Annual Income Statement Data Selected Year - End Balance Sheet Data Sales $ 50, 000 Wages payable decrease $3,000 Expenses: Inventory increase 500 Cost of goods sold 30,000 Accounts payable decrease 1, 000 Wages expense 10,000 Amortization expense 1, 500 Net

Annual Income Statement Data Selected Year - End Balance Sheet Data Sales $ 50, 000 Wages payable decrease $3,000 Expenses: Inventory increase 500 Cost of goods sold 30,000 Accounts payable decrease 1, 000 Wages expense 10,000 Amortization expense 1, 500 Net

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

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 5RE: In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts...

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Question

Annual Income Statement Data Selected Year - End Balance Sheet Data Sales $ 50,000 Wages
payable decrease $ 3,000 Expenses: Inventory increase 500 Cost of goods sold 30,000
Accounts payable decrease 1,000 Wages expense 10,000 Amortization expense 1,500 Net
income $ 8,500 Prepare the operating activities section of the statement of cash flows for
GreenGarden using the indirect method. Note: Amounts to be deducted should be indicated
with a minus sign.]

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Reporting changes in equipment on statement of cash flows An analysis of the general ledger accounts indicates that delivery equipment, which cost 75,000 and on which accumulated depreciation totaled 58,000 on the date of sale, was sold for 20,200 during the year. Using this information, indicate the items to be reported on the statement of cash flows.
In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts receivable, a 7,000 increase in inventory, an 8,000 increase in salaries payable, a 13,000 decrease in accounts payable, and 10,000 in depreciation expense. Using the indirect method, prepare the operating activities section of its statement of cash flows based on this information.
COMPUTE CASH PROVIDED BY OPERATING ACTIVITIES Horn Companys condensed income statement for the year ended December 31, 20-2, was as follows: Additional information obtained from Horns comparative balance sheet and auxiliary records as of December 31, 20-2 and 20-1, was as follows: Depreciation expense for 20-2, included in operating expenses on the income statement, was 32,000. REQUIRED Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2.
COMPUTE CASH PROVIDED BY OPERATING ACTIVITIES Horn Companys condensed income statement for the year ended December 31, 20-2, was as follows: Additional information obtained from Horns comparative balance sheet and auxiliary records as of December 31, 20-2 and 20-1, was as follows: Depreciation expense for 20-2, included in operating expenses on the income statement, was 32,000. REQUIRED Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. SCHEDULE FOR CALCULATION OF CASH GENERATED FROM OPERATING ACTIVITIES Using the information provided in Problem 23-9A for Horn Company, prepare the following: 1. A schedule for the calculation of cash generated from operating activities for Horn Company for the year ended December 31, 20-2. 2. A partial statement of cash flows for Horn Company reporting cash from operating activities under the direct method for the year ended December 31, 20-2.
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