The income statement and additional data of Aggieland Computing Company follow: Aggieland Computing Company Income Statement Year Ended September 30, 20x2 Revenues: Sales revenue... Expenses: Cost of goods sold.. Salary expense... Depreciation expense.. 2. Additional data during fiscal year 20x2: C. d. c. f. & h. Rent expense.... Interest expense Income tax expense.... Net income... i. j. 103,000 45,000 29,000 11,000 2,000 9.000 $237,000 Proceeds from sales of land, $14,000. Proceeds from issuance of common stock, $35,000. Payment of long-term note payable, $20,000. Payment of dividends, $10,000. Decrease in cash balance, $4,000. 199.000 $38.000 Collections from customers were $7,000 more than sales. Payments to suppliers were $5,000 less than the sum of cost of goods sold plus rent expense. Payment to employees were $1,000 more than salary expense. Interest expense and income tax expense equal their cash amounts. Acquisition of equipment is $116,000. Of this amount, $101,000 was paid in cash, $15,000 by signing a long-term note payable. Aggieland sold no equipment during fiscal year 20x2. Prepare Aggieland Computing Company's statement of cash flows and accompanying schedule of noncash investing and financing activities. Report operating activities by the direct method. Evaluate Aggieland Computing Company's cash flows for the year. In your evaluation, mention all three categories of cash flows (operating, investing, and financing), and give the reason for your evaluation.
The income statement and additional data of Aggieland Computing Company follow: Aggieland Computing Company Income Statement Year Ended September 30, 20x2 Revenues: Sales revenue... Expenses: Cost of goods sold.. Salary expense... Depreciation expense.. 2. Additional data during fiscal year 20x2: C. d. c. f. & h. Rent expense.... Interest expense Income tax expense.... Net income... i. j. 103,000 45,000 29,000 11,000 2,000 9.000 $237,000 Proceeds from sales of land, $14,000. Proceeds from issuance of common stock, $35,000. Payment of long-term note payable, $20,000. Payment of dividends, $10,000. Decrease in cash balance, $4,000. 199.000 $38.000 Collections from customers were $7,000 more than sales. Payments to suppliers were $5,000 less than the sum of cost of goods sold plus rent expense. Payment to employees were $1,000 more than salary expense. Interest expense and income tax expense equal their cash amounts. Acquisition of equipment is $116,000. Of this amount, $101,000 was paid in cash, $15,000 by signing a long-term note payable. Aggieland sold no equipment during fiscal year 20x2. Prepare Aggieland Computing Company's statement of cash flows and accompanying schedule of noncash investing and financing activities. Report operating activities by the direct method. Evaluate Aggieland Computing Company's cash flows for the year. In your evaluation, mention all three categories of cash flows (operating, investing, and financing), and give the reason for your evaluation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
someone help me with excel plz also show me how can i use the execl
Transcribed Image Text:The income statement and additional data of Aggieland Computing Company follow:
Aggieland Computing Company
Income Statement
Year Ended September 30, 20x2
1.
Revenues:
Sales revenue.
Expenses:
Cost of goods sold...
Salary expense...
Depreciation expense..
Additional data during fiscal year 20x2:
2.
Rent expense...
Interest expense....
Income tax expense...
Net income.....
a.
b.
C.
d.
C.
f.
g
h.
i.
j.
103,000
45,000
29,000
11,000
2,000
9.000
$237,000
199.000
$38.000
Collections from customers were $7,000 more than sales.
Payments to suppliers were $5,000 less than the sum of cost of goods sold
plus rent expense.
Proceeds from sales of land, $14,000.
Proceeds from issuance of common stock, $35,000.
Payment of long-term note payable, $20,000.
Payment of dividends, $10,000.
Decrease in cash balance, $4,000.
Payment to employees were $1,000 more than salary expense.
Interest expense and income tax expense equal their cash amounts.
Acquisition of equipment is $116,000. Of this amount, $101,000 was paid
in cash, $15,000 by signing a long-term note payable. Aggieland sold no
equipment during fiscal year 20x2.
Prepare Aggieland Computing Company's statement of cash flows and accompanying
schedule of noncash investing and financing activities. Report operating activities
by the direct method.
Evaluate Aggieland Computing Company's cash flows for the year. In your
evaluation, mention all three categories of cash flows (operating, investing, and
financing), and give the reason for your evaluation.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education