The following summary transactions occurred during the year for a company. Cash received from: Collections from customers $396,000 Interest on notes receivable 14,000 Collection of notes receivable 62,500 Sale of investments 35,900 Issuance of notes payable 116,000 Cash paid for: Purchase of inventory 176,000 Interest on notes payable 13,000 Purchase of equipment 101,000 Salaries to employees 106,000 Payment of notes payable 33,000 Dividends to shareholders 1,000 Required: Calculate net cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.)
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- The companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the yearThe following summary transactions occurred during the year for Daisy. Cash received from: Collections from customers $386,000 Interest on notes receivable 9,000 Collection of notes receivable 56, 000 Sale of investments 33,000 Issuance of notes payable 106,000 Cash paid for: Purchase of inventory 166, 000 Interest on notes payable 8,000 Purchase of equipment 91,000 Salaries to employees 96,000 Payment of notes payable 28,000 Dividends to shareholders 1,000 Required: Calculate net cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.)The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from:Collections from customers $380,000Interest on notes receivable 6,000Collection of notes receivable 50,000Sale of investments 30,000Issuance of notes payable 100,000Cash Paid for:Purchase of inventory 160,000Interest on notes payable 5,000Purchase of equipment 85,000Salaries to employees 90,000Payment of notes payable 25,000Dividends to shareholders…
- The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers $ 480,000 Interest on notes receivable 11,000 Collection of notes receivable 53,000 Sale of investments 33,000 Issuance of notes payable 170,000 Cash Paid for: Purchase of inventory 230,000 Interest on notes payable 7,000 Purchase of equipment 87,000 Salaries to employees 92,000 Payment of notes payable 39,000 Dividends to shareholders 34,000 The balance of cash and cash equivalents at the beginning of 2021 was $25,000. Required:Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities. (Amounts to be deducted should be indicated with a minus sign.)The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers $ 390,000 Interest on notes receivable 8,500 Collection of notes receivable 44,000 Sale of investments 24,000 Issuance of notes payable 125,000 Cash Paid for: Purchase of inventory 185,000 Interest on notes payable 7,500 Purchase of equipment 70,000 Salaries to employees 75,000 Payment of notes payable 30,000 Dividends to shareholders 25,000 The balance of cash and cash equivalents at the beginning of 2021 was $16,000. Required:Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities.The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
- The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates bad debts at an amount equal to 2% of credit sales, calculate (1) bad debt expense for the year and (2) the year-end balance in the allowance for uncollectible accounts.The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable $460,000 10,e00 51,000 31,000 160,000 Sale of investments Issuance of notes payable- Cash Paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders 220,000 6,000 85,000 90,000 37,000 32,000 The balance of cash and cash equivalents at the beginning of 2021 was $23,000. Required: Prepare the statement of cash flows assuming that Bluebonnet prepares its financial statements according to International Financial Reporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements, (Amounts to be deducted should be indicated with a minus sign.)
- The following balances have been excerpted from Chlorine's Statement of Financial Position for the year: Accounts receivable, increase 1,480,000 Accounts payable, decrease 600,000 Accounts written-off 240,000 Cash payment to trade creditors 4,800,000 Cash purchases 1,000,000 Cash received from customers including recoveries 6,000,000 Cash sales 1,200,000 Notes payable - bank, increase 1,200,000 Notes payable-trade, increase 800,000 Notes receivable, decrease 800,000 Purchase discounts 140,000 Purchase returns (P120,000 was refunded from the supplier) 320,000 Recovery of accounts written-off 72,000 Sales discounts 80,000 Sales return (P200,000 was refunded to the customer) 320,000 1. What are correct gross purchases on account? 2. What are the gross purchases? 3. What are the net purchases?The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?The following balances have been excerpted from Chlorine's Statement of Financial Position for the year: Accounts receivable, increase 1,480,000 Accounts payable, decrease 600,000 Accounts written-off 240,000 Cash payment to trade creditors 4,800,000 Cash purchases 1,000,000 Cash received from customers including recoveries 6,000,000 Cash sales 1,200,000 Notes payable - bank, increase 1,200,000 Notes payable-trade, increase 800,000 Notes receivable, decrease 800,000 Purchase discounts 140,000 Purchase returns (P120,000 was refunded from the supplier) 320,000 Recovery of accounts written-off 72,000 Sales discounts 80,000 Sales return (P200,000 was refunded to the customer) 320,000 1. What are correct gross purchases on account? a. 5,460,000 b. 5,340,000 c. 4,260,000 d. 4,140,000 2. What are the gross purchases? a. 5,140,000 b. 5,260,000 c. 5,752,000 d. 6,340,000 3. What are the net purchases? a. 5,880,000 b. 5,292,000 c. 5,000,000 d. 4,900,000