Bainbridge Company uses the direct method in determining net cash provided by operating activities. The income statement shows income tax expense $70,000. Income taxes payable were $25,000 at the beginning of the year and $18,000 at the end of the year. Cash payments for income taxes are

Q: Kingbird Company's accounts receivable arising from sales to customers amounted to $80000 and $70000…

A: Cash flow from operating activities represents the inflow and outflow of cash due to business…

Q: Cash Flows from Operating Activities-Direct Method The cash flows from operating activities are…

A: The cash flow statement (CFS) is a financial statement that shows how cash equivalents (CCE) enter…

Q: Norman Company's net income last year was $26,000. Changes in selected balance sheet accounts for…

A: Indirect method: Under indirect method, net income is reported first, then non-cash expenses, losses…

Q: Bagrov corporation had a net decrease in cash of $14500 for the current year. Net cash used in…

A: Statement of cash flows: The statement of cash flows records all the sources and use of the cash in…

Q: Hampton Company reports the following information for its recent calendar year. Prepare the…

A: Cash Flow statement shows the generation of cash inflows and cash expensed during a particular…

Q: Bucknell, Inc. uses the calendar year as its fiscal year. Determine the total net cash flow recorded…

A: Computation:

Q: Using the following data, prepare the operating activities section of a statement of cash flows for…

A: indirect method of cash Flow: Under indirect method of cash flow the Net income is adjusted for non…

Q: Last year Lawsby Company reported sales of P120,000 on its income statement. During the year,…

A: Solution:  The sales revenue adjusted to a cash basis for the year would be = Sales revenue -…

Q: the total amount reported in the cash flows from investing activities section of the statement of…

A: Under cash flow from investing activities proceeds from sale or acquisition of long term assets or…

Q: QWE Company provided the following information for the current year: Cash, January 1 - P320,000; Net…

A: The question is related to the Cash Flow Statement. Cash Flow Statement is summary of cash receipts…

Q: le 7,000,000 000 000 4,

A: Profit on Sale of Investment= Sales Proceeds - Cost of Investment = 1250,000-(1750,000-1000,000)…

Q: River Company began the accounting period with a $62,000 debit balance in its Account Recievable…

A: Collection from Account Receivable = Beginning Account Receivable + Revenue on Account - Ending…

Q: The A Company uses the direct method in determining net cash provided by operating activities.…

A: Operating expenses of P260,000 have been reported in the income statement. Prepaid expenses…

Q: The cash flows from operating activities are reported by the direct method on the statement of cash…

A: a. Calculate the amount of cash received from customers.

Q: Star Company provided the following data for the preparation of statement of cash flows for the…

A: Cash flow of Financing Activities: The financing activities refers to the flow of cash in an…

Q: Metlock, Inc. recorded the following cash transactions for the year: Paid $149000 for salaries. Paid…

A: Introduction: The daily activities of a corporation involved in manufacturing and selling its…

Q: Last year Cucumber Company reported a cost of goods sold of $30,000. Inventories decreased by $7,000…

A: given that, cost of goods sold of $30,000 Inventories decreased by $7,000 accounts payable decreased…

Q: The cash balance of Muscat Company is 28000 OMR at the beginning of the year. The cash flows during…

A: Cash Flow Statement is a statement which shows the flow of cash of a firm during the accounting…

Q: Macrosoft Company reports net income of $75,000. The accounting records reveal depreciation expense…

A: Statement of cash flows: Cash flow statement is also known as statement of cash flows. It is a…

Q: An increase in the Prepaid Expenses account of $1,000 over the course of a year would be shown on…

A: Under the indirect method of cash flow statement: Decrease in current assets or increase in current…

Q: Cash Flows from Operating Activities-Direct Method The cash flows from operating activities are…

A: Under the direct method of cash flow, company accounts only the actual cash inflow and outflow while…

Q: If a company's net cash flows from operating activities is $1,500,000 for a year and its end of the…

A: Cash flow from operating activities denote the inflow or outflow of cash in a financial year from…

Q: Kela corporation reports net income of 570,000 that includes depreciation expense of 77,000 also…

A: Cash flow from operating activities indicates the cash inflow or outflow transactions related to the…

Q: Presented below are two independent situations. Situation A: Annie Lennox Co. reports revenues of…

A: Situation a.Net cash provided by operating activities.

