Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 21, Problem 5RE
In the current year, Harrisburg Corporation had net income of $35,000, a $9,000 decrease in
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Macrosoft Company reports net income of $75,000. The accounting records reveal depreciation expense of $90,000 as well as increases in prepaid rent, accounts payable, and income tax payable of $70,000, $10,000, and $23,000, respectively. Prepare the operating activities section of Macrosoft’s statement of cash flows using the indirect method.
Macrosoft Company reports net income of $62,000. The accounting records reveal depreciation expense of $77,000 as well as
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Prepare the operating activities section of Macrosoft's statement of cash flows using the indirect method. (Amounts to be deducted
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Cash flows from operating activities
MACROSOFT COMPANY
Statement of Cash Flows (partial)
Adjustments to reconcile net income to net cash flows from operating activities:
Net cash flows from operating activities
Using the Exhibit below, assume that the balance of Accounts Payable was $60,000 at the beginning of the current year. Furthermore, assume that the balance of Accounts Payable is $65,000 at the end of the current year. When preparing the Statement of Cash Flow using the indirect method for the current year, which of the following statements would describe the proper presentation of accounts payable on the Cash flow from operating activities section?
EXHIBIT
Increase
(Decrease)
Net Income (loss) $XXX
Adjustments to reconcile net income to net cash flow
from operating activities:
Depreciation of fixed assets XXX
Losses on disposal of assets XXX
Gains on disposal of…
Chapter 21 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 21 - What information does the statement of cash flows...Ch. 21 - Briefly describe the three types of activities a...Ch. 21 - Thompson Company sold a piece of equipment that...Ch. 21 - Give two examples of a companys (a) cash inflows...Ch. 21 - Prob. 5GICh. 21 - Prob. 6GICh. 21 - Prob. 7GICh. 21 - Prob. 8GICh. 21 - Prob. 9GICh. 21 - List the three operating cash inflows that a...
Ch. 21 - Prob. 11GICh. 21 - Prob. 12GICh. 21 - Prob. 13GICh. 21 - Dunn Company recognized a 5,000 unrealized holding...Ch. 21 - Jordan Company recognized a 5,000 unrealized...Ch. 21 - Indicate how a company computes the amount of...Ch. 21 - Prob. 17GICh. 21 - Prob. 18GICh. 21 - Prob. 19GICh. 21 - Which of the following would be considered a cash...Ch. 21 - In a statement of cash flows (indirect method),...Ch. 21 - The net cash provided by operating activities in...Ch. 21 - The retirement of long-term debt by the issuance...Ch. 21 - Prob. 5MCCh. 21 - Selected information from Brook Corporations...Ch. 21 - Prob. 7MCCh. 21 - Prob. 8MCCh. 21 - Which of the following need not be disclosed in a...Ch. 21 - The following information was taken from Oregon...Ch. 21 - Prob. 1RECh. 21 - Prob. 2RECh. 21 - Given the following information, convert Cardinal...Ch. 21 - Given the following information, convert Robin...Ch. 21 - In the current year, Harrisburg Corporation had...Ch. 21 - Tifton Co. had the following cash transactions...Ch. 21 - Tifton Co. had the following cash transactions...Ch. 21 - Trenton Corporation has the following items....Ch. 21 - Prob. 9RECh. 21 - In the current year, Harrisburg Corporation...Ch. 21 - Providence Company sold equipment for 25,000 cash....Ch. 21 - Annapolis Corporation paid 270,000 to retire bonds...Ch. 21 - Given the following information, compute Lemon...Ch. 21 - Prob. 14RECh. 21 - Prob. 1ECh. 21 - Prob. 2ECh. 21 - Visual Inspection Noble Companys accounting...Ch. 21 - Prob. 4ECh. 21 - Prob. 5ECh. 21 - Prob. 6ECh. 21 - Prob. 7ECh. 21 - Prob. 8ECh. 21 - Partially Completed Spreadsheet Hanks Company has...Ch. 21 - Spreadsheet The following 2019 information is...Ch. 21 - Spreadsheet and Statement The following 2019...Ch. 21 - Fixed Asset Transactions The following is an...Ch. 21 - Retirement of Debt Moore Company is preparing its...Ch. 21 - Interest and Income Taxes Staggs Company has...Ch. 21 - Investments On October 4, 2019, Collins Company...Ch. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Investing Activities and Depreciable Assets...Ch. 21 - Spreadsheet and Statement The following 2019...Ch. 21 - (Appendix 21.1) Operating Cash Flows The following...Ch. 21 - (Appendix 21.1) Statement of Cash Flows The...Ch. 21 - (Appendix 21.1) Visual Inspection The following...Ch. 21 - Prob. 22ECh. 21 - Classification of Cash Flows A company's statement...Ch. 21 - Prob. 2PCh. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Statement of Cash Flows The following is a list of...Ch. 21 - Partially Completed Spreadsheet The following...Ch. 21 - Spreadsheet and Statement of Cash Flows The...Ch. 21 - Prob. 7PCh. 21 - Spreadsheet from Trial Balance Heinz Companys post...Ch. 21 - Prepare Ending Balance Sheet On December 31, 2019,...Ch. 21 - Infrequent Transactions The following transactions...Ch. 21 - Prob. 11PCh. 21 - Comprehensive Angel Company has prepared its...Ch. 21 - Comprehensive The following are Farrell...Ch. 21 - (Appendix 21.1) Operating Cash Flows Refer to the...Ch. 21 - (Appendix 21.1) Statement of Cash Flows The...Ch. 21 - Comprehensive The following are Farrell...Ch. 21 - (Appendix 21.1) Comprehensive The following are...Ch. 21 - Prob. 18PCh. 21 - Financial Statement Interrelationships Prepare an...Ch. 21 - Statement of Cash Flows A friend of yours is...Ch. 21 - Prob. 3CCh. 21 - Operating, Investing, and Financing Activities The...Ch. 21 - Prob. 5CCh. 21 - Spreadsheet Method The spreadsheet method is...Ch. 21 - Prob. 7CCh. 21 - Inflows and Outflows Alfred Engineering Company is...Ch. 21 - Ethics and Cash Flows You are the accountant for...
