Using the information below, complete (i) the operating cash flow section of the Statement of Cash Flows and (ii) the note to the accounts for Noosa Ltd. Your presentation must be consistent with the requirements of AASB107. Ignore tax. The balances of selected accounts of Noosa Ltd at 30 June 2022 and 30 June 2023 were ($000): Cash Inventory Accounts receivable Allowance for doubtful debts Land Plant Accumulated depreciation Accounts payable Rent payable Salaries payable Share capital Sales (on credit) Cost of goods sold Doubtful debts expense Rent expense Salaries expense Depreciation expense Additional information: net profit after tax for financial year 2023 was $1740. reporting date is 30 June Required Question: (i) Reconciliation of net cash by operating activities to net profit 2022 3250 3720 3200 620 3600 2550 510 3500 60 80 900 7380 1980 340 620 730 260 2023 1150 4350 4530 490 3600 2980 430 3700 20 30 900 6210 2640 450 590 620 170

Using the information below, complete (i) the operating cash flow section of the Statement of Cash Flows and (ii) the note to the accounts for Noosa Ltd. Your presentation must be consistent with the requirements of AASB107. Ignore tax. The balances of selected accounts of Noosa Ltd at 30 June 2022 and 30 June 2023 were ($000): Cash Inventory Accounts receivable Allowance for doubtful debts Land Plant Accumulated depreciation Accounts payable Rent payable Salaries payable Share capital Sales (on credit) Cost of goods sold Doubtful debts expense Rent expense Salaries expense Depreciation expense Additional information: net profit after tax for financial year 2023 was $1740. reporting date is 30 June Required Question: (i) Reconciliation of net cash by operating activities to net profit 2022 3250 3720 3200 620 3600 2550 510 3500 60 80 900 7380 1980 340 620 730 260 2023 1150 4350 4530 490 3600 2980 430 3700 20 30 900 6210 2640 450 590 620 170

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 9MCQ: Refer to the information for Cornett Company above. What amount should Cornett report on its...

