Current liabilities Accounts payable Income taxes payable Use the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deducted 50,400 3,050 35,700 4,200
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- (Appendix 21.1) Operating Cash Flows Refer to the information for Lamberson Company in P21-6. Required: 1. Using the direct method, prepare the operating activities section of the 2019 statement of cash flows for Lamberson. 2. (Optional). If you completed P21-6 earlier, prepare the remaining portion of the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)Preparing a Statement of Cash Flows Volusia Company reported the following comparative balance sheets for 2019: Required: Prepare a statement of cash flows for Volusia using the indirect method to compute net cash flow from operating activities.Smith Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5240000 O $5790640. O $4063360. O $6416640. O $5240000. 712640 151000 313000 Smith should report cash provided by operating activities of
- P12-5 LO12-2, 12-4, 12-6 Chapter Supplement B) Preparing a Statement of Cash Flows with Gain on Sale of Equipment (Indirect Method) (AP12-5) XS Supply Company is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Gain on sale of equipment Cost of goods sold Other expenses Net income Additional Data: Current Year 2. Evaluate the statement of cash flows. $ 34,000 35,000 41,000 121,000 (30,000) $201,000 $ 36,000 1,200 38,000 88,600 37,200 $201,000 $120,000 1,000 (70,000) (38,800) $ 12,200 Prior Year $ 29,000 28,000 38,000 100,000…QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 NOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net Income NOSS COMPANY Selected Balance Sheet Information 2021 Current assets Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 94,650 35,000 70,000 Cash flows from operating activities: 50,400 3,050 $ 584,000 371,600 2020 Changes in current operating assets and liabilities 212,400 132,000 56,000 24,400 13,300 $ 11,100 $36,800 52,000 56,100 Use the information above to calculate cash flows from operating activities using the indirect method (Amounts to be deducted should be Indicated by a minus sign.) 35,700 4,200 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash S 56,000 S 56,000 56,000Sales CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 332,400 213,900 118,500 60,700 25,600 32,200 11,800 $ 20,400 Required: Use the indirect method to prepare the operating activities section of Cruz's statement of cash flows. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. ☑ Open Excel in new tab Activate
- QS 12-6 (Algo) Indirect: Computing cash from operations LO P2 MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales $ 584,000 Cost of goods sold 371,600 Gross profit 212,400 Operating expenses (excluding depreciation) 132,000 Depreciation expense 56,000 Income before taxes 24,400 Income taxes expense 13,300 Net income $ 11,100 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 94,650 $ 36,800 Accounts receivable 35,000 52,000 Inventory 70,000 56,100 Current liabilities Accounts payable 50,400 35,700 Income taxes payable 3,050 4,200 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus signProblem 11-8A (Algo) Prepare an income statement using operating cash flow information-indirect and direct methods (LO11-3, 11-7) Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s). Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Decrease in inventory Increase in prepaid rent Decrease in accounts payable Decrease in income tax payable Net cash flows from operating activities Cash Flows from Operating Activities (Direct method) Cash received from customers Cash paid to suppliers Cash paid for operating expenses Cash paid for income taxes Net cash flows from operating activities REVERSE LOGIC Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense…Extract from the statement of financial position as at 30 June 2021 30 June 2021 30 June 2020 R R Inventories 302 000 292 000 Trade receivables 690 000 720 000 Trade payables 400 000 385 000 Taxation payable 75 000 60 000 Prepaid expenses 8 000 2 000 Accrued expenses 84 000 88 000 Required: Prepare only the "Cash generated by operations" section of the statement of cash flows for the year ended 30 June 2021, using the indirect method
- Problem 21-16 (Algo) Statement of cash flows; indirect method [LO21-4, 21-8] The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 117.0 $ 34.0 Accounts receivable 62.0 64.0 Less: Allowance for uncollectible accounts (3.0 ) (2.0 ) Dividends receivable 17.0 16.0 Inventory 69.0 64.0 Long-term investment 29.0 24.0 Land 84.0 40.0 Buildings and equipment 169.0 264.0 Less: Accumulated depreciation (7.0 ) (120.0 ) $ 537.0 $ 384.0 Liabilities Accounts payable $ 27.0 $ 34.0 Salaries payable 16.0 19.0 Interest payable 18.0 16.0 Income tax payable…Current Attempt in Progress Lee Enterprises reports the following information: Net income Depreciation expense Increase in accounts payable Increase in accounts receivable $5180000 $3979520. $5180000. $6380480. $5706480. 704480 159000 337000 Lee should report cash provided by operating activities ofProblem 21-4 (Algo) Statement of cash flows; direct method [LO21-3, 21-8] The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in thousands) 2021 2020 Assets Cash $ 72 $ 27 Accounts receivable 41 56 Less: Allowance for uncollectible accounts (3 ) (2 ) Dividends receivable 6 5 Inventory 95 90 Long-term investment 27 24 Land 95 75 Buildings and equipment 194 220 Less: Accumulated depreciation (34 ) (60 ) $ 493 $ 435 Liabilities Accounts payable $ 76 $ 83 Salaries payable 7 10 Interest payable 10 5 Income tax payable 5 7 Notes payable 20 0 Bonds…