Am. 114. Wildhorse Inc., a greeting card company, had the following statements prepared as of December 31, 2020. Additionalinformation: Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financingsections that decrease cash flow with either a sign e.g. - 15,000 or in parenthesis e.g. (15,000).)

Imagine you're peeking into Wildhorse Inc.'s wallet. The statement of cash flows using the direct…

Answered: Wildhorse Inc., a greeting card…

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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Using the indirect method, prepare the cash flows provided by operating activities section of the statement of cash flows for 2020.(Show amounts that decrease cash flow with either a - sign, e.g. -15,000 or in parentheses, e.g. (15,000).) Mallory Michaels, senior accountant for Trendy Fashions, has gathered the following balances from the company’s general ledger: December 31, 2020 December 31, 2019 Accounts Receivable $60,000 $65,000 Inventories 120,000 117,406 Prepaid Expenses 4,500 3,900 Accounts Payable 50,378 51,000 Accrued Liabilities 12,000 14,000 Income Taxes Payable 2,700 2,500 Net Income 710,000 Depreciation Expense 65,000 Gain on the sale of land 15,000 Using the indirect method, prepare the cash flows provided by operating activities section of the statement of cash flows for 2020.(Show amounts that decrease cash flow with…
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…
Required:Prepare the statement of cash flows of Red, Inc., using the direct method to report operating activities. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)
Below are several transactions for Meyers Corporation for 2021.Required: 1. For each transaction, determine the amount of cash flows (indicate inflows with a “+” and outflows with a “−”). If cash is involved in the transaction, indicate whether Meyers should classify it as operating, investing, or financing in a statement of cash flows. Enter N/A if the question is not applicable to the statement. 2. Calculate net cash flows for the year. 3. Assuming the balance of cash on January 1, 2021, equals $5,400, calculate the balance of cash on December 31, 2021.
Mills Company prepared the following balance sheet at the begning of 2019: Prepare a classified balance sheet for Mills as of December 31, 2019. ( Hint: Review the information on the statement of cash flows and the balances in the beginning balance sheet accounts to determine the impact on the ending balance sheet accounts.)
Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)
Below is the data for Michael Ski Company . Prepare the cash flows from operating activities in the statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.) David Ski Company had the following statements prepared as of December 31, 2020: Michael Ski Company Comparative Balance Sheet As of December 31 2020 2019 Cash 2,500 4,000 Account receivable 103,000 97,000 Short-term investment (Available-for-sale) 96,000 121,000 Inventories 91,000 54,000 Prepaid insurance 4,000 6,000 Ski equipment 89,000 43,000 Accumulated depr.-equipment (23,500) (18,000) Trademarks 79,000 83,000 Total asets 441,000 390,000 Account payable 92,200 75,000 income taxes payable 21,800 15,700 Wages payable 4,000 9,000 Short-term loans payable to bank 23,500 0 Long-term loans payable 75,000 125,000 Common stock, $1 par 100,000 100,000 Additional paid-in capital 20,000 20,000 Retained earnings 104,500 45,300 Total…
Frontier Rare Coins (FRC) was formed on January 1, 2024. Additional data for the year follow: i (Click the icon to view the data.) Read the requirements. Requirement 1. What is the purpose of the statement of cash flows? The purpose of the statement of cash flows is to show where cash came from and how cash was spent during the period. Requirement 2. Prepare FRC's income statement for the year ended December 31, 2024. Use the single-step format, with all revenues listed together and all expenses listed together. Frontier Rare Coins Income Statement Year Ended December 31, 2024 Revenue: Expenses: Total Expenses Net Income More info (...) a. On January 1, 2024, FRC issued no par common stock for $550,000. b. Early in January, FRC made the following cash payments: 1. For store fixtures, $54,000 2. 3. For merchandise inventory, $240,000 For rent expense on a store building, $15,000 c. Later in the year, FRC purchased merchandise inventory on account for $242,000. Before year-end, FRC paid…
The controller for Steven Company is attempting to determine the amount of cash to be reported on its December 31, 2020, statement of financial position. The following information is provided: a. Savings account : $900,000 b. Checking account Balance : $1350000 c. Money market placement held at Durax Co. (a mutual fund organization) that permits Steven to write checks on this balance, $7,500,000. d. Travel advances of $75,000 for sales executive (employee to reimburse through salary reduction). e. Petty Cash fund of $5,000. f. Advances of Valenciano, a company supervisor, in amount of $20,000. g. The company has two certificates of deposit, each totaling $750,000. These certificates of deposit have a maturity of 90 days. h. Steven has received a check that is dated January 10, 2021, in the amount of $207,500. I. Steven has purchased $4,170,000 of commercial paper of Atan Co. which is due in 120 days. j. Currency and coin on hand amount to $6,800. Compute the amount of cash and cash…
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.
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