FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Use the following information to complete the operating section of the statement of cash flows. Test company statement of cash flows is the other part. Thank you.arrow_forwardHighlight the Net cash provided by Operating Activities for the Statement of Cash Flows Highlight the Net cash provided by Financing Activities for the Statement of Cash Flows Highlight the net change in cash for the period on the Statement of Cash Flowsarrow_forwardPrepare a cash flow statement (indirect method) from the given information. please include explanation for each step/line itemarrow_forward
- 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_forwardHow does Accounts Payable impact Declan's Designs' 2022 Statement of Cash Flows?arrow_forwardPrepare a complete statement of cash flows for 2020 using the indirect methodarrow_forward
- Given the following financial statement information: $ in millions Income Statement Net Income: $559 Depreciation Expense: $55 Balance Sheet Dec. 31, 2022 Accounts Receivable $38 Total Inventory $122 Accounts Payable $79 Calculate the cash from operating activities. Your Answer: Dec. 31, 2023 $64 $152 $108arrow_forwardReporting Net Cash Flow from Operating Activities The following information is available for Bernard Corporation for 2019: Net income $199,000 Decrease in accounts receivable 6,400 Increase in inventory 18,300 Decrease in prepaid rent 2,100 Increase in salaries payable 4,410 Decrease in income taxes payable 4,270 Increase in notes payable (due 2023) 50,000 Depreciation expense 44,700 Loss on disposal of equipment 11,000 Required: Compute the net cash flows from operating activities using the indirect method.arrow_forwardUse the following excerpts from Yardley Company's financial information. Dec. 31, 2018 Dec. 31, 2017 Cash $245,100 $225,000 Accounts Receivable 38,350 35,350 Merchandise Inventory 59,900 58,700 Land 165,000 65,000 Plant Assets 170,000 170,000 Accumulated Depreciation (49,000) (37,000) Total Assets $629,350 $517,050 Accounts Payable $29,100 $27,300 15,500 12,000 Accured Liabilities 45,000 20,000 Common Stock 539,750 457,750 Retained Earnings $629,350 $517,050 Total Liabilities and Equity Additional Information: $95,000 Net Income for 2018 12,000 Depreciation Expense for 2018 100,000 Land Purchased, for Cash 25,000 Stock Issued in Exchange for Cash, At Pat Value 13,000 Dividend Declared and Paid Prepare a statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Yardley Companyarrow_forward
- Perform a horizontal analysis for the balance sheet entry "Cash" given below. That is, find the amount of increase or decrease (in $) and the associated percent (rounded to the nearest tenth). Increase/Decrease Assets 2019 2018 Amount Percent Current Assets Cash $18,400 $11,800 Accounts Receivable 22,300 18,100 Merchandise Inventory 30,100 25,900 Supplies 5,600 7,600 Total Current Assets 76,400 63,400 Property, Plant, and Equipment Machinery and Equipment 56,000 57,100 Total Assets $132,400 $120,500arrow_forwardUse the following information to prepare the Operating Activities section of the Statement of Cash Flows WalkRight Inc. For the Year Ended December 31, 2017 $ 1,600,000 Net Income Proceeds from Issuance of Common Stock $ 1,000,000 Increase in inventory Increase in Accounts Payable 400,000 $ 250,000 Purchase of Equipment $ 1,200,000 Payment of Cash Dividend 500,000 750,000 $ Depreciaiton Expense Increase in Accounts Receivable 200,000 Payment of Mortgage 60,000 Reminder: You are being asked to prepare the Operating Activities section only. WalkRight Inc. Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activitiesarrow_forwardUsing the information from below make a statement of cash flows for the year ended december 31, 2020 using the direct method.arrow_forward
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