Following data are from the statement of changes in financial position of Quezon Co. for the year 19x7: Net income, per income statement, P75,000 Acquisition of equipment, P4,000 Depreciation expense, P7,500 Loss on equipment sold, P1,200 Sale of investments, P6,000 Gain on sale of investments, P1,000 Cash dividends paid, P15,000 How much funds were provided by operations during the year?
Q: The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is as follows:…
A: CFS records all the cash receipts and payments. It can be prepared using direct and indirect method.
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: Preparing the Operating Activities Section The data below were provided by the accounting records…
A: The cash flow statement is prepared using the cash accounting method only. As it does not follow…
Q: The statement of cash flows will show A a decrease in cash of $13,000 B an increase in cash of…
A: Statement of cash flows shows all cash inflows and cash outflows of the business for the particular…
Q: Service Company had net income during the current year of $122,000. The following information was…
A: A cash flow statement is a financial statement that shows how a company's cash and cash equivalents…
Q: Mohammed Corporation's comparative balance sheet for current assets and liabilities was as follows:…
A: Cash flows from operating activities is an important section of cash flow statement of the business…
Q: The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows:…
A: Cash flow statement is a part of financial statements which shows how the company generated and…
Q: Determine the net cash flows from operational operations using the indirect approach, assuming there…
A: Operating cash flow (OCF) refers to the amount of cash flow (CF) generated by the company during a…
Q: The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as…
A: Working: 1) Loss on sale of investment Amount ($) Opening balance 121,590 (-)Sale value…
Q: UJ Corp. reported net income for the year of $380,000. What is the net cash flows from operating…
A: working: particular amount Cash flows from operating activities will be : Net Income…
Q: The accounting records of Baddour Company provided the data below. Prepare a reconciliation of net…
A: Cash flow from operating activities: Net income/(loss) $(5,000) Adjustment to reconcile…
Q: The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as…
A: A cash flow statement is prepared by the company to measure the amount of cash inflows and cash…
Q: The beginning capital balance shown on FDNACCT's Statement of Changes in Owner's Equity is P79,000.…
A: We know that, Total assets = Liabilities + owners equity Total Liabilities = Current and noncurrent…
Q: ompany's net year was 000. Changes in the companys bálance sheet accounts for the year appear below:…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: In preparing a company's statement of cash flows for the year just ended, the following Information…
A: Cash flow from financing activities is the cash inflows and cash outflows for raising funds and…
Q: The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: The following information is available about the transactions of UBF Company for the year ended…
A: The cash flow from operating activities from indirect method starts with net income and adjusts for…
Q: The net income for Cypress Inc. was $3,000,000 for the year ended December 31. Additional…
A: Calculate the net cash provided by operating activities.
Q: Dec. 31, 20Y6 Dec. 31, 20Y5 Assets Cash $284,620 $266,290 Accounts receivable (net) 103,110…
A: Answer) Cash Flow Statement (Indirect Method) Cash Flow from Operating Activities Amount…
Q: P4-4A. Preparing the Financial Statements Listed below are items reported on the financial…
A: Working Notes: 1. Calculation of Retain earnings: Total assets $102,200 Less: Total…
Q: The following data were taken from the comparative balance sheet of Osborn Sisters Company for the…
A: Dec 20Y9 Dec 20Y8 Cash 399,800 300,000 Temporary investment 426,700 328,700 Account…
Q: The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:…
A: Cash flow statement is a financial statement that reflect that cash position of the company Three…
Q: Curwen Inc. reported net cash flow from operating activities of $145,700 on its statement of cash…
A: Curwen Inc. reported net cash flow from operating activities of $145,700 on its statement of cash…
Q: The following information relates to Elsa Corporation for last year: Net income $64,00o0 Net…
A: Net cash used by Operating Activities = Net income +Adjustments of other activities + Decrease in…
Q: The accounting records of EZ Company provided the data below. Net income $50,000 Depreciation…
A: Given the following information: Net income: $50,000 Depreciation expense: $7,000 Increase in…
