The following items were gathered from Crane Industries' general ledger: Sale of marketable securities Depreciation and amortization expense Payment of cash dividends Proceeds from disposal of equipment Loss on disposal of equipment Net income Beginning Cash balance Purchase of equipment Decrease in Accounts Receivable Proceeds from issuing common stock Increase in Inventory Increase in Accounts Payable Ending Cash balance $ 15,000 25,762 3,543 801 150 26,943 19,600 24,882 1,048 2,241 3,465 4,250 63,905 Using the indirect method, construct Crane Industries' statement of cash flows. (Show amounts that decrease cash flow with either a - sign, e.g.-15,000 or in parentheses, e.g. (15,000).)

The following items were gathered from Crane Industries' general ledger: Sale of marketable securities Depreciation and amortization expense Payment of cash dividends Proceeds from disposal of equipment Loss on disposal of equipment Net income Beginning Cash balance Purchase of equipment Decrease in Accounts Receivable Proceeds from issuing common stock Increase in Inventory Increase in Accounts Payable Ending Cash balance $ 15,000 25,762 3,543 801 150 26,943 19,600 24,882 1,048 2,241 3,465 4,250 63,905 Using the indirect method, construct Crane Industries' statement of cash flows. (Show amounts that decrease cash flow with either a - sign, e.g.-15,000 or in parentheses, e.g. (15,000).)

Name: Jay Don't upload any image please The following items were gathered fr
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Jay Don't upload any image please The following items were gathered from Crane Industries' general ledger:Sale of marketable securitiesDepreciation and amortization expensePayment of cash dividendsProceeds from disposal of equipmentLoss on disposal o

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 15CE: Classification of Cash Flows Patel Company reported the following items in its statement of cash...