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- In the current year, Harrisburg Corporation collected 100,000 from its customers and paid out 30,000 to suppliers, 20,000 to employees, and 8,000 for income taxes. Using the direct method, prepare the operating activities section of its statement of cash flows based on this information.arrow_forwardUse the following information from Birch Companys balance sheets to determine net cash flows from operating activities (indirect method), assuming net income for 2018 of $122,000.arrow_forwardUse the following information from Dubuque Companys financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018.arrow_forward
- Use the following excerpts from Indigo Companys balance sheets to determine net cash flows from operating activities (indirect method), assuming net income for 2018 of $225,000.arrow_forwardUse the following information from Eiffel Companys financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018.arrow_forwardTifton Co. had the following cash transactions during the current year: Prepare the investing activities section of Tiftons statement of cash flows.arrow_forward
- Tifton Co. had the following cash transactions during the current year: Refer to the information in RE21-6. Prepare the financing activities section of Tifton Co.s statement of cash flows.arrow_forwardUsing the Exhibit below, assume that the balance of Accounts Receivable was $61,000 at the beginning of the current year. Furthermore, assume that the balance of Accounts Receivable is $62,000 at the end of the current year. When preparing the Statement of Cash Flow using the indirect method for the current year, which of the following statements would describe the proper presentation of accounts receivable on the Cash flow from operating activities section? EXHIBIT Increase (Decrease) Net Income (loss) $XXX Adjustments to reconcile net income to net cash flow from operating activities: Depreciation of fixed assets XXX Losses on disposal of assets XXX Gains on…arrow_forwardUsing the Exhibit below, assume that the balance of Accounts Payable was $50,000 at the beginning of the current year. Furthermore, assume that the balance of Accounts Payable is $35,000 at the end of the current year. When preparing the Statement of Cash Flow using the indirect method for the current year, which of the following statements would describe the proper presentation of accounts payable on the Cash flow from operating activities section? EXHIBIT Increase (Decrease) Net Income (loss) $XXX Adjustments to reconcile net income to net cash flow from operating activities: Depreciation of fixed assets XXX Losses on disposal of assets XXX Gains on disposal of…arrow_forward
- Hampton Company reports the following information for its recent calendar year. Prepare the operating activities section of the statement of cash flows using the indirect method. Income Statement Data Selected Year-End Balance Sheet Data Sales.... $160,000 Accounts receivable increase... Inventory decrease.... Salaries payable increase.. $10,000 Expenses: Cost of goods sold.. Salaries expense. 100,000 16,000 24,000 1,000 Depreciation expense. 12,000 Net income... $ 24,000arrow_forwardUsing the Exhibit below, assume that the amount of Net Income on the Income Statement for the year was $100,000. When preparing the Statement of Cash Flow using the indirect method for the current year, which of the following statements would describe the proper presentation of net income on the Cash flow from operating activities section? EXHIBIT Increase (Decrease) Net Income (loss) $XXX Adjustments to reconcile net income to net cash flow from operating activities: Depreciation of fixed assets XXX Losses on disposal of assets XXX Gains on disposal of assets (XXX) Changes in current operating assets and liabilities:…arrow_forwardLaser World's income statement reported total revenues of $920,000 and total expenses (including $44,500 depreciation) of $775,000. The balance sheet reported the following: Accounts Receivable-beginning balance, $57,000 and ending balance, $59,000; Accounts Payable-beginning balance, $23,000 and ending balance, $29,000. Therefore, based only on this information, the net cash flows from operating activities were: eBook Multiple Choice $96,800. $149,000. $185,650 O $193,500. Mc Graw Hill P Type here to search Ps Ps 98% A 4x A dx 6 *** Prtse Isert Delete F10 FII F1R & * 3 5 Num Lock 4 6 8. 9. Backspace T U G J K Enter V B > Shi Alt * Pgup Alt Ctrl Home PgDn : - O O O Oarrow_forward
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