Sales revenue $200,000 Cost of goods sold 119,000 Gross profit 81,000 Operating expenses (includes depreciation of $23,000) 47,000 Net income $34,000
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- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts receivable, a 7,000 increase in inventory, an 8,000 increase in salaries payable, a 13,000 decrease in accounts payable, and 10,000 in depreciation expense. Using the indirect method, prepare the operating activities section of its statement of cash flows based on this information.Use the following information from Birch Companys balance sheets to determine net cash flows from operating activities (indirect method), assuming net income for 2018 of $122,000.
- Use the following excerpts from Indigo Companys balance sheets to determine net cash flows from operating activities (indirect method), assuming net income for 2018 of $225,000.Selected information from Brook Corporations accounting records and financial statements for 2019 follows: On the statement of cash flows for the year ended December 31, 2019, Brook should disclose a net increase in cash in the amount of: a. 1,700,000 b. 2,400,000 c. 3,700,000 d. 4,200,000Bonita Corporation had the following 2020 income statement. Sales revenue $198,000Cost of goods sold 125,000Gross profit 73,000Operating expenses (includes depreciation of $23,000) 53,000Net income $20,000 The following accounts increased during 2020: Accounts Receivable $13,000, Inventory $10,000, Accounts Payable $13,000. Prepare the cash flows from the operating activities section of Bonita’s 2020 statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Bonita CorporationStatement of Cash Flows-Indirect Method (Partial)choose the accounting periodselect an opening section nameselect an item$enter a dollar amountAdjustments to reconcile net income toselect an opening subsection nameselect an item$enter a dollar amountselect an itementer a dollar amountselect an itementer a dollar amountselect an itementer a dollar amountenter a total amount of adjustmentsselect a closing section…
- Bloom Corporation had the following 2020 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (Includes depreclation of $21,000) $200,000 120,000 80,000 50,000 $30,000 Net Income The followtng accounts Increased during 2020: Accounts Recelvable $12,000, Inventory $11,000, Accounts Payable $13,000. Prepare the cash flows from operating activitles section of Bloom's 2020 statement of cash flows using the Indirect method. (- amounts hat decrease cash loe with eichers-sign e.g.-15,000 or in parenthesis e.g.(45,000).) Bloom Corporation Statement of Cash Flows-Indirect Method (Partial) Adjustments to reconctle net Income toShamrock Corporation had the following 2020 income statement. Sales revenue $192,000 Cost of goods sold 130,000 Gross profit 62,000 Operating expenses (includes depreciation of $22,000) 48,000 Net income $14,000 The following accounts increased during 2020: Accounts Receivable $11,000, Inventory $12,000, Accounts Payable $11,000. Prepare the cash flows from operating activities section of Shamrock’s 2020 statement of cash flows using the indirect method.Shamrock Corporation had the following 2020 income statement. Sales revenue $211,000 Cost of goods sold 108,000 Gross profit 103,000 Operating expenses (includes depreciation of $21,000) 50,000 Net income $53,000 The following accounts increased during 2020: Accounts Receivable $14,000, Inventory $11,000, and Accounts Payable $13,000. Prepare the cash flows from operating activities section of Shamrock's 2020 statement of cash flows using the direct method. Shamrock Corporation Statement of Cash Flows-Direct Method (Partial) 2$ > > >
- Martinez Corporation had the following 2020 income statement. Sales revenue $213,000 Cost of goods sold 119,000 Gross profit 94,000 Operating expenses (includes depreciation of $19,000) 49,000 Net income $45,000 The following accounts increased during 2020: Accounts Receivable $10,000, Inventory $10,000, and Accounts Payable $13,000. Prepare the cash flows from operating activities section of Martinez’s 2020 statement of cash flows using the direct method.The 2021 income statement of Adrian Express reports sales of $15,960,000, cost of goods sold of $9,600,000, and net income of $1,600,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable $ 600,000 $ 760,000 1,400,000 1,800,000 4,800,000 $8,600,000 1,000,000 1,400,000 4,240,000 $7,400,000 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities $2,020,000 2,300,000 2,000,000 2,280,000 $8,600,000 $1,660,000 2,400,000 2,000,000 1,340,000 $7,400,000 Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four risk ratios are as follows: Average collection period Average days in inventory Current ratio 25 days 60 days 2 to 1 50% Debt to equity ratio4... Cullumber Corporation had the following 2020 income statement. Sales revenue $213,000 Cost of goods sold 109,000 Gross profit 104,000 Operating expenses (includes depreciation of $19,000) 53,000 Net income $51,000 The following accounts increased during 2020: Accounts Receivable $12,000, Inventory $12,000, and Accounts Payable $13,000. Prepare the cash flows from operating activities section of Cullumber’s 2020 statement of cash flows using the direct method. Cullumber CorporationStatement of Cash Flows-Direct Method (Partial)choose the accounting period select an opening section name select an opening subsection name $enter a dollar amount select an item $enter a dollar amount…