FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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What financial statement are the following posted on?
1) Net
2) Sales
3)
4) Wages expense
5) Equipment
6) Accounts payable
7) Operating income
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- indicate whether each of the following would be added to be or deducted from net income in determining net cash flow from operating activities by the indirect method: decrease in inventoryarrow_forwardAssets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…arrow_forwardWhich of the following will be reflected in the "Cash flows from operating activities" of a Statement of Cash Flows? A) Adjustment for depreciation B) Purchase of equipment C) Increase or decrease in loans D) Purchase of inventoryarrow_forward
- What are the differences between cash flows from operating activities and the elements of an income statement?arrow_forwardWhich of these transactions would not be part of the cash flows from the operating activities section of the statement of cash flows? a.Credit purchase of inventory b.Salary payments to employees c.Cash paid for purchase of equipment d.Sales of product, for casharrow_forwardWhat is meant by liquidity? Rank the following assets from one to five in order of liquidity. Inventory Account receivable Short term investment Goodwill Buildingarrow_forward
- Please tell me what statement or statements the following appears on. ACCUMULATED DEPRECIATION Income Statement Balance Sheet Statement of Cash Flows Statement of Retained Earningsarrow_forwardRECONCILIATION OF NET INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activitiesarrow_forwardAssets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…arrow_forward
- Use the following income statement and information about selected current assets and current liabilities to calculate the net cash provided or used by operating activities under the indirect method. Income Statement For Year Ended December 31, Year 2 Sales Cost of goods sold Gross profit Operating expenses Wages expense Depreciation expense Rent expense Interest expense Loss on sale of land Net income $ 26,500 8,500 8,700 3,400 Accounts receivable Inventory Prepaid rent Accounts payable Wages payable Interest payable Selected beginning and ending balances of current asset and current liability accounts, all of which relate to operating activities, follow. $ 225,000 111,500 $ 113,500 $ 30,600 25,300 850 47,100 $ 66,400 5,000 $ 61,400 Balance December 31, December 31, Year 2 Year 1 $ 25,500 21,500 550 27,500 10,500 400 30,100 13,400 600arrow_forwardOn the statement of cash flows prepared by the indirect method, the Cash flows from operating activities section would include a.gains or losses on fixed assets b.payments for cash dividends c.receipts from the issuance of capital stock d.receipts from the sale of investmentsarrow_forwardOn the statement of cash flows prepared by the indirect method, the Cash flows from operating activities section would include a. receipts from the sale of investments b. receipts from the issuance of capital stock c. gains or losses on fixed assets d. payments for cash dividendsarrow_forward
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