Hardev The following accounts and corresponding balances were drawn from Walton Company's Year 2 and Year 1 year-end balance sheets.Account TitleUnearned revenuePrepaid rentYear 2$ 7,500Year 1$ 3,8001,5102,510During the year, $85,000 of unearned revenue was recognized as having been earned. Rent expense for Year 2 was $19,000.RequiredPrepare the operating activities section of the statement of cash flows assuming the direct approach is used.Note: Cash outflows should be indicated with minus sign.Cash flow from operating activities:Net cash flow from operating activities

Walton Company's cash flow from operating activities using the direct method for the year ended…

Answered: The following accounts and…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 14M

See similar textbooks

Similar questions

Income tac was $300,409 for the year. Income tac payable was $28,102 and $42,997 at the beginning and end of the year,reapectively. Cash payants for income tac reportés on the statement pc cash flots usine the direct method la a. $ 285,514 b. 315,304 c. 300,409 d. 371,508
The cash balance of Lalana Company is 434000OMR at the beginning of the year. The cash flows during the year are given as follows; Operating cash inflow:38490 Financing cash outflow: 22430 Investing inflow: 95800 Which of the following is the cash balance at the end of the year. Select one: a. 468890 b. 465760 C. 554520 d. 545860
Se.104.
The following selected information pertains to Brock Company:Cash balance, January 1, 20x1 P130,000Accounts receivable, January 1, 20x1 190,000Collections from customers in 20x1 2,100,000Capital account balance, January 1, 20x1 380,000Total assets, January 1, 20x1 750,000Additional cash investment, July 1, 20x1 50,000Total assets, December 31, 20x1 1,010,000Cash balance, December 31, 20x1 200,000Accounts receivable, December 31, 20x1 360,000Withdrawals made during 20x1 110,000Total liabilities, December 31, 20x1 410,0007. Net income for the year ended December 31, 20x1
The cash balance of Saadah Company is 32700 OMR at the beginning of the year. The cash flows during the year are given as follows; Operating cash inflow: 37800 Financing cash inflow: 22300 Investing outflow: 29000 Which of the following is the cash balance at the end of the year. Select one: O a. 64000 b. 121800 O c. 68300 O d. 63800
The following information is available from the current period financial statements: Net income $106,740 Depreciation expense 37,256 Increase in accounts receivable 16,396 Decrease in accounts payable 24,416 The net cash flows from operating activities using the indirect method is Oa. $184,808 Ob. $77,504 Oc. $103,184 Od. $53,088
Prepare the statement of cashflows using the direct method of presenting cashflows from operating activities
Accounts receivable from sales transactions were $49,971 at the beginning of the year and $66,757 at the end of the year. Net income reported on the income statement for the year was $129,867. Exclusive of the effect of other adjustments, the net cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method is a. $113,081 b. $129,867 c. $16,786 d. $146,653
Smith Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5240000 O $5790640. O $4063360. O $6416640. O $5240000. 712640 151000 313000 Smith should report cash provided by operating activities of
Accounts receivable from sales transactions were $49,174 at the beginning of the year and $63,557 at the end of the year. Net income reported on the income statement for the year was $128,168. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method is Oa. $14,383 Ob. $142,551 Oc. $113,785 Od. $128,168
A company reports net income of $560,000 that Includes depreciation expense of $82,000. Also, cash of $59,000 was borrowed on a 6-year note payable. Based on this data, total cash inflows from operating activities are: Multiple Cholce $478,000. $642,000. $619,000. $701,000.
Accounts receivable from sales transactions were $46,167 at the beginning of the year and $65,446 at the end of the year. Net income reported on the income statement for the year was $135,923. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method is )a. $19,279 Ob. $135,923 Oc. $155,202 Od. $116,644

SEE MORE QUESTIONS

Recommended textbooks for you

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS