18Exercise 16-20B (Algo) Direct: Cash flows from operating activities LO P519The following income statement and additional year-end information is provided.SONAD COMPANYIncome Staterent-For Year Ended December 31SalesCost of goods soldGross profitOperating expensesSalaries expenseDepreciation expenseRent expenseAmortization expenses-PatentsUtilities expense$ 342,226$ 2,498,0001,224,0201,273,98059,95267,4467,49427,478584,596Gain on sale of equipmentNet income769,3849,992$779,376Accounts receivable $ 43,850 increase Accounts payableInventory14,975 increase Salaries payable$ 13,925 decrease1,500 decreasePrepare the operating activities section of the statement of cash flows using the direct method.Note: Amounts to be deducted should be indicated with a minus sign.Answer is not complete.Statement of Cash Flows (Partial)Cash flows from operating activitiesPayments for inventoryPayments for rentPayments for salariesReceipts from customers$0

Depreciation and amortization are non-cash expenses.

Answered: 18 Exercise 16-20B (Algo) Direct: Cash…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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QUESTION 17 Claculate Delta Airlines' Cash COnversion Cycle based on the following information: Sales 279,852 COGS 164,821 Accounts Receivable 36,266 Inventory 5,171 Accounts Payable 56,060
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Exercise 21-24 (Static) Cash flows from operating activities (indirect method) [LO21-4] Portions of the financial statements for Myriad Products are provided below: MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2024 ($ in millions) Sales $ 660 Cost of goods sold 250 Gross margin 410 Salaries expense $ 110 Depreciation expense 90 Amortization expense 5 Interest expense 20 Loss on sale of land 3 228 Income before taxes 182 Income tax expense 91 Net Income $ 91 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) Year Change 2024 2023 Cash $ 102 $ 100 $ 2 Accounts receivable 220 232 (12) Inventory 440 450 (10) Accounts payable 140 134 6 Salaries payable 80 86 (6) Interest payable 25 20 5 Income tax payable 15 10 5 Required: Prepare the cash flows from the operating activities section of the statement of cash flows…
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Question 13 The extract disclosed below relates to JohNicho Limited for the year ended December 31, 2021 JohNicho Limited Statement of Comprehensive Income for the year ended 31st December: Net Sales Cost of goods sold SG&A Other costs Operating Income (EBIT) Interest Extraordinary income EBT Taxes Net Income Non-current assets Property, Plant & Equipment Motor vehicles Furniture Total non-current assets Current assets Trade Receivables Other Current Assets Inventories Total Current Assets Total assets Current liabilities Accounts payable Other current liabilities Total Current Liabilities JohLex Limited Statement of Financial Position as at 31st December: 2020 GHC Long-term Debt Debenture Total non-current liabilities 10 Shareholders' equity Total Liabilities and Equity GHC 6,386 18,472 6,759 8,461 25,265 19,811 20,753 Required to calculate: (a) Inventory turnover period (in days) (b) Receivable collection period (in days) (c) Payable collection period (in days) (d) Working capital…
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26 ces Required information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory. Prepaid expenses Plant assets, net Total assets Current Year $ 30,401 92,653 113,068 9,790 285,290 $ 531,208 1 Year Ago $ 37,001 66,035 85,566 9,809 259,527 $457,938 $ 133,593 97,870 162,500 137,245 $ 531,200 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 37,413 48,906 53,137 3,994 227,050 $370,500 $ 76,618 104,272 163,500 113,548 $ 457,938 $ 49,884 81,062 161,500 76,054 $ 370,500 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable?…
Exercise 13-2 Net Cash Provided by Operating Activities [LO13-2] For the just completed year, Hanna Company had net income of $55,500. 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 $ 64,000 $ 78,000 Accounts receivable $ 158,000 $ 184,000 Inventory $ 445,000 $ 367,000 Prepaid expenses $ 12,000 $ 13,000 Current liabilities: Accounts payable $ 350,000 $ 380,000 Accrued liabilities $ 7,500 $ 12,000 Income taxes payable $ 36,000 $ 25,000 The Accumulated Depreciation account had total credits of $52,000 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 and cash outflows as negative amounts.)
please answer only last two subparts 24 25 thnku

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