See similar textbooks

Similar questions

Huluduey Corporation's comparative balance sheet for current assets and liabilities was as follows: Line Item Description Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $17,500 $12,500 Inventory 51,650 44,200 Accounts payable 8,480 5,100 Dividends payable 9,480 6,100 Adjust net income of $75,800 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
If a company purchased avalaible for sale securities with cash, this would be reported on the statement of cash flows as? Select one: a. Financing Activities cash outflow b. Investing Activities cash outflow c. Financing Activities cash inflow d. Operating activities cash outflow
Classifying Cash Flows Identify whether each of the following would be reported as an operating, investing, or financing activity on the statement of cash flows: a. Retirement of bonds payable b. Purchase of inventory for cash c. Cash sales d. Repurchase of common stock e. Payment of accounts payable f. Disposal of equipment
Smith Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5240000 O $5790640. O $4063360. O $6416640. O $5240000. 712640 151000 313000 Smith should report cash provided by operating activities of
Use the comparative balance sheet and the additional information provided to prepare a cash flow statement for Yannik Inc for the year ended 12/31/2021. Cash Accounts receivable (net) Inventory Equipment Accumulated depreciation TOTAL Accounts payable Notes payable - Long-term Common stock Retained earnings TOTAL Notes 2021 900,000 600,000 900,000 1,500,000 (600,000) 3,200,000 650,000 700,000 1,200,000 750,000 3,200,000 2020 700,000 500,000 750,000 1,200,000 (500,000) 2,650,000 400,000 800,000 1,000,000 450,000 2,650,000 1. Net income was $400,000. 2. Net income include a loss on sale of equipment equal to $20,000. The equipment had a book value of $80,000 at the time of sale. 3. Depreciation for the year was $100,000 4. Dividends of 100,000 have been declared and paid. 5. Increases or decreases in Equipment, Common Stock or Notes Payable refers to relevant purchases, issuances sales or retirements.
Marbry Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Assets: Current assets: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and stockholders' equity: Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Income Statement Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Gain on sale of plant and equipment Income before taxes Income taxes Net income $ 705 403 302 222 80 11 91 35 $ 56 Ending Balance $ 38 49 58 145 460 258 202 $ 347 $ 51 24 47 122 97 219 42 86 128 $ 347 Beginning Balance $ 33 52 52 137 420 252 168 $ 305 $ 47 18 47 112 124 236 32 37 69 $…
Question Content Area On the statement of cash flows, the operating activities section would include a.cash paid for the purchase of investments b.cash received from the issuance of common stock c.cash paid for cash dividends d.cash paid for interest on short-term notes payable
Ravenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Ending Balance $ 72,600 59,300 79,600 211,500 213,000 71,000 142,000 $ 353,500 $ 46,400 36,100 87,000 101,500 82,500 $ 353,500 Beginning Balance $ 86,850 63,800 72,500 223, 150 203,000 50, 750 152, 250 $ 375,400 $ 82,500 45,400 72,500 87,000 88,000 $375,400 During the year, Ravenna paid a $8,700 cash dividend and sold a piece of equipment for $4,350 that originally cost $9,600 and had accumulated depreciation of $6,400. The company did not retire any bonds or repurchase any of its own common stock…
Which of the following would be reported in the either the operating, investing or financing sections of the statement of cash flows prepared under the indirect method? Group of answer choices Declaration of an unpaid cash dividend Acquisition of a factory warehouse by issuing long term debt Gain on the sale of equipment sold Write-off of a noncollectable account receivable
The statement of financial position of Trend, Inc. is presented below. These are the only accounts in Trend's statement of financial position. Amounts indicated by question mark (?) can be calculated from the additional information given Cash Accounts rereivahle(net) Inventory Property. Dant and equipment (net ota LIabilitieS and Stockholders Equity Accounts Davable trade Income taxes Davable (current) Long-term debt Common stock Retained earnings Total Additional Information Gurrent ratio (at vear end) Total liabilities divided by total stockholders' equity 25,000 294,000 432,000 25.000 300.000 slavento turnover based on sales and ending inventor Inventor turnover based on cost of goods sold and ending inventory Gross margin for the year 1,5 to 1 0.8 15 times 10.5 times P315,000 What was rend' balance in trade accounts payable at year-end? What was Trend's balance in retained earnings at year-end? Was rends Dalance in the inventory account at year-end? The balance of Accounts…
Illies Corporation's comparative balance sheet appears below: Beginning Balance Assets: Current assets Cash and cash equivalents. Accounts receivable. Inventory. Total current assets Property, plant, and equipment. Less accumulated depreciation. Net property, plant, and equipment. Total assets. Liabilities and Stockholders' Equity Current liabilities: Accounts payable. Accrued wages and salaries payable.. Accrued income taxes payable. Notes payable. Total current liabilities. Long-term debt. Deferred income taxes. Total liabilities Stockholders' equity: Common stock. Retained earnings. Ending Balance Select one: $ 40,000 19,000 O a. $7,000 O b. $40,000 O c. $29,000 O d. $33,000 67,000 126,000 123,000 358,000 339,000 156,000 132,000 202.000 $328,000 $ 33,000 21,000 69,000 $ 18,000 35,000 23,000 207.000 $330,000 23,000 103,000 22,000 102,000 Total stockholders' equity 126,000 124.000 Total liabilities and stockholders' equity.... $328,000 $330.000 $ 19,000 37,000 19,000 19,000 22,000…
Classifying Items in the Statement of Cash Flows The following items are commonly reported in a statement of cash flows (indirect method presentation). For each item 1 through 20, determine (a) in which section the item is presented (operating, investing, or financing) and (b) whether the associated dollar amount is added or subtracted in the statement. (a) (b) 1. Payments of short-term debt. Answer Answer 2. Repurchases of common stock. Answer Answer 3. Purchases of property and equipment. Answer Answer 4. Sale of investments classified as long-term. Answer Answer 5. Proceeds from the issuance of common stock. Answer Answer 6. Increase in prepaid expenses and other current assets. Answer Answer 7. Acquisition for cash of a competitor. Answer Answer 8. Increase in current income tax payable. Answer Answer 9. Decrease in accounts payable. Answer Answer 10. Dividends paid to stockholders. Answer Answer 11.…