Exercise 21-25 (Algo) Cash flows from operating activities (direct method)–includes sale of cash equivalent [LO21-3] Portions of the financial statements for Clear Transmissions Company are provided below. CLEAR TRANSMISSIONS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales $2,220 Cost of goods sold Gross margin Salaries expense 888 1,332 $400 Depreciation expense Amortization expense 255 40 Interest expense 100 Loss on sale of cash equivalents 21 816 Income before taxes 516 Income tax expense 258 Net Income $ 258

A company uses a spreadsheet to prepare its statement of cash flows. Indicate whether each of the followingitems would be recorded in the Debit column or Credit column of the spreadsheet’s statement of cashflows section. Net income

The following are excerpts from Hamburg Company’s statement of cash flows and other financial records. From Statement of Cash Flows:   Cash flows from operating activities $282,530 Cash flows from investing activities -12,482 Cash flows from financing activities -21,014     From other records:   Capital expenditure costs 23,097 Cash dividend payments 9,222 Sales revenue 478,493 Total assets 350,091 Compute cash flows to assets ratio.

Determining Cash Flows from (Used for) Operating Activities Yeoman Inc. reported the following data: Net income Depreciation expense Loss on disposal of equipment Increase in accounts receivable Increase in accounts payable 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. Yeoman Inc. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: $481,600 75,800 31,800 12,600 12,800 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

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…

Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Foundational 15-11 (Algo) Net cash Ending Balance $ 85,600 69,500 93,300 248,400 249,000 83,000 166,000 $ 414,400 used in $ 54,400 42,300 102,000 119,000 96,700 $ 414,400 During the year, Ravenna paid a $10,200 cash dividend and it sold a piece of equipment for $5,100 that had originally cost $11,400 and had accumulated depreciation of $7,600. The company did not retire any bonds or repurchase any of its own common stock during the year. operating activities Beginning Balance $ 102,500 74,800 85,000 262,300 238,000…

Please complete the statement of cashflows as required below:   A comparative balance sheet and an income statement for Burgess Company are given below:   Burgess CompanyComparative Balance Sheet(dollars in millions)   Ending Balance Beginning Balance Assets     Current assets:     Cash and cash equivalents $ 44 $ 91 Accounts receivable 690 633 Inventory 675 630 Total current assets 1,409 1,354 Property, plant, and equipment 1,555 1,529 Less accumulated depreciation 800 666 Net property,plant, and equipment 755 863 Total assets $ 2,164 $ 2,217 Liabilities and Stockholders' Equity     Current liabilities:     Accounts payable $ 270 $ 165 Accrued liabilities 185 165 Income taxes payable 87 77 Total current liabilities 542 407 Bonds payable 440 650 Total liabilities 982 1,057 Stockholders' equity:     Common stock 170 170 Retained earnings 1,012 990 Total stockholders' equity 1,182 1,160 Total liabilities and stockholders' equity $…

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Using the direct method of preparing the statement of cash flows, to determine the cash effects of operating activities, which of the following needs to be adjusted?   a. Equity as reported in the balance sheet b. Long-term assets and liabilities from the balance sheet c. Net income d. Reported revenues and expenses