During two consecutive balance sheet dates, cumulative depreciation for Durand Corporation rose by $13,421, while patents fell by $2,088. Depreciable or intangible assets were neither bought nor sold during the year. The income statement also revealed a gain of $3,367 on the selling of land. Net income for the business was $53,251. Determine the net cash flows from operational operations using the indirect approach, assuming there were no changes to the non-cash current assets and liabilities. Fill in the blank with $1

During two consecutive balance sheet dates, cumulative depreciation for Durand Corporation rose by $13,421, while patents fell by $2,088. Depreciable or intangible assets were neither bought nor sold during the year. The income statement also revealed a gain of $3,367 on the selling of land. Net income for the business was $53,251. Determine the net cash flows from operational operations using the indirect approach, assuming there were no changes to the non-cash current assets and liabilities. Fill in the blank with $1

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 5RE: In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts...

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In 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.
During two consecutive balance sheet dates, accumulated depreciation for Durrand Corporation climbed by $11,258 while patents fell by $2,787. Depreciable or intangible assets were neither bought nor sold during the year. The financial statements also revealed a gain of $3,589 on the selling of property. The business had a net profit of $44,069 dollars. Determine the net cash flows from operational operations using the indirect approach, assuming there were no changes to the quasi current assets.
During two consecutive balance sheet dates, accumulated depreciation for Durand Corporation climbed by $11,258 while patents fell by $2,787. Depreciable or intangible assets were neither bought nor sold during the year. The financial statements also revealed a gain of $3,589 on the selling of property. The business had a net profit of $44,069 dollars. Determine the net cash flows from operational operations using the indirect approach, assuming there were no changes to the quasi current assets.
Using the Exhibit below, assume that the depreciation expense on the Income Statement for the year was $38,000. When preparing the Statement of Cash Flow using the indirect method for the current year, which of the following statements would describe the proper presentation of depreciation expense on the Cash flow from operating activities section? EXHIBIT Increase (Decrease) Net Income (loss) $XXX Adjustments to reconcile net income to net cash flow from operating activities: Depreciation of fixed assets XXX Losses on disposal of assets XXX Gains on disposal of assets (XXX) Changes in current operating assets and liabilities:…
Laser World's income statement reported total revenues of $920,000 and total expenses (including $44,500 depreciation) of $775,000. The balance sheet reported the following: Accounts Receivable-beginning balance, $57,000 and ending balance, $59,000; Accounts Payable-beginning balance, $23,000 and ending balance, $29,000. Therefore, based only on this information, the net cash flows from operating activities were: eBook Multiple Choice $96,800. $149,000. $185,650 O $193,500. Mc Graw Hill P Type here to search Ps Ps 98% A 4x A dx 6 *** Prtse Isert Delete F10 FII F1R & * 3 5 Num Lock 4 6 8. 9. Backspace T U G J K Enter V B > Shi Alt * Pgup Alt Ctrl Home PgDn : - O O O O
Durrand Corporation's accumulated depreciation increased by $13,732, while patents decreased by $3,986 between consecutive balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $3,365 from sale of land. The company earned a net income of $44,155. Determine net cash flow from operating activities under the indirect method.
The balance sheets of Xenon Company reports total assets of $888,000 and $949,000 at the beginning and end of the year, respectively. Sales revenues are $1.8 million, net income is $194,000, and net cash flows from operating activities are $162,000. Required: Calculate the cash return on assets, cash flow to sales, and asset turnover. (Do not round intermediate calculations. Round your final answers to 1 decimal place.) Cash return on assets Cash flow to sales Asset turnover % % times
Blossom Company reported net income of $173,510 for 2022. Blossom Company also reported depreciation expense of $36,350 and a loss of $5,320 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $14,990 for the year, a $17,520 increase in accounts payable, and a $3,960 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Blossom CompanyPartial Statement of Cash FlowsChoose the accounting periodSelect an opening section nameSelect an item$Enter a dollar amountAdjustments to reconcile net income toSelect an opening name for subsectionSelect an item$Enter a dollar amountSelect an itemEnter a dollar amountSelect an itemEnter a dollar amountSelect an itemEnter a dollar amountSelect an itemEnter a dollar amountEnter a total amount for this…
Engineering Wonders reports net income of $70 million. Included in that number is building depreciation expense of $6 million and a gain on the sale of land of $2 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $3 million, $4 million, and $5 million, respectively. What are Engineering Wonders’ net cash flows from operating activities?
Ourrand Corporation's accumulated depreciation increased by $12,767, while patents decreased by $2,957 between consecutive balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $3,322 from the sale of land. Reconcile net income of $56,004 to net cash flows from operating activities. PUIGD
Staley Inc. reported the following data: Net income: $465,400 Depreciation expense: $68,100 Loss on disposal of equipment: $29,900 Increase in accounts receivable: $21,700 Increase in accounts payable: $12,700 Compute cash flow from operating activities
Requirements Calculate the following items for the statement of cash flows: a. Beginning and ending Plant Assets, Net, were $106,000 and $101,000, respectively. Depreciation for the period was $18,000, and purchases of new plant assets were $26,000. Plant assets were sold at a gain of $5,000. What were the cash proceeds of the sale? b. Beginning and ending Retained Earnings were $44,000 and $70,000, respectively. Net income for the period was $46,000, and stock dividends were $6,000. How much were the cash dividends? Requirement a. Beginning and ending Plant Assets, Net, were $106,000 and $101,000, respectively. Depreciation for the period was $18,000, and purchases of new plant assets were $26,000. Plant assets were sold at a gain of $5,000. What were the cash proceeds of the sale? Cash proceeds from the sale were