College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 23A, Problem 5SPB

1.

To determine

Prepare a schedule for the calculation of cash generated from operating activities for K Company for the year ended December 31, 20-2.

2.

To determine

Prepare a partial statement of cash flows for K Company in reporting cash flows from operating activities under direct method for the year ended December 31, 20-2.

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Required information [The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 97,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 42,000 12,000 18,000 9,000 3,800 3,600 2,800 $ 6,000 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 5,600 1,980 4,400 880 220 260 220 Prior Year $ 5,800 1,540 4,600 700 160 280 180
Reporting Net Cash Flow from Operating Activities The following information is available for Cornelius Inc.: Selected Income Statement Information Amount Net income $52,000   Depreciation expense 11,300   Selected Balance Sheet Information Beginning Balance Ending Balance Accounts receivable $11,500     $17,650     Inventory 33,800     27,825     Accounts payable 15,900     24,600     Required: Prepare the net cash flows from operating activities using the indirect method. Use a minus sign to indicate any decreases in cash or cash flows. Cornelius Inc.Net Cash Flows from Operating ActivitiesUsing Indirect Method Cash flows from operating activities:       $- Select -   Adjustments to reconcile net income to net cash flow from operating activities:       $- Select -     - Select -     - Select -     - Select -   Net cash provided by operating activities   $fill in the blank 11
Required prepare a complete statement of cash flow using indirect method for the current year
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