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

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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 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
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
The current asset section of the Year 2 and Year 1 fiscal year end balance sheets of The Kroger Co. are presented in the accompanying table: January February 31, 1, Year 2 Year 3 $ millions Current assets Cash and temporary cash investments Deposits in-transit Receivables FIFO inventory LIFO reserve $188 786 949 6,177 (1,053) 288 $7,335 $825 666 845 5,793 (827) 319 $7,621 Prepaid and other current assets Total current assets In addition, Kroger provides the following footnote describing its inventory accounting policy (assume the following is their complete disclosure): Inventories are stated at the lower of cost (principally on a LIFO basis) or market. In total, approximately 95% of inventories in Year 2 and Year 1 were valued using the LIFO method. Cost for the balance of the inventories, including substantially all fuel inventories, was determined using the FIFO method. Replacement cost was higher than the carrying amount by $1,053 million at January 31, Year 3 and $827 million at…
Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for Year 1 and Year 2. December 31 Cash Accounts receivable office supplies office equipment Trucks Building Land Accounts payable Note payable Numerator: Year 1 $ 64,300 26,240 3,160 44,000 148,000 3. Compute the Year 2 year-end debt ratio. 1 1 1 0 0 3,500 0 Debt Ratio Denominator: Year 2 $ 15,640 19,100 1,960 44,000 157,000 80,000 60,000 33,500 40,000 Debt Ratio Debt ratio
The following information is available from the current period financial statements: Net income $119,730 Depreciation expense 23,494 Increase in accounts receivable 17,600 Decrease in accounts payable (23,600) The net cash flows from operating activities using the indirect method is a.$102,024 b.$119,730 c.$184,424 d.$55,036
Cash flows from operating activities-indirect methodThe net income reported on the income statement for the current yearwas $93,700. Depreciation recorded on store equipment for the yearamounted to $31,200. Balances of the current asset and current liabilityaccounts at the beginning and end of the year are as follows: End of Year Beginning of Year CashAccounts receivable (net)InventoriesPrepaid expensesAccounts payable (merchandise creditors)Wages payable $24,10065,00047,2003,25023,4005,300 $19,70056,00050,0008,00017,2006,400 a. Prepare the "Cash flows from operating activities" section of thestatement of cash flows, using the indirect methodb. Briefly explain why net cash flow from operating activities isdifferent than net income.
A company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. Prepare the operating activities section of the statement of cash flows using the direct method for the current year.
The financial statements of Simon Company include the following items (amounts in thousands): For the Year Ended December Income Statement Net income Depreciation and amortization expense Balance Sheets Accounts receivable Inventory Accounts payable Income taxes payable Required: 31, 2023 $ 433 347 At December 31 2023 2022 $ 103 $ 167 177 131 81 61 152 19 a. Calculate the net cash flow provided by operations for Simon Company for the year ended December 31, 2023. Note: Enter your answer in thousands. (i.e., 20,000 should be entered as 20) b. Net income and cash flows provided by operations may differ because of the timing of cash receipts and payments versus the timing of recognition on the income statement. a. Net cash provided (used) by operating activities b. Net income and cash flows provided by operations differ

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