Electronic Wonders reports net Income of $96,200. The accounting records reveal Depreciation Expense of $50,500 as well as Increases in Prepaid Rent, Accounts Payable, and Income Tax Payable of $39,400, $24,200, and $20,100, respectively. Prepare the operating activities section of Electronic Wonders' statement of cash flows using the Indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) ELECTRONIC WONDERS Statement of Cash Flows (partial) Cash Flows from Operating Activities Adjustments for noncash effects: Changes in current assets and current liabilities: Net cash flows from operating activities

Electronic Wonders reports net Income of $96,200. The accounting records reveal Depreciation Expense of $50,500 as well as Increases in Prepaid Rent, Accounts Payable, and Income Tax Payable of $39,400, $24,200, and $20,100, respectively. Prepare the operating activities section of Electronic Wonders' statement of cash flows using the Indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) ELECTRONIC WONDERS Statement of Cash Flows (partial) Cash Flows from Operating Activities Adjustments for noncash effects: Changes in current assets and current liabilities: Net cash flows from operating activities

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1ANFS

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Nanning Company reports net income of $96,100. The accounting records reveal Depreciation Expense of $51,200 as well as increases in Prepaid Rent, Accounts Payable, and Income Tax Payable of $38,800, $23,400, and $21,600, respectively. Required: Prepare the operating activities section of Electronic Wonders' statement of cash flows using the indirect method. (Amounts to be deducted and negative values should be indicated by a minus sign.) NANNING COMPANY Statement of Cash Flows (partial) Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in current assets and current liabilities: Net cash flows from operating activities
Demers Inc. reported the following data: Net income $409,500 Depreciation expense 46,460 Gain on disposal of equipment 37,860 Decrease in accounts receivable 25,340 Decrease in accounts payable 5,930 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.
Electronic Wonders reports net income of $96,400. The accounting records reveal Depreciation Expense of $51,200 as well as increases in Prepaid Rent, Accounts Payable, and Income Tax Payable of $39,800, $24,100, and $21,200, respectively. Prepare the operating activities section of Electronic Wonders' statement of cash flows using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) ELECTRONIC WONDERS Statement of Cash Flows (partial) Cash Flows from Operating Activities Adjustments for noncash effects: Changes in current assets and current liabilities: Net cash flows from operating activities
Electronic Wonders reports net income of $96,300. The accounting records reveal Depreciation Expense of $50,800 as well as increases in Prepaid Rent, Accounts Payable, and Income Tax Payable of $38,600, $23,700, and $21,800, respectively. Prepare the operating activities section of Electronic Wonders' statement of cash flows using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) ELECTRONIC WONDERS Statement of Cash Flows (partial) Cash Flows from Operating Activities Net income 2$ 96,300 Adjustments for noncash effects: Changes in current assets and current liabilities: Depreciation expense Increase in prepaid rent Increase in accounts payable Increase in income tax payable Net cash flows from operating activities 2$ 96,300
Staley Inc. reported the following data: Line Item Description Amount Net income $449,900 Depreciation expense 55,600 Loss on disposal of equipment 32,900 Increase in accounts receivable 20,800 Increase in accounts payable 10,500 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 out flows, cash payments, decreases in cash, or any negative adjustments. blankStaley Inc.Statement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operating activities: $Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Loss on disposal of equipment Changes in current operating assets and liabilities: Increase in accounts receivable Increase in accounts payable Net cash flows from operating activities $Net cash…
Macrosoft Company reports net income of $62,000. The accounting records reveal depreciation expense of $77,000 as well as increases in prepaid rent, accounts payable, and income tax payable of $57,000, $10,000, and $16,500, respectively. Prepare the operating activities section of Macrosoft's statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities MACROSOFT COMPANY Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities
Exercise 15-2 (Algo) Net Cash Provided by Operating Activities [LO15-2] For the year just completed, Hanna Company had net income of $81,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 Beginning of Year End of Year $ 60,000 $ 162,000 $ 448,000 $ 11,000 $368,000 $ 7,500 $ 35,000 $ 78,000 $ 186,000 $ 346,000 $ 14,000 $ 390,000 $ 12,000 $ 25,000 The Accumulated Depreciation account had total credits of $44,000 during the year. Hanna Company did not record any gains or losses during the year.
Kennedy, Inc., reported the following data: Net income $122,135 Depreciation expense 12,690 Loss on disposal of equipment (8,856) Gain on sale of building 18,988 Increase in accounts receivable 8,409 Decrease in accounts payable (2,837) Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc.Statement of Cash Flows Cash flows from (used for) operating activities: $- Select - Adjustments to reconcile net income to net cash flows from (used for) operating activities: - Select - - Select - - Select - Changes in current operating assets and liabilities: - Select - - Select -
Compute cash flows from operating activities for Carls Company under the indirect reporting format. Carls Company provided you with the following information for the current year. Accounts Payable relate to Selling, General and Administrative ExpensesCompute net cash flow from operating activities under the indirect reporting format. (Use a minus sign or parentheses for any cash outflows and/or net cash used by operating activities. If an input field is not used in the statement, leave the input field empty; do not select a label or enter a zero.) Carls Company Statement of Net Income For the Year Ended December 31, 2023 Sales $346,000 Depreciation Expense (39,000) Selling, General, and Administrative Expenses (122,000) Gain on Sale of Equipment 6,900 Other Expenses (7,500) Income before Taxes 184,400 Tax Expense (59,600) Net Income $124,800
Compute KLT's net cash provided by operating activities-indirect method. Complete the partial Statement of Cash Flows. (Use a minus sign or parentheses for amounts that result in a decrease in cash.) KLT Equipment, Inc. Statement of Cash Flows (Partial) Year Ended December 31, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Net Cash Provided by (Used for) Operating Activities
Kennedy, Inc., reported the following data: $134,297 Net income Depreciation expense 14,195 Loss on disposal of equipment (10,514) Gain on sale of building 20,604 Increase in accounts receivable 7,029 (860') Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a Decrease in accounts payable decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flows 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: Previous earch 3:28 PM 53°F Sunny (p岁 12/14/2021 a. prt sc delete pause shift home
Sanders, Inc. reported net income of S205. Beginning and ending balances of accounts receivable were S40 and S45, respectively. Accounts payable balances at the beginning and ending ofthe year were S35 and S33, respectively. Assuming all relevant information has been presented, Sanders should report net operating cash flows of: