FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
$196000.
$192000.
$227000.
$200000.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Situation A: A company has revenues of P200,000 and operating expenses of P110,000 in its 1st year of operations, 2019. For the purpose ignore income taxes.Accounts receivable and accounts payable at year end were P71,000 and P29,000, respectively. Assume that the accounts payable related to operating expenses. Using the direct method, compute net cash provided by operating activities. Situation B:Cost of goods sold were at P310,000 and operating expenses (exclusive of depreciation) P230,000. The comparative balance sheet for the year shows that inventory increased P26,000, prepaid expenses decreased P8,000, accounts payable (related to merchandise) decreased P17,000, and accrued expenses payable increased P11,000. Compute (a) cash payments to suppliers and (b) cash payments for operating expenses.arrow_forwardCrane Company reported net income of $148,500. For 2020, depreciation was $45,100, and the company reported a gain on sale of investments of $12,100. Accounts receivable increased $25,100 and accounts payable decreased $23,100.Compute net cash provided by operating activities using the indirect method. Net cash provided by operating activitiesarrow_forwardAccounts receivable arising from trade transactions amounted to $44,000 and $53,000 at the beginning and end of the year, respectively. Net income reported on the income statement for the year was $105,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method is: a. $105,000 b. $114,000 c. $96,000 d. $158,000arrow_forward
- Accounts receivable arising from sales to customers amounted to $82000 and $77000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $282000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is $282000. O $205000. O $287000. O $276000.arrow_forwardAccounts receivable from sales transactions were $45,634 at the beginning of the year and $60,027 at the end of the year. Net income reported on the income statement for the year was $126,710. Exclusive of the effect of other adjustments, the net cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method would be a. $126,710 b. $112,317 c. $14,393 d. $141,103arrow_forwardGDM Equipment, Inc. reported the following data for 2025: View the data. Compute GDM Equipment, Inc.'s net cash provided by operating activities-indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash.) GDM Equipment, Inc. Statement of Cash Flows (Partial) Year Ended December 31, 2025 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Net Cash Provided by (Used for) Operating Activities Data ... Income Statement: Net Income Depreciation Expense $ 46,000 9,500 Balance Sheet: Increase in Accounts Receivable 8,000 Decrease in Accounts Payable 3,000 Print Done - ☑arrow_forward
- The cash balance of Lalana Company is 434000OMR at the beginning of the year. The cash flows during the year are given as follows; Operating cash inflow:38490 Financing cash outflow: 22430 Investing inflow: 95800 Which of the following is the cash balance at the end of the year. Select one: a. 468890 b. 465760 C. 554520 d. 545860arrow_forwardWindsor, Inc. reported net income of $76500 for the year 2022. During 2022, accounts receivable increased by $5100, accounts payable decreased by $3400 and depreciation expense of $8500 was recorded. Net cash provided by operating activities for 2022 is $69700. $85000. $68000. $76500.arrow_forwardAccounts receivable from sales transactions were $48,847 at the beginning of the year and $66,305 at the end of the year. Net income reported on the income statement for the year was $142,809. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method is:arrow_forward
- In 2021, Cream company reported cash basis income of P 7,800,000. Tracing back its records, accounts receivable and accounts payable on December 31, 2021 were P5,200,000 and P 1,950,000 respectively. During the year, the accounts receivable increased by 200% while accounts payable decreased by 50%. How much were net income using accrual method?arrow_forwardSimbop Company reported 2020 net income of $151,000. During 2020, accounts receivable increased by $15,010 and accounts payable increased by $9,966. Depreciation expense was $39,300.Prepare the cash flows from operating activities section of the statement of cash flows.arrow_forwardUsing the Exhibit below, assume that the balance of Accounts Receivable was $61,000 at the beginning of the current year. Furthermore, assume that the balance of Accounts Receivable is $62,000 at the end of the current year. 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 accounts receivable 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…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education