FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Use the following information from Dubuque Company's financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018: 2018 Income Statement Balance Sheets Sales Cost of Goods Sold Operating Expenses, other than depreciation expense Depreciation Expense Gain on Sale of Plant Assets $ 299,000 (135,000) (27,000) (17,000) 16,500 136,500 Net Income Dec. 31, 2018 $45,300 1,600 22,500 900 Accounts Receivable Inventory Accounts Payable Accrued Liabilities Accounts Receivable Inventory Accounts Payable Accrued Liabilities Dec. 31, 2017 $43,400 1,800 21,250 1,150 PLEASE NOTE: Use the account and term names exactly, as shown above and the accounts will be listed in the same order as shown in the textbook examples. All dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345) and decreases will be shown with parentheses - $(12,345).arrow_forwardFitz 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 1,900arrow_forwardStaley Inc. reported the following data: Net income $338,400 Depreciation expense 66,700 Loss on disposal of equipment 31,900 Increase in accounts receivable 25,200 Increase in accounts payable 10,100 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. what is the answer to this?arrow_forward
- Suppose Canwest Global Communications Corp. reported net cash used by operating activities of $127,537,580 and sales revenue of $3,498,299,980 during 2022. Cash spent on plant asset additions during the year was $96,782,600. Calculate free cash flow. (Show a negative free cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) Free cash flow $arrow_forwardPrepare the Cash Flow Statement for Dell Technologies Inc. for January 29th 2021 using the Direct Method. DELL TECHNOLOGIES INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) 29TH JANUARY 2021 (in millions) Net Revenue 94,224 Cost of Net Revenue (64,807) Gross Margin 29,417 Operating Expenses: Selling, General & Admin 18,998 Depreciation Expense 5,275 Total Operating Expenses (24,273) Operating Profit 5,144 Interest Expense (1,474) Pretax Income 3,670 Income Tax Expense (165) Net Profit 3,505 DELL TECHNOLOGIES INC. CONSOLIDATED STATEMENTS OF FINANCIAL…arrow_forwardvint.pohaarrow_forward
- of Take me to the text Squash Incorporated had net income for 2023 of $382,000. Included on the income statement was a loss on sale of equipment of $4,900, a gain on sale of investments of $16,300, depreciation of $7,300, loss on retirement of debt of $10,600, and interest of $3,200. Calculate the net cash provided (used) by operating activities using the indirect method Assume that the balances of current assets (except cash) and current liabilities remain the same as last year. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Net cash provided (used) by operating activities $-385400 Check *arrow_forwardRefer to information for Stewart Company in E21-11. Based only on the information presented and using the direct method, prepare the cash flows from operating activities section of the 2019 statement of cash flows for Stewart using the spreadsheet method.arrow_forwardSuppose Canwest Global Communications Corp. reported net cash used by operating activities of $107,675,170 and sales revenue of $2,953,482,770 during 2022. Cash spent on plant asset additions during the year was $81,709,900. Calculate free cash flow. (Show a negative free cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free cash flow $ 25,965,270 %24arrow_forward
- Prepare the company's statement of cash flows indirect method for the year ended December 31, 2024. Assume investments are purchased with cash. (Use a minus sign or parentheses for amounts that result in a decrease in cash. It a box is not used in the statement leave the box empty; do not select a label or enter a zero.) More info Superior calculated the following amounts for 2024: • Acquisition value of plant assets, $89,000. • Payment of dividends, $102,000. • Payment of long-term notes payable, $3,000. • Cash receipt from issuance of common stock. $15.000. Superior Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $43 500. No cash was received upon disposalarrow_forwardPlease helparrow_forwardNeed Help.arrow_forward
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