A7 i need all solution...... plase help.... A company reported average total assets of $251,000 in Year 1 and$296,000 in Year 2. Its net operating cash flow was $17,575 in Year 1 and$29,750 in Year 2.(1) Calculate its cash flow on total assets ratio for both years.(2) Did its cash flow on total assets improve in Year 2 versus Year 1?Complete this question by entering your answers in the tabs below.Required 1 Required 2Calculate its cash flow on total assets ratio for both years.Year 1:Year 2:Choose Numerator:Cash Flow on Total Assets RatioChoose Denominator:Cash Flow onRequired 1Required 2

Step 1: Calculating cash flow on total assets ratio,Ratio for year 1, Cash flow on total asset =…

Answered: A company reported average total assets…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter6: Statement Of Cash Flows

Section: Chapter Questions

Problem 20E

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Tabor Company has just prepared the following comparative annual financial statements for the current year: TABOR COMPANY Comparative Income Statement For the Years Ended December 31 Sales revenue (one-half on credit) Cost of goods sold. Gross profit Expenses (including $7,200 interest expense each year). Pretax income Income tax expense (30%) Net income Assets Cash Accounts receivable Inventory Property & equipment (net) Total assets Liabilities Accounts payable Income taxes payable Note payable, long-term Stockholders' equity TABOR COMPANY Comparative Balance Sheet At December 31 Capital stock ($5 par value) Retained earnings Total liabilities and stockholders' equity Current Year Prior Year $ 198,000 $ 257,400 93,600 124,800 132,600 96,200 36,400 10,920 $ 25,480 104,400 72,000 32,400 9,720 $ 22,680 Current Year $ 51,100 61,000 28,200 103,000 $ 243,300 $ 43,400 2,600 56,000 98,000 43,300 $ 243,300 Prior Year $ 39,600 40,000 44,400 121,000 $ 245,000 $ 46,200 1,300 56,000 106,000…
Assume Cramer uses the direct method to prepare the statement of cash flows. Incometax payable was $6,500 at the end of the year, and $3,100 at the beginning of the year. Incometax expense for the year totaled $58,900. What amount of cash did the company pay for incometaxes during the year?a. $55,500b. $62,000c. $58,900d. $62,300
A company reports the amounts below in its financial statements. Net cash flow from operating activities $37,570 Total net cash flow 73,440 Current liabilities beginning of year 42,240 Current liabilities end of year 47,520 What is the company's operating cash flows to current liabilities ratio at the end of the year? Select one: a. 1.64 b. None of these are correct c. 0.79 d. 1.55 e. 0.84
The financial statements of Simon Company include the following items (amounts in thousands): For the Year Ended December Income Statement Net income Depreciation and amortization expense Balance Sheets Accounts receivable Inventory Accounts payable Income taxes payable Required: 31, 2023 $ 433 347 At December 31 2023 2022 $ 103 $ 167 177 131 81 61 152 19 a. Calculate the net cash flow provided by operations for Simon Company for the year ended December 31, 2023. Note: Enter your answer in thousands. (i.e., 20,000 should be entered as 20) b. Net income and cash flows provided by operations may differ because of the timing of cash receipts and payments versus the timing of recognition on the income statement. a. Net cash provided (used) by operating activities b. Net income and cash flows provided by operations differ
The cash flows from (used for) operating activities are reported by the direct method on the statement of cash flows. Determine the following: a. If sales for the current year were $558,800 and accounts receivable decreased by $39,700 during the year, what was the amount of cash received from customers?$fill in the blank 1 b. If income tax expense for the current year was $38,900 and income tax payable decreased by $4,500 during the year, what was the amount of cash paid for income taxes?$fill in the blank 2 c. Briefly explain why the cash received from customers in part (a) is different from sales.Because the customers paid than the amount of sales for the period, cash received from customers sales made on account by $39,700 during the current year.
The following information is available from the current period financial statements: Net income $116,183 Depreciation expense 22,347 Increase in accounts receivable 16,987 Decrease in accounts payable (18,309) The net cash flows from operating activities using the indirect method is a.$58,540 b.$173,826 c.$116,183 d.$103,234
PARNELL COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues and gains: Sales $890 11 $901 Gain on sale of building Expenses and loss: Cost of goods sold Salaries $ 345 129 53 Insurance 132 Depreciation Interest expense Loss on sale of equipment 59 13 731 170 Income before tax 85 Income tax expense $ 85 Net income PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year Change $ 61 2021 2020 Cash 152 91 Accounts receivable Inventory 342 207 135 312 57 228 120 78 181 (131) (49) 120 36 17 (37) 443 Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount 106 108 84 61 218
Cash Flows from Operating Activities-Direct Method The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following: a. If sales for the current year were $496,500 and accounts receivable decreased by $25,300 during the year, what was the amount of cash received from customers? b. If income tax expense for the current year was $53,200 and income tax payable decreased by $6,300 during the year, what was the amount of cash payments for income taxes? c. Briefly explain why the cash received from customers in part (a) is different from sales. Because the customers paid than the amount of sales for the period, cash received from customers sales made on account by $25,300 during the current year.
PREPARING A CASH FLOW STATEMTMET (INDIREECT METHOD) Use the following balance sheet to prepare a cash flow statement for the current year. Net Income for the year was $40,000. ASSETS Cash and Cash Equivalents Accounts Receivables, Net Inventories Prepaid Expenses Equipment Accumulated Depreciation Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable Accrued Liabilities Long-Term Debt Common Stock Retained Earnings Total Liabilities And Stockholders' Equity Current Year $92,000 57,000 51,000 12,000 145,000 ($51,000) $306,000 $35,000 31,000 80,000 2,000 158,000 $306,000 Prior Year $84,000 40,000 45,000 13,000 134,000 ($37,000) $279,000 $17,000 36,000 100,000 1,000 125,000 $279,000 Change $8,000 $17,000 $6,000 ($1,000) $11,000 ($14,000) $27,000 $18,000 ($5,000) ($20,000) $1,000 $33,000 $27,000
The financial statements for Romeo and Company follow. Assume that the additional investment and the withdrawals were in the form of cash. Required Prepare a statement of cash flows for the year ended December 31, 2018. Check Figure Net cash flows from operating activities, 172,000

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