Cullumber Photography reported net income of $92,000 for 2022. Included in the income statement were depreciation expense of $5,800, patent amortization expense of $3,900, and a gain on disposal of plant assets of $3,800. Cullumber's comparative balance sheets show the following balances. 12/31/22 12/31/21 Accounts receivable $19,000 $28,500 Accounts payable 9,200 5,400 Calculate net cash provided by operating activities for Cullumber Photography. (Show amounts that decrease cash flow with either a- eg.-15,000 or in parenthesis eg. (15,000).)

Cullumber Photography reported net income of $92,000 for 2022. Included in the income statement were depreciation expense of $5,800, patent amortization expense of $3,900, and a gain on disposal of plant assets of $3,800. Cullumber's comparative balance sheets show the following balances. 12/31/22 12/31/21 Accounts receivable $19,000 $28,500 Accounts payable 9,200 5,400 Calculate net cash provided by operating activities for Cullumber Photography. (Show amounts that decrease cash flow with either a- eg.-15,000 or in parenthesis eg. (15,000).)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

See similar textbooks

Similar questions

Blue Spruce Photography reported net income of $92,000 for 2022. Included in the income statement were depreciation expense of $5,500, patent amortization expense of $3,200, and a gain on disposal of plant assets of $1,800. Blue Spruce Photography's comparative balance sheets show the following balances. 12/31/22 12/31/21 Accounts receivable $19,400 $25,400 Accounts payable 8,400 5,200 Calculate net cash provided by operating activities for Blue Spruce Photography. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
The net income reported on the income statement for the current year was $278,260. Depreciation recorded on fixed assets and amortization of patents for the year were $34,649, and $11,472, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories End a. $370,545 b. $208,919 c. $347,601 Od. $278,217 $47,146 124,126 102,601 4,506 45,924 Beginning $57,260 104,236 93,932 7,914 66,937 Prepaid expenses Accounts payable (merchandise creditors) What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
The net income reported on the income statement for the current year was $281,847. Depreciation recorded on fixed assets and amortization of patents for the year were $32,101 and $10,127, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,628 $62,683 Accounts Receivable 120,761 105,004 Inventories 105,470 86,078 Prepaid Expenses 4,242 8,185 Accounts Payable (merchandise creditors) 47,812 74,478 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a.$351,049 b.$288,926 c.$266,203 d.$255,489
The net income reported on the income statement for the current year was $256,674. Depreciation recorded on fixed assets and amortization of patents for the year were $30,601 and $9,816, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $47,547 $67,419 Accounts Receivable 120,692 102,958 Inventories 101,043 92,516 Prepaid Expenses 3,347 6,561 Accounts Payable (merchandise creditors) 49,242 66,779 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $327,049 b. $270,830 c. $256,507 d. $251,558
The net income reported on the income statement for the current year was $295,779. Depreciation recorded on fixed assets and amortization of patents for the year were $36,030 and $11,489, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $64,081 $48,791 Accounts Receivable 123,219 102,308 Inventories 100,310 86,859 Prepaid Expenses 3,248 6,877 Accounts Payable (merchandise creditors) 45,294 62,023 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
The net income reported on the income statement for the current year was $282,126. Depreciation recorded on fixed assets and amortization of patents for the year were $33,351, and $9,402, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $37,370 $64,930 Accounts receivable 106,715 123,079 Inventories 80,207 102,432 Prepaid expenses 8,982 4,271 Accounts payable (merchandise creditors) 77,139 54,111 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Select the correct answer. $303,001 $363,468 $381,785 $306,304
The net income reported on the income statement for the current year was $275,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $50,000 S60,000 Accounts Receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid Expenses 4,500 6,500 Accounts Payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? O a. $198,000 Ob. $296,000 O c. $324,000 O d. $352,000
The net income reported on the income statement for the current year was $295,300. Depreciation recorded on fixed assets and amortization of patents for the year were $40,200 and $5,300, respectively. Balances of current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $50,300 $60,300 Accounts receivable 112,100 108,100 Inventories 105,300 93,300 Prepaid expenses 4,600 6,800 Accounts payable (merchandise creditors) 75,100 89,300 What amount of cash flows from (used for) operating activities is reported on the statement of cash flows prepared by the indirect method? a.$302,800 b.$207,400 c.$312,800 d.$369,000
The net income reported on the income statement for the current year was $310,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $50,000 $60,000 Accounts receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $233,000 b. $289,000 c. $387,000 d. $331,000
Sumit Ltd reported the following assets in its statement of financial position at 30 June 2021: Land 25,000 Patent 100,000 Plant 250,000 Accumulated Depreciation (75,000) Goodwill 20,000 Inventory 40,000 Accounts receivables 30,000 Cash 5,000 Accounts payables 20,000 The recoverable amount of the entity was calculated to be $354,000. All assets are measured using the cost method. Inventory is measured at the lower of cost and net realisable value in accordance with AASB102 Inventories. The receivables were all considered to be collectable. Required: 1. Allocate the impairment loss to assets in the CGU as per AASB136 (Please round off to the nearest dollar). 2. Prepare journal entries to record the allocation of the impairment loss at 30 June 2021. Descriptions/Narrations are NOT required. Asset Carrying Amount Proportion Allocation of Loss Adjusted Carrying Amount…
The net income reported on the income statement for the current year was $315,287. Depreciation recorded on fixed assets and amortization of patents for the year were $40,641, and $10,191, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories Prepaid expenses Accounts payable (merchandise creditors) End Beginning $37,456 $65,345 121,519 101,361 109,151 93,765 3,426 57,828 6,921 64,298 What is the amount of net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $404,638 b. $246,318 c. $327,600 d. $384,256
1. The net income reported on the income statement for the current year was $310,000.Depreciation recorded on fixed assets and amortization of patents for the year were$40,000 and $9,000, respectively. Balances of current asset and current liabilityaccounts at the end and at the beginning of the year are as follows:End BeginningCash $50,000 $60,000Accounts receivable 112,000 108,000Inventories 105,000 93,000Prepaid expenses 4,500 6,500Accounts payable (merchandise creditors) 75,000 89,000What is the amount of cash flows from operating activities reported on the statement of cashflows prepared by the indirect method?a. $233,000b. $289,000c. $387,000d. $331,000