The net income reported on the income statement for the current year was $361,300. Depreciation recorded on store equipment for the year amounted to $15,520. 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 $40,180 $40,070 Accounts receivable (net) 30,070 28,060 Merchandise inventory 40,390 45,420 Prepaid expenses 3,470 4,840 Accounts payable (merchandise creditors) 38,610 37,710 Wages payable 20,330 24,800   Required: A. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. B. Briefly explain why net cash flow from operating activities is different from net income.

The net income reported on the income statement for the current year was $134,400. Depreciation recorded on store equipment for the year amounted to $22,200. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End Beginning of Year of Year Cash $53,220 $48,430 Accounts receivable (net) 38,160 35,790 Merchandise inventory 52,100 54,480 Prepaid expenses 5,850 4,600 Accounts payable (merchandise creditors) 49,870 45,810 Wages payable 27,250 29,930 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. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Net cash flow from operating…

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.

ear amounted to $21,700. 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 $51,270   $47,170   Accounts receivable (net) 36,760   34,860   Merchandise inventory 50,190   53,070   Prepaid expenses 5,640   4,480   Accounts payable (merchandise creditors) 48,040   44,620   Wages payable 26,250   29,150   a.  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.   Statement of Cash Flows (partial)   Cash flows from operating activities:       $fill in the blank 7e3d0afa507ffb9_2   Adjustments to reconcile net income to net cash flow from operating activities:       fill in the blank 7e3d0afa507ffb9_4   Changes in current operating assets and liabilities:       fill in the blank…

The following selected information is for Sandhill Company for the year ended January 31, 2021: Freight in   $6,500   Purchase discounts   $12,000 Freight out   7,500   Purchase returns and allowances   16,500 Insurance expense   12,000   Rent expense   20,500 Interest expense   6,000   Salaries expense   60,800 Merchandise inventory, beginning   61,400   Salaries payable   2,500 Merchandise inventory, ending   42,000   Sales   324,000 O. G. Pogo, capital   105,000   Sales discounts   14,000 O. G. Pogo, drawings   42,000   Sales returns and allowances   20,400 Purchases   213,000   Unearned sales revenue   4,500 prepare closing entries

palace made sales of merchandise inventory of $10,000 in 20Y5. The cost of sales for the year was $1,200. Administrative expenses included depreciation on office equipment, $850; insurance expense, $690; and utilities at office, $750. Selling expenses included sales salaries, $2,200; advertising expense, $890; depreciation on store equipment, $1,200; and store rental expense, $3,570. The company also had interest revenue of $3,250. Prepare a multi-step income statement for the company’s fiscal year, which ends September 30.

The following items are taken from the financial tatements of the Freight Service for the year ending December 31, 2016: Accounts ayable 19,000 ccounts eceivable 3,000 ccumulated depreciation - quipment dvertising expense Cash 15,000 Owner's capital (1/1/16) 104,000 Owner's drawings 21,200 11,000 Depreciation expense nsurance expense 3,800 ote payable, due 6/30/17 72,000 Cent expense repaid insurance (12-month policy) 7,200 12,000 Service revenue Supplies Salaries and wages expense 32,000 quipment 16,000 135,000 Supplies expense 5,000 6,000 210,000 26,000 What are total current liabilities at December 31, 016? Gelect one: O a. $91,000 O b. $72,000 c. $19,000

Hot Pepper Company had the following information in its accounting records at year end:Inventory Cost $4,000,000It estimates the net realizable value of this inventory is $3,500,000. As a result of this information Hot Pepper Co. would: Make a journal entry debiting a loss on inventory decline for $500,000 Make a journal entry debiting the allowance for inventory valuation for $500,000 Make a journal entry crediting the allowance for inventory valuation for $500,000 Make a journal entry debiting a gain on market appreciation for $500,000 Make no entry

The following is the trial balance relates to the business of Sam a sole trader as at31 December 2021: Sam Trial Balance as at 31 December 2021 Land and Buildings Motor Vehicles Depreciation of motor vehicles Sales Sales return Capital Machinery Carriage inwards Depreciation of Machinery Purchases Purchases Returns Inventory 1 January 2021 Selling Expenses Wages and salaries Miscellaneous expenses Loan from NCB Receivables and Payables Bank Account Rent Received DR Drawings $ Administration expenses 150,000 700,000 400,000 15,000 750,000 6,000 950,000 165,000 260,000 78,000 56,000 246,000 120,000 370,000 4,266,000 CR $ 60,000 3,100,000 600,000 70,000 20,000 230,000 160,000 26,000 4,266,000

Craig Ferguson Company had the following account balances at year-end: cost of goods sold $70,000; inventory $17,300: operating expenses $33,000; sales revenue $121,000; sales discounts $1,400; and sales returns and allowances $1,950. A physical count of inventory determines that merchandise inventory on hand is $16,250. (a) Prepare the adjusting entry necessary as a result of the physical count. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit