COLLEGE ACCOUNTING CH. 1-9 (LOW COST)
COLLEGE ACCOUNTING CH. 1-9 (LOW COST)
23rd Edition
ISBN: 9780357069493
Author: HEINTZ
Publisher: CENGAGE L
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Chapter 23, Problem 10SPB
To determine

Prepare a statement of cash flows for K Company for the year ended December 31, 20-2.

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Net Cash Provided by Operating Activities Changes in various accounts and gains and losses on the sale of assets during the year for Argon Company are given below: Required: Prepare an answer sheet using the following column headings: For each item, place an X in the Add or Subtract column to indicate whether the dollar amount should be added to or subtracted from net income under the indirect method when computing the net cash provided by operating activities for the year.
Required information [The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 97,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 42,000 12,000 18,000 9,000 3,800 3,600 2,800 $ 6,000 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 5,600 1,980 4,400 880 220 260 220 Prior Year $ 5,800 1,540 4,600 700 160 280 180
Statement of Cash Flows—Direct Method applied to PR 16-1A The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is as follows:        Dec. 31, 20Y3        Dec. 31, 20Y2 Assets           Cash $ 251,860     $ 238,290   Accounts receivable (net) 92,610     84,960   Inventories 261,030     250,990   Investments 0     97,660   Land 133,790     0   Equipment 285,270     224,620   Accumulated depreciation-equipment (67,800)     (60,500)     Total assets $956,760     $836,020   Liabilities and Stockholders' Equity Accounts payable $ 172,940     $ 164,700   Accrued expenses payable 17,390     21,740   Dividends payable 9,400     7,500   Common stock, $1 par 51,100     39,290   Paid-in capital: Excess of issue price over par-common stock 194,400     113,700   Retained earnings 511,530     489,090     Total liabilities and stockholders’ equity $956,760     $836,020   The income statement for the year ended December 31, 20Y3, is as…

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COLLEGE ACCOUNTING CH. 1-9 (LOW COST)

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