Your answer is partially correct. The following information is available for Sweet Acacia Industries for the year ended December 31, 2022. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Decrease in Accounts Payable Increase in Accounts Receivable V Increase in Inventory Increase in Income Taxes Payable $72,000 Net Cash Provided by Operating Activities 5,920 Prepare a statement of cash flows 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).) V 259,200 13,120 17,600 454,560 Sweet Acacia Industries Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2022 56,000 19,200 7,520 462,400 41,600 320,000 $ 00000 113400 (2590) (5740) (7700) 3290 198870 100660 299530

Your answer is partially correct. The following information is available for Sweet Acacia Industries for the year ended December 31, 2022. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Decrease in Accounts Payable Increase in Accounts Receivable V Increase in Inventory Increase in Income Taxes Payable $72,000 Net Cash Provided by Operating Activities 5,920 Prepare a statement of cash flows 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).) V 259,200 13,120 17,600 454,560 Sweet Acacia Industries Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2022 56,000 19,200 7,520 462,400 41,600 320,000 $ 00000 113400 (2590) (5740) (7700) 3290 198870 100660 299530

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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Prepare the cash flows from operating activities section of the company’s 2018 statement of cash flows using the indirect method
Apex Company prepared the statement of cash flows for the current year that is shown below: Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income Adjustments to convert net income to cash basis: Depreciation Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable Net cash provided by (used in) operating activities Investing activities: Proceeds from the sale of equipment Loan to Thomas Company Additions to plant and equipment Net cash provided by (used in) investing activities Financing activities: Increase in bonds payable Increase in common stock Cash dividends Net cash provided by (used in) financing activities Net decrease in cash and cash equivalents Beginning cash and cash equivalents Ending cash and cash equivalents $ 21,500 (60,300) (25,100) 10,100 54,300 (10,400) 4,400 14,400 (41,000) (121,500) 89,800 39,600 (28,500) $ 41,200…
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Using the information below, complete the operating cash flow section of the Statement of Cash Flows for Peter Ltd using direct method. Your presentation must be consistent with the requirements of AASB107. Ignore tax. Reporting date is 30 June. The balances of selected accounts of Peter Ltd at 30 June 2021 and 30 June 2022 were ($000): 2021 2022 Cash 3850 1200 Inventory 3750 4250 Accounts receivable 2800 3500 Allowance for doubtful debts 320 260 Land 5000 5000 Plant 2750 2800 Accumulated depreciation 490 450 Accounts payable 3200 3500 Rent payable 100 130 Salaries payable 120 190 Share capital 1000 1000 Sales (on credit) 7750 6550 Cost of goods sold 1250 1100 Doubtful debts expense 280 300 Rent expense 540 450 Salaries expense 800 750 Depreciation expense 260 180 Required: Peter Ltd’s operating cash flow section extracted from the Statement of Cash Flows for year ended 30 June 2022 (Direct Method)
Apex Company prepared the statement of cash flows for the current year that is shown below: Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income Adjustments to convert net income to cash basis: Depreciation Increase in accounts receivable Increase in inventory Decrease in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable Net cash provided by (used in) operating activities Investing activities: Proceeds from the sale of equipment Loan to Thomas Company Additions to plant and equipment Net cash provided by (used in) investing activities Financing activities: Increase in bonds payable Increase in common stock Cash dividends Net cash provided by (used in) financing activities Net decrease in cash and cash equivalents Beginning cash and cash equivalents Ending cash and cash equivalents $ 21,300 (61,900) (26,700) 10,300 54,700 (11,100) 3,200 Free cash flow 14,700 (41,300) (121,100) 89,000 38,900…
Can you assess the company’s overall cash flow disposition for 2019, 2020 and 2021 in terms of the positive or negative cash flow patterns for the three categories of cash flows. *NEED ASAP*
Hamburger Heaven's income statement for the current year and selected balance sheet data for the current and prior years ended December 31 are presented below. Income Statement Sales Revenue $1,860 Expenses: Cost of Goods Sold 850 Depreciation Expense Salaries and Wages Expense Rent Expense 150 450 200 Insurance Expense 75 Interest Expense Utilities Expense 45 Net Income 35 Selected Balance Sheet Accounts Current Year Prior Year 72 Inventory Accounts Receivable 55 355 400 Accounts Payable Salaries/Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance 225 260 39 25 25 10 14 TIP: Prepaid Rent decreased because the amount taken out of Prepaid Rent (and subtracted from net income as Rent Expense) was more than the amount paid for rent in cash during the current year. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (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…
B
Subject: acounting
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