The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC):Cash received from:$660,000CustomersInterest on note receivable12,000100,000Collection of note receivableSale of landIssuance of common stock40,000200,000Cash paid for:Interest on note payablePurchase of equipmentOperating expenses18,000120,000440,000Dividends to shareholders30,000Prepare the cash flows from operating activities section of HHC's statement of cash flows using the direct method.

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Answered: The following are summary cash…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

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Problem 13MCQ

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The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC): Cash received from:Customers $660,000Interest on notes receivable 12,000Collection of notes receivable 100,000Sale of land 40,000Issuance of common stock 200,000Cash paid for:Interest on notes payable 18,000Purchase of equipment 120,000Operating expenses 440,000Dividends to shareholders 30,000 Prepare the cash flows from operating activities section of HHC’s statement of cash flows using the direct method.
The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from:Collections from customers $380,000Interest on notes receivable 6,000Collection of notes receivable 50,000Sale of investments 30,000Issuance of notes payable 100,000Cash Paid for:Purchase of inventory 160,000Interest on notes payable 5,000Purchase of equipment 85,000Salaries to employees 90,000Payment of notes payable 25,000Dividends to shareholders…
The following summary transactions occurred during 2018 for Bluebonnet Bakers:Cash Received from:Customers $380,000Interest on note receivable 6,000Principal on note receivable 50,000Sale of investments 30,000Proceeds from note payable 100,000Cash Paid for:Purchase of inventory 160,000Interest on note payable 5,000Purchase of equipment 85,000Salaries to employees 90,000Principal on note payable 25,000Payment of dividends to shareholders 20,000The balance of cash and cash equivalents at the beginning of 2018 was $17,000.Required:Prepare a statement of cash flows for 2018 for Bluebonnet Bakers. Use the direct method for reporting operatingactivities
A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from financing activities is:
10. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers $ 540,000 Interest on notes receivable 11,000 Collection of notes receivable 50,000 Sale of investments 39,000 Issuance of notes payable 200,000 Cash Paid for: Purchase of inventory 260,000 Interest on notes payable 6,000 Purchase of equipment 98,000 Salaries to employees 103,000 Payment of notes payable 45,000 Dividends to shareholders 40,000 The balance of cash and cash equivalents at the beginning of 2021 was $31,000. Required:Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities. (Amounts to be deducted should be indicated with a minus sign.)
The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable $460,000 10,e00 51,000 31,000 160,000 Sale of investments Issuance of notes payable- Cash Paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders 220,000 6,000 85,000 90,000 37,000 32,000 The balance of cash and cash equivalents at the beginning of 2021 was $23,000. Required: Prepare the statement of cash flows assuming that Bluebonnet prepares its financial statements according to International Financial Reporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements, (Amounts to be deducted should be indicated with a minus sign.)
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 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
Matilda Company financial statement information has given in the following table.ItemBeginningEndingInventory17831965Accounts Payable25602820Accounts Receivables49204200Revenue12500Cost of sales9500Required:Based on the financial statement information above, calculate the operating and cash cycle.
Days' cash on handFinancial statement data for years ending December 31 for NewtonCompany follow: 20Y9 20Y8 Cash (end of year)Short-term investments (end of year)Operating expensesDepreciation expense $25,5008,27060,13513,225 $24,2509.46063,78011,400 Determine the days' cash on hand for 20Y8 and 2019. Round allcalculations to one decimal place.
The following summary transactions occurred during the year for Bluebonnet. Cash received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders $380,000 6,000 50,000 Cash flows from financing activities: 30,000 100,000 Required: Calculate net cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Net cash flows from financing activities 160,000 5,000 85,000 90,000 25,000 20,000 BLUEBONNET COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $
Abunda Company provided the following data at year-end: Cash P2,000,000 Accounts receivable - P3,000,000 Inventory - P1,900,000 Prepaid expenses - 100,000 Accounts payable - P2,450,000 Interest payable - P150,000 Income tax payable - P300,000 Mortgage payable, due in four annual installments - P2,000,000 Analysis of Cash: Cash in bank - P1,500,000 Employee IOU - P100,000 Customer's check marked as "Insufficient Fund" - P400,000 Analysis of Accounts Receivable: Customers' debit balances - P1,800,000 Advances to subsidiary - P900,000 Advances to suppliers - P500,000 Allowance for doubtful accounts - (P200,000) What amount should be reported as total current liabilities?

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