Q: Assume Cramer uses the direct method to prepare the statement of cash flows. Incometax payable was…

A: Direct method of cash flow: In this method, all the actual cash payments and receipts are recorded…

Q: Harlow Industries reported net Income of $29,500 for the current year. During the year, Inventory…

A: The sum of money a corporation takes in from its continuing, daily commercial operations, such as…

Q: Duke Company reported cost of goods sold last year of $270,000 on its income statement. Additional…

A: The term cost of goods sold refers to the cost of goods that has been sold by the company. The cost…

Q: Jackson Company recorded the following cash transactions for the year: Paid $135,000 for salaries…

A: We have the following information for Jackson Company: Paid $135,000 for salaries Paid $60,000 to…

Q: Accounts receivable from sales transactions were $51,000 at the beginning of the year and $64,000 at…

A: The Cash flow statement is a financial statement that shows how variations in income and balance…

Q: During the year, Salaries Payable decreased by $13700. Using the direct method of reporting cash…

A: The decrease in salaries payable = $13,700 Salaries Expense amounted = $513,000

Q: Kingbird Company's accounts receivable arising from sales to customers amounted to $80000 and $70000…

A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…

Q: The following selected account balances appeared on the financial statements of the Washington Co…

A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular…

Q: Net income of Mansfield Company was $45,000. The accounting records reveal depreciation expense of…

A: Cash from operating activities shows cash inflows and cash outflows from the operating activities of…

Q: Oriole Company reports a $22000 increase in inventory and a $5600 decrease in accounts payable…

A: Purchases = Cost of goods sold + Ending inventory - Beginning inventory Cash payments made to…

Q: Net income of Mansfield Company was $45,000. The accounting records reveal depreciation expense of…

A: Concept:

Q: A company reports net income of $157,000. Included in net income is a gain on the sale of land of…

A: The Cash Flow Statement shows the cash inflow and cash outflow of the company during the particular…

Q: Hampton Company reports the following information for its recent calendar year. Income Statement…

A: SOLUTION CASH FLOW STATEMENT  IS A FINANCIAL STATEMENT THAT SUMMARIZES THE AMOUNT OF CASH AND CASH…

Q: Net income for the year for Carrie, Inc. was $750,000, butthe statement of cash flows reports that…

A: Statement of cash flows:  Statement of cash flows reports all the cash transactions which are…

Q: Cribbets Company uses the direct method in determining net cash provided by operating activities,…

A: Operating activities: Operating activities include cash inflows and outflows from business…

Q: If a gain of $8,081 is realized in selling (for cash) office equipment having a book value of…

A: The cash flow statement is prepared to estimate the net cash inflow or outflow from the business.

Q: Assume Solomon uses the direct method to prepare the statement of cash flows. Income tax payable was…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: The cash flows from operating activities are reported by the direct method on the statement of cash…

A: In the above question we have asked to prepare cash flow statement from operating activities by…

Q: The Simplex Company reported cost of goods sold on its income statement of $10,000. The following…

A: The cost of goods sold, adjusted to a cash basis is the actual cash paid to suppliers for the…

Q: Blue Company's net income last year was $35,000. Changes in selected balance sheet accounts for the…

A: Last year net income = $ 35000

Q: Macrosoft Company reports net income of $73,000. The accounting records reveal depreciation expense…

A: An entity generates it's cash flow from different sources namely operating activities, investing…

Q: Mississippi Products Co. had the following positive cash flows during the current year: received…

A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…

Q: Star Company provided the following data for the preparation of statement of cash flows for the…

A: Statement of Cash Flow - Statement of Cash Flow shows the movement of cash in the financial year. It…

Q: A company borrows $10,000 and signs a 2-year nontrade note payable. In preparing a statement of cash…

A: Given that,  the company borrows $10,000 (Cash inflow) and signs a 2-year nontrade note payable