Statement of cash flows : It is one of the financial statement that shows the cash and cash equivalents of a company for a particular period. It determines the net changes in cash through reporting the sources and uses of cash due to the operating, investing, and financing activities of a company. The purpose of the statement of cash flows:

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Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,000, direct labor of $3,400, and applied overhead of $2,890. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on credit) for $26,000, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Job 120 Direct materials used Direct labor used $ 2,300 3,400 Job 121 $ 7,100 4,700 Job 122 $ 2,600 3,700 1. Prepare journal entries for the following July transactions and events a through e. a. Direct materials used. b. Direct labor used. c. Overhead applied. d. Sale of Job 120. e. Cost of goods sold for Job 120. Hint. Job 120 has costs from June and July. 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory at June…

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Chapter 14, Problem 14.32AP

1.

To determine

Statement of cash flows: It is one of the financial statement that shows the cash and cash equivalents of a company for a particular period. It determines the net changes in cash through reporting the sources and uses of cash due to the operating, investing, and financing activities of a company.

The purpose of the statement of cash flows:

2.

To determine

To Prepare: Single step income statement of ORRC for the year ended December 31, 2016 (using single-step format).

3.

To determine

To Prepare: The balance Sheet of ORRC at December 31, 2016.

4.

To determine

To Prepare: Statement of cash flows under indirect method.

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Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,000, direct labor of $3,400, and applied overhead of $2,890. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on credit) for $26,000, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Job 120 Direct materials used Direct labor used $ 2,300 3,400 Job 121 $ 7,100 4,700 Job 122 $ 2,600 3,700 1. Prepare journal entries for the following July transactions and events a through e. a. Direct materials used. b. Direct labor used. c. Overhead applied. d. Sale of Job 120. e. Cost of goods sold for Job 120. Hint. Job 120 has costs from June and July. 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory at June…

In 2014, LL Bean sold 450,000 pairs of boots. At one point in 2014, it had a back order of 100,000. In 2015, LL Bean expects to sell 500,000 pairs of boots. As of late November 2015, it has a back order of 50,000.Question: When would LL Bean see sales revenue from the sale of its back order on the boots?

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Answer 2

Question

Chapter 14, Problem 14.32AP

1.

To determine

Statement of cash flows: It is one of the financial statement that shows the cash and cash equivalents of a company for a particular period. It determines the net changes in cash through reporting the sources and uses of cash due to the operating, investing, and financing activities of a company.

The purpose of the statement of cash flows:

2.

To determine

To Prepare: Single step income statement of ORRC for the year ended December 31, 2016 (using single-step format).

3.

To determine

To Prepare: The balance Sheet of ORRC at December 31, 2016.

4.

To determine

To Prepare: Statement of cash flows under indirect method.

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Answer 3

Question

Chapter 14, Problem 14.32AP

1.

To determine

Statement of cash flows: It is one of the financial statement that shows the cash and cash equivalents of a company for a particular period. It determines the net changes in cash through reporting the sources and uses of cash due to the operating, investing, and financing activities of a company.

The purpose of the statement of cash flows:

2.

To determine

To Prepare: Single step income statement of ORRC for the year ended December 31, 2016 (using single-step format).

3.

To determine

To Prepare: The balance Sheet of ORRC at December 31, 2016.

4.

To determine

To Prepare: Statement of cash flows under indirect method.

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Answer 4

Question

Chapter 14, Problem 14.32AP

1.

To determine

Statement of cash flows: It is one of the financial statement that shows the cash and cash equivalents of a company for a particular period. It determines the net changes in cash through reporting the sources and uses of cash due to the operating, investing, and financing activities of a company.

The purpose of the statement of cash flows:

2.

To determine

To Prepare: Single step income statement of ORRC for the year ended December 31, 2016 (using single-step format).

3.

To determine

To Prepare: The balance Sheet of ORRC at December 31, 2016.

4.

To determine

To Prepare: Statement of cash flows under indirect method.

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Answer 5

Chapter 14, Problem 14.32AP

1.

To determine

Statement of cash flows: It is one of the financial statement that shows the cash and cash equivalents of a company for a particular period. It determines the net changes in cash through reporting the sources and uses of cash due to the operating, investing, and financing activities of a company.

The purpose of the statement of cash flows:

2.

To determine

To Prepare: Single step income statement of ORRC for the year ended December 31, 2016 (using single-step format).

3.

To determine

To Prepare: The balance Sheet of ORRC at December 31, 2016.

4.

To determine

To Prepare: Statement of cash flows under indirect method.

Answer 6

Chapter 14, Problem 14.32AP

1.

To determine

Statement of cash flows: It is one of the financial statement that shows the cash and cash equivalents of a company for a particular period. It determines the net changes in cash through reporting the sources and uses of cash due to the operating, investing, and financing activities of a company.

The purpose of the statement of cash flows:

Answer 7

Chapter 14, Problem 14.32AP

1.

To determine

Statement of cash flows: It is one of the financial statement that shows the cash and cash equivalents of a company for a particular period. It determines the net changes in cash through reporting the sources and uses of cash due to the operating, investing, and financing activities of a company.

The purpose of the statement of cash flows:

Answer 8

2.

To determine

To Prepare: Single step income statement of ORRC for the year ended December 31, 2016 (using single-step format).

Answer 9

2.

To determine

To Prepare: Single step income statement of ORRC for the year ended December 31, 2016 (using single-step format).

Answer 10

3.

To determine

To Prepare: The balance Sheet of ORRC at December 31, 2016.

Answer 11

3.

To determine

To Prepare: The balance Sheet of ORRC at December 31, 2016.

Answer 12

4.

To determine

To Prepare: Statement of cash flows under indirect method.

Answer 13

4.

To determine

To Prepare: Statement of cash flows under indirect method.

Answer 14

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Ch. 14 - The purposes of the statement of cash flows are to...Ch. 14 - The main categories of cash flow activities are a....Ch. 14 - Operating activities are most closely related to...Ch. 14 - Which item does not appear on a statement of cash...Ch. 14 - Leather Shop earned net income of 57,000 after...Ch. 14 - The Plant Assets account and Accumulated...Ch. 14 - Mountain Water Corp. issued common stock of 28,000...Ch. 14 - Prob. 8QC Ch. 14 - Prob. 9AQC Ch. 14 - If accrued liabilities increased during the year,...

Solution Summary: The author explains the purpose of the statement of cash flows, which determines the net changes in cash due to the operating, investing, and financing activities of a company.

To Prepare: Single step income statement of ORRC for the year ended December 31, 2016 (using single-step format).

To Prepare: The balance Sheet of ORRC at December 31, 2016.

To Prepare: Statement of cash flows under indirect method.

Chapter 14 Solutions