Wildhorse Ltd. reported the following information in its balance sheet and income statement for the year ended March 31, 2024:Accounts receivableInventoryPrepaid expensesAccounts payableIncome tax payableDepreciation expenseGain on sale of equipmentProfit for the year2024Net cash$40,800 $61,20064,26071,4004,0802,04035,70040,80016,32051,00046,1002023336,60010,200Calculate the net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow witheither a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)operating activities $

A cash flow statement indicates cash inflow and outflow information for a particular time period and…

Wildhorse Ltd. reported the following information in its balance sheet and income statement for the year ended March 31, 2024: Accounts receivable Inventory Prepaid expenses Accounts payable Income tax payable Depreciation expense Gain on sale of equipment Profit for the year 2024 Net cash $40,800 64,260 4,080 35,700 16,320 51,000 46,100 336,600 2023 $61,200 71,400 2,040 40,800 10,200 Calculate the net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) operating activities $

Wildhorse Ltd. reported the following information in its balance sheet and income statement for the year ended March 31, 2024: Accounts receivable Inventory Prepaid expenses Accounts payable Income tax payable Depreciation expense Gain on sale of equipment Profit for the year 2024 Net cash $40,800 64,260 4,080 35,700 16,320 51,000 46,100 336,600 2023 $61,200 71,400 2,040 40,800 10,200 Calculate the net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) operating activities $

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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The income statement of Price Ltd for the year ended 31 December 2020, reported the following condensed information: Revenue from fees $600,000 Operating expenses 360,000 Income from operations 240,000 Income tax expense 60,000 Net income $180,000 Price's balance sheet contained the following comparative data at December 31: 2020 2019 Accounts receivable $50,000 $45,000 Accounts payable 35,000 41,000 Income taxes payable 6,000 3,000 Price has no depreciable assets. Accounts payable pertains to operating expenses. Required: (a) Calculate: Cash receipts from customers. Cash payments for operating expenses. (b) Prepare the operating activities…
he current sections of Skysong, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here.Skysong’s net income for 2022 was $152,700. Depreciation expense was $27,600. 2022 2021 Current assets Cash $107,600 $95,900 Accounts receivable 78,400 89,400 Inventory 167,800 172,100 Prepaid expenses 26,800 22,000 Total current assets $380,600 $379,400 Current liabilities Accrued expenses payable $15,800 $8,600 Accounts payable 84,900 95,500 Total current liabilities $100,700 $104,100 Prepare the net cash provided by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Concord Ltd. had the following 2023 income statement data: Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $22,900) Income before income taxes Income taxes Net income $207,500 (a) 119,000 88,500 48,000 40,500 16,000 $24,500 The following accounts increased during 2023 by the amounts shown: Accounts Receivable, $15,900; Inventory, $10,800; Accounts Payable (relating to inventory), $13,900; Taxes Payable, $2,200; and Mortgage Payable, $40,500. Prepare the cash flows from operating activities section of Concord's 2023 statement of cash flows using the indirect method and following IFRS. (Show amounts that decrease cash flow with either a negative sign e.g.-15,000 or in parenthesis e.g. (15,000).) Concord Corporation Statement of Cash Flows Indirect Mothed)
Sunland Company reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income Gross profit rate 2022 Profit margin $152,000 91,200 30,400 18,000 $12,400 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%) 2021 $122,000 73,200 14,640 10,000 2022 $24,160 % 2021
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Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 42,000 S 42.000 42.000
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The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ended 2021 and 2022. All values are in thousands of dollars. Revenue Cost of goods sold Depreciation Inventories Administrative expenses Interest expense Federal and state taxes* Accounts payable Accounts receivable. Net fixed assets* Long-term debt Notes payable Dividends paid Cash and marketable securities 2021 $ 4,100 1,700 470 270 520 240 340 320 350 4,800 2,400 687 380 760 Net working capital 2022 $ 4,200 1,800 490 335 570 240 360 355 395 * Taxes are paid in their entirety in the year that the tax obligation is incurred. t Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. 5,540 2,860 540 380 480 What was the change in net working capital during the year? Note: Enter your answer in thousands of dollars. by