Donnelly Company's balance in Interest Payable was $80,000 at December 31, 2020 and $65,000 at December 31, 2019. Interest expense was $92,000 for 2020 and $84,000 for 2019. What amount of cash disbursements for Interest would be reported in Donnelly's 2020 net cash provided by operating activities presented on a direct basis? O a. S69,000 O b. $84,000 O c. $72,000 O d. $77,000
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- Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.Determining Cash Flows from Financing Activities Solomon Construction Company reported the following amount on its balance sheet at the end of 2019 and 2018 for notes payable: Required: 1. If Solomon did not repay any notes payable during 2019, determine how much cash Solomon received from the issuance of notes payable. 2. If Solomon repaid $40,000 of notes payable during 2019, determine what amounts Solomon would report in the financing activities section of the statement of cash flows.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. 4,200,000
- Interest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In conjunction with this statement, it plans to disclose the interest and income taxes it paid during 2019. The following information is available from its 2019 income statement and beginning and ending balance sheet: Required: 1. Compute the amounts of interest paid and income taxes paid by Staggs for 2019. 2. Next Level Under IFRS, how would interest paid and income taxes paid be reported?Preparing a Statement of Cash Flows Volusia Company reported the following comparative balance sheets for 2019: Required: Prepare a statement of cash flows for Volusia using the indirect method to compute net cash flow from operating activities.How much net cash did the entity receive (give) with regards to the premium transactions for the yeargiven below? (if net cash outflow, put a negative (-) sign before the numerical figure.A. December 31, 2020B. December 31, 2021
- 21. Mahal Mo Co. reported revenue of P3,100,000 in its accrual basis income statement for the year ended December 31, 2020. Additional information are as follows: Accounts receivable, December 31, 2019, P700,000 and Accounts receivable, December 31, 2020, P1,100,000. Under the cash basis, how much should Mahal Mo Co. report as revenue for 2020? Choices: P3,500,000 P2,000,000 P2,700,000 P2,400,000Presented below is selected information pertaining to the Cone Company:§ Cash balance, January 1, 2021- P13,000§ Accounts receivable, January 1, 2021- P19,000§ Collections from customers in 2021- P210,000§ Capital account balance, January 1, 2021- P38,000§ Total assets, January 1, 2021- P75,000§ Cash investment added, July 1, 2021-P5,000§ Total asset, December 31, 2021- P101,000§ Cash balance, December 31, 2021- P20,000§ Accounts receivable, December 31, 2021- P36,000§ Merchandise taken for personal use during 2021- P11,000§ Total liabilities, December 31, 2021- P41,000How much is the net income for 2021? A. 28,000 B. 26,000 C. 30,000 D. 22,000Required information [The following information applies to the questions displayed below.] Portions of the financial statements for Parnell Company are provided below. For the Revenues and gains: Sales Cost of goods sold Gain on sale of building Expenses and loss: Salaries Insurance Depreciation PARNELL COMPANY Income Statement Income tax expense Year Ended December 31, 2021 ($ in thousands) Interest expense Loss on sale of equipment Income before tax Net income $ 820 10 $310 122 42 125 52 13 $830 664 166 83 $ 83
- Suppose you collected the following information of ABC corp. from the financial statements published in 2019. Entry Total Current Assets 14050001206000 Current Liabilities Notes Payable Earning before Interest and Taxes Depreciation Capital expenditures Tax rate Select one: @a. 1279990X b. 187578 0c Estimate the Free Cash Flow available for ABC corp. at the end of 2019. 60030 2019 d. 1092412 e 30 2018 602000 571500 476990 457912 97680 159000 -30000 40%Mahal Mo Co. reported revenue of P3,100,000 in its accrual basis income statement for the year ended December 31, 2020. Additional information are as follows: Accounts receivable, December 31, 2019, P700,000 and Accounts receivable, December 31, 2020, P1,100,000. Under the cash basis, how much should Mahal Mo Co. report as revenue for 2020? *Partial Balance Sheets as of December 31 2021 2020 Assets Cash Accounts receivable Inventory Liabilities Accounts payable $35,000 $15,500 65,500 35,000 80,000 30,500 $49,500 $57,000 Additional information for 2021: Net income was $83,000. Depreciation expense was $26,500. Required: Prepare the operating activities section of the statement of cash flows for 2021 u be deducted should be indicated with a minus sign.) Cash flows from operating activities: Adjustment for noncash effects: Changes in operating assets and liabilities: