The following accounts and corresponding balances were drawn from Marinelli Company's Year 2 and Year 1 year-end balance sheets.Account TitleAccounts receivableInterest receivableOther operating expenses payableSalaries payableThe Year 2 income statement is shown next.SalesSalary expenseIncome StatementOther operating expensesOperating incomeNonoperating items: Interest revenueNet incomeRequiredYear 2$48,000Year 1$38,9004,5506,65028,40021,00010,85015,400$755,000(163,000)(266,000)326,00022,000$348,000a. Use the direct method to compute the amount of cash inflows from operating activities.b. Use the direct method to compute the amount of cash outflows from operating activities.aCash inflows from operating activitiesb.Cash outflows from operating activities

Compute the cash inflows.Accounts Receivable Y1 38,900.00 Sales 755,000.00 Accounts Receivable…

Answered: The following accounts and…

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 help me with show all calculation thanku
Simons Industries reported net income of $69,000 for the current year. The balances and activity in its accounts receivable accounts follow. In addition, the company recorded $3,400 of bad debt expense and wrote off $2,500 of uncollectible accounts. E (Click the icon to view the balances and activity in accounts receivable accounts.) Prepare the operating section of the cash flow statement under the indirect method. (Use a minus sign or parentheses for any amounts to be subtracted. If an input field is not used in the statement, leave the field empty; do not select a label or enter a zero.) Simons Industries Partial Statement of Cash Flows (Indirect Method) Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Net Cash Provided (Used) by Operating Activities
96. Accounting
Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Current Year 1 Year Ago 2 Years Ago $ 26,725 77,457 $ 31,858 95,459 8,436 240,403 30,967 41,290 43,529 52,503 73,671 8,200 220,389 3,372 193,642 $ 312,800 $ 42,115 69,129 162,500 Machinery, net Total assets $ 448,480 $ 386,621 Liabilities and Equity Accounts payable $ 110,555 Long-term notes payable 83,471 $ 65,992 88,034 Common stock 162,500 Retained earnings 91,954 162,500 70,095 39,056 Total liabilities and equity $ 448,480 $ 386,621 $ 312,800 Complete this question by entering your answers in the tabs below. Required 3A Required 3B Compute times interest earned for the current year and one year ago. Current Year 1 Year Ago Times Interest Earned Choose Numerator: / Choose Denominator: I II 11 Times interest earned times times
Find in Amount ($) and Percentage(%) for Year 2 over Year 1: Income Statement - (a) Operating Expense and interest expense (b) Earnings before income taxes (c) Income tax expenses
Subject: acounting
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Use the following to answer questions 6 – 7 MC, Inc., reported the following amounts at the end of the year: Total sales $888,000 Accounts receivable Sales allowances 60,000 3,500 Allowance for Uncollectible accounts 1,400 Sales discounts 18,000 9,000 Sales returns Determine total contra revenues for $ the company 6. 7. $ Determine net sales for the company
Times interest earned A company reports the following: Income before income tax expense $1,271,600 Interest expense 187,000 Determine the times interest earned ratio. If required, round the answer to one decimal place.
Assume a company had net Income of $72,000 and provided the following excerpts from its balance sheet: This Year Last Year Current assets: $40,000 $53,000 $13,000 $46,000 $50,000 $11,000 Accounts receivable Inventory Prepaid expenses Current liabilities: $38,000 $18,000 $13,000 $44,000 $15,000 $10,000 Accounts payable Accrued liabilities Income taxes payable If the company did not sell any noncurrent assets during the period and the credits to its accumulated depreciation account were $21,000, then based solely on the informatlon provlded, the company's net cash provided by (used in) operating activities would be: Multiple Cholce $94,000. $52,000. $68,000. $92,000.
Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: $ 175,000 20,700 260,000 46,000 20,000 7,650 44, Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes.

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