in assets and liabilities, net of acquisitions: ease (increase) in receivables ease (increase) in inventories ease (decrease) in prepaid expenses ease (decrease) in controlled disbursements ease (decrease) in accounts payable ease (decrease) in accrued expenses ", net provided by operations 1: ported cost of goods sold of $167,514,150 in its fiscal 2021 income statem e year.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Reconciliation of net income to net cash provided by operations:
Net income
Depreciation and amortization
Deferred income taxes.
Changes in assets and liabilities, net of acquisitions:
Decrease (increase) in receivables
Decrease (increase) in inventories
Increase (decrease) in prepaid expenses
Increase (decrease) in controlled disbursements
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Other, net
Cash provided by operations
2021
Net purchases
$1,689,233
3,445,504
199,000
(2,837,353)
(349,508)
355,648
367,394
1,708,676
(13,985)
$4,564,609
2020
$ 2,220,087
3,465,087
338,766
4,060, 668
6,035,490
(88,350)
77,718
(8,104,148)
411,616
1,909
$ 8,418,843
Required:
Kinney reported cost of goods sold of $167,514,150 in its fiscal 2021 income statement. Compute Kinney's net inventory purchases
during the year.
Transcribed Image Text:Reconciliation of net income to net cash provided by operations: Net income Depreciation and amortization Deferred income taxes. Changes in assets and liabilities, net of acquisitions: Decrease (increase) in receivables Decrease (increase) in inventories Increase (decrease) in prepaid expenses Increase (decrease) in controlled disbursements Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Other, net Cash provided by operations 2021 Net purchases $1,689,233 3,445,504 199,000 (2,837,353) (349,508) 355,648 367,394 1,708,676 (13,985) $4,564,609 2020 $ 2,220,087 3,465,087 338,766 4,060, 668 6,035,490 (88,350) 77,718 (8,104,148) 411,616 1,909 $ 8,418,843 Required: Kinney reported cost of goods sold of $167,514,150 in its fiscal 2021 income statement. Compute Kinney's net inventory purchases during the year.
TB Problem 21-151 (Algo)
In its 2021 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows:
For the years ended December 31,
Cash flow from operating activities:
Cash received from customers
Cash paid to suppliers and employees
Interest paid, net
Income taxes paid
Cash provided by operations.
Cash flow from investing activities:
Capital expenditures and acquisitions
Expenditures for other assets
Cash used in investing activities
Cash flow from financing activities:
Principal payments of long-term debt and lease agreements
Addition to long-term debt and lease liability
Purchase of common stock and other capital transactions
Payment of dividends
Cash provided by (used in) financing activities
Net increase (decrease) in cash
Cash at beginning of year
Cash at end of year
2021
$ 198,652,040
(191,876,791)
(1,863,990)
(346,650)
4,564,609
$
(3,303,579)
(37,560)
(3,341,139)
(1,762,485)
3,068,378
(1,545,906)
(795,558)
(1,035,571)
187,899
180, 115
368,014
2020
$ 212,373,952
(201,074,336)
(2,398,523)
(482,250)
8,418,843
$
(1,967,382)
(131,420)
(2,098,802)
(5,842,675)
1,374,847
(878,231)
(991,968)
(6,338,027)
(17,986)
198, 101
180, 115
Transcribed Image Text:TB Problem 21-151 (Algo) In its 2021 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows: For the years ended December 31, Cash flow from operating activities: Cash received from customers Cash paid to suppliers and employees Interest paid, net Income taxes paid Cash provided by operations. Cash flow from investing activities: Capital expenditures and acquisitions Expenditures for other assets Cash used in investing activities Cash flow from financing activities: Principal payments of long-term debt and lease agreements Addition to long-term debt and lease liability Purchase of common stock and other capital transactions Payment of dividends Cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of year Cash at end of year 2021 $ 198,652,040 (191,876,791) (1,863,990) (346,650) 4,564,609 $ (3,303,579) (37,560) (3,341,139) (1,762,485) 3,068,378 (1,545,906) (795,558) (1,035,571) 187,899 180, 115 368,014 2020 $ 212,373,952 (201,074,336) (2,398,523) (482,250) 8,418,843 $ (1,967,382) (131,420) (2,098,802) (5,842,675) 1,374,847 (878,231) (991,968) (6,338,027) (17,986) 198, 101 180, 115
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