The current sections of Kingbird Inc.'s balance sheets at December 31, 2024 and 2025, are presented here. Kingbird's net income for 2025 was $107,100. Depreciation expense was $18,900. 2025 2024 Current assets Cash $73,500 $ 69,300 Accounts receivable 56,000 62,300 Inventory 117,600 120,400 Prepaid expenses 18,900 15,400 Total current assets $266,000 $267,400 Current liabilities Accrued expenses payable $10,500 $3,500 Accounts payable 59,500 64,400 Total current liabilities $70,000 $ 67,900 Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2025, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).)

The current sections of Kingbird Inc.'s balance sheets at December 31, 2024 and 2025, are presented here. Kingbird's net income for 2025 was $107,100. Depreciation expense was $18,900. 2025 2024 Current assets Cash $73,500 $ 69,300 Accounts receivable 56,000 62,300 Inventory 117,600 120,400 Prepaid expenses 18,900 15,400 Total current assets $266,000 $267,400 Current liabilities Accrued expenses payable $10,500 $3,500 Accounts payable 59,500 64,400 Total current liabilities $70,000 $ 67,900 Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2025, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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The current sections of Martinez Corp.’s balance sheets at December 31, 2021 and 2022, are presented here. Martinez Corp.’s net income for 2022 was $241,300. Depreciation expense was $39,900. 2022 2021 Current assets Cash $58,900 $ 84,550 Accounts receivable 80,750 65,550 Inventory 74,100 58,900 Prepaid expenses 16,150 18,050 Total current assets $229,900 $227,050 Current liabilities Accrued expenses payable $ 5,700 $ 15,200 Accounts payable 83,600 68,400 Total current liabilities $89,300 $ 83,600
The current sections of Waterway Inc's balance sheets at December 31, 2021 and 2022, are presented here. Waterway's net income for 2022 was $150,300. Depreciation expense was $23,900. 2022 2021 Current assets Cash $103,300 $97,000 Accounts receivable 70,400 80,100 Inventory 169,000 172,900 Prepaid expenses 26,900 21,900 Total current assets $369,600 $371,900 Current liabilities Accrued expenses payable $14,000 $6,100 Accounts payable 85,900 92,400 Total current liabilities $99,900 $98,500 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) WATERWAY INC. Statement of Cash Flows (Partial) - Indirect Method Adjustments to reconcile net income to $
The current sections of Riverbed Corp’s balance sheets at December 31, 2021 and 2022, are presented here. Riverbed Corp’s net income for 2022 was $355,600. Depreciation expense was $58,800. 2022 2021 Current assets Cash $86,800 $ 124,600 Accounts receivable 119,000 96,600 Inventory 109,200 86,800 Prepaid expenses 23,800 26,600 Total current assets $338,800 $334,600 Current liabilities Accrued expenses payable $ 8,400 $ 22,400 Accounts payable 123,200 100,800 Total current liabilities $131,600 $ 123,200 Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method.
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The current sections of Bramble Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Bramble’s net income for 2022 was $151,400. Depreciation expense was $27,200. 2022 2021 Current assets Cash $103,000 $97,100 Accounts receivable 80,000 90,800 Inventory 169,000 171,500 Prepaid expenses 26,000 22,000 Total current assets $378,000 $381,400 Current liabilities Accrued expenses payable $14,500 $9,100 Accounts payable 84,500 95,600 Total current liabilities $99,000 $104,700 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).
The condensed financial statements of Carla Vista Co. for the years 2021 and 2022 are presented below. CARLA VISTA CO.Balance SheetsDecember 31 (in thousands)20222021Current assets Cash and cash equivalents$330$360 Accounts receivable (net)590520 Inventory640570 Prepaid expenses130160 Total current assets1,6901,610Property, plant, and equipment (net)410380Investments130130Intangibles and other assets530510 Total assets$2,760$2,630Current liabilities$940$910Long-term liabilities660560Stockholders’ equity—common1,1601,160 Total liabilities and stockholders’ equity$2,760$2,630 CARLA VISTA CO.Income StatementsFor the Year Ended December 31 (in thousands)20222021Sales revenue$3,980$3,640Costs and expenses Cost of goods sold1,0901,010 Selling & administrative expenses2,4002,330 Interest expense1020 Total costs and expenses3,5003,360Income before income taxes480280Income tax expense192112Net income$ 288$ 168 Compute the following ratios for 2022 and 2021.…
The current sections of Larkspur, Inc.'s balance sheets at December 31, 2021 and 2022, are presented here. Larkspur's net income for 2022 was $154,100. Depreciation expense was $26,100. 2022 2021 Current assets Cash $101,100 $97,000 Accounts receivable 81,400 90,600 Inventory 167,000 172,900 Prepaid expenses 26,600 22,800 Total current assets $376,100 $383,300 Current liabilities Accrued expenses payable $15,600 $10,000 Accounts payable 85,800 95,600 Total current liabilities $101,400 $105,600 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a- sign e.g. -15,000 or in parenthesis e.g. (15,000).) Larkspur, Inc. Partial Statement of Cash Flows Adjustments to reconcile net income to $
The current sections of Monty Corp.’s balance sheets at December 31, 2021 and 2022, are presented here. Monty Corp.’s net income for 2022 was $244,800. Depreciation expense was $43,200. 2022 2021 Current assets Cash $168,000 $ 158,400 Accounts receivable 128,000 142,400 Inventory 268,800 275,200 Prepaid expenses 43,200 35,200 Total current assets $608,000 $611,200 Current liabilities Accrued expenses payable $ 24,000 $ 8,000 Accounts payable 136,000 147,200 Total current liabilities $160,000 $ 155,200 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method.
The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300. 2022 2021 Current assets Cash $102,700 $97,700 Accounts receivable 79,400 90,000 Inventory 168,200 173,000 Prepaid expenses 26,900 22,900 Total current assets $377,200 $383,600 Current liabilities Accrued expenses payable $15,000 $9,300 Accounts payable 84,000 95,600 Total current liabilities $99,000 $104,900 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method
The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300. 2022 2021 Current assets Cash $102,700 $97,700 Accounts receivable 79,400 90,000 Inventory 168,200 173,000 Prepaid expenses 26,900 22,900 Total current assets $377,200 $383,600 Current liabilities Accrued expenses payable $15,000 $9,300 Accounts payable 84,000 95,600 Total current liabilities $99,000 $104,900 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method
The current sections of Larkspur, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Larkspur, Inc.’s net income for 2022 was $221,850. Depreciation expense was $39,150. 2022 2021 Current assets Cash $152,250 $ 143,550 Accounts receivable 116,000 129,050 Inventory 243,600 249,400 Prepaid expenses 39,150 31,900 Total current assets $551,000 $553,900 Current liabilities Accrued expenses payable $ 21,750 $ 7,250 Accounts payable 123,250 133,400 Total current liabilities $145,000 $ 140,650 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATIONBalance SheetsDecember 31, 2021 and 2020 2021 2020 Assets Current assets: Cash $ 138,880 $ 118,000 Accounts receivable 74,000 90,000 Inventory 93,000 78,000 Investments 3,800 1,800 Long-term assets: Land 460,000 460,000 Equipment 770,000 650,000 Less: Accumulated depreciation (408,000 ) (248,000 ) Total assets $ 1,131,680 $ 1,149,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 97,600 $ 83,000 Interest payable 5,500 11,800 Income tax payable 7,500 4,800 Long-term liabilities: Notes payable 100,000 200,000 Stockholders' equity: Common stock…