Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
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- The cash flows from (used for) operating activities are reported by the direct method on the statement of cash flows. Determine the following: a. If sales for the current year were $558,800 and accounts receivable decreased by $39,700 during the year, what was the amount of cash received from customers?$fill in the blank 1 b. If income tax expense for the current year was $38,900 and income tax payable decreased by $4,500 during the year, what was the amount of cash paid for income taxes?$fill in the blank 2 c. Briefly explain why the cash received from customers in part (a) is different from sales.Because the customers paid than the amount of sales for the period, cash received from customers sales made on account by $39,700 during the current year.arrow_forwardXS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash $ 35,090 $ 30,150 Accounts Receivable 36,200 28,600 Inventory 42,200 38,600 Equipment 130,000 106,000 Accumulated Depreciation—Equipment (31,200 ) (25,600 ) Total Assets $ 212,290 $ 177,750 Accounts Payable $ 37,200 $ 27,600 Salaries and Wages Payable 1,090 1,350 Note Payable (long-term) 43,400 50,000 Common Stock 92,200 73,200 Retained Earnings 38,400 25,600 Total Liabilities and Stockholders’ Equity $ 212,290 $ 177,750 Income Statement Sales Revenue $ 126,000 Cost of Goods Sold 73,000 Other Expenses 40,200 Net Income $ 12,800…arrow_forwardhelp me answer these pleasearrow_forward
- Compute Cash Provided by Operating Activities Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows. Horn Company's condensed income statement for the year ended December 31, 20-2, was as follows: Net sales $1,220,000 Cost of goods sold 740,000 Gross profit $480,000 Operating expenses 142,000 Operating income $338,000 Other revenues and expenses: Interest revenue $420 Interest expense (1,200) (780) Income before taxes $337,220 Income tax expense 118,000 Net income $219,220 Additional information obtained from Horn's comparative balance sheet and auxiliary records as of December 31, 20-2 and 20-1, was as follows: 20-2 20-1 Accounts receivable $135,000 $122,600 Merchandise inventory 145,300 158,900 Accounts payable 45,000 87,100 Income tax…arrow_forwardThe following data is given for DGR Company: Net cash flows from operating activities $6,000,000 Cash and cash equivalents at end of year $2,700,000 DGR Company's ratio of cash to monthly cash expenses is ____. a.3.2 months b.4.5 months c.5.4 months d.8.1 monthsarrow_forwardXS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Current Year Previous Year Balance Sheet at December 31 Cash $ 33,300 $ 28,250 Accounts Receivable 34,000 27,500 Inventory 40,000 37,500 Equipment 113,500 95,000 Accumulated Depreciation—Equipment (29,000 ) (24,500 ) Total Assets $ 191,800 $ 163,750 Accounts Payable $ 35,000 $ 26,500 Salaries and Wages Payable 1,500 1,650 Note Payable (long-term) 33,500 39,000 Common Stock 85,600 72,100 Retained Earnings 36,200 24,500 Total Liabilities and Stockholders’ Equity $ 191,800 $ 163,750 Income Statement Sales Revenue $ 115,000 Cost of Goods Sold 67,500 Other Expenses 35,800 Net Income $ 11,700…arrow_forward
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