Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following income statement and selected balance sheet account data are available for Treece, Ic., at December 31, 2021. TREECE, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021 Revenue: Net sales $2,850,000 104,000 70,000 4,000 $3,028,000 Dividend income Interest income Gain on sales of marketable securities Total revenue and gains Costs and expenses: Cost of goods sold Operating expenses Interest expense Income tax expense Total costs and expenses $1,550,000 980,000 185,000 90,000 2,805,000 Net income $223,000 End Beginning of Year of Year Selected account balances: Accounts receivable Accrued interest receivable Inventories Short-term prepayments Accounts payable (merchandise suppliers) Accrued operating expenses payable Accrued interest payable Accrued income taxes payable $650,000 9,000 800,000 20,000 570,000 65,000 21,000 22,000 $ 720,000 6,000 765,000 15,000 562,000 94,000 12,000 35; 000 Additional Information 1. Dividend revenue is recognized on the cash basis. All other income statement amounts are recognized on the accrual basis. 2 Operating expenses include depreciation expense of $115,000. Required: a. Prepare a partial statement of cash flows, including only the operating activities section of the statement and using the direct method. (List cash outflows as negative amounts.) TREECE INC

The following income statement and selected balance sheet account data are available for Treece, Ic., at December 31, 2021. TREECE, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021 Revenue: Net sales $2,850,000 104,000 70,000 4,000 $3,028,000 Dividend income Interest income Gain on sales of marketable securities Total revenue and gains Costs and expenses: Cost of goods sold Operating expenses Interest expense Income tax expense Total costs and expenses $1,550,000 980,000 185,000 90,000 2,805,000 Net income $223,000 End Beginning of Year of Year Selected account balances: Accounts receivable Accrued interest receivable Inventories Short-term prepayments Accounts payable (merchandise suppliers) Accrued operating expenses payable Accrued interest payable Accrued income taxes payable $650,000 9,000 800,000 20,000 570,000 65,000 21,000 22,000 $ 720,000 6,000 765,000 15,000 562,000 94,000 12,000 35; 000 Additional Information 1. Dividend revenue is recognized on the cash basis. All other income statement amounts are recognized on the accrual basis. 2 Operating expenses include depreciation expense of $115,000. Required: a. Prepare a partial statement of cash flows, including only the operating activities section of the statement and using the direct method. (List cash outflows as negative amounts.) TREECE INC

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

ACCT 102 

 

Accounts receivable Accrued interest receivable Inventories Short-term prepayments Accounts payable (merchandise suppliers) Accrued operating expenses payable Accrued interest payable Accrued income taxes payable $ 650,000 9,000 800,000 20,000 570,000 65,000 21,000 22,000 $ 720,000 6,000 765,000 15,000 562,000 94,000 12,000 35,000 Additional Information 1. Dividend revenue is recognized on the cash basis. All other income statement amounts are recognized on the accrual basis. 2. Operating expenses include depreciation expense of $115,000. Required: a. Prepare a partial statement of cash flows, including only the operating activities section of the statement and using the direct method. (List cash outflows as negative amounts.) TREECE, INC. Partial Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Net cash flow from operating activities $4 %24
Transcribed Image Text:Accounts receivable Accrued interest receivable Inventories Short-term prepayments Accounts payable (merchandise suppliers) Accrued operating expenses payable Accrued interest payable Accrued income taxes payable $ 650,000 9,000 800,000 20,000 570,000 65,000 21,000 22,000 $ 720,000 6,000 765,000 15,000 562,000 94,000 12,000 35,000 Additional Information 1. Dividend revenue is recognized on the cash basis. All other income statement amounts are recognized on the accrual basis. 2. Operating expenses include depreciation expense of $115,000. Required: a. Prepare a partial statement of cash flows, including only the operating activities section of the statement and using the direct method. (List cash outflows as negative amounts.) TREECE, INC. Partial Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Net cash flow from operating activities $4 %24
The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2021. TREECE, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021 Revenue: Net sales $2,850,000 104,000 70,000 Dividend income Interest income Gain on sales of marketable securities Total revenue and gains Costs and expenses: Cost of goods sold Operating expenses Interest expense 4,000 $3,028,000 $1,550,000 980,000 185,000 90,000 Income tax expense Total costs and expenses 2,805,000 $223,000 Net income Beginning of Year End of Year Selected account balances: $ 720,000 $650,000 9,000 800,000 20,000 570,000 65,000 21,000 22,000 Accounts receivable Accrued interest receivable Inventories Short-term prepayments Accounts payable (merchandise suppliers) Accrued operating expenses payable Accrued interest payable Accrued income taxes payable 6,000 765,000 15,000 562,000 94,000 12,000 35;000 Additional Information 1. Dividend revenue is recognized on the cash basis. All other income statement amounts are recognized on the accrual basis. 2 Operating expenses include depreciation expense of $115,000. Required: a. Prepare a partial statement of cash flows, including only the operating activities section of the statement and using the direct method. (List cash outflows as negative amounts.) TREECE, INC. Partial Statement of Cash Flows For the Year Ended December 31, 2021
Transcribed Image Text:The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2021. TREECE, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2021 Revenue: Net sales $2,850,000 104,000 70,000 Dividend income Interest income Gain on sales of marketable securities Total revenue and gains Costs and expenses: Cost of goods sold Operating expenses Interest expense 4,000 $3,028,000 $1,550,000 980,000 185,000 90,000 Income tax expense Total costs and expenses 2,805,000 $223,000 Net income Beginning of Year End of Year Selected account balances: $ 720,000 $650,000 9,000 800,000 20,000 570,000 65,000 21,000 22,000 Accounts receivable Accrued interest receivable Inventories Short-term prepayments Accounts payable (merchandise suppliers) Accrued operating expenses payable Accrued interest payable Accrued income taxes payable 6,000 765,000 15,000 562,000 94,000 12,000 35;000 Additional Information 1. Dividend revenue is recognized on the cash basis. All other income statement amounts are recognized on the accrual basis. 2 Operating expenses include depreciation expense of $115,000. Required: a. Prepare a partial statement of cash flows, including only the operating activities section of the statement and using the direct method. (List cash outflows as negative amounts.) TREECE, INC. Partial Statement of Cash Flows For the Year Ended December 31, 2021
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Income Taxes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS