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

See similar textbooks

Similar questions

Which of the following transactions would not appear on a statement of cash flows prepared by the direct method? A net loss from operations O The payment of cash dividends that were declared last year The amount paid to acquire treasury stock Payment of last year's income tax liability
Hought Office Machines, Inc.'s accountants assembled the following selected data for the year ended December 31, 2018: E (Click the icon to view the current accounts.) E (Click the icon to view the transaction data.) Requirement 1. Prepare Hought Office Machines, Inc.'s statement of cash flows using the indirect method to report operating activities. List noncash investing and financing activities on an accompanying schedule. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted.) Hought Office Machines, Inc. Data Table Statement of Cash Flows Year Ended December 31, 2018 Cash flows from operating activities: Transaction Data for 2018: Net income Net income..... $ 60,000 Adjustments to reconcile net income to net cash Purchase of treasury stock. 14,300 provided by (used for) operating activities: Issuance of common stock for cash. 36,600 Loss on sale of equipment. 6,000…
Emma’s balance sheet showed an accounts receivable balance of $75 000 at the beginning of the year and $97 000 at the end of the year. Emma reported sales of $1 150 000 on her income statement. REQUIRED: Using the direct method, determine the amount that Emma will report as cash collections in the operating activities section of the statement of cash flows.
Holloway Company earned $4,300 of service revenue on account during Year 1. The company collected $3,655 cash from accounts receivable during Year 1. Based on this information alone, determine the following for Holloway Company. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. The amount of retained earnings that would be reported on the Year 1 balance sheet.
The following summary transactions occurred during the year for Petunia. Cash received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders $384,000 8,000 54,000 34,000 104,000 Required: Calculate net cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from financing activities: 164,000 7,000 89,000 94,000 27,000 1,000 PETUNIA COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Net cash flows from financing activities
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: Retained earnings balance at the beginning of the year $ 989,000 Net income for the year 315,000 Cash dividends declared for the year 59,000 Retained earnings balance at the end of the year 1,517,000 Cash dividends payable at the beginning of the year 13,400 Cash dividends payable at the end of the year 16,100 What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?
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…
The accounting staff of Wyoming Outfitters, 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.
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
Citi Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Cash dividends declared for the year $ 40,000 Cash dividends payable at the beginning of the year 17,000 Cash dividends payable at the end of the year 13,000 The amount of cash paid for dividends was: $36,000. $40,000. $53,000. $57,000. $44,000.
Alvarez Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year $ 233,000 Cash dividends declared for the year Proceeds from the sale of equipment Gain on the sale of equipment Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year Net income for the year The ending balance in retained earnings is: 10 $343,000. $297,500. $301,000. $293,000. $213,000. 50,000 85,000 4,500 22,000 30,000 110,000

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS