Chapter 7-Q1

View Policies Current Attempt in Progress A Accounts receivable arising from sales to customers amounted to $77000 and $76000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $281000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is O $205000. O $279000. O $282000. O $281000. N Save for Later @ 2 W S #3 FS X E $ 4 888 R C 5 LL F FR MacBook Air T 6 V FO G & Y 7 H B Attempts: 0 of 1 used +00 8 U 9 Submit Answer O N M

B k es For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.) Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity Current liabilities Assets Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity $ $ $ $ $ $ $ $ $ $ 2020 13,280 7,520 42,400 63,200 256,800 320,000 40,000 14,240 54,240 32,000 40,000 193,760 233,760 320,000 Sources/Uses $ $ $ $ $ $ $ 2021 $ $ $ 14,600 19,200 51,000 84,800 315,200 400,000 41,800 21,600 63,400 24,000 40,000 272,600 312,600 400,000

View Policies Current Attempt in Progress Oriole Company reported net income of $63000 for the year. During the year, accounts receivable decreased by $7600, accounts payable increased by $4000 and depreciation expense of $5100 was recorded. Net cash provided by operating activities for the year is O $51400. O $79700. O $61500. O $57900. Save for Later Attempts: 0 of 1 used Submit Answer

QUESTION 5 Which of the following is subtracted from income when using the indirect method to determine cash flows from operations?     A decrease in accounts payable     Depreciation     Cash dividends declared and distributed     Amounts due from customers at year-end     None of these choices is correct.

View Policies Current Attempt in Progress Accounts receivable arising from sales to customers amounted to $88000 and $71000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $293000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is O $276000. O $222000. O $293000. O $310000. Attempts: 0 of 1 used Submit Answer Save for Later

22. Which situation indicates a loss on the income statement when preparing worksheet?A. Total debits equal total credits.B. Total credits exceed total debitsC. Total debits exceed total creditD. None of the choices 23. Which of the following is not shown in the Balance Sheet?A. RevenueB. CashC. LandD. Accounts Payable 24.In which columns of a worksheet would the adjusted balance of accumulated depreciation appear?A. Adjusted trial balance credit, Balance Sheet debit.B. Adjusted trial balance credit, income statement creditC. Adjusted trial balance debit, balance sheet debitD. Adjusted trial balance credit, balance sheet credit 26. If total credits exceed total debits in the Balance Sheet columns of a worksheet:A. A loss has occurred.B. A mistake has been made.C. A profit has occurredD. No conclusion can be drawn. 27. The components of the balance sheet equation are:A. Assets, income and owner's equity.B. Assets, liabilities and owner's equity.C. Income, expenses and profit.D.…

P Flag question According to the information given in the table below, which of the following is cash flow from operating activities? Net income 86,000 Deprecation 31,500 Increase in ACcounts Receivable 18,600 Decrease in Inventory 14,300 Increase in Accounts Payable 24,600 Select one: a. 146400 b. 137800 C. 148200 d. 152600 Next page Previous page

Calculator The following information is available from the current period financial statements: $103,184 Net income Depreciation expense 29,117 Increase in accounts receivable 16,270 Decrease in accounts payable 15,506 Determine the net cash flow from operating activities using the indirect method. Select the correct answer. $100,525 $164,077 $42,291 $103,184 4:10 PM

Question 5 Hassan Corporation reports the following information: Not complete Net income OMR 500,000 Marked out of 2.00 Depreciation expense 140,000 P Flag question Decrease in accounts receivable 60,000 Hasaan should report cash provided by operating activities of Select one: O a. OMR 300,000. O b. OMR 580,000. c. OMR 420,000. d. OMR 700,00. Check Finish attempt . Previous page

A How can the amounts shown on the- financial statements be called historical ?cost amounts When the amount spent is cash or cash equivalent Because of this reason the amounts shown on the financial statements are referred to as historical cost amounts when an item was originally obtained, whether that purchase happened last year or thirty years ago none of them Financial accountants help tax- accountants in preparing financials for .tax reporting to various authorities True False

1-What will be the net income? a. 72000 b. 56000 c. 16000 d. 338000 Clear my choice Question 43 Not yet answered Marked out of 1.00 Flag question Question text What will be the Gross Profit at the end of the year December 2019 a. OMR 56000 b. OMR 16000 c. OMR 338,000 d. OMR 336,000 2-What is the Gross Margin in terms of Percentage? a. 16.66 b. 16.56 c. Cannot be determined d. 20.66 3-What will be the total operating expense? a. 21500 b. 53200 c. 41200 d. 19700 4-What will be the total Selling and distribution expense? a. 41200 b. 19700 c. 14800 d. 17200

Part One DaYs Sales Outstanding Data: 2018: 26.05 2019: 32.25 2020: 29.69 2021:36.43 2022: 35.05   Based on your analysis from Part One, which of the following transactions and events would result in an improvement in Days Sales Outstanding in year 2022? A) recognising the impairment of plant & equipment B) the recognition of income tax expense owing at the end of the period C) recognising the increase in market value of land D) A and B only E) A and C only F) B and C only G) All of the above H) None of the above

Revenues 23,055,72 Operating expenses 22,748,22 Operating income (loss) 307,49 Depreciation & Amortization (1,707,607 Other Income/Non-Arena Related 105,86 NET INCOME (LOSS) 2$ (1,294,247 # 3. Answer the following four Questions: 1. What is the the difference between cashflow and net income? 2. Does "Depreciation & Amortization" expense affect cash (ignoring income taxes)? 3. The title of the Forbes news article stated "Carolina Hurricanes Owner Lost $1.3 Million Operating PNC Arena." Did the owner actually incur out-of-pocket expenses causing the loss? Explain. 4. If the Carolina Hurricanes Owner were to suddenly shut down the PNC Arena, would he be better or worse off financially? Should they shut down the Arena? Why or Why not? Explain. Assume that there is no alternate use for the PNC Arena. %24

