Reconciliation of net income to net cash provided by operations:Net incomeDepreciation and amortizationDeferred income taxes.Changes in assets and liabilities, net of acquisitions:Decrease (increase) in receivablesDecrease (increase) in inventoriesIncrease (decrease) in prepaid expensesIncrease (decrease) in controlled disbursementsIncrease (decrease) in accounts payableIncrease (decrease) in accrued expensesOther, netCash provided by operations2021Net purchases$1,689,2333,445,504199,000(2,837,353)(349,508)355,648367,3941,708,676(13,985)$4,564,6092020$ 2,220,0873,465,087338,7664,060, 6686,035,490(88,350)77,718(8,104,148)411,6161,909$ 8,418,843Required:Kinney reported cost of goods sold of $167,514,150 in its fiscal 2021 income statement. Compute Kinney's net inventory purchasesduring the year. TB Problem 21-151 (Algo)In its 2021 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows:For the years ended December 31,Cash flow from operating activities:Cash received from customersCash paid to suppliers and employeesInterest paid, netIncome taxes paidCash provided by operations.Cash flow from investing activities:Capital expenditures and acquisitionsExpenditures for other assetsCash used in investing activitiesCash flow from financing activities:Principal payments of long-term debt and lease agreementsAddition to long-term debt and lease liabilityPurchase of common stock and other capital transactionsPayment of dividendsCash provided by (used in) financing activitiesNet increase (decrease) in cashCash at beginning of yearCash at end of year2021$ 198,652,040(191,876,791)(1,863,990)(346,650)4,564,609$(3,303,579)(37,560)(3,341,139)(1,762,485)3,068,378(1,545,906)(795,558)(1,035,571)187,899180, 115368,0142020$ 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, 101180, 115

When inventory is sold, the cost of inventory is realized and a part of profit is also earned. This…

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.

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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