For the year just completed, Hanna Company had net income of $43,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of YearBeginning of Year Current assets: Cash and cash equivalents $ 63,000 $ $ 152,000 $ $ 436,000 $ $ 11,500 $ 83,000 198,000 361,000 15,000 Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 368,000 $ 390,000 12,000 30,000 $ 8,500 $ $ 33,000 $

For the year just completed, Hanna Company had net income of $43,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of YearBeginning of Year Current assets: Cash and cash equivalents $ 63,000 $ $ 152,000 $ $ 436,000 $ $ 11,500 $ 83,000 198,000 361,000 15,000 Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 368,000 $ 390,000 12,000 30,000 $ 8,500 $ $ 33,000 $

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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The net income reported on the income statement for the current year was $313,659. Depreciation recorded on fixed assets and amortization of patents for the year were $38,968, and $9,722, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $42,392 $55,782 Accounts receivable 126,305 101,016 Inventories 100,582 80,433 Prepaid expenses 4,060 7,575 Accounts payable (merchandise creditors) 50,302 78,390 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Oa. $214,402 Ob. $432,360 Oc. $412,916 Od. $292,338
The net income reported on the income statement for the current year was $281,847. Depreciation recorded on fixed assets and amortization of patents for the year were $32,101 and $10,127, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,628 $62,683 Accounts Receivable 120,761 105,004 Inventories 105,470 86,078 Prepaid Expenses 4,242 8,185 Accounts Payable (merchandise creditors) 47,812 74,478 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a.$351,049 b.$288,926 c.$266,203 d.$255,489
The net income reported on the income statement for the current year was $294,649. Depreciation recorded on fixed assets and amortization of patents for the year were $44,735 and $9,224, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $41,600 $58,890 Accounts Receivable 124,965 108,432 Inventories 101,477 91,425 Prepaid Expenses 4,137 8,009 Accounts Payable (merchandise creditors) 45,964 61,724 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
The net income reported on the income statement for the current year was $256,674. Depreciation recorded on fixed assets and amortization of patents for the year were $30,601 and $9,816, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $47,547 $67,419 Accounts Receivable 120,692 102,958 Inventories 101,043 92,516 Prepaid Expenses 3,347 6,561 Accounts Payable (merchandise creditors) 49,242 66,779 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $327,049 b. $270,830 c. $256,507 d. $251,558
The net income reported on the income statement for the current year was $282,126. Depreciation recorded on fixed assets and amortization of patents for the year were $33,351, and $9,402, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,370 $64,930 Accounts receivable 106,715 123,079 Inventories 80,207 102,432 Prepaid expenses 8,982 4,271 Accounts payable (merchandise creditors) 77,139 54,111 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Select the correct answer. $303,001 $363,468 $381,785 $306,304
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For the just completed year, Hanna Company had a net income of $35,000. Balances in the company’scurrent asset and current liability accounts at the beginning and end of the year were:End Beginningof Year of YearCurrent assets:Cash ................................................... $30,000 $40,000Accounts receivable ........................... $125,000 $106,000Inventory ............................................. $213,000 $180,000Prepaid expenses ............................... $6,000 $7,000Current liabilities:Accounts payable ............................... $210,000 $195,000Accrued liabilities ................................ $4,000 $6,000The Deferred Income Taxes Payable account on the balance sheet increased by $4,000 during the year, anddepreciation charges were $20,000.Required:Using the indirect method, determine the net cash provided by operating activities for the year
1. The net income reported on the income statement for the current year was $310,000.Depreciation recorded on fixed assets and amortization of patents for the year were$40,000 and $9,000, respectively. Balances of current asset and current liabilityaccounts at the end and at the beginning of the year are as follows:End BeginningCash $50,000 $60,000Accounts receivable 112,000 108,000Inventories 105,000 93,000Prepaid expenses 4,500 6,500Accounts payable (merchandise creditors) 75,000 89,000What is the amount of cash flows from operating activities reported on the statement of cashflows prepared by the indirect method?a. $233,000b. $289,000c. $387,000d. $331,000
Account MNO Corporation had the following information regarding its fixed assets: Beginning of the year: $500,000Additions during the year: $100,000Disposals during the year: $50,000Accumulated depreciation at the beginning of the year: $200,000Depreciation expense for the year: $50,000Calculate the net book value of fixed assets at the end of the year.
an assets book value is 19,400 on Dec 31, year 5. The asset has been depreciated at an annual rate of 4,400 on the straight-line method. assuming the asset is sold on Dec 31 year 5 for 16,400 the company should record?
For the year just completed, Hanna Company had net income of $65,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: $ 63,000 $162,000 $ 433,000 $ 11,500 $ 82,000 $ 190,000 $ 352,000 $ 14,000 Accounts payable Accrued liabilities Income taxes payable $ 354,000 $ 8,000 $ 33,000 $ 388,000 $ 13,000 $ 25,000 The Accumulated Depreciation account had total credits of $50,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) Net income 65,500 Adjustments to convert net income to a cash basis: Depreciation $…