The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Current Year Prior Year $ 132,000 (88,700) Accumulated depreciation-Furniture The current-year income statement reports depreciation expense on furniture of $18,000. During the year, furniture costing $52,50 was sold for its book value on December 31, Current Year. Complete the general ledger accounts to calculate cash received from the sale of furniture. Beginning balance Ending balance. Beginning balance Ending balance Furniture 0 Accumulated Depreciation $184,500 (110,700) 0

The following information is from Ellerby Company's comparative balance sheets. At December 31 Furniture Current Year Prior Year $ 132,000 (88,700) Accumulated depreciation-Furniture The current-year income statement reports depreciation expense on furniture of $18,000. During the year, furniture costing $52,50 was sold for its book value on December 31, Current Year. Complete the general ledger accounts to calculate cash received from the sale of furniture. Beginning balance Ending balance. Beginning balance Ending balance Furniture 0 Accumulated Depreciation $184,500 (110,700) 0

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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 net income reported on the income statement for the current year was $122,100. Depreciation recorded on store equipment for the year amounted to $20,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: Endof Year Beginningof Year Cash $47,010 $42,780 Accounts receivable (net) 33,710 31,610 Merchandise inventory 46,020 48,130 Prepaid expenses 5,170 4,060 Accounts payable (merchandise creditors) 44,050 40,470 Wages payable 24,070 26,440 Question Content Area 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.
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The net income reported on the income statement for the current year was $128,000. Depreciation recorded on store equipment for the year amounted to $21,100. 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 $51,200 $47,100 Accounts receivable (net) 36,710 34,810 Merchandise inventory 50,120 52,990 Prepaid expenses 5,630 4,470 Accounts payable (merchandise creditors) 47,970 44,560 Wages payable 26,210 29,110 iv) Engage in a comprehensive process that uses the quantitative analysis of data as the basis for making judgments, drawing accurate conclusions from this work by providing an opinion of how well the company is doing financially.( for instance was there and net cash inflow or outflow).