Problem Set 2: Week Four
ACC/300
P12‑1A
You are given the following transactions that occurred in the latest fiscal year.
Distinguish among operating, investing, and financing activities.
Complete the table, indicating whether each item (1) should be reported as an operating (O) activity, investing (I) activity, financing (F) activity, or as a noncash (NC) transaction reported in a separate schedule, and (2) represents a cash inflow or cash outflow or has no cash flow effect. Assume use of the indirect approach.
Transaction Where Reported Cash Inflow, Outflow, or No Effect?
Depreciation expense on the plant assets Noncash (NC) Inflow
Paid interest expense. Investing (I) Outflow
Cash from a sale of
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2012 2011
Accounts receivable $70,000 $60,000
Accounts payable 41,000 32,000
Income taxes payable 13,000 7,000
Retzlaff Company
Statement of Cash Flows (Indirect Method)
For the Year Ended December 31, 2012
Net Income $300,000
Adjustments to Reconcile Net Income to Cash from Continuing Operations
Increase in Accounts Receivable ($10,000)
Increase in Accounts Payable $9,000
Increase in Income Taxes Payable $6,000
Net Cash Inflows from Operating Activities $305,000
P12‑6A
Mazor Company
Statement of Cash Flows (Direct Method)
For the Year Ended December 31, 2012
Cash Inflows from Revenue $15,000
Cash Outflows for Expenses $10,000
Income Before Income Taxes $300,000
Net Cash Inflows from Operating Activities $305,000
P12‑7A
The following are the financial records of Helwany Company.
HELWANY COMPANY
Comparative Balance Sheets
December 31
Assets 2012 2011
Cash $35,000 $20,000
Accounts receivable $20,000
Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N)
I would say the top domains of my life right now would include family, faith, friends, and independence. This corresponds very similar to the age group from twenty-five years to thirty-four years. I include faith as one of my values instead of work. I personally believe that work could be included in the same category as independence, because in some way they both relate to maturity throughout a persons life. One thing that I was extremely shocked with about Baltes and his colleague’s domains is that none of them included faith. I believe this is a very important aspect and should be included in every age category. In the oldest category, eighty-five to one hundred and five, there was a category called thinking about life. I believe
The provider had an authorization on file approving the dental services advising that they were medically necessary. But when the provider billed, they only advised the services were dental and not medical. Therefore causing the claim to deny. Also, provider didn’t reference their authorization number in box 63 of their claim form which would have voided the claim from denying. This claim will be sent back to be reprocessed. Please advise and ETA of 01/13.
Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what this organization stands for. Taken directly from their main web page under the tab labeled Education, the first thing seen in big, bold, blue letters is, “Due Process: The GASB Is Listening” followed by a definition of what listening means, “to hear with thoughtful attention”. When researching a little more into the GASB, it is easy to see how crucial listening truly is for them in order to fully accomplish their
For this assignment I was asked to make two sample sequence with images from Week 4 Assignment 2. I like sequence two the best, because it displays more of what's going on during the concert, for example, face painter with a client and a juggler in action. Sequence one is more of an introduction, that's why the opening image is an overall view of the crowd, the second image is of the band sound check, the third is the announcer, and then the band opening and so on.. I chose the closing images, because it is a final image that sums up the evening. I want the audience to interpret from the sequences that they got to experience the event themselves, from start to end.
My total Income was determined to be around $1123.42 per month. This income was determined after adding both my monthly job of $756 and my my financial aid of $272.80 a month. I plan to get a part time job that pays at least 10 dollars a month which is the federal minimum wage. In total I'm suppose to be making around 800 a month, but after taking away 20% in taxes I came out with $756 dollars that I would be able to spend on whatever I need to spend on. FAFSA Estimate was to be around $3,265.00 that equals to $1123.42 a
(Refer to the Personal Learning Profile you developed for your Week Two assignment and any feedback provided by your instructor to determine if you need to refine your responses as you complete this section.)
‘Cash and cash equivalents’ include certain short-term investments and, in some cases, bank overdrafts. Like IFRS, ‘cash and cash equivalents’ include certain shortterm investments, although not necessarily the same short-term investments as under IFRS. Unlike IFRS, bank overdrafts are considered a form of short-term financing, with changes therein classified as financing activities. The statement of cash flows presents cash flows during the period, classified by operating, investing and financing activities. Like IFRS, the statement of cash flows presents cash flows during the period, classified by operating, investing and financing activities. The separate components of a single transaction are classified as operating, investing or financing. Unlike IFRS, cash receipts and payments with attributes of more than one class of cash flows are classified based on the predominant source of the cash flows unless the underlying transaction is accounted for as having different components. Cash flows from operating activities may be presented using either the direct method or the indirect method. If the direct method is used, then an entity presents a reconciliation of profit or loss to net cash flows from operating activities; however, in our experience practice varies regarding the measure of profit or loss used. Like IFRS, cash flows from operating activities may be presented using either the direct method or the indirect method. Like IFRS, if
Go online and research. Explain the good genes hypothesis. What is ich? Describe its life history.
Diane Hollowell and Terry Parmenter were discussing the format of the statement of cash flows of Snowbarger Co. At the bottom of Snowbarger's statement of cash flows was a separate section entitled “Noncash investing and financing activities.” Give three examples of significant noncash transactions that would be reported in this section.
For the cash account to decrease and the profit to decrease, the transaction occurring could have been a/an:
The cash flow statement shows the amount of cash within a company. Items that affect the cash balance are listed on the statement. The first section of the cash flow statement is operating activities, which shows the cash flowing in and out of the company in relation to its business operation. The operating activities section also includes net income and the change in dollars of certain accounts listed on the balance sheet. The next section, investing activities, shows cash the company received and spent on a company's capital investments. The financing activities section shows the inflows and outflows of cash related to the company’s issued financial securities, which is also listed on the balance sheet and statement of shareholders' equity.
Do you feel that there might be an ethical issue present? For the moment, assume that no laws have been broken and just focus on any possible ethical issues.
Provide a brief statement of the accounting issue that includes the characteristics of the transaction that introduce uncertainty about how to record it.
Sundry Expenses A/C [pic] Return Inwards A/C [pic] Return Outwards A/C [pic] Drawings A/C [pic] Stock A/C [pic] Sales A/C [pic] Purchases A/C [pic] Trial Balance [pic] Trading, Profit and Loss Account Trading, Profit and Loss Account for the ended 31st January [pic] Balance Sheet Balance Sheet as at 31st January [pic] [pic] Cash Budget [pic] Sales Budget For the first six months [pic] Purchases Budget [pic] Capital Budget Capital Required $165,000 Capital to be used for: ➢ Purchases ➢