accounting records of Crane Transport provide the following information.Payment of interest$10,000Payment of salaries and wages$56,000Cash sales49,000Depreciation expense15,000Receipt of dividend revenue17,000Proceeds from sale of vehicles811,000Payment of income taxes15,000Purchase of equipment for cash21,000Net income37,000Loss on sale of vehicles2,000Payment for merchandise96,000Payment of dividends13,000Payment for land73,000Payment of operating expenses27,000Collection of accounts receivable195,000Prepare the cash flows from operating activities section using the direct method. CRANE TransportStatement of Cash Flows-Direct MethodCash receipts from%24cash payments:%24%24>

A cash flow statement is prepared by the management while preparing the financial statements and it…

Answered: The 2022 accounting records of Crane…

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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Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable - bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet is
Required: Compute the asset turnover ratio for 2021. (Re Asset turnover ratio
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions)20222021Accounts receivable (gross)$ 3,650$ 4,530Accounts receivable (net)3,4004,450Allowance for doubtful accounts25080Sales revenue32,97035,470Total current assets7,1427,304 Answer each of the following questions.(a)Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Accounts receivable turnoverenter the accounts receivable turnover in times rounded to 1 decimal place timesThe average collection period for 2022enter the average collection period for 2022 in days rounded to 1 decimal place days
Consider the following information from the Income Statement of Production Ltd. on 31st December 2022 (accounting year-end): Operating profit equals £30,000 and depreciation expense equals £2,000. In addition, consider the following information from the Statement of Financial Position of Production Ltd.: Trade Receivables Trade Payables 31st December 2021 31st December 2022 £ £ 2,500 9,000 32,000 12,000 Additional information: • Tax paid on cash during the current accounting year amounts to £12,500 • Gain on asset disposal equals £1,000. Considering all the previous information from Production Ltd., which of the following statements is true on 31st December 2022? O a. Production Ltd. shows a negative net cash flow from operating activities which equals -£8,000. O b. Production Ltd. shows a positive net cash flow from operating activities which equals £3,000. O c. The net cash flow from operating activities equals £0 O d. None of the answers is true.
Hardev
The 2022 accounting records of Sheridan Transport provide the following information. Payment of interest Cash sales Receipt of dividend revenue Payment of income taxes Net income Payment for merchandise Payment for land Collection of accounts receivable Cash Flows from Operating Activities Cash receipts from Prepare the cash flows from operating activities section using the direct method. Dividend Revenue Less V cash payments: For Interest For Income Taxes To Suppliers for Merchandise For Salaries and Wages $10,800 50,900 19,000 For Operating Expenses 15,700 38,000 97,600 73,700 195,200 SHERIDAN Transport Statement of Cash Flows-Direct Method For the Year Ended December 31, 2022 Payment of salaries and wages Depreciation expense Proceeds from sale of vehicles Purchase of equipment for cash Loss on sale of vehicles Payment of dividends Payment of operating expenses V Net Cash Provided by Operating Activities 10,800 i $ $ $56,900 16.100 812,100 21,900 3,100 14,700 27,600 208,600 1
The following are the account balances of Cutis Ltd as at 31 October 2020: £Sales 75,000 Purchases 15,075 Salaries and wages expense 4,675 General distribution costs 2,900 Other administrative expenses 2,100 Loan interest expense paid 750 Land at valuation 200,000 Building at cost 150,000 Accumulated depreciation – building (30,000)Equipment at cost 50,000 Accumulated depreciation – equipment (22,700)Cash 1,300Accounts receivable 19,080Inventory as at 1 November 2019 875 Ordinary shares of £1 each 232,045 Retained earnings as at 1 November 2019 62,160 12% loan (due 31 October 2023) 12,500 Accounts payable 12,350Additional information:(i) The interest expenses on the loan are due half yearly on 1 November and 1 May. The first six months’ interest was paid.(ii) The corporation tax charge for the year is estimated at £6,500.(iii) The building is depreciated on a straight line method with an estimated useful life of 30 years with no residual value. The equipment is depreciated at 15% per…
UTV Corp. have the following account balances for the year ended December 31, 2020:DEBIT BALANCESAmountCash and cash equivalents400,000Accounts receivable900,000Raw materials560,000Goods in process600,000Finished goods1,400,000Financial assets at FVOCI2,500,000Sinking fund200,000Land1,000,000Building6,000,000Plant and equipment2,400,000Patent800,000Goodwill1,400,000Unrealized loss – FVOCI100,000Prepaid benefit cost20,000Treasury shares at cost250,000TOTAL18,530,000 CREDIT BALANCESAmountBank overdraft100,000Due from an officer50,000Allowance for bad debts40,000Accumulated depreciation – building1,600,000Accumulated depreciation – plant and equipment400,000Notes payable, due June 30, 20211,300,000Notes payable, due June 30, 20222,100,000Accounts payable1,000,000Provision180,000Warranty liabilities80,000Income tax payable120,000Finance lease liability180,000Deferred tax liability280,000Actuarial gain300,000Revaluation surplus360,000Share capital6,000,000Share premium2,000,000Retained…
ABC Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 17. Total current assets reported in the December 31, 2021 balance sheet is a. 176,000 b. 156,000 c. 173,000 d. 170,000
Please help me with show all calculation thanku
Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income $ 9,710 7,990 475 $ 1,245 114 $ 1,131 396 $ 735 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 2022 2021 Total assets What is the days' sales in receivables for 2022? Cash Accounts receivable Inventory Total $ 3,290 $ 3,025 3,530 4,050 Net fixed assets $ 6,820 $ 7,075 $ 270 $ 300 Accounts payable $ 1,550 1,080 1,940 1,745 980 Long-term debt Common stock Retained earnings Total liabilities & equity $ 6,820 $ 7,075 1,160 3,460 650 2022 $ 1,785 1,330 3,060 900
Use the following financial statements to answer queshons 13-18. Income Statement: Sales Cost of Goods Sold R+D S6+ A Depreciation 50,000 Earnings Before Interest+Toxes 250,000 Interest Expense 20,000 Taxable Income 230,000 57,500 Income Tax Expense Net Income Balance Sheet: Cash Accants Receivable Inventory $950,000 400,000 150,000 100,000 Pope Fixed Assets (Net) Total Assets 2023 120,000 110,000 172,500 50,000 670,000 950,000 80,000 40,000 230,000 600,000 950,000 2022 100,000 95,000 45.000 600,000 840,000 70,000 30,000 Accounts Payable Notes Payable Long-Term Debt Shareholders' Equity Total Liabilities & Shareholders' Equity ) Calculate 2023 Cash Flow to Creditors 248,000 492,000 840,000 Use the cash flow identity to estimate 2023 Cash Flow to Stockholders

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