Financial Accounting: Information for Decisions
8th Edition
ISBN: 9781259533006
Author: John J Wild
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 1, Problem 6PSB
Summary Introduction
Introduction: The financial statements of a company indicate the profitability and the financial position of the business for a particular period. These statements include income statement, balance sheet, statement of
To prepare:The statement of cash flows of the company for the year ended December 31, 2016.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
QUESTION
REQUIRED
Use the information provided below to prepare the Cash Flow Statement of Jonah Ltd for the year ended 31
December 2022. (Some of the figures have already been entered in the answer book.)
INFORMATION
The Statement of Comprehensive Income of Jonah Ltd for the year ended 31 December 2022 and
Statement of Financial Position as at 31 December 2021 and 2022 are as follows:
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2022
Sales
Cost of sales
Gross profit
Other operating income
Gross income
Distribution expenses
Administrative expenses
Earnings before interest and tax
Interest income
Interest expense
Esmings before tax
Company tax
Earnings after interest and tax
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER:
ASSETS
Non-current assets
Land and buildings
Plant and machinery
Current assets
Inventories
Accounts receivable
Total assets
EQUITY AND LIABILITIES
Equity
Ordinary share capital
Retained earnings
Non-current liabilities
Long-term borrowings…
Financial info to be used by first names with initials A
KINDLY SHOW WORKING
Reconstruct the company’s comparative balance sheet for 2020/2021 using the information and compute and show the missing figures to include the appropriate sign as a positive or negative figure.
Prepare a complete statement of cash flows for 2021 using the indirect method using the information
Auga Company Ltd.
Comparative Balance Sheet
December 31, 2020 and 2021
2021
2020
Increase/(Decrease)
Assets
Cash
238,000
215,200
?
Accounts Receivable
303,200
259,300
?
Inventories
358,300
348,200
?
Prepaid expenses
35,350
43,100
?
Intangible assets
205,000
205,000
?
Plant assets, net
1,105,000
910,000
?
Total Assets
2,244,850
1,980,800
Liabilities…
Please prepare cash flow statement for the year ended 31 Dec 2018, show T-Account of Retained earning, Dividend payable, Dividend at 31 Dec 2018
Chapter 1 Solutions
Financial Accounting: Information for Decisions
Ch. 1 - Prob. 1DQCh. 1 - Technology is increasingly used to process...Ch. 1 - Identify four kinds of external users and describe...Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three types of services typically offered...Ch. 1 - Prob. 8DQCh. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?
Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - What does the concept of objectivity imply for...Ch. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Define (a) assets, (b) liabilities, (c) equity,...Ch. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - What do accountants mean by the term revenue?Ch. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 23DQCh. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Define and explain return on assets.Ch. 1 - Define return and risk. Discuss the trade-off...Ch. 1 - Prob. 30DQCh. 1 - Prob. 31DQCh. 1 - Prob. 32DQCh. 1 - Prob. 33DQCh. 1 - Prob. 34DQCh. 1 - Choose from the following term or phrase a through...Ch. 1 - Prob. 2QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - Prob. 7QSCh. 1 - Applying the accounting equation A1 Use the...Ch. 1 - Prob. 9QSCh. 1 - Prob. 10QSCh. 1 - Prob. 11QSCh. 1 - Prob. 12QSCh. 1 - Prob. 13QSCh. 1 - Prob. 14QSCh. 1 - Prob. 15QSCh. 1 - Prob. 16QSCh. 1 - Prob. 1ECh. 1 - Identifying accounting users and uses C2 Part A....Ch. 1 - Prob. 3ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Determine the missing amount from each of the...Ch. 1 - Prob. 9ECh. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Prob. 14ECh. 1 - Prob. 15ECh. 1 - Use the information in Exercise 1-15 to prepare an...Ch. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 1PSACh. 1 - Prob. 2PSACh. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - Prob. 5PSACh. 1 - Prob. 6PSACh. 1 - Prob. 8PSACh. 1 - Prob. 9PSACh. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 12PSACh. 1 - Prob. 13PSACh. 1 - Prob. 14PSACh. 1 - Prob. 1PSBCh. 1 - Prob. 3PSBCh. 1 - Prob. 4PSBCh. 1 - Prob. 5PSBCh. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Prob. 8PSBCh. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - Prob. 12PSBCh. 1 - Prob. 13PSBCh. 1 - Prob. 14PSBCh. 1 - Prob. 1SPCh. 1 - Prob. 2BTNCh. 1 - Prob. 7BTNCh. 1 - Prob. 9BTN
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Use the following excerpts from Stern Companys financial information to prepare a statement of cash flows (indirect method) for the year 2018.arrow_forwardPreparing a Statement of Cash Flows Volusia Company reported the following comparative balance sheets for 2019: Required: Prepare a statement of cash flows for Volusia using the indirect method to compute net cash flow from operating activities.arrow_forwardUse the following excerpts from Tungsten Companys financial information to prepare a statement of cash flows (indirect method) for the year 2018.arrow_forward
- Create statement of cash flows for year ended December 31 2018 and notes for indirect method.arrow_forwardQuestion Content Area Comprehensive: Balance Sheet from Statement of Cash Flows Mills Company prepared the following balance sheet at the beginning of 2016: Balance SheetJanuary 1, 2016 Assets Liabilities and Shareholders' Equity Cash $ 1,000 Accounts payable $ 4,000 Accounts receivable (net) 3,900 Salaries payable 1,100 Inventory 4,700 Total Liabilities $ 5,100 Land 9,800 Common stock, $10 par 13,500 Buildings and equipment 68,900 Additional paid-in capital 11,200 Less: Accumulated depreciation (14,100) Retained earnings 44,400 Total Assets $ 74,200 Total Liabilities and Shareholders' Equity $74,200 At the end of 2016, Mills prepared the following statement of cash flows: Statement of Cash FlowsFor Year Ended December 31, 2016 Operating Activities: Net income $ 5,400 Adjustments for differences between income flowsand cash flows from operating activities: Add: Depreciation expense 1,900 Decrease in…arrow_forwardUse the following excerpts from Swansea Companys financial information to prepare the operating section of the statement of cash flows (direct method) for the year 2018.arrow_forward
- Statement of Cash Flows—Direct Method Lang Company has not yet prepared a formal statement of cash flows for 2016. Following are comparative balance sheets as of December 31, 2016 and 2015, and a statement of income and retained earnings for the year ended December 31, 2016: Required For purposes of a statement of cash flows, are the U.S. Treasury bills cash equivalents? If not, how should they be classified? Explain your answers. Prepare a statement of cash flows for 2016 using the direct method in the Operating Activities section.arrow_forwardUse the following excerpts from Fromera Companys financial information to prepare the operating section of the statement of cash flows (direct method) for the year 2018.arrow_forwardUse the following excerpts from Bolognese Companys statement of cash flows and other financial records to determine the companys free cash flow for 2018 and 2017.arrow_forward
- Use the following information from Juniper Companys financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018.arrow_forwardUse a spreadsheet and the following financial information from Mineola Companys financial statements to build a template that automatically calculates the net operating cash flow. It should be suitable for use in preparing the operating section of the statement of cash flows (indirect method) for the year 2018.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License