The accountant for Sysco Company is preparing the company's statement of cash flows for the fiscal year just ended. The followinginformation is available:Net income for the yearCash dividends declared for the yearCash dividends payable at the beginning of the yearCash dividends payable at the end of the year325,00061,00013,80016,700What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?Multiple Choice$61000$63,900

Step 1:13,800+61,000−16,700Step 2:Step 3: Step 4:

Answered: The accountant for Sysco Company is…

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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On its annual statement of cash flows, Bell Inc. reports the following (in millions): Net cash from operating activities $1,778 Net cash from investing activities (25,005) Cash at the beginning of the year 5,261 Change in cash during the year 2,318What did Bell report for "Net cash from financing activities" during the year?
16. The chief accountant for Grandview Corporation provides you with the company’s 2021 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in the company’s comparative balance sheets. These financial statements are shown next ($ in millions). GRANDVIEW CORPORATIONStatement of Cash FlowsFor the Year Ended December 31, 2021 Cash Flows from Operating Activities: Collections from customers $ 134 Payment to suppliers (44 ) Payment of general & administrative expenses (34 ) Payment of income taxes (25 ) Net cash flows from operating activities $ 31 Cash Flows from Investing Activities: Sale of investments 81 Cash Flows from Financing Activities: Issuance of common stock 15 Payment of dividends (6 ) Net cash flows from financing activities 9 Net increase in cash…
Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Shim's Year 2 and Year 1 year-end balance sheets. Account Title Year 2 Year 1 $31,297 1,496 249 Accounts receivable $37,556 Prepaid rent 1,309 Interest receivable Accounts payable Salaries payable 199 10,537 2,930 3,215 12,644 3,348 Unearned revenue 4,287 The income statement reported a $1,170 gain on the sale of equipment, an $750 loss on the sale of land, and $3,700 of depreciation expense. Net income for the period was $53,353. Required Prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities: Plus: Less: Net cash flow from operating activities
1. What amount should be reported as net cash provided by investing activities? 2. What amount should be reported as cash balance at year-end?
Prepare the following financial reports for the month of January 2020: a) Income Statement b) Balance Sheet c) Statement of Financial Position d) Statement of Cash Flows See the tabulation table.
The accounting staff of Corny, Inc., has assembled the following information for the year ended December 31, 2011: Using this information, prepare a statement of cash flows. Include a proper heading for the financial statement, and classify the given information into the categories of operating activities, investing activities, and financing activities. Determine net cash flows from operating activities by the direct method. Place brackets around the dollar amounts of all cash disbursements.
Prepare the balance sheet and income statement by rearranging the above items. Note: Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values. Cash Receivables Inventories BALANCE SHEET Assets Liabilities and Shareholders' Equity $ 15 Payables $ 35 35 Debt due for repayment 25 50 Total current assets $ 100 Total current liabilities $ 60 Property, plant, and equipment 520 Long-term debt Total liabilities 350 $ 410 Net fixed assets Total assets $ 520 Shareholders' equity 90 $ 620 Total liabilities and shareholders' equity $ 500
The accountant for Sysco Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Net income for the year 285,000 Cash dividends declared for the year 53,000 Cash dividends payable at the beginning of the year 12, 200 Cash dividends payable at the end of the year 14, 300 What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?
Audio City, Incorporated, is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below: Balance Sheet at December 31 Cash Accounts Receivable Inventory Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Sales Revenue Cost of Goods Sold Other Expenses Net Income Additional Data: a. Bought equipment for cash, $67,000. b. Paid $12,000 on the long-term notes payable. c. Issued new shares of stock for $24,000 cash. Current Year $ 45,100 12,600 18,400 211,000 (51,000) $ 236,100 JA OPOFF00 $ 7,400 2,100 57,000 88,000 81,600 $ 236,100 $ 182,000 84,000 51,000 $ 47,000 Previous Year $ 51,800 17,000 17,000 144,000 (39,000) $ 190,800 $ 17,800 1,000 69,000 64,000 39,000 $ 190,800 d.…
Baird Incorporated presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from the company's Year 2 and Year 1 year-end balance sheets. Account Title Accounts receivable Year 2 $15,000 Accounts payable $ 8,400 Year 1. $19,500 $10, 150 The Year 2 income statement showed net income of $28,700. Required a. Prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should be indicated with minus sign.) Cash flows from operating activities Net cash flow from operating activities $ 0
Prepare a complete statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.
Using the Exhibit below, assume that the balance of Accounts Payable was $60,000 at the beginning of the current year. Furthermore, assume that the balance of Accounts Payable is $65,000 at the end of the current year. When preparing the Statement of Cash Flow using the indirect method for the current year, which of the following statements would describe the proper presentation of accounts payable on the Cash flow from operating activities section? EXHIBIT Increase (Decrease) Net Income (loss) $XXX Adjustments to reconcile net income to net cash flow from operating activities: Depreciation of fixed assets XXX Losses on disposal of assets XXX Gains on disposal of…

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