Victor Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $23,400 $22,600 Inventory 78,800 79,500 Accounts payable 20,700 20,400 Dividends payable 18,000 17,000 Adjust net income of $77,900 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. %24

Victor Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $23,400 $22,600 Inventory 78,800 79,500 Accounts payable 20,700 20,400 Dividends payable 18,000 17,000 Adjust net income of $77,900 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. %24

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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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Changes in Current Operating Assets and Liabilities-Indirect Method Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y1 Accounts receivable Inventory Accounts payable Dec. 31, 20Y2 $19,900 53,400 10,800 $19,100 21,000 54,100 9,600 Dividends payable Adjust net income of $104,400 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. 23,000
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Question Content Area Cash and accounts receivable for Adams Company are as follows: Current Year Prior Year Cash $63,104 $54,400 Accounts receivable (net) 34,736 66,800 What are the amounts and percentages of increase or decrease that would be shown with horizontal analysis? Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 %
construct the following financial statements on each sheets provided- income statement statement of changes in equity statement of cash flow statement of financial position using the following accounts information: Inventory - 570,000Accounts Receivable - 118,800Accounts Payable - 22,000Loans Receivable - 48,000Allowance for Doubtful Accounts - 9,000Interest Receivable - 2,800Common Stock - 720,000Credit Sales - 660,000Cash Sales - 240,000Cost of Goods Sold - 540,000Interest Income - 2,800Selling and Admin Expense - 134,000Bad Debts Expense - 6,200Retained Earnings - 222,600Collection of Receivables - 706,000Loan Granted - 48,000Current Liabilities Paid - 540,000Beginning Cash - 118,000
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Statement of cash flow for the following: The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets 3 Cash $918,000.00 $964,800.00 4 Accounts receivable (net) 828,900.00 761,940.00 5 Inventories 1,268,460.00 1,162,980.00 6 Prepaid expenses 29,340.00 35,100.00 7 Land 315,900.00 479,700.00 8 Buildings 1,462,500.00 900,900.00 9 Accumulated depreciation-buildings (408,600.00) (382,320.00) 10 Equipment 512,280.00 454,680.00 11 Accumulated depreciation-equipment (141,300.00) (158,760.00) 12 Total assets $4,785,480.00 $4,219,020.00 13 Liabilities and Stockholders’ Equity 14 Accounts payable (merchandise creditors) $922,500.00 $958,320.00 15 Bonds payable 270,000.00 0.00 16 Common stock, $25 par 317,000.00 117,000.00 17 Paid-in capital in…
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable. Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year $ 30,800 89,600 110,000 10,400 281,000 $ 521,800 Interest expense Income tax expense Total costs and expenses Net income Earnings per share 1 Year Ago $ 128,800 $ 75,750 99,000 95,500 162,000 135,500 162,000 106,650 $ 521,800 $ 443,400 Current Year $ 36,000 63,000 83,600 9,300 251,500 $ 443,400 $ 421,850 221,650 12,100 9,400 The company's income statements for the Current Year and 1 Year Ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses $ 715,000 665,000 $ 50,000 $3.09 2 Years Ago $ 38,400 49,500 53,500 4,300 235,000 $ 380,700 For both the Current Year and 1 Year Ago, compute the following ratios: $ 51,000 80, 200 162,000 87,500…
Blue Circle Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $14,000 $13,400 Inventory 70,500 71,200 Accounts payable 11,900 10,600 Dividends payable 15,000 16,000 Adjust net income of $74,900 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
Delta Company reports the following year-end balance sheet data. The company's acid-test ratio equals: Cash Accounts receivable Inventory Equipment Total assets Multiple Choice о о 0.60 1.39 2.22 0.38 0.63 $ 55,000 Current liabilities 70,000 Long-term liabilities 75,000 Common stock 160,000 Retained earnings $360,000 Total liabilities and equity $ 90,000 45,000 115,000 110,000 $ 360,000
Changes in Current Operating Assets and Liabilities Paneous Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $39,490 $31,590 Inventory 76,340 65,150 Accounts payable 60,750 45,410 Dividends payable 18,000 24,000 Adjust net income of $351,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. $ 353,250 X
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Assets: Cash Accounts receivable Inventories Total current assets Net fixed assets Total assets Liabilities and equity: Accounts payable Notes payable Total current liabilities Long-term debt Common stock Retained earnings Total common equity Total liabilities and equity $ $ $ $ $ $ $ 2015 200,000 864,000 2,000,000 3,064,000 6,000,000 9,064,000 1,400,000 1,600,000 3,000,000 2,400,000 3,000,000 664,000 3,664,000 9,064,000 2014 170,000 700,000 1,400,000 $2,270,000 5,600,000 $7,870,000 $ $1,090,000 1,800,000 $2,890,000 2,400,000 2,000,000 580,00 $2,580,000 $7,870,000 If a firm has EBIT = 1,350,000 and 40% Tax rate, calculate Free Cash Flow.