Wildhorse Inc., a greeting card company, had the following statements prepared as of December 31, 2020. Additional information: Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a sign e.g. - 15,000 or in parenthesis e.g. (15,000).)
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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…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…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.
- American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow: (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 ARC's income statement for the year ended December 31, 2018. Use the single-step format, with all revenues listed together and all expenses listed together. American Rare Coins Income Statement More info Year Ended December 31, 2018 Revenue: Sales Revenue 660,000 a. On January 1, 2018, ARC issued no par common stock for $450,000. Expenses: b. Early in January, ARC made the following cash payments: 1. For store fixtures, $53,000 Cost of Goods Sold $ 250,000 2. For merchandise inventory, $340,000 Rent Expense 20,000 3. For rent expense on a store building, $20,000 Salaries and Wages Expense 96,000 c. Later in the year, ARC…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…2.3. Thor Company provided the following data on December 31, 2019: Checkbook balance: 4,000,000 Bank statement balance: 5,000,000 Check drawn on Thor's account, payable to supplier, dated and recorded on December 31, 2019 but not mailed until January 15, 2020: 500,000 Sinking fund cash: 2,000,000 On December 31, 2019, what amount should be reported as "cash" under current assets? a. 4,500,000 b. 5,500,000 c. 3,500,000 d. 6,500,000 ŵ
- Please use the image below to calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders for 2022. Please show all calculations.BioFarm Company had the following cash balance items listed in its trial balance at December 31, 2023: Peterson Savings and Loan $ 63,000 FirstRight Bank (11,500) Zenith Country Trust Bank 23,000 If BioFarm reports under IFRS, its 12/31/2023 balance sheet would show what cash balance ?Company “Maquinaria San José” has submitted its Consolidated Financial Statements for year 2022 to Banco Andes. Below is company's Balance Sheet and Income Statement in thousands of pesos (ThCh$) (see attached images below) As a credit risk analyst at “Banco Andes” you have been given the task of: Prepare Cash Flow Statement for this company using the Direct Method. Following additional information has been provided by company to facilitate preparation of Cash Flow Statement: Formulas and calculations performed for each item in Cash Flow Statement should be shown. VAT rate is 19%. Company took on new short-term debt of $3,000 million in 2022 with “Banco Andes”. Bank requires that Cash Flow from Financing Activities be presented with an opening between New Debt and Paid Short-Term and Long-Term Debt. Marketing expenses are included within Selling and Administrative Expenses (SAE). Salaries expenses include effect of employee benefit provisions In addition, Bank's senior management asks…
- 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…Please help meBear Tree Services reports the following amounts on December 31, 2024. Cash Supplies Prepaid Insurance Building Assets Cash Inflows Customers Borrow from the bank (noite) Sale of Investments Required: 1. Prepare a balance sheet. 2. Prepare a statement of cash flows. In addition, the company reported the following cash flows. Balance Sheet $8.GOD 21700 4400 31.000 Statement of Cash Flows Liabilities and Stockholders. Equity Accounts payable Salaries payable Notes payable Comeon stock Retained earnings Cash Out FlowS $78,000 Employee salaries 29,000 Supplies 23,500 Dividends Purchase building Complete this question by entering your answers in the tabs below. $31.000 13,000 11,000 80,000 & Answer is complete but not entirely correct. $12,400 4,400 29,000 40,000 10,900 Prepare a statement of cash flows. (Cash outflows and decreases in cash should be indicated by a minus sign.)
