The accounting records of Hampton Company provided the data below ($ in 000s).$17,300Net incomeDepreciation expense7,8004,000Increase in accounts receivableDecrease in inventory5,500Decrease in prepaid insuranceDecrease in salaries payableIncrease in interest payable1,2002,700800Required:Prepare a reconciliation of net income to net cash flows from operating activities.

Answered: The accounting records of Hampton…

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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Please prepare a CashFlow Statement
1. Use the above information to prepare a statement of cash flows for the current year using the indirect method. MONTGOMERY INCORPORATED Income Statement For Current Year Ended December 31 Sales $45,575 Cost of goods sold 18,950 Gross profit 26,625 Salaries expense 5,550 Depreciation expense 7,200 Income before taxes 13,875 Income tax expense 3,375 Net income $10,500 Additional Information on Current-Year Transactions a. No dividends are declared or paid. b. Issued additional stock for $10,000 cash. c. Purchased equipment for cash; no equipment was sold.
Sales Cost of goods sold Depreciation Other operating expenses Income tax Loss on sale of equipment Gain on sale of investment Net earnings and comprehensive income As at December 31 Cash Accounts receivable Inventory Equipment Less: accumulated depreciation Investment Total Accounts payable Income tax payable Bonds payable Common shares Retained earnings Total $193,800 25,400 76,100 43,800 3,000 (2,300) 20X2 $ 69,300 89,600 187,700 556,300 (231, 200) 54,700 $ 726,400 $ $510,000 339,800 $170, 200 20X1 $ 55,200 102, 600 175,400 475,400 (229,100) 79,000 $ 658,500 62,000 10,000 45,700 307, 200 301,500 $ 726,400 $ 658,500 $ 104,100 7,000 307, 200 240, 200 Additional information: During the year, equipment with an original cost of $99,800 was sold for cash.
help me answer these please
Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales $ 2,189,000 Cost of goods sold 1,072,610 Gross profit 1,116,390 Operating expenses Salaries expense $ 299,893 Depreciation expense 52,536 Rent expense 59,103 Amortization expenses—Patents 6,567 Utilities expense 24,079 442,178 674,212 Gain on sale of equipment 8,756 Net income $ 682,968 Accounts receivable $ 46,450 increase Accounts payable $ 12,900 decrease Inventory 13,500 increase Salaries payable 5,150 decrease
Kennedy, Inc., reported the following data: Net income Depreciation expense Loss on disposal of equipment Gain on sale of building Increase in accounts receivable Decrease in accounts payable Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. $133,712 16,162 (10,474) 21,575 8,728 (2,832) Kennedy, Inc. Statement of Cash Flows 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: 100 000
NOTE: Using INDIRECT Method (Cash Flow)
Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 178,000 $ 122,400 Accounts receivable 104,000 85,000 Inventory 622,000 540,000 Total current assets 904,000 747,400 Equipment 372,700 313,000 Accumulated depreciation—Equipment (165,000) (111,000) Total assets $ 1,111,700 $ 949,400 Liabilities and Equity…
Please help me with show all calculation thanku
Prepare a complete statement of cash flow using the indirect method for current year Thanku
The following information is available from the current period financial statements: Net income $135,135 Depreciation expense $31,170 Increase in accounts receivable $16,694 Decrease in accounts payable $23,736 The net cash flow from operating activities using the indirect method is?
E Print Item What adjustment(s) should be made to reconcile net income to net cash flows from operating activities (indirect method) considering the following balances in current assets? For those boxes in which you must enter subtractive or negative numbers use a minus sign. Accounts receivable, beginning of year $29,000 Accounts receivable, end of year 35,000 Prepaid insurance, beginning of year 20,000 Prepaid insurance, end of year 18,000 Accounts Receivable Prepaid Insurance Total %24

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