The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike RoeComputers.MIKE ROE COMPUTERSIncome StatementFor the Year Ended December 31, 2021($ in millions)Sales$150.20(90.10)Cost of goods soldGross marginSalaries expense60.10$20.20Insurance expense12.20Depreciation expenseInterest expense5.106.10(43.60)Gains and losses:Gain on sale of equipment12.20Loss on sale of land(3.20)Income before tax25.50Income tax expense(12.75)Net income$ 12.75Reconciliation of Net Incometo Net Cash Flowsfrom Operating Activities($ in millions)Net income$ 12.75Adjustments for noncash effects:Decrease in accounts receivable5.10Gain on sale of equipmentIncrease in inventoryIncrease in accounts payableIncrease in salaries payableDepreciation expense(12.20)(6.10)9.103.105.10Decrease in bond discount3.05Decrease in prepaid insurance2.10Loss on sale of land3.20Increase in income tax payable6.10Net cash flows from operating activities$ 31.30 Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answersin millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Amounts to be deducted should beindicated with a minus sign.)Cash Flows from Operating Activities:Cash received from customers$155.30Cash paid to suppliersCash paid to employeesCash paid for interestCash paid for insuranceCash paid for income taxesNet cash flows from operating activities$155.30< Required 1Required 2 >|%24

Cash flow statement: This is the statement that shows the cash inflow and outflow. This statement is…

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Cash received from customers 2$ 155.30 Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for insurance Cash paid for income taxes Net cash flows from operating activities 2$ 155.30 < Required 1 Required 2 >

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Cash received from customers 2$ 155.30 Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for insurance Cash paid for income taxes Net cash flows from operating activities 2$ 155.30 < Required 1 Required 2 >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Preparation of SCF for a Single Proprietorship Instructions: Prepare a Statement of Cash Flows for the year ended December 31,2020 the using the following account titles listed. Use the Direct Method. You may use any desired business name. Use the space provided for your answer. Cash from Clients – 450,000 Cash Payment for merchandise – 410,500 Cash receipt from additional investment of owner – 114,450 Cash receipt from sale of equipment - 15,000 Cash withdrawal by the owner – 80,000 Cash, January 1, 2020 - 120,000 Credit sales – 35,000 Depreciation expense – 15,410 Paid loan from a bank - 111,000 Payment to interest expense – 10,000 Payment to suppliers – 20,000 Payment to utilities – 30,000 Payments to Employees – 14,800
i. Vo) 13 docs.google.com/forms/ Presented below are the comparative December 31 financial statements for BISAN CO, (in $ Millions). Prepare a statement of cash flows for December 31, Year 2 using the indirect method BISAN CO. Balance Sheets At December 31, Year 2 and Year 1 Year 2 $96,719 Year I $28,694 Cash Accounts Receivable Inventory 100,000 206 250 1875 1,562 500 (762,500) 19,375 $1.224.212 85313 181,250 Prepaid Insurance Land, Buildings, and Equipment Accumulated Depreciation 2.500 1 406 250 (715,000) 106,250 Investments Tetal Assets SL.095.256 Accounts Payable Salaries Pavable Notes Payable $95,425 25,000 31,250 250.000 $185,838 30,625 93,750 Bonds Payable Common Stock Retained Eamings 375.000 447,544 $1.224.219 375,000 410,014 SL.095 256 Additional information for Year 2 (1) Sold available for sale securities costing S86,875 for $92,500. (2) Equipment costing $25,000 with a book value of $6,250 was sold for $7,500 (3) Issued 89% bonds at face value for $250,000. (4) Purchased…
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South Sea Baubles has the following (incomplete) balance sheet and income statement. Assets Current assets Net fixed assets 2021 Revenue Cost of goods sold Depreciation Interest expense $90 800 INCOME STATEMENT, 2022 (Figures in $ millions) $ 1,950 1,030 350 240 BALANCE SHEET AT END OF YEAR (Figures in $ millions) 2022 $ 140 900 Liabilities and Shareholders' Equity Current liabilities Long-term debt 2021 $ 50 600 2022 $ 60 750
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TO Culate net o check if Assets equal Liabilities I cdn.student.uae.examus.n ACCT101_FEX_2021_2_Male Purpose of the Statenment of Cash Flows: 9 క్క 18 a. To calculate net income 95abe18 e18c o check if Assets equal Liabilities b. 95abe18 С. To calculate Assets turnover 95abe18ce33 d. To know where a company spends its cash abe18ce33 95a18ce33 95abe18ce33 95abe18ce33 95abe18ce33 95abe18ce33 MacBook Pro 80 F3 000 95abe1 F4 FS 48 F6 E F7 6 & DII 7 V T F9 8A 99 Cor R. II
ory Bookmarks Profiles Tab YouTube Mc Graw Hill ation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252FI... Classes N Netflix Dashboard EDU 1011 (2019-F... G Annotated Bibliog... 1 Required information [The following information applies to the questions displayed below.] 10 Q A Expenses prior years follow. Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and S (2 LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income 2 2 At December 31 Accounts receivable Inventory Accounts payable Salaries payable SOF Utilities payable Prepaid insurance Prepaid rent W S # Window Help 3 LANSING COMPANY Selected Balance Sheet Accounts 20 F3 □ (20 (2 E D $ 4 $ 127,200 Current Year $ 6,600 2,980 5,400 1,080 OOD DOD F4 52,000 17,000 28,000 10,000 R 4,800…
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ts eBook Print ferences Required information [The following information applies to the questions displayed below.] Green Brands, Incorporated (GB) presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from GBI's Year 2 and Year 1 year-end balance sheets: Account Title Accounts receivable Merchandise inventory. Prepaid insurance Accounts payable Salaries payable Unearned service revenue The Year 2 income statement is shown next: Sales Cost of goods sold Gross margin Service revenue Insurance expense Salaries expense Income Statement Depreciation expense Operating income Gain on sale of equipment Net income Year 2 $ 22,300 57,000 18,800 24,200 4,800 800 Year 1 $ 28,500 48,600 24,400 16,500 4,000 3,000 $ 616,000 (380,000) 236,000 4,200 (39,000 (151,000) (5,400) 44,800 3,300 $ 48,100 b. Prepare the operating activities section of the statement of cash flows using the indirect method for Year 2. Note: Amounts to be…