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 repurchase any of its own common stock during the year. If the company debited Accounts Receivable and credited Sales for $1,050,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year?

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

Use the indirect method to determine Anka Company’s net cash provided or used for operating activities using the below information: Net income $15,200 Depreciation expense 10,000 Cash payment on long-term note payable 8,000 Gain on sale of equipment 3,000 Increase in inventory 1,500 Increase in accounts payable 2,850 Group of answer choices $15,550 $42,400 ($4,450) $23,550

Fitz Company reports the following information. Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Cash flows from operating activities Selected Year-End Balance Sheet Data $373,000 Accounts receivable decrease 45,600 Inventory decrease 7,900 Prepaid expenses increase 6,400 Accounts payable decrease Salaries payable increase Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Changes in current operating assets and liabilities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 95,500 46,000 5,900 9,500 1,900

The following information is available from the current period financial statements: Net income $116,986 Depreciation expense 23,264 Increase in accounts receivable 14,950 Decrease in accounts payable 15,020 The net cash flow from operating activities using the indirect method is

Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement for the current year was $154,700. Depreciation recorded on store equipment for the year amounted to $25,500. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Inventories Prepaid expenses Accounts payable (merchandise creditors) Wages payable a. Prepare the "Cash flows from 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. Cash flows from operating activities: End of Year Beginning of Year $63,120 $58,070 45,260 42,910 61,790 65,330 6,940 5,520 59,140 54,930 32,320 35,890 Statement of Cash Flows (partial) Changes Adjustments to reconcile net income to net cash flow from operating activities: n current operating assets and liabilities: Net cash…

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…

Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current year was $106,800. Depreciation recorded on store equipment for the year amounted to $41,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Cash Accounts receivable (net) Inventories End of Year Beginning of Year $24,100 65,000 47,200 3,250 23,400 4,700 $19,700 54,000 52,000 Prepaid expenses 6,000 Accounts payable (merchandise creditors) 18,500 6,400 Wages payable a. 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. Statement of Cash Flows (partial) Line Item Description Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities:…

Demers Inc. reported the following data: Net income $409,500 Depreciation expense 46,460 Gain on disposal of equipment 37,860 Decrease in accounts receivable 25,340 Decrease in accounts payable 5,930   Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.

Cash Flows from Operating Activities—Indirect Method The net income reported on the income statement for the current year was $127,200. Depreciation recorded on store equipment for the year amounted to $21,000. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:   End of Year Beginning of Year Cash $50,630   $46,070   Accounts receivable (net) 36,300   34,050   Inventories 49,570   51,830   Prepaid expenses 5,570   4,380   Accounts payable (merchandise creditors) 47,440   43,580   Wages payable 25,920   28,470   a.  Prepare the Cash Flows from 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.     Statement of Cash Flows (partial) Cash flows from operating activities:     Net income  $fill in the blank ec5d5a033f89031_2   Adjustments to…