The following information was obtained from Knox Company's income statement for 20-2, balance sheets as of December 31, 20-2 and 20-1, and auxiliary records: Operating expenses for 20-2 $350,400 Depreciation expense for 20-2 22,000 (Included in operating expenses.) 20-2 20-1 Supplies and prepayments $9,600 $6,700 Accrued and withheld payroll taxes 2,900 3,800 Compute the amount of cash paid for operating expenses in 20-2
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Cash Paid for Operating Expenses
The following information was obtained from Knox Company's income statement for 20-2,
| Operating expenses for 20-2 | $350,400 | |
| 22,000 | (Included in operating expenses.) |
| 20-2 | 20-1 | |
| Supplies and prepayments | $9,600 | $6,700 |
| Accrued and withheld payroll taxes | 2,900 | 3,800 |
Compute the amount of cash paid for operating expenses in 20-2
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- Cash Flows from (Used for) Operating Activities The income statement disclosed the following items for the year: Depreciation expense $42,700 Gain on disposal of equipment 24,890 Net income 328,300 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $6,650 Inventory (3,780) Prepaid insurance (1,420) Accounts payable (4,510) Income taxes payable 1,420 Dividends payable 1,000 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial)Problem 5-3A (Algo) The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee S. Bergstrom C. Pare L. Van der Hooven S. Lightfoot Filing Status, Dependents MJ-0 MJ-2 (<17) S-1 (Other) MJ-0 $ Pay Union Dues per Period 1,750 3,600 $ 3,325 $ $ $ $ 2,950 Garnishment per Period 120 240 $ $ 50 75 100 Net PayPrint Item Cash Flows from Operating Activities—Indirect Method The net income reported on the income statement for the current year was $149,000. Depreciation recorded on store equipment for the year amounted to $24,600. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $58,710 $53,430 Accounts receivable (net) 42,100 39,480 Merchandise inventory 57,480 60,110 Prepaid expenses 6,460 5,080 Accounts payable (merchandise creditors) 55,010 50,540 Wages payable 30,060 33,020 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: $ Adjustments to reconcile net income to…
- Cash Flows from Operating Activities—Indirect Method The income statement disclosed the following items for year: Depreciation expense $36,900 Gain on disposal of equipment 21,510 Net income 222,200 The changes in the current asset and liability accounts for the year are as follows: Increase(Decrease) Accounts receivable $5,740 Inventory (3,270) Prepaid insurance (1,230) Accounts payable (3,890) Income taxes payable 1,230 Dividends payable 860 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) For the year ended xxx Cash flows from operating activities: Net income $fill in the blank edc573f62020fa6_2 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation fill in the blank…Determining Selected Amounts for Cash Flows from Operating Activities-Direct Method Selected data taken from the accounting records of Ginis Inc. for the current year ended December 31 are as follows: Balance, December 31 Balance, January 1 Accrued expenses payable (operating expenses) $6,360 $6,950 Accounts payable (merchandise creditors) 38,680 42,690 Inventories 72,600 78,910 During the current year, the cost of merchandise sold was $420,000, and the operating expenses other than depreciation were $85,000. The direct method is used for presenting the cash flows from operating activities on the statement of cash flows. a. Determine the amount reported on the statement of cash flows for cash payments for merchandise. b. Determine the amount reported on the statement of cash flows for cash payments for operating expenses. %24The Operating activities section of Filler-Up, Inc.’s Statement of Cash Flows for the year ended December 31, 20x2 and 20x1, includes the following items: (in $ millions) Fye 20x2 Fye 20x1 Cash flows from operating activities: Net earnings $359.7 $314.6 Depreciation 51.2 50.2 Change in accounts receivable; (increase) decrease (42.0) (43.4) Change in accounts payable; increase (decrease) 8.4 16.6 Net cash provided by operating activities $392.6 $329.3 Required Answer the following questions: Why does the company add back depreciation to compute net cash provided by operating activities? Is depreciation a source of cash? The company reports cash flows associated with accounts receivable. In 20x1, this item is a cash outflow of $43.4 million and in 20x2 this item is a cash outflow of $42.0 million. Explain why this item is on the statement. Did Filler-Up Inc.’s accounts payable increase or decrease during…
- Use the indirect method to determine Anka Company’s net cash provided or used for operating activities using the below information: Net income $15,200 Depreciation expense 10,000 Cash payment on long-term note payable 8,000 Gain on sale of equipment 3,000 Increase in inventory 1,500 Increase in accounts payable 2,850 Group of answer choices $15,550 $42,400 ($4,450) $23,550ences Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income $ 160,000 Accounts receivable increase Inventory decrease Salaries payable increase 100,000 24,000 12,000 $ 24,000 Selected Year-End Balance Sheet Data Required: Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 10,000 16,000 1,000Salud Company reports the following information. Selected Annual Income Statement Data Net income Depreciation expense Gain on sale of machinery Selected Year-End Balance Sheet Data $ 415,000 Accounts receivable increase 90,500 Prepaid expenses decrease 20,900 Accounts payable increase Wages payable decrease $ 45,200 12,900 6,400 3,100 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities
- Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $154,700. Depreciation recorded on store equipment for the year amounted to $25,500. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Wages payable a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Cash flows from operating activities: End of Year Beginning of Year $63,120 $58,070 45,260 42,910 61,790 65,330 6,940 5,520 59,140 54,930 32,320 35,890 Statement of Cash Flows (partial) Changes Adjustments to reconcile net income to net cash flow from operating activities: n current operating assets and liabilities: Net cash…Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $277,600. Depreciation recorded on equipment and a building amounted to $83,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $77,450 $82,100 Accounts Recievable (net) 98,210 101,310 Inventories 193,630 174,540 Prepaid Expenses 10,770 11,580 Accounts Payable (merchandise creditors) 86,510 91,620 Salaries Payable 12,470 11,410 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: - Net income $ Adjustments to reconcile net income to net cash flows from (used…Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $277,000. Depreciation recorded on equipment and a building amounted to $82,800 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $74,240 $78,690 Accounts receivable (net) 94,140 97,100 Inventories 185,600 167,290 Prepaid expenses 10,320 11,100 Accounts payable (merchandise creditors) 82,930 87,820 Salaries payable 11,950 10,940 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and…
