Use indirect method.Indus industries was manufacturing steel rods and it hasreported net income of P225, 000 for 2019.It also reported depreciation expense of P45,000 and a lossof 5,000 on the disposal of equipment.The comparative balance sheet shows a decrease in accountsreceivable of 15,000 for the year, a 17,000 increase inaccounts payable, and a 4,000 decrease in prepaid expenses.Prepare the operating activities section of the statement ofcash flows for 2019.

Cash flow from operating activities records the flow of cash from the regular business activities .…

Answered: Use indirect method. Indus industries…

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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Pina Colada Corp. reported net income of $190,400 for 2022. Pina Colada also reported depreciation expense of $41,900 and a loss of $4,600 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $14,400 for the year, a $16,400 increase in accounts payable, and a $4,100 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000)) Pina Colada Corp. Statement of Cash Flows (Partial) - Indirect Method Adjustments to reconcile net income to
Zhu Wen has reported net income of P190,000 for 2017. It also reported depreciation expense of P50,000 and a loss of P6,000 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of 11,600 for the year, a 13,600 Increase in accounts payable. Use indirect method. Prepare the operating activities section.
Wildhorse Co. reported net income of $176,240 for 2022. Wildhorse Co. also reported depreciation expense of $34,330 and a loss of $4,840 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $13,520 for the year, a $16,200 increase in accounts payable, and a $3,990 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Aluminium Manufacturing Co., income for the year 2018 and 2019 were OMR 400,000 and 600,000 respectively. The following pretax earnings are depreciation on plant and machinery every year OMR 200,000 and extraordinary gain 2019 OMR 150,000. What is the expected average future earnings. Select one: a. OMR 325,000 b. OMR 275,000 c. OMR 375,000 d. OMR 225,000
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Marigold Corp. reported net income of $192,120 for 2022. Marigold Corp. also reported depreciation expense of $35,680 and a loss of $5,290 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $15,560 for the year, a $16,150 increase in accounts payable, and a $4,040 increase in prepaid expenses.Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method.
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QueensLand Ltd. had the following operating results for 2021: sales = $20,200; cost of goods sold = $8,200; depreciation expense = $1,200; interest expense = $1,400; dividends paid = $600. At the beginning of the year, net fixed assets were $9,100, current assets were $3,200, and current liabilities were $1,800. At the end of the year, net fixed assets were $9,700, current assets were $3,850, and current liabilities were $2,100. The tax rate for 2021 was 34%. What was the OCF for the year 2021? a. $9,600 b. $7,604 c. $6,204 d. $8,804
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The following information is related to Vaughn Company for 2020. Retained earnings balance, January 1, 2020 $1,156,400 Sales Revenue 29,500,000 Cost of goods sold 18,880,000 Interest revenue 82,600 Selling and administrative expenses 5,546,000 Write-off of goodwill 967,600 Income taxes for 2020 1,467,920 Gain on the sale of investments 129,800 Loss due to flood damage 460,200 Loss on the disposition of the wholesale division (net of tax) 519,200 Loss on operations of the wholesale division (net of tax) 106,200 Dividends declared on common stock 295,000 Dividends declared on preferred stock 94,400 Vaughn Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Vaughn sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year. Partially correct answer…
The following transactions for Fortitude Enterprises during the second quarter of 2024: Sales amounted to P5,000,000 and related cost of goods sold was P3,000,000 Selling expenses for the given period was P250,000. Depreciation is usually recorded at annual amount of P1,200,000. Real property taxes for the year in the amount of P600,000 were paid on April 1, 2024. An inventory loss arising from a temporary market decline of P400,000 had occurred on June 30, 2024. Ignoring income taxes, net income for the second quarter ending June 30, 2024 should be?

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