FINAN.ACCOUNTING-W/DGT ACCESS (LOOSE)
15th Edition
ISBN: 9781337587488
Author: WARREN
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 12, Problem 9E
To determine
(a) and (b)
Record the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Blossom Corporation issues 72000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the
transaction will consist of a debit to Cash for $4320000 and a credit or credits to
○ Preferred Stock for $4320000
○ Preferred Stock for $3600000 and Paid-in Capital in Excess of Par-Preferred Stock for $720000
○ Preferred Stock for $3600000 and Retained Earnings for $720000
○ Paid-in Capital from Preferred Stock for $4320000
The current sections of Kingbird Inc's balance sheets at December 31, 2024 and 2025, are presented here. Kingbird's net income for
2025 was $107,100. Depreciation expense was $18,900.
2025
2024
Current assets
Cash
$73,500
$69,300
Accounts receivable
56,000
62,300
Inventory
117,600
120,400
Prepaid expenses
18,900
15,400
Total current assets
$266,000
$267,400
Current liabilities
Accrued expenses payable
$10,500
$3,500
Accounts payable
59,500
64,400
Total current liabilities
$70,000
$67,900
Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2025, using the
indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).)
KINGBIRD INC.
Statement of Cash Flows (Partial) - Indirect Method
For the Year Ended December 31, 2025
Cash Flows from Operating Activities
Net Income
Adjustments to reconcile net income to
Depreciation Expense
18900
6300
Decrease In Accounts Receivable…
Wrong answer will get unhelpful rate
Chapter 12 Solutions
FINAN.ACCOUNTING-W/DGT ACCESS (LOOSE)
Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 1PEACh. 12 - Prob. 1PEBCh. 12 - Prob. 2PEACh. 12 - Prob. 2PEBCh. 12 - Prob. 3PEACh. 12 - Prob. 3PEBCh. 12 - Prob. 4PEACh. 12 - Prob. 4PEBCh. 12 - Prob. 5PEACh. 12 - Liquidating partnerships Prior to liquidating...Ch. 12 - Prob. 6PEACh. 12 - Prob. 6PEBCh. 12 - Revenue per employee Niles and Cohen, CPAs earned...Ch. 12 - Prob. 7PEBCh. 12 - Prob. 1ECh. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Prob. 8ECh. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 16ECh. 12 - Statement of members equity, admitting new member...Ch. 12 - Distribution of cash upon liquidation Hewitt and...Ch. 12 - Distribution of cash upon liquidation David Oliver...Ch. 12 - Liquidating partnershipscapital deficiency Lewis,...Ch. 12 - Prob. 21ECh. 12 - Prob. 22ECh. 12 - Statement of partnership liquidation After closing...Ch. 12 - Prob. 24ECh. 12 - Prob. 25ECh. 12 - Revenue per professional staff The accounting firm...Ch. 12 - Prob. 27ECh. 12 - Prob. 1PACh. 12 - Prob. 2PACh. 12 - Prob. 3PACh. 12 - Prob. 4PACh. 12 - Statement of partnership liquidation After the...Ch. 12 - Prob. 6PACh. 12 - Prob. 1PBCh. 12 - Prob. 2PBCh. 12 - Prob. 3PBCh. 12 - Prob. 4PBCh. 12 - Statement of partnership liquidation After the...Ch. 12 - On August 3, the firm of Chapelle, Rock, and Pryor...Ch. 12 - Prob. 1CPCh. 12 - Prob. 3CPCh. 12 - Prob. 4CP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Metlock Lawn Service Company reported a net loss of $15300 for the year ended December 31, 2025. During the year, accounts receivable decreased $25000, inventory increased $20000, accounts payable increased by $30600, and depreciation expense of $26400 was recorded. During 2025, operating activities provided net cash of $77000 O provided net cash of $46700. O used net cash of $46700. ○ used net cash of $9200.arrow_forwardPlease help me solve this financial accounting question using the right financial principles.arrow_forwardDon't use aiarrow_forward
- General accounting Problemarrow_forwardA company purchased for cash a machine with a list price of $85,000. The machine was shipped FOB shipping point at a cost of $6,500. Installation and test runs of the machine cost $4,500. The recorded acquisition cost of the machine is which amount? Need helparrow_forwardJersey Manufacturing applies manufacturing overhead to its cost objects based on 80% of direct material cost. If Job 22B had $64,000 of manufacturing overhead applied to it during June, what was the amount for direct materials assigned to Job 22B? Answerarrow_forward
- Net income is $145,000, accounts payable increased $12,000 during the year, inventory decreased $8,000, and accounts receivable increased $15,000 during the year. Under the indirect method, what is net cash provided by operations?arrow_forwardHelparrow_forwardThe following data is available for Ivanhoe Corporation at December 31, 2025: Common stock, par $10 (authorized 32500 shares) $292500 Treasury stock (at cost $15 per share) $1110 Based on the data, how many shares of common stock are outstanding? 32500 32426 29250 ○ 29176arrow_forward
- ???arrow_forwardCullumber Corporation issues 44000 shares of $50 par value preferred stock for cash at $65 per share. In the stockholders' equity section, the effects of this transaction increases O paid-in-capital and retained earnings. O preferred stock and retained earnings. preferred stock and additional paid-in capital. common stock and additional paid-in capital.arrow_forwardNeed answerarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT