Current fiscal year Accounts receivable: 4,532 Inventory: 5,372 Property, plant, and equipment, net: 9,178 Accounts payable: 3,183 Long-term debt: 14,001 Depreciation and amortization expense: 1,831 Net income: 5,791 The next year's forecasted balances for above accounts Accounts Receivable: 4,351 Inventory: 5,050 Property, plant, and equipment, net: 9,637 Accounts payable: 4,584 Long-term debt: 18,341 Depreciation and amortization expense: 1,977 Net income: 4,922 1. Using only the information given abouve what is the forecasted amount for Cash Flows from Operating Activities?

Missoula Inc. reported the following selected financial statement data:  Dec 31, 2020      Dec 31, 2021Cash   $   38,000         $   44,000     Accounts receivable (net)      56,000            68,000     Inventory      76,000            80,000     Plant assets (net)      218,000            234,000     Total assets      429,000            411,000     Liabilities      153,000            153,000     Shareholders' equity      276,000            258,000     Net sales      348,000            848,000     Cost of goods sold      228,000            312,000     Net income      28,000            41,000     Required:Compute the asset turnover ratio for 2021.

The income statement disclosed the following items for the year: Depreciation expense $40,700 Gain on disposal of equipment 23,760 Net income 254,700 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $6,340 Inventory (3,610) Prepaid insurance (1,350) Accounts payable (4,300) Income taxes payable 1,350 Dividends payable 950 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: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flows from operating activities b. Why is net cash flows from operating activities different than net income? Cash flows…

The income statement disclosed the following items for the year: Depreciation expense $57,400 Gain on disposal of equipment 33,510 Net income 494,300 The changes in the current asset and liability accounts for the year are as follows:   Increase(Decrease) Accounts receivable $8,950  Inventory (5,090)   Prepaid insurance (1,910) Accounts payable (6,070) Income taxes payable 1,910  Dividends payable 1,340  a. Prepare the “Cash flows from 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 $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.

Using Financial Statements for 2020, return on assets for the year 2020 is 0.28.  True or False?

The balance sheet for Revolution Clothiers is shown below. Sales for the year were $3,490,000, with 75 percent of sales sold on credit. Assets Cash Accounts receivable Inventory Plant and equipment Total assets REVOLUTION CLOTHIERS Balance Sheet 20X1 a. Current ratio b. Quick ratio c. Debt-to-total-assets ratio d. Asset turnover e. Average collection period $ 38,000 Accounts payable Accrued taxes 292,000 248,000 500,000 $ 1,078,000 Bonds payable (long-term) Common stock Paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity times times % Compute the following ratios: Note: Use a 360-day year. Do not round intermediate calculations. Round your answers to 2 decimal places. Input your debt-to- total assets answer as a percent rounded to 2 decimal places. times days $ 262,000 148,000 178,000 100,000 150,000 240,000 $ 1,078,000

Comparative financial statement data for Carmono Company follow:     This Year Last Year Assets     Cash $ 19.00 $ 37.00 Accounts receivable 96.00 89.00 Inventory 150.00 139.00 Total current assets 265.00 265.00 Property, plant, and equipment 300.00 240.00 Less accumulated depreciation 64.00 48.00 Net property, plant, and equipment 236.00 192.00 Total assets $ 501.00 $ 457.00 Liabilities and Stockholders’ Equity     Accounts payable $ 90.00 $ 69.00 Common stock 210.00 160.00 Retained earnings 201.00 228.00 Total liabilities and stockholders’ equity $ 501.00 $ 457.00   For this year, the company reported net income as follows:   Sales $ 2,000.00 Cost of goods sold 1,200.00 Gross margin 800.00 Selling and administrative expenses 780.00 Net income $ 20.00   This year Carmono declared and paid a cash dividend. There were no sales of property, plant, and equipment during this year. The company did not repurchase any of its own stock this year.…

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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.