FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- I need some assistance in Preparing the operating activities section of the statement of cash flows using the direct method. See attached images for the inputs. I have been getting "bounced" on the yellow sections for incorrect valuesarrow_forwardOn the indirect statement of cash flows, $500,000 relating to notes payable was subtracted from net income to get indirect cash flow from operations. This must mean that:arrow_forwardThe accounting records of Eastlake Industries provided the data below. Net income $ 298,000 Depreciation expense 21,000 Increase in inventory 1,900 Increase in accounts receivable 1,380 Decrease in interest payable 1,580 Amortization of bond premium 2,800 Increase in accounts payable 6,800 Cash dividends paid 18,000 Required:Prepare a reconciliation of net income to net cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign.)arrow_forward
- 125. accountigarrow_forwardThe following summary transactions occurred during the year for Petunia. Cash received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders $384,000 8,000 54,000 34,000 104,000 Required: Calculate net cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from financing activities: 164,000 7,000 89,000 94,000 27,000 1,000 PETUNIA COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Net cash flows from financing activitiesarrow_forwarduse the information in the income statement below to calculate operating cash flow (OCF). sales- $1,280 COGS- $620 Dep Exp- $180 EBIT- $480 Int Exp- $110 EBT- $370 Taxes- $78 NI- $292arrow_forward
- If a gain of $8,077 is realized in selling (for cash) office equipment having a book value of $59,041, the total amount reported in the investing activities section of the statement of cash flows is?arrow_forwardCompute 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 $124,800arrow_forwardDillin Inc. reported the following on the company’s statement of cash flows in 20Y2 and 20Y1: Line Item Description 20Y2 20Y1 Net cash flows from operating activities $435,300 $416,000 Net cash flows used for investing activities (429,000) (380,000) Net cash flows used for financing activities (43,000) (60,000) Of the net cash flows used for investing activities, 70% was used for the purchase of property, plant, and equipment. a. Determine Dillin’s free cash flow for both years. Line Item Description 20Y2 20Y1 Free cash flow fill in the blank 1 of 2$ fill in the blank 2 of 2$arrow_forward
- Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Shim's Year 2 and Year 1 year-end balance sheets. Account Title Year 2 Year 1 $31,297 1,496 249 Accounts receivable $37,556 Prepaid rent 1,309 Interest receivable Accounts payable Salaries payable 199 10,537 2,930 3,215 12,644 3,348 Unearned revenue 4,287 The income statement reported a $1,170 gain on the sale of equipment, an $750 loss on the sale of land, and $3,700 of depreciation expense. Net income for the period was $53,353. Required Prepare the operating activities section of the statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities: Plus: Less: Net cash flow from operating activitiesarrow_forwardPlease help mearrow_forwardE6-7. Statement of Cash Flows, Indirect Method. Tulsa Corporation provided you with the following informa- tion for the current year. Tulsa Corporation Statement of Net Income For the Current Year Ended Sales $45,700 Depreciation Expense (1,800) Selling, General, and Administrative Expenses (21,000) Loss on Sale of Equipment (3,000) Other Income 400 Income before Taxes 20,300 Таx Expense (6,090) Net Income $14,210 Changes in Balance Sheet Accounts Amount Decrease in Accounts Receivable $ 2,300 Increase in Accounts Payable 900 Increase in Income Taxes Payable 1,600 Compute the net cash flow from operating activities under the indirect reporting format.arrow_forward
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