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Instructions Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.) E23.13 (LO 2, 3) (SCF-Direct Method) Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2020. Brecker Inc. Comparative Balance Sheet As of December 31, 2020 and 2019 Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities and stockholders' equity 12/31/20 $ 6,000 62,000 35,000 40,000 5,000 154,000 (35,000) 46,000 $313,000 $ 46,000 4,000 8,000 8,000 60,000 100,000 30,000 57,000 $313,000 12/31/19 $ 7,000 51,000 18,000 60,000 4,000 130,000 (25,000) 50,000 $295,000 $ 40,000 6,000 4,000 10,000 69,000 100,000 30,000 36,000…
PART A The following are extracts from the financial records of ABC Ltd for the year ended 31 August 2021. АBC Ltd Extract from the Statement of financial statement as at 31 Auqust 2021 31 August 2021 31 August 2020 - R - R Bank 50 000 20 000 Inventories - trade goods 22 000 30 000 Trade recelvables 77 00 69 D00 Trade payables 44 000 46 000 Prepaid expenses: 1 800 1 200 Accrued expenses: Interest 1 000 2 400 Accrued expenses; other 5 700 4 400 SARS - Income tax payable 8 000 3 000 Dividends payable 1 500 2 700 ABC Ltd Extract from the Statement of profit or loss and other comprehensive Income for the year ended 31 Auqust 2021 Sales 592 000 Cost of sales (301 000) Gross profit 291 000 Profit on sale of Equipment 9 000 Depreciation 41 000 Interest expense 2 600 Income tax expense 15 200 Profit for the year 110 300 Additional Information: 1. The dividends declared for the current year is R2 400.
Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. Sales revenue Operating expenses: Cost of goods sold TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid insurance Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2025) Common stock Retained earnings Total liabilities and shareholders' equity $ 3,390 270 130 1,830 December 31, 2024 $ 330 780 670 65 2,250 (900) $ 3,195 $ 330 330 230 830 930 545 $ 3,195 $ 7,180 5,620 1,560 (630) $ 930 December 31, 2023 $ 230 860 630 35 1,950 (630) $…
Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Wayne Rogers Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021. 2019 2020 2021 Cash receipts from sales: On 2019 sales $295,000 $160,000 $ 30,000 On 2020 sales –0– 355,000 90,000 On 2021 sales 408,000 Cash payments for expenses: On 2019 expenses 185,000 67,000 25,000 On 2020 expenses 40,000a 160,000 55,000 On 2021 expenses 45,000b 218,000 a Prepayments of 2020 expenses. b Prepayments of 2021 expenses. Instructions a. Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the cash basis. b. Using the data above, prepare abbreviated income statements for the years 2019…
takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Which statement is not true? Oa. Disclosures related to receivables are reported on the financial statement notes. Ob. Current assets are normally reported in order of their liquidity. Oc. All receivables that are expected to be realized in cash beyond 265 days are reported in the non-current assets section. Od. Cash and cash equivalents are the first items reported under current assets.
based on the images, what is the correct amount that must be disclosed as increase (decrease) in trade receivables in the cash generated from operations section of the statement of cash flows of Moletji Limited for the year ended 31 December 2020?
Greenfield Company had the following cash balances at December 31, 2019: Cash in banks includes $300,000 of compensating balances against short-term borrowing arrangements at December 31, 2019. The compensatingbalances are not legally restricted as to withdrawal by Greenfield. In thecurrent assets section of Green-field's December 31, 2019, balance sheet,what total amount should be reported as cash?a. $1,020,000b. $1,320,000c. $3,020,000d. $3,320,000
An entity provided the following information on Decemnber 31, 2021: 4,000,000 8,000,000 Cash in bank Accounts receivable Allowance for doubtful accounts 500,000 2,500,000 500,000 4,500,000 1,000,000 2,500,000 2,000,000 Notes receivable Note receivable discounted Inventory Prepaid expenses Deferred tax asset Equipment classified as "held for sale" The accounts receivable included sale price of P3,.000,000 of unsold goods out on consignment at 125% of cost and excluded from ending inventory. What amount should be reported as total current assets on December 31, 2021? a. 20,400,000 )b. 20,250,000 O c. 20,900,000 O d. 21,500,000
Hogan Company had the following account balances for 2021: Accounts receivable Accounts payable Prepaid insurance Multiple Choice Hogan reported net income of $350,000 for 2021. Assuming no other changes in current account balances, what is the amount of net cash provided by operating activities for 2021 reported in the statement of cash flows? O $346,500. O $331,000. O $324,500. O Dec. 31 $42,500 62,000 17,500 $362,500. Jan. 1 $36,000 51,000 9,500
1. Tranvia Company revealed the following information on December 31, 2020:Cash in checking account 350,000Cash in money market account 750,000Treasury bill, purchased November 1, 2020maturing January 31, 2021 3,500,000Time deposit purchased December 1, 2020maturing March 31, 2021 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020? 2. Affable Company provided the following information at year-end comprising the cashaccount:Cash in bank – demand deposit 5,000,000Cash on hand 400,000Postage stamps unused 5,000Certificate of time deposit 1,500,000Money order 50,000Manager check 100,000Traveler check 1,000,000Postdated customer check 500,000 What total amount should be reported as cash at year end? 3. Thor Company provided the following data on December 31, 2020:Checkbook balance 4,000,000Bank statement balance 5,000,000Check drawn on Thor’s account, payable to supplier,dated and recorded on December 31, 2020 but notmailed until January 31, 2021…
For each transaction, indicate how the item would appear on the cash flow 15. Treasury bills were purchased for P50,000 cash. , Indicate whether the items is: (I) (0) (N) a cash inflow = a cash outflow = neither a cash inflow or cash outflow L Indicate also how the item would be classified on the cash flow statement using the following symbols. (0) (I) (F) (N) = operating activity investing activity financing activity does not appear in the statement of cash flow %3D Transactions a b 1. Credit sales for the month are P240,000 2. Cash sales for the month are P200,000. 3. P40,000 of accounts receivable are collected. 4. Five-year bonds are issued at the face value of P600,000. 5. 2,000 shares of common stock are issued for P400,000. 6. Paid P4,000 in interest on a notes payable. 7. The company borrows P80,000 from the bank and signs a five-year note. 8. New equipment is purchased for P100,000 cash. 9. Repaid P20,000 in principal on a mortgage payable. 10. Paid P24,000 to employees for…
Matilda Company financial statement information has given in the following table.ItemBeginningEndingInventory17831965Accounts Payable25602820Accounts Receivables49204200Revenue12500Cost of sales9500Required:Based on the financial statement information above, calculate the operating and cash cycle.