S.No Particulars Total Current Assets       Current Ratio       Effect on Net Income 1 Cash is acquired through the issuance of additional common stock.         + + 0 2 Merchandise is sold for cash. + + + 3 Federal income tax due for the previous year is paid.                 - + 0 4 A fixed asset is sold for less than book value.                       + + - 5 A fixed asset is sold for more than book value.                       + + + 6 Merchandise is sold on credit                                         + + + 7 Payment is made to trade creditors for previous purchases.             - + 0 8 A cash dividend is declared and paid.                                 - - 0 9 Cash is obtained through short-term bank loans.                       + - 0 10 Short-term notes receivable are sold at a discount.                   - - - 11 Marketable securities are sold…

Problem 17-10 Marin, Inc. had the following equity investment portfolio at January 1, 2020. 960 shares @ $15 each 860 shares @ $19 each $14,400 16,340 Evers Company Rogers Company Chance Company Equity investments @ cost Fair value adjustment Equity investments @ fair value 480 shares @ $8 each 3,840 34,580 (7,780 ) $26,800 During 2020, the following transactions took place. On March 1, Rogers Company paid a $2 per share dividend. On April 30, Marin, Inc. sold 300 shares of Chance Company for $12 per share. On May 15, Marin, Inc. purchased 110 more shares of Evers Company stock at $16 per share. At December 31, 2020, the stocks had the following price per share values: Evers $17, Rogers $18, and Chance $7. 1. 2. 3. 4. During 2021, the following transactions took place. On February 1, Marin, Inc. sold the remaining Chance shares for $7 per share. On March 1, Rogers Company paid a $2 per share dividend. On December 21, Evers Company declared a cash dividend of $3 per share to be paid in…

Question Content Area Cash and accounts receivable for Adams Company are provided below:   Current Year   PriorYear Cash $76,835   $63,500 Accounts receivable (net)   48,794     78,700 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change   Cash $fill in the blank 1 fill in the blank 2 %   Accounts Receivable $fill in the blank 4 fill in the blank 5 %

QUESTION 1.4 I could only attach 2 pictures, the last picture has only 1 column "Cash and cash equivalent at the end of the year R36000"   Question: Explain why depreciation is added to the operating profit

11In a cash flow statement, which one of the following would appear as an outflow of cash? Select one: a. An increase in debtors during the year. b. An increase creditor during the year. c. Depreciation charges on fixed assets. d. Loss on sale of a fixed asset.   12A credit balance on accruals account indicates? Select one: a. a liability and an expense owing. b. an asset and a prepayment of income. c. an asset and an accrual of income. d. a liability and an expense prepaid. 6ABC paid XYZ rent in advance for one year. By recording this payment ABC will reflect: Select one: a. An increase in assets and liabilities. b. An increase in assets and stockholder's equity. c. An increase in assets and decrease in liabilities. d. No change in total assets.   8Which of the following expenses will not be analyzed to administrative expenses in a published profit and loss account for a company? Select one: a. Bank charges and interest. b. Office expenses. c. General expenses. d. Managing Director…

Question 2 Alex is currently considering to invest his money in one of the companies between Company A and Company B. The summarized final accounts of the companies for their last completed financial year are as follows: Refer to the pic attached. Based on the pic, Required: Calculate the following ratios for Company A and Company B. State clearly the formulae used for each ratio: Gross Profit Margin Net Profit Margin Inventory Turnover Period (days) Receivables Collection Period (days) Payables Payment Period (days) Current Ratio Quick Ratio   b. Comment on each of the ratios calculated in part (a) above.

Problem No. 1. Cash Flow from Operating Activities: Profit and Loss Account for the year ended 31st December 2011 Particulars Sales Interest Earned Total Income Material Consumed Other expenses Loss on sale of asset Depreciation Amount in Million (Rs.) Interest & Finance Charges Profit before Tax Provision for income tax Profit after tax Balance Sheet Excerpts as 31st December, on 2011 Inventories Sundry Debtors/Acc. Rec Sundry Creditors/Acc. Pay Provision for tax 487.23 58.45 545.68 246.45 133.18 33.45 93.34 82.11 -42.85 0 -42.85 67.33 96.56 84.78 31st December, 2010 이 45.30 112.65 94.33 4.80

Which one of the following would not decrease if a business decided to increase its depreciation charges for the financial period? OA. Non-current assets B. Profit for the year O C. Equity D. Cash

What amount of doubtful account expense should Zee Company report for the current year?  What total amount of expenses should X Company recognize in the fourth quarter?  What total amount of loss on factoring should Y Company recognize in the current year?

Use the following information from separate companies a through d Net Income (Loss) Interest Expense Income Taxes a. $ 182,000 $ 65,520 $ 45,500 b. 176,600 58,278 63,576 C. 154,700 d. 185,100 40,222 12,957 64,974 88,848 Compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due? Complete this question by entering your answers in the tabs below. Times Interest Earned Ratio Interest Coverage Compute times interest earned. Times Interest Earned Ratio Company Choose Numerator: 1 Choose Denominator: Income before interest and taxes Interest expense 1 b I Ratio 0 times = 0 times

Recording of next year's purchases as purchases of the current year will Group of answer choices overstate retained earnings at the end of the current year understate net income of next year overstate net income of the current year not affect retained earnings at the end of next year   If the statement of financial position error is discovered in the year of error, what action is to be done by the entity? Group of answer choices Ignore the Reclassify the item to nominal account. Reclassify the item to its proper real account. Adjust the effect to the retained earnings account.