The following information was taken from the comparative financial statements of Rosso's Hardware Store prepared on an accrual basis: ROSSO'S HARDWARE STORE Comparative Financial Statements 2013 2012 Sales revenue $870 000 $810 000 Cost of sales $340 000 $319 500 Expenses (including Depreciation Expense of $63 000 p.a.) $333 000 $315 000 Profit $180 000 S175 500 Year-end accounts receivable $166 500 S150 000 Year-end inventory $117 000 $137 000 $ 70 000 $ 35 Year-end accounts payable $76 500 Year-end wages payable 22 500 $ 35 000 Required Part (a) - Prepare a schedule to show the net cash flow provided by Operating Activities during 2013 in accordance with AASB 107 - Cash Flow Statements. Assume there is no income tax, GST. or write-off of bad debts.

The following information was taken from the comparative financial statements of Rosso's Hardware Store prepared on an accrual basis: ROSSO'S HARDWARE STORE Comparative Financial Statements 2013 2012 Sales revenue $870 000 $810 000 Cost of sales $340 000 $319 500 Expenses (including Depreciation Expense of $63 000 p.a.) $333 000 $315 000 Profit $180 000 S175 500 Year-end accounts receivable $166 500 S150 000 Year-end inventory $117 000 $137 000 $ 70 000 $ 35 Year-end accounts payable $76 500 Year-end wages payable 22 500 $ 35 000 Required Part (a) - Prepare a schedule to show the net cash flow provided by Operating Activities during 2013 in accordance with AASB 107 - Cash Flow Statements. Assume there is no income tax, GST. or write-off of bad debts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following balances remained in Bop’s books after the preparation of the income statement for the year ended 30th April 2016. The profit for the year was $8650. $ Machinery 100 000 Trade receivables 9 420 Motor vehicle 12 000 Cash 50 Equipment 31 000 Inventory (1.5.15) 11,000 Inventory (30.4.16) 12 650 Capital 120 000 Bank overdraft 13 270 Drawings 7 100 Trade payables 10 300 Bank Loan 20 000 Prepare a statement of financial position at 30th April 2016.
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The following information is available for Cullumber Products: 2014 2013 Accounts receivable $76,800 $94,720 Cost of goods sold 675,840 742,400 Inventory (ending) 66,560 87,040 Net cash provided by operating activities 281,600 217,600 Net sales 1,157,760 1,203,200 Capital expenditures 51,200 48,640 Dividends 31,104 40,960 Compute the following for 2014: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) Accounts receivable turnover enter a number of times rounded to 1 decimal place times Average collection period enter a number of days rounded to 1 decimal place days
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Use the following information to answer this question: Net sales Windswept, Incorporated 2021 Income Statement Cost of goods sold Depreciation ($ in millions) Earnings before interest and taxes Interest paid Taxable income Taxes Net income $ 9,050 7,540 430 $ 1,080 96 $ 984 344 $ 640 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 Cash $ 180 2021 $ 210 2020 Accounts payable $ 1,190 Accounts received Inventory 900 1,670 800 1,610 Long-term debt Common stock 1,070 3,280 2021 $ 1,335 1,285 2,970 Total $ 2,750 $ 2,620 Retained earnings 560 810 Net fixed assets. Total assets 3,350 $6,100 3,780 $6,400 Total liabilities & equity $ 6,100 $ 6,400 What is the days' sales in receivables for 2021?
ASQUITH COMPANY Income Statement For the Year Ended December 31, 2012 Sales revenue $5,400,000 Cost of goods sold Beginning inventory $1,780,000 Purchases 3,430,000 Goods available for sale 5,210,000 Ending inventory 1,900,000 Total cost of goods sold 3,310,000 Gross profi t 2,090,000 Operating expenses Depreciation expense 105,000 Amortization expense 20,000 Other expenses 945,000 1,070,000 Net income $1,020,000 Instructions Prepare the operating activities section of the statement of cash fl ows for the year ended December 31, 2012, for Asquith Company, using the indirect method
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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 22,800 $ 17,850 Sales returns and allowances 900 100 Net sales $ 21,900 $ 17,750 Cost of merchandise (goods) sold 11,050 7,700 Gross profit $ 10,850 $ 10,050 Operating expenses: Depreciation $ 1,080 $ 790 Selling and administrative 5,050 3,900 Research 930 690 Miscellaneous 740 490 Total operating expenses $ 7,800 $ 5,870 Income before interest and taxes $ 3,050 $ 4,180 Interest expense 940 690 Income before taxes $ 2,110 $ 3,490 Provision for taxes 844 1,396 Net income $ 1,266 $ 2,094 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 11,800…
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