The net income reported on the income statement for the current year was $130,500. Depreciation recorded on store equipment for the year amounted to $21,500. 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 $51,030 $46,440 Accounts receivable (net) 36,590 34,320 Inventories 49,960 52,250 Prepaid expenses 5,610 4,410 Accounts payable (merchandise creditors) 47,820 43,930 Wages payable 26,130 28,700 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 liabilities:

The net income reported on the income statement for the current year was $130,500. Depreciation recorded on store equipment for the year amounted to $21,500. 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 $51,030 $46,440 Accounts receivable (net) 36,590 34,320 Inventories 49,960 52,250 Prepaid expenses 5,610 4,410 Accounts payable (merchandise creditors) 47,820 43,930 Wages payable 26,130 28,700 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 liabilities:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

88 MULTIPLE CHOICE Question 6 Listen If f(x)= and g(x) = x²-16, then what is the value of f(g(4))? A 0 B 4 C undefined
Can you answer part 4
Problem 9-25 Fudge factors An oil company executive is considering investing $10.1 million in one or both of two wells: well 1 is expected to produce oil worth $3.01 million a year for 10 years; well 2 is expected to produce $2.01 million for 15 years. These are real (inflation-adjusted) cash flows. The beta for producing wells is 0.91. The market risk premium is 9%, the nominal risk-free interest rate is 7%, and expected inflation is 3%. The two wells are intended to develop a previously discovered oil field. Unfortunately there is still a 21% chance of a dry hole in each case. A dry hole means zero cash flows and a complete loss of the $10.1 million investment. Ignore taxes and make further assumptions as necessary. a. What is the correct real discount rate for cash flows from developed wells? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Real discount rate b. The oil company executive proposes to add 20 percentage points to the…
A. For what values of x is f(x) NOT y 00 6 4 2 X -3-2-10 1 2 3 4 5
can you answer d
Why woul it not be Schedule B
D nctions Question 10 Use the diagram below to find each of the following: sine of point a • cose of point b • tane of point c d e
Can you answer part E of this qu
3. What is the NAV?
What information is included in Form 10-K?
E12.18