The accounting records of MVD Sales, Inc. include the following accounts: (Click the icon to view the accounts.) Compute MVD's net cash provided by (used for) operating activities during July 2016. Use the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and to show net cash used for operating activities. If a box is not used in the table leave the box empty; do not select a label or enter a zero.) MVD Sales, Inc. Statement of Cash Flows (Partial) For the Month Ended July 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Account Cash Accounts Receivable Merchandise Inventory Accounts Payable Beginning Balance $ 5,500 19,000 17,000 13,000 Accumulated Depreciation- Equipment 50,000 Jul. 1 3,000 Depr. Exp. 53,000 Jul. 31 Ending Balance $ 3,500 15,500 21,000 17,500 Retained Earnings Dividends 20,000 65,000 Jul. 1 64,000 Net Inc. 109,000 Jul. 31

The accounting records of MVD Sales, Inc. include the following accounts: (Click the icon to view the accounts.) Compute MVD's net cash provided by (used for) operating activities during July 2016. Use the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and to show net cash used for operating activities. If a box is not used in the table leave the box empty; do not select a label or enter a zero.) MVD Sales, Inc. Statement of Cash Flows (Partial) For the Month Ended July 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Account Cash Accounts Receivable Merchandise Inventory Accounts Payable Beginning Balance $ 5,500 19,000 17,000 13,000 Accumulated Depreciation- Equipment 50,000 Jul. 1 3,000 Depr. Exp. 53,000 Jul. 31 Ending Balance $ 3,500 15,500 21,000 17,500 Retained Earnings Dividends 20,000 65,000 Jul. 1 64,000 Net Inc. 109,000 Jul. 31

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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The controller for Sunland Co. is attempting to determine the amount of cash to be reported on its December 31, 2017, balance sheet. The following information is provided. 1. Sunland received a post-dated check from a customer. The check is dated January 1, 2018, in the amount of $48,000. The company has a certificate of deposit of $126,000. The CD matures 120 days after its November 1, 2017 date of 2. origination. Sunland Co. holds a commercial savings account of $426,000 and a commercial checking account balance of $1,200,000 at First National Bank of Alexander. In addition, a bank overdraft of $70,000 existed at year-end in a separate account 3. that the company uses to deposit cash receipts at First National Bank of Alexander. A separate cash fund in the amount of $1,475,000 is set aside for the expansion of the company's New Jersey factory. On December 21, 2017, Sunland Co. purchased $710,000 of commercial paper from Voight, Inc. The commercial paper 5. matures January 14, 2018.…
From the following particulars ascertain the balance that would appear in the Cash Book Alvi & Co., as on 30th June, 2015 before and after making the necessary adjustments: (1) Overdraft as per Pass Book as on 30th June, 2015 540 (2) Cheques drawn but not presented upto 30th June, 2015 (3) Cheques paid into bank but not cleared upto 30th June, 2015 (4) Interest on overdraft as per Pass Book, not entered in the Cash Book (5) Insurance premium paid by the bank not entered in the Cash Book (6) Interest on investments collected by the bank appeared in the Pass Book (7) In June Alvi and Co. Has discounted with the bank a bill for $ 500 and had entered this amount in 2,800 3,900 20 400 500 the Cash Book but the proceeds credited in the Pass Book amounted to 490.
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View previous at Required information Assume a company prepares the statement of cash flows using the indirect method. The company purchases its Inventory on credit from suppliers. How should a decrease in accounts payable be reflected In the section that reconciles net income to cash flow from operating activitles? Multiple Choice It would be added if the section starts with net income and subtracted if it starts with a net loss It would be added in reconciling net income to cash flow from operafing activities It would be subtracted in reconciling net income to cash flow from operating activities A change in accounts payable does not affect the reconciliation of net income to cash flow from operating activities < Prev 15 of 15 Next Form 1040Sch...pdf 6 Form1040 Sch...pdf B1040 Sohedul...pdf Form8829 (1).pdf MacBook Air
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Use the followIng Income statement and balare cheet Informatlon to put togethe er a statement of cash nows. (Eoter oegatve amouNTtS Lsng eibhera negaative slyn pENERINTD ChEe 7.017 Sales $1,237,000 Statement ot Cash Flows 2017 Cost of goods sold $684,000 Gross proft $553,000 Gen'1& admin expense $156,000 Selling & mkt expense $135,000 Depreclation $24,000 Operating Income $238,000 Interest $141,000 Income before taxes $97,000 Income taxes (27%) $26,190 Net Income 570,810 Dividends pald $25,000 Assets 2017 2016 Cash $14,590 Accounts recelvable $124,000 $113,000 Inventory $201,000 $218,000 Total current assets $345.590 Gross plant and equipmnent $700,000 $475.000 Less: accum. depreciation $313,000 $289,000 Net plant and equipment $387,000 $185.000 Total assets 5735,000 $531,590 Lablitles Accounts payable $118,000 $105,000 Notes payable $26,000 $26,000 Total current llablitles 5144,000 $131.000 Long-term debt $248,000 5154,000 Total llabilitles $392,000 3285,000 Common stock ($0.01 par)…
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X Co. reported an ending cash balance of P35,000. An examination of the Cash T-account revealed debits of P60,000 and credits of P45,000 during the period. The company's beginning (normal) cash balance was:
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