Changes in Current Operating Assets and Liabilities Jasneet Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $20,200 $22,900 Inventory 13,000 10,700 Accounts payable 10,900 9,400 Dividends payable 25,100 30,700 Adjust net income of $185,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. Feedback

Changes in Current Operating Assets and Liabilities Jasneet Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $20,200 $22,900 Inventory 13,000 10,700 Accounts payable 10,900 9,400 Dividends payable 25,100 30,700 Adjust net income of $185,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. Feedback

Managerial Accounting

15th Edition

ISBN:9781337912020

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

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

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9BE

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Changes in current operating assets and liabilities-indirect method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Dec. 31, Accounts 20Y2 20Y1 $25,300 $24,900 receivable Inventory 67,200 67,900 Accounts 28,100. 26,900 payable Dividends 18,000 payable 17,000 Adjust net income of $76,400 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. Check My Work 5 more Check My Work uses remaining.
Changes in various accounts and gains and losses on the sale of assets during the year for Argon Companyare given below:Item AmountAccounts receivable ............................... $90,000 decreaseAccrued interest receivable ................... $4,000 increaseInventory ................................................ $120,000 increasePrepaid expenses .................................. $3,000 decreaseAccounts payable ................................... $65,000 decreaseAccrued liabilities ................................... $8,000 increaseDeferred income taxes payable ............. $12,000 increaseSale of equipment .................................. $7,000 gainSale of long-term investments ............... $10,000 lossRequired:Prepare an answer sheet using the following column headings:Item Amount Add DeductFor each item, place an X in the Add or Deduct column to indicate whether the dollar amount should beadded to or deducted from net income under the indirect method when computing the…
Fiscal Year Ended Make-ThemCorporation Consolidated Balance Sheet (in thousands except share data) Current assets: Cash and cash equivalents Accounts receivable, net Inventories Prepaid expenses and other current assets Deferred income taxes, net Total current assets Property, plant and equipment, net Other assets TOTAL ASSETS Current liabilities: Accounts payable Accrued compensation and related costs Accrued taxes Current portion of long-term debt ASSETS Total current liabilities Long-term debt $ LIABILITIES AND SHAREHOLDERS' EQUITY Total liabilities Shareholders' equity: Common stock ($0.1 par value)-authorized, 4,000,000 shares; issued and outstanding, 3,500,000. Paid-in capital in excess of par Retained earnings Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Dec. 31, 2008 $ S $ 369 58 489 107 43 1,066 5,137 1,168 7,371 429 104 132 89 754 2,630 3,384 **** 2,415 1,222 3,987 7,371 $ $ S Dec. 31, 2007 Assume the following information for both years: Net Profit…
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Changes in current operating assets and liabilities-indirect method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 20Y1 Accounts receivable Inventory Accounts payable Dividends payable $28,900 57,700 25,300 21,000 $28,500 58,400 24,700 22,000 Adjust net income of $100,400 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. X
Changes in current operating assets and liabilities-indirect method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 2012 Dec. 31, 20Y1 Accounts receivable $25,400 $24,400 Inventory 59,400 60,100 Accounts payable 17,100 15,600 Dividends payable 19,000 18,000 Adjust net income of $80,500 for changes in operating assets and liabilities to arrive at net cash flows from operating activities.
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