The income statement for Electronic Wonders reports net sales of $91,748 million and cost of goods sold of $69,268 million. An examination of balance sheet amounts indicates accounts receivable increased $1,732 million, inventory increased $882 million, and accounts payable to suppliers decreased $1,966 million. Required: Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers. (Enter your answers in millions (l.e., $10,100,000 should be entered as 10.1).) Net sales Cash received from customers Cost of goods sold Purchases Cash paid to suppliers
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- The income statement for Electronic Wonders reports net sales of $91,758 million and cost of goods sold of $69,278 million. An examination of balance sheet amounts indicates accounts receivable increased $1,733 million, inventory increased $883 million, and accounts payable to suppliers decreased $1,967 million.Required:Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers.The income statement for Angelonia reports net sales of $91,558 million and cost of goods sold of $69,078 million. An examination of balance sheet amounts indicates accounts receivable increased $1,713 million, inventory increased $863 million, and accounts payable to suppliers decreased $1,947 million. Required: Using the direct method, calculate (1) cash received from customers and (2) cash paid to suppliers. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., $10,110,000 should be entered as 10.11).) Net sales Cash Received from Customers: Cash received from customers Purchases Cash Paid to Suppliers: Cost of goods sold Cash paid to suppliersSuppose your company sells goods for $300, of which $200 is received in cash and $100 is onaccount. The goods cost your company $125 and were paid for in a previous period. Your companyalso recorded salaries and wages of $70, of which only $30 has been paid in cash.Required:1. Show the journal entries to record these transactions.2. Calculate the amount that should be reported as net cash flow from operating activities.3. Calculate the amount that should be reported as net income.4. Show how the indirect method would convert net income (requirement 3) to net cash flowfrom operating activities (requirement 2).5. What general rule about converting net income to operating cash flows is revealed by youranswer to requirement 4?
- An analyst gathers the following data for a firm: Sales: $1, 850 Cost of Goods Sold: $501 Inventory: $124 Accounts Receivables: $188 Accounts Payables: $153 Based on this information, calculate the firm's Operating Cash Conversion Cycle.Metlock, Inc. had an increase in inventory of $108000. The cost of goods sold was $504000. There was a $27000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Metlock's cash payments to suppliers?Sales for the year were $551,730. Accounts receivable were $107,769 and $86,221 at the beginning and end of the year. Determine the cash received from customers to be reported on the cash flow statement using the direct method. Select the correct answer. a-$573,278 b-$594,826 c-$659,499 d-$551,730
- Zoogle has the following selected data ($ in millions):Net sales $24,651Net income 6,620Operating cash flows 9,326Total assets, beginning 41,768Total assets, ending 50,497Required:1. Calculate the return on assets.2. Calculate the cash return on assets.3. Calculate the cash flow to sales ratio and the asset turnover ratio.Need to compute cash flows from operating activities for each case using the direct method. I need to solve for cash collected from customers, cash payments to suppliers, cash payments for salaries and wages, and net cash provided by operating activities. Here are the numbers for these cases: Case A Case B Case C Sales revenue $74,000 64,000 $105,000 Cost of goods sold 39,500 30,500 70,300 Depreciation expense 10,900 2,900 26,900 Salaries and wages expense 5,900 13,900 8,900 Net income (loss) 17,700 16,700 (1,100 Accounts receivable increase (decrease) (1,000 4,900 3,900 Inventory increase (decrease) 2,900 0 (3,900 Accounts payable increase (decrease) 0 3,400 (1,000 Salaries and wages payable increase (decrease) 1,950 (2,900 1,000Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account. The goods cost your company $155 and were paid for in a previous period. Your company also recorded salaries and wages of $145, of which only $45 has been paid in cash. How would i answer the following questions?? Calculate the amount that should be reported as net cash flow from operating activities. Calculate the amount that should be reported as net income. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).
- The following selected account balances appeared on the financial statements of the Washington Company. Use these balances to answer the questions that follow. Accounts Receivable, Jan. 1 Accounts Receivable, Dec. 31 Accounts Payable, Jan. 1 Accounts Payable, Dec. 31 Inventory, Jan. 1 Inventory, Dec. 31 15,279 Sales 66,715 Cost of Goods Sold 36,365 The Washington Company uses the direct method to calculate net cash flow from operating activities. Assume that all accounts payable are owed to merchandise suppliers. $13,081 Oa. $73,715 Ob. $70,015 Oc. $66,715 Od. $59,715 6,081 5,652 9,352 7,633Capstone Turbine Corporation produces and sells turbine generators for such applications as charging electric, hybrid vehicles. Capstone Turbine reported the following financial data for a recent year (in thousands): Net cash flows from operating activities $(23,018) Cash and cash equivalents 32,221 a. Determine the monthly cash expenses. Round to one decimal place.b. Determine the ratio of cash to monthly cash expenses. Round to one decimal place.c. Based on your analysis, do you believe that Capstone Turbine will remainin business?Kingbird Import Company had credit sales of $1824000. The beginning accounts receivable balance was $188000 and the ending accounts receivable balance was $319000. Using the direct method of reporting cash flows from operating activities, what were the cash collections from customers during the period? $2069000. $1824000. $2012000. O $1693000. OO