Exercise 16-20B (Algo) Direct: Cash flows from operating activities LO P5 The following income statement and additional year-end information is provided. Sales Cost of goods sold Gross profit Operating expenses SONAD COMPANY Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $ 256,601 44,952 50,571 5,619 20,603 Statement of Cash Flows (Partial) Cash flows from operating activities $ 1,873,000 917,770 955,230 378,346 576,884 7,492 $ 584,376 $32,350 increase Accounts payable 15,700 increase Salaries payable Prepare the operating activities section of the statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. $ 14,450 decrease 2,750 decrease

Exercise 16-20B (Algo) Direct: Cash flows from operating activities LO P5 The following income statement and additional year-end information is provided. Sales Cost of goods sold Gross profit Operating expenses SONAD COMPANY Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $ 256,601 44,952 50,571 5,619 20,603 Statement of Cash Flows (Partial) Cash flows from operating activities $ 1,873,000 917,770 955,230 378,346 576,884 7,492 $ 584,376 $32,350 increase Accounts payable 15,700 increase Salaries payable Prepare the operating activities section of the statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. $ 14,450 decrease 2,750 decrease

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2MBA: Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on...

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CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 448,600 297,150 151,450 98,600 5,000 47,850 19,276 $ 28,574 Cost of goods sold Gross profit Operating expenses Interest expense Profit before taxes Income tax expense Net profit Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Property, plant and equipment, net Total assets Req 1 and 2 Req 3 Req 4 CABOT CORPORATION Balance Sheet December 31 Liabilities and Equity Req 5 8,000 Accounts payable 8,800 Accrued wages payable 32,400 Income taxes payable 2,750 Share capital 150,300 Retained earnings $ 238,400 Total liabilities and equity Complete this question by entering your answers in the tabs below. Compute the current ratio and acid-test ratio. 36,150 Long-term note payable, secured by mortgage on property, plant and equipment Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days'…
QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 NOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net Income NOSS COMPANY Selected Balance Sheet Information 2021 Current assets Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 94,650 35,000 70,000 Cash flows from operating activities: 50,400 3,050 $ 584,000 371,600 2020 Changes in current operating assets and liabilities 212,400 132,000 56,000 24,400 13,300 $ 11,100 $36,800 52,000 56,100 Use the information above to calculate cash flows from operating activities using the indirect method (Amounts to be deducted should be Indicated by a minus sign.) 35,700 4,200 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash S 56,000 S 56,000 56,000
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Exercise 12-7 (Algo) Indirect: Reporting cash flows from operations LO P2 Selected Year-End Balance Sheet Data Wages payable decrease Annual Income Statement Data Sales Expenses: Cost of goods sold Wages expense Amortization expense Net income $ 48,000 Inventory increase 20,000 Accounts payable decrease 12,700 1,800 $ 13,500 Prepare the operating activities section of the statement of cash flows for GreenGarden using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Assessment Tool iFrame Changes in current operating assets and liabilities $ 4,000 600 1,800 0
es MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 85,650 26,000 61,000 Cash flows from operating activities: Net income 32,400 2,150 2020 $ 525,000 335,600 189,400 123,000 38,000 28,400 9,500 $ 18,900 Changes in current operating assets and liabilities $ 27,800 34,000 54,300 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. 26,700 2,400 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 38,000 $ $ 18,300 38,000 56,300
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Current Attempt in Progress Lee Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5180000 $3979520. $5180000. $6380480. $5706480. 704480 159000 337000 Lee should report cash provided by operating activities of
Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 450,600 298,350 152,250 99,300 4,500 Cost of goods sold Gross profit Operating expenses Interest expense. Income before taxes Income tax expense Net income $ 10,000 Accounts payable Accrued wages payable 9,200 31,400 Income taxes payable 30,150 Long-term note payable, secured by mortgage on plant assets 3,050 Common stock 152,300 Retained earnings $ 236,100 Total liabilities and equity CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity 48,450 19,518 $ 28,932 $ 17,500 3,800 4,700 69,400 88,000 52,700 $ 236,100 Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total…
Sales Expenses Income Statement for Current Year Cost of goods sold Depreciation expense Salaries expense Net income Partial Balance Sheet Accounts receivable Inventory Salaries payable $ 51,875 7,900 10,500 $ 85,800 Cash flows from operating activities: 70,275 $ 15,525 Current year PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial) $ 10,100 12, 200 1,640 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. Note: List cash outflows as negative amounts. Prior year $ 14,800 9,700 890 $
QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 NOSS COMPANY Income Statement For Year Ended December 31, 2021 WAY TINHALT Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income 2005 MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 94,650 35,000 70,000 Cash flows from operating activities: 50,400 3,050 $ 584,000 371,600 2020 Changes in current operating assets and liabilities 212,400 132,000 56,000 24,400 13,300 $ 11,100 $36,800 52,000 56,100 Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) 35,700 4,200 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 56,000…
7 / 9 Sales Cost of sales Gross profit Operating expenses 66,7% REQUIRED Use the information provided below to prepare the Cash Flow Statement of Nascar Limited for the year ended 31 December 2021. Depreciation Other operating expenses Operating profit Interest on mortgage loan Profit before tax ▼ INFORMATION The following Information was extracted from the records of Nascar Limited for the past two years: STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER: Company tax Profit after tax 16 2021 (R) 18 560 000 (12 800 000) 5 760 000 (2 912 000) 300 000 2 612 000 2 848 000 (240 000) 2 608 000 (782 400) 1 825 600 DELL 2020 (R) 12 000 000 (7 500 000) 4 500 000 (2 120 000) 260 000 1 860 000 2 380 000 (720 000) 1 660 000 (498 000) 1 162 000 Addre
Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes. Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Sin Comparative Income Statements For Years Ended December 31 2021 $ 420,027 252,856 167,171 59,644 37,802 97,446 69,725 12,969 $ 56,756 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Assets Current assets Long-term investments Plant assets, net. Total assets Liabilities and Equity Current liabaties Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 321,775 202,718 KORBIN COMPANY Comparative Balance Sheets December 31 2021 119,057 44,405 28,316 72,721 46,336 9,499 $ 36,837 $ 55,286 0 102,674 $ 157,960 2020 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as answers to 2 decimal places.) 111.77 % 0.00 $ 37,003 700…