Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $150,000. Depreciation recorded on store equipment for the year amounted to $24,800. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End Beginning of Year of Year Cash $60,900 $56,030 Accounts receivable (net) 43,670 41,410 Merchandise inventory 59,620 63,030 Prepaid expenses 6,700 5,320 Accounts payable (merchandise creditors) 57,060 53,000 Wages payable 31,180 34,630 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $150,000. Depreciation recorded on store equipment for the year amounted to $24,800. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End Beginning of Year of Year Cash $60,900 $56,030 Accounts receivable (net) 43,670 41,410 Merchandise inventory 59,620 63,030 Prepaid expenses 6,700 5,320 Accounts payable (merchandise creditors) 57,060 53,000 Wages payable 31,180 34,630 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 6E

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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.
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $277,600. Depreciation recorded on equipment and a building amounted to $83,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $77,450 $82,100 Accounts Recievable (net) 98,210 101,310 Inventories 193,630 174,540 Prepaid Expenses 10,770 11,580 Accounts Payable (merchandise creditors) 86,510 91,620 Salaries Payable 12,470 11,410 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: - Net income $ Adjustments to reconcile net income to net cash flows from (used…
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $154,700. Depreciation recorded on store equipment for the year amounted to $25,500. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $61,730 $56,790 Accounts receivable (net) 44,260 41,970 Merchandise inventory 60,430 63,890 Prepaid expenses 6,790 5,400 Accounts payable (merchandise creditors) 57,840 53,720 Wages payable 31,610 35,100 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: - Net income $ Adjustments to reconcile net income to net cash flows from (used for) operating…
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $141,000. Depreciation recorded on store equipment for the year amounted to $23,300. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $54,710 $49,790 Accounts receivable (net) 39,230 36,790 Merchandise inventory 53,560 56,010 Prepaid expenses 6,020 4,730 Accounts payable (merchandise creditors) 51,260 47,100 Wages payable 28,010 30,770 Question Content Area a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $259,600. Depreciation recorded on equipment and a building amounted to $77,600 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $66,980 $71,000 Accounts receivable (net) 84,930 87,610 Inventories 167,450 150,950 Prepaid expenses 9,310 10,010 Accounts payable (merchandise creditors) 74,820 79,240 Salaries payable 10,780 9,870 Question Content Area a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: $- Select - Adjustments…
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $137,500. Depreciation recorded on store equipment for the year amounted to $22,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $53,350 $48,550 Accounts receivable (net) 38,250 35,880 Merchandise inventory 52,230 54,620 Prepaid expenses 5,870 4,610 Accounts payable (merchandise creditors) 49,990 45,930 Wages payable 27,320 30,000 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $116,600. Depreciation recorded on store equipment for the yea amounted to $19,200. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End Beginning of Year of Year Cash $44,770 $40,740 Accounts receivable (net) 32,100 30,110 Merchandise inventory 43,830 45,830 Prepaid expenses 4,920 3,870 Accounts payable (merchandise creditors) 41,950 38,540 Wages payable 22,920 25,180 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: Net income 116,600 Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation 19,200…
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $214,200. Depreciation recorded on equipment and a building amounted to $64,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $55,050 $58,350 Accounts receivable (net) 69,800 72,000 Inventories 137,630 124,050 Prepaid expenses 7,650 8,230 Accounts payable (merchandise creditors) 61,490 65,120 Salaries payable 8,860 8,110 Question Content Area a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. blankStatement of Cash Flows (partial)blank Cash flows from (used for) operating activities: $- Select -…
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $290,000. Depreciation recorded on equipment and a building amounted to $150,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $117,600 $135,000 Accounts receivable (net) 132,500 141,100 Inventories 291,900 274,300 Prepaid expenses 5,600 7,100 Accounts payable (merchandise creditors) 143,400 172,400 Salaries payable 11,300 6,300 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: $fill in the blank Adjustments…
Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $141,300. Depreciation recorded on store equipment for the year amounted to $23,300. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End Beginning of Year of Year Cash $55,390 $50,400 Accounts receivable (net) 39,710 37,250 Merchandise inventory 54,230 56,700 Prepaid expenses 6,090 4,790 Accounts payable (merchandise creditors) 51,900 47,680 Wages payable 28,360 31,150 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
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Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $271,100. Depreciation recorded on equipment and a building amounted to $81,100 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $71,570 $75,860 Accounts receivable (net) 90,750 93,610 Inventories 178,930 161,280 Prepaid expenses 9,950 10,700 Accounts payable (merchandise creditors) 79,940 84,660 Salaries payable 11,520 10,540 A. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.