Statement of Comprehensive Income For year ended 31 December 20X81 Sales Cost of goods sold Depreciation expense Operating expenses Net earnings and comprehensive income Statement of Financial Position 20x8 At 31 December Debits Cash Accounts receivable Inventory Investment, long-term Capital assets Total debits Credits Bank overdraft Accumulated depreciation Accounts payable Short-term bank loan Notes payable, long-term Common shares Retained earnings Total credits $ 942,400 (565,200) (14,300) (203,200) $ 159,700 $105,300 $ 53,700 56,800 74,600 59,600 8,800 277,500 176,000 $511,100 $301,200 43,900 37,800 12,600 20x7 - $ 14,800 29,600 17,600 8,800 58,800 154,700 16,900 $511,100 $301,200 106,200 236,100 74,500 Additional information: a. Paid a $23,700 long-term note payable by issuing common shares. b. Purchased capital assets that cost $101,500; gave a $71,100 long-term note payable and paid $30,400 cash. c. Sold the long-term investment at cost, for cash. d. Assume that unexplained changes in asset, liability, and equity accounts flow from logical sources.

Statement of Comprehensive Income For year ended 31 December 20X81 Sales Cost of goods sold Depreciation expense Operating expenses Net earnings and comprehensive income Statement of Financial Position 20x8 At 31 December Debits Cash Accounts receivable Inventory Investment, long-term Capital assets Total debits Credits Bank overdraft Accumulated depreciation Accounts payable Short-term bank loan Notes payable, long-term Common shares Retained earnings Total credits $ 942,400 (565,200) (14,300) (203,200) $ 159,700 $105,300 $ 53,700 56,800 74,600 59,600 8,800 277,500 176,000 $511,100 $301,200 43,900 37,800 12,600 20x7 - $ 14,800 29,600 17,600 8,800 58,800 154,700 16,900 $511,100 $301,200 106,200 236,100 74,500 Additional information: a. Paid a $23,700 long-term note payable by issuing common shares. b. Purchased capital assets that cost $101,500; gave a $71,100 long-term note payable and paid $30,400 cash. c. Sold the long-term investment at cost, for cash. d. Assume that unexplained changes in asset, liability, and equity accounts flow from logical sources.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 4E

See similar textbooks

Similar questions

Question Content Area Cash and accounts receivable for Adams Company are as follows: Line Item Description Current Year Prior Year Cash $41,180 $35,500 Accounts receivable (net) 29,394 41,400 What is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Effect Cash Accounts Receivable
Question Content Area Cash and accounts receivable for Adams Company are as follows: Current Year Prior Year Cash $63,104 $54,400 Accounts receivable (net) 34,736 66,800 What are the amounts and percentages of increase or decrease that would be shown with horizontal analysis? Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 %
Operating activities: Net earnings Non-cash items Add: Depreciation LAURENT COMPANY Statement of Cash Flows For the year 31 December 20X8 Changes to working ital: Add: Decrease in accounts receivable Less: Increase in accounts payable Less: Increase in inventory Investing activities: Decrease in long-term bank loan Purchase of long-term investment Financing activities: Sold long-term investment Paid cash dividend Net change in cash Opening cash Closing cash Chemisie ہے
Cash Flows from Operating Activities—Indirect Method Indicate whether each of the following would be added to or deducted from net income in determining net cash flow from operating activities by the indirect method: a. Decrease in inventory b. Increase in accounts receivable c. Increase in accounts payable d. Loss on retirement of long-term debt e. Depreciation of fixed assets f. Decrease in notes receivable due in 60 days from customers g. Increase in salaries payable h. Decrease in prepaid expenses i. Amortization of patent j. Increase in notes payable due in 120 days to vendors k. Gain on disposal of fixed assets
What is the cash impact from OWC during Year 2? If the change releases cash use a positive sign, if it consumes cash use a negative sign in the answer. Cash and cash equivalents Marketable securities Accounts receivable Deferred income taxes Income taxes receivable Other operating receivables Total current assets Accounts payable Income taxes payable Accrued expenses Current portion of long term debt Other non-operating current liabilities Total current liabilities Year 1 Year 2 20,344.5 18,310.1 42,866.9 38,580.2 9,669.5 10,636.5 1,642.8 1,626.4 439.2 461.2 3,502.0 4,307.5 78,464.9 73,921.9 2,640.8 2,904.8 3,239.3 3,563.3 2,693.5 3,232.2 4,042.4 4,446.7 1,861.3 2,326.7 14,477.3 16,473.7
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. $5706480. 704480 159000 337000 Lee should report cash provided by operating activities of
Impact of Transactions Involving Receivables on Statement of Cash Flows From the following list, identify whether the change in the account balance during the year would be added to or deducted from net income when the indirect method is used to determine cash flows from operating activities: Transaction Impact on Cash Flow Statement Increase in accounts receivable Decrease in accounts receivable Increase in notes receivable Decrease in notes receivable Added to net income Deducted from net income No impact on net income
Formulating Financial Statements from Raw Data Following is selected financial information from Greenwood Industries, for its fiscal year ended ($ millions). Cash and cash equivalents, end of year Net cash from operations Net sales Stockholders' equity, end of year Cost of goods sold Net cash from financing Total liabilities, end of year Other expenses, including income taxes Noncash assets, end of year Net cash from investing Net income Effect of exchange rate changes on cash Cash and cash equivalents, beginning of year Net income Cost of goods sold REQUIRED a. Prepare an income statement, balance sheet, and statement of cash flows for Greenwood Industries. Note: Do not use negative signs with your answers in the Income Statement. Net cash flows from operations $2,516.7 5,514.3 26,439.9 14,411.2 Greenwood Industries Income Statement ($ millions) # 17,245.1 (2,912.3) 31,798.9 5,878.7 43,693.4 (729.3) 3,316.2 (31.1) 675.0 # # ♦ + ♦ + $ $ $ 0 0 0 0 0 Greenwood Industries Balance Sheet (5…
suppose that a company's cash flow statement showed the following: net income: 22,523.99 deprecitation 4580.77 accounts receivable -543.32 inventory 592.81 accounts payable 880.05 what is this companys net cash from operating activities? A. 23,453.53 B. 27,154.25 C. 27,697.57 D. 28,034.30 E. 27,441.48
Net income Depreciation expense Decrease in inventory. Increase in accounts receivable Increase in interest payable. Amortization of bond discount Increase in accounts payable Cash dividends paid Required: Prepare a reconciliation of net income to net cash flows from operating activities. (Amounts to be deducted should be indicat a minus sign.) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: $194,000 23,000 11,400 1,340 1,540 2,400 6,400 14,000 Net cash flows from operating activities
W BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment. Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital. Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Additional Data: Current Year Prior Year $ 29,400 $ 37,300 32,700 28,900 38,300 100,800 (25,300) 42,000 121,500 (30,700) $ 202,800 $36,700 1,400 44,500 89,600 30,600 $ 202,800 Cash flows from operating activities: $ 123,000 73,000 38,100 $ 11,900 BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year $ 172,100 a. Bought equipment for cash, $20,700. b. Paid $6,300 on the…
View Policies Current Attempt in Progress A Accounts receivable arising from sales to customers amounted to $77000 and $76000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $281000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is O $205000. O $279000. O $282000. O $281000. N Save for Later @ 2 W S #3 FS X E $ 4 888 R C 5 LL F FR MacBook Air T 6 V FO G & Y 7 H B Attempts: 0 of 1 used +00 8 U 9 Submit Answer O N M