Please provide help The Net Income for the year was $275,000.Depreciation on equipment and Amortization on apatent were $40,000 and $9,000 respectively.Balances in the current assets and currentliabilities were as follows (Ending and Beginning):Cash $50,000 $60,000, Acct. Rec. $112,000$108,000, Inventory $105,000 $93,000, PrepaidExp.$4,500 $6,500, Acct. Pay. $75,000 $89,000.What would be the Cash from Operating Activities?

Step 1: Define Operating ActivitiesThe operating activities in the statement of cash flows show the…

Answered: The Net Income for the year was…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.3MBA

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The net income reported on the income statement for the current year was $313,659. Depreciation recorded on fixed assets and amortization of patents for the year were $38,968, and $9,722, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $42,392 $55,782 Accounts receivable 126,305 101,016 Inventories 100,582 80,433 Prepaid expenses 4,060 7,575 Accounts payable (merchandise creditors) 50,302 78,390 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Oa. $214,402 Ob. $432,360 Oc. $412,916 Od. $292,338
The net income reported on the income statement for the current year was $256,674. Depreciation recorded on fixed assets and amortization of patents for the year were $30,601 and $9,816, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $47,547 $67,419 Accounts Receivable 120,692 102,958 Inventories 101,043 92,516 Prepaid Expenses 3,347 6,561 Accounts Payable (merchandise creditors) 49,242 66,779 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $327,049 b. $270,830 c. $256,507 d. $251,558
The net income reported on the income statement for the current year was $278,260. Depreciation recorded on fixed assets and amortization of patents for the year were $34,649, and $11,472, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories End a. $370,545 b. $208,919 c. $347,601 Od. $278,217 $47,146 124,126 102,601 4,506 45,924 Beginning $57,260 104,236 93,932 7,914 66,937 Prepaid expenses Accounts payable (merchandise creditors) What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
The net income reported on the income statement for the current year was $281,847. Depreciation recorded on fixed assets and amortization of patents for the year were $32,101 and $10,127, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,628 $62,683 Accounts Receivable 120,761 105,004 Inventories 105,470 86,078 Prepaid Expenses 4,242 8,185 Accounts Payable (merchandise creditors) 47,812 74,478 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a.$351,049 b.$288,926 c.$266,203 d.$255,489
The net income reported on the income statement for the current year was $294,649. Depreciation recorded on fixed assets and amortization of patents for the year were $44,735 and $9,224, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $41,600 $58,890 Accounts Receivable 124,965 108,432 Inventories 101,477 91,425 Prepaid Expenses 4,137 8,009 Accounts Payable (merchandise creditors) 45,964 61,724 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
The net income reported on the income statement for the current year was $250,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash End Beginning $50,000 $60,000 Accounts Receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid Expenses 4,500 6,500 Accounts Payable 75,000 89,000 What is the amount of cash flows from operating activies reported on the statement of cash flows prepared by the indirect method? a. $271,000 b. $327,000 c. $256,000 d. $279,000
The net income reported on the income statement for the current year was $295,300. Depreciation recorded on fixed assets and amortization of patents for the year were $40,200 and $5,300, respectively. Balances of current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $50,300 $60,300 Accounts receivable 112,100 108,100 Inventories 105,300 93,300 Prepaid expenses 4,600 6,800 Accounts payable (merchandise creditors) 75,100 89,300 What amount of cash flows from (used for) operating activities is reported on the statement of cash flows prepared by the indirect method? a.$302,800 b.$207,400 c.$312,800 d.$369,000
The net income reported on the income statement for the current year was $185,000. Depreciation recorded on equipment and a building amounted to $96,000 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 YearCash $ 75,000 $ 86,150Accounts receivable (net) 84,550 90,000Inventories 186,200 175,000Prepaid expenses 3,600 4,500Accounts payable (merchandise creditors) 91,500…
The net income reported on the income statement for the current year was $282,126. Depreciation recorded on fixed assets and amortization of patents for the year were $33,351, and $9,402, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,370 $64,930 Accounts receivable 106,715 123,079 Inventories 80,207 102,432 Prepaid expenses 8,982 4,271 Accounts payable (merchandise creditors) 77,139 54,111 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Select the correct answer. $303,001 $363,468 $381,785 $306,304
The net income reported on the income statement for the current year was $311,700. Depreciation recorded on equipment and a building amounted to $93,200 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Line Item Description End of Year Beginning of Year Cash $78,550 $83,260 Accounts receivable (net) 99,600 102,740 Inventories 196,380 177,010 Prepaid expenses 10,920 11,740 Accounts payable (merchandise creditors) 87,740 92,920 Salaries payable 12,650 11,570 Question Content Area 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. blankblankStatement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operating activities: $Net income…
The net income reported on the income statement for the current year was $312,900. Depreciation recorded on equipment and a building amounted to $93,600 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 $81,040 $85,090 Accounts receivable (net) 102,760 105,000 Inventories 202,600 180,900 Prepaid expenses 11,260 12,000 Accounts payable (merchandise creditors) 90,520 94,960 Salaries payable 13,050 11,830 Question Content Area 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. B. If the direct method had been used, would the net cash flow from operating activities have been the same? yes or no
The net income reported on the income statement for the current year was $330,400. Depreciation recorded on equipment and a building amounted to $105,140 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 $89,900 $95,010 Accounts receivable (net) 111,940 117,700 Inventories 217,550 209,050 Prepaid expenses 13,290 14,160 Accounts payable (merchandise creditors) 95,060 103,580 Salaries payable 15,590 13,710 Required: A. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. B. If the direct method had been used, would the net cash flow from operating…

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