Alex Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December 31, 2024, Alex Company reports the following: Sales on account Cash sales Decrease in accounts receivable Increase in accounts payable Increase in inventory Cost of goods sold $2100000 O $1611000 O $1755000 O $1395000 O $1539000 1110000 915000 108000 72000 1575000 What amount of cash payments to suppliers will be reported by Alex Company for the year ended December 31, 2024?

Alex Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December 31, 2024, Alex Company reports the following: Sales on account Cash sales Decrease in accounts receivable Increase in accounts payable Increase in inventory Cost of goods sold $2100000 O $1611000 O $1755000 O $1395000 O $1539000 1110000 915000 108000 72000 1575000 What amount of cash payments to suppliers will be reported by Alex Company for the year ended December 31, 2024?

Name: Alex Company prepares its statement of cash flows using the direct me
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Alex Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December 31,2024, Alex Company reports the following:Sales on accountCash salesDecrease in accounts receivableIncrease in accounts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Frontier Rare Coins (FRC) was formed on January 1, 2024. Additional data for the year follow: i (Click the icon to view the data.) Read the requirements. Requirement 1. What is the purpose of the statement of cash flows? The purpose of the statement of cash flows is to show where cash came from and how cash was spent during the period. Requirement 2. Prepare FRC's income statement for the year ended December 31, 2024. Use the single-step format, with all revenues listed together and all expenses listed together. Frontier Rare Coins Income Statement Year Ended December 31, 2024 Revenue: Expenses: Total Expenses Net Income More info (...) a. On January 1, 2024, FRC issued no par common stock for $550,000. b. Early in January, FRC made the following cash payments: 1. For store fixtures, $54,000 2. 3. For merchandise inventory, $240,000 For rent expense on a store building, $15,000 c. Later in the year, FRC purchased merchandise inventory on account for $242,000. Before year-end, FRC paid…
Sample Problem: Use the following data to construct a statement of cash flows using the direct and indirect methods. 2020 2019 Cash P4,000 P14,000 Accounts receivable 25,000 32,500 Prepaid insurance 5,000 7,000 Inventory 37,000 34,000 Fixed assets 316,000 270,000 Accumulated Depreciation Total assets Accounts payable P18,000 P16,000 Wages payable 4,000 7,000 Note payable 173,000 160,000 Capital stock 88,000 84,000 Retained earnings Total Liabilities & Equity Sales Cost of goods sold (123,000) Depreciation expense (15,000) Insurance expense (11,000) Wage Expense Net Income During 2020 declared and paid dividends of P2,500 During 2020, ABC paid P46,000 in cash to acquire new fixed assets. The accounts payable was used only for inventory. No debt was retired during 2020. Prepare Statement of Cash Flow using; Direct Method Indirect Method
Sales for the year were $551,730. Accounts receivable were $107,769 and $86,221 at the beginning and end of the year. Determine the cash received from customers to be reported on the cash flow statement using the direct method. Select the correct answer. a-$573,278 b-$594,826 c-$659,499 d-$551,730
Use the attached financial statements below and the additional information to prepare a Statement of Cash Flows using the indirect method. Mistletoe Inc. Statement of Financial Position As at December 31st, 2021 Assets 2021 2020 Current Cash $78,200 $39,000 FVPL Investments 110,600 54,000 Accounts receivable 144,000 72,000 Allowance for doubtful accounts (32,000) (21,000) Inventory 90,000 117,000 Total current assets $390,800 $261,000 Long-Term Assets Land $180,000 $144,000 Buildings 315,000 270,000 Equipment 264,000 185,000 Accumulated depreciation (130,000) (164,000) Total long-term assets 629,000 435,000 Total assets $1,019,800 $696,000 Liabilities and Shareholders’ Equity Current liabilities Accounts payable $45,000 $72,000 Income tax payable 32,400…
Required: Prepare the DuVall Candy Company statement of cash flows, using the indirect method. DuVall Candy Company Income Statement For the Year Ended December 31, 2022 ($ in thousands) Sales Revenue $ 17,650 Operating Expenses: Cost of Goods Sold 7,200 Selling Expense 2,400 General and Admin Expense 1,500 Total Operating Expenses 11,100 Operating Income 6,550 Interest Expense 200 Income before Income Taxes 6,350 Income Tax Expense 2,500 Net Income 3,850 Balance Sheet Information ($ in thousands) Dec. 31, 2022 Dec. 31, 2021 Assets: Cash $ 7,350…
Calculate cash balances based on the information provided in the chart below and show me how you did it Pro Forma Cash Flow Cash Received Cash from Operations Cash Sales $24,198 $100,099 $122,460 Cash from Receivables $46,108 $217,218 $342,905 Subtotal Cash from Operations $70,306 $317,317 $465,366 Additional Cash Received Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $0 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $40,000 $0 Sales of Other Current Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 New Investment Received $0 $0 $0 Subtotal Cash Received $70,306 $357,317 $465,366 Expenditures Year 1 Year 2 Year 3 Expenditures from Operations Cash Spending $167,000 $225,200 $229,200 Bill Payments $75,294 $124,114 $152,785 Subtotal Spent on Operations $242,294 $349,314 $381,985 Additional Cash Spent Sales Tax,…
Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $ 667,500 Cost of goods sold 302,000 Gross profit 365,500 Operating expenses (excluding depreciation) $ 149,400 Depreciation expense 37,750 187,150 Other gains (losses) Loss on sale of equipment (22,125) Income before taxes 156,225 Income taxes expense 48,050 Net income $ 108,175 FORTEN COMPANY Comparative Balance Sheets December 31 Current Year…
GDM 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 - ☑
Rize Kamishiro Corp. uses the direct method to prepare its statement of cash flows. Rize Kamishiro's trial balances at December 31, 2021 and 2022 are as follows: 12/31/22 12/31/21 Debits Cash P35,000 33,000 31,000 100,000 4,500 P32,000 30,000 47,000 95,000 Accounts receivable Inventory Property, plant and equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 5,000 380,000 172,000 151,300 250,000 141,500 137,000 4,300 20,400 P756,700 2,600 61,200 P976,100 Credits Allowance for uncollectible accounts P1,300 P1,100 Accumulated depreciation Trade accounts payable Income taxes payable Deferred tax liability 8% callable bonds payable Share capital Share premium Retained earnings 16,500 15,000 25,000 21,000 5,300 45,000 50,000 17,500 27,100 4,600 20,000 40,000 7,500 64,600 778,700 P976,100 9,100 44,700 Sales 538,800 P756,700 • Rize Kamishiro purchased P5,000 in equipment during 2022. • Rize Kamishiro…
Prepare a cash flow statement (indirect method) from the given information. please include explanation for each step/line item
ON SPRING moodle1.du.edu.om U - Moodle English (en) Sohar Company's income statement for 2021 is given below. If Accounts receivable balances are 14000 in 2021 and 7000 in 2020. Which of the fallowing is cash collections from customers? Sales COGS Gross Profit Operating Expenses Operating Profit EInterest Expensẽ Profit before Tex 85,000 65,000 20,000 8.000 12:000 2000 10,000 3,000 Z.000 Net Profit la 85000 b 92000 here to search hp 立

An analysis of the cash book and other records of Byle Corporation shows the following data: Accounts payable, January 1 Accounts payable, December 31 Cash purchases during the year Payments on the accounts payable during the year |Purchase discounts taken How much purchases should be reported on the statement of comprehensive income 160,000 300,000 500,000 800,000 7,000 for the year?