Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign.   The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales   $ 2,189,000 Cost of goods sold   1,072,610 Gross profit   1,116,390 Operating expenses     Salaries expense $ 299,893   Depreciation expense 52,536   Rent expense 59,103   Amortization expenses—Patents 6,567   Utilities expense 24,079 442,178     674,212 Gain on sale of equipment   8,756 Net income   $ 682,968   Accounts receivable $ 46,450 increase Accounts payable $ 12,900 decrease Inventory 13,500 increase Salaries payable 5,150 decrease

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Ravenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:   Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…

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 $…

Prepare a complete statement of cash flows using the indirect method for the current year. Note: Amounts to be deducted should be indicated with a minus sign. Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, and (4) all debits to Accounts Payable reflect cash payments for inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales   $ 667,500 Cost of goods sold   302,000 Gross profit   365,500 Operating expenses (excluding depreciation) $ 149,400   Depreciation expense 37,750 187,150 Other gains (losses)     Loss on sale of equipment   (22,125) Income before taxes   156,225 Income taxes expense   48,050 Net income   $ 108,175   FORTEN COMPANY Comparative Balance Sheets December 31   Current Year…

Create a statement of cash flow for the current year using Wright Co's income statement and balance sheet. (Do not round intermediate calculations. Round your answer to 2 decimal places.)   Income Statement: Current Year Revenue 4,500.00 Cost of Goods Sold 2,250.00 Gross Margin 2,250.00 SG&A 580.00 EBITDA 1,670.00 Depreciation Expense 540.00 EBIT 1,130.00 Interest Expense 170.00 EBT 960 Taxes 336.00 Net Income 624.00 Dividends 410 Addition to Retained Earnings 214.00   Balance Sheet: Assets Prior Year Current Year Cash 800 ???? Accounts Receivables 400 425.00 Inventory 300 350.00 Total Current Assets 1,500 ???? Net Fixed Assets 5,000 5,300.00 Total Asset 6,500 ????   Liabilities and Equity Prior Year Current Year Accounts Payable 300 350.00 Notes Payable 1,000 900.00 Total Current Liabilities 1,300 1,250.00 Long-Term Debt 2,000 2,500.00 Total Liabilities 3,300 ???? Common Stock and Paid-in Capital 2,200 2,200…

Determining Selected Amounts for Cash Flows from Operating Activities-Direct Method Selected data taken from the accounting records of Ginis Inc. for the current year ended December 31 are as follows: Balance, December 31 Balance, January 1 Accrued expenses payable (operating expenses) $6,360 $6,950 Accounts payable (merchandise creditors) 38,680 42,690 Inventories 72,600 78,910 During the current year, the cost of merchandise sold was $420,000, and the operating expenses other than depreciation were $85,000. The direct method is used for presenting the cash flows from operating activities on the statement of cash flows. a. Determine the amount reported on the statement of cash flows for cash payments for merchandise. b. Determine the amount reported on the statement of cash flows for cash payments for operating expenses. %24

Required: Using the direct method, compute the net cash flows from operations for Liu Company for 2018.

ences Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income $ 160,000 Accounts receivable increase Inventory decrease Salaries payable increase 100,000 24,000 12,000 $ 24,000 Selected Year-End Balance Sheet Data Required: Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 10,000 16,000 1,000

Statement of Cash Flows (Indirect Method)The Wolff Company's income statement and comparative balance sheets at December 31 of the current year and the previous year are shown below: WOLFF COMPANYIncome StatementFor the Year Ended December 31 Sales Revenue   $825,500 Cost of Goods Sold $559,000   Wages Expense 111,800   Insurance Expense 10,400   Depreciation Expense 22,100   Interest Expense 11,700   Income Tax Expense 37,700 752,700 Net Income   $72,800   WOLFF COMPANYBalance Sheets   Dec. 31, Current Year Dec. 31, Previous Year Assets     Cash $14,300 $6,500 Accounts Receivable 53,300 41,600 Inventory 117,000 78,000 Prepaid Insurance 6,500 9,100 Plant Assets 325,000 253,500 Accumulated Depreciation (88,400) (66,300) Total Assets $427,700 $322,400 Liabilities and Stockholders' Equity     Accounts Payable $9,100 $13,000 Wages Payable 11,700 7,800 Income Tax Payable 9,100 10,400 Bonds Payable 169,000 97,500 Common Stock…