Q: Net income $ 298,000 Depreciation expense 21,000 Increase in inventory 1,900 Increase in…
A: Eastlake Industries Statement of Cash Flow (Using Indirect Method) For the year ended
Q: Victor Corporation's comparative balance sheet for current assets and liabilities was as follows:…
A: Cash flow statement provided information about the cash inflows and cash outflows of the company.…
Q: UJ Corp. reported net income for the year of $115,000. What is the net cash flows from operating…
A: The cash flows from operating activities include the cash transactions from regular business…
Q: The following balance sheets were taken from the records of Blalock Company: Blalock Company…
A: Cash flow statement Cash flow statement refers to a statement showing cash inflows and cash outflows…
Q: If a company reported net income for the year of $180,000, cash from operating activities of…
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
Q: The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as…
A: The three types of activities presented on the statement of cash flows: Operating Investing…
Q: The Net Profit of LSLS Corporation for the year is $ 2,515,250. Using the following information the…
A: The cash flow statement is prepared to estimate the net cash inflow or outflow from the various…
Q: Staley Inc. reported the following data: Net income: $465,400 Depreciation expense: $68,100…
A: We have the following information: Net income: $465,400 Depreciation expense: $68,100 Loss on…
Q: The accounting records of EZ Company provided the data below. Net income $ 69,000…
A: The cash flow statement helps to identify the financial health of the organization, whether the firm…
Q: The following financial information is given. Year 1 Year 2 Book value of assets $18,000…
A: 1. OPERATING INCOME % : = OPERATING INCOME / SALES 2. NET INCOME % : = NET INCOME / SALES
Q: The following items are taken from the financial statements of Blue Spruce Company for the year…
A: Blue Spruce Company Income Statement For the period ending December 31, 2022 Sales revenue…
Q: Curwen Inc. reported net cash flow from operating activities of $357,500 on its statement of cash…
A: a. Compute the net income that is reported for the year ended December 31.
Q: he following information is available for Bridgeport Corp. for the year ended December 31, 2022.…
A: It shows the ending cash balance.
Q: The following information relates to Siem, Inc. for last year: Net income $5,000 Net increase in all…
A: Every business needs some finances for its operations. Cash flow is the relation between cash…
Q: The income statement disclosed the following items for the year: Depreciation expense $40,700 Gain…
A: Solution a: Statement of Cash Flows (Partial) Particulars Amount Cash flows from operating…
Q: Huluduey Corporation’s comparative balance sheet for current assets and liabilities was as follows:…
A: Working note: Prepare the schedule in the changes of current assets and liabilities.
Q: Curwen Inc. reported net cash flows from operating activities of $357,500 on its statement of cash…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Bohol Company provided the following for the current year: Cash balance, January 1 Decrease in…
A: Cash flow from Financing activities: It include transactions relating to the debt, equity, and…
Q: An entity reported the following changes in the statement of financial position accounts for the…
A: Under the indirect method of the Cash flow statement, the cash provided by operating…
Q: A company reported the following items for the recent financial year (in T€): Net income: 60,000…
A: Cash flow statement is a statement that shows the flow of cash and cash equivalents during the…
Q: Sanders Awnings reported net income of $90 million. Included in that number were depreciation…
A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…
Following data are from the
Net income, per income statement, P75,000
Acquisition of equipment, P4,000
Loss on equipment sold, P1,200
Sale of investments, P6,000
Gain on sale of investments, P1,000
Cash dividends paid, P15,000
How much funds were provided by operations during the year?
Step by step
Solved in 2 steps
- The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. Open the file CASHFLOW from the website for this book at cengagebrain.com. First, enter the formulas. Then, complete the worksheet in the manner described next. According to the problem, cash increased from 39,600 to 67,210 during the year. This is a 27,610 increase. To record this increase on the worksheet, move to row 17. Since this is the first account you are analyzing, enter the letter a in column C. Then enter 27610 in column D (a debit since cash increased). This brings the year-end balance (column G) to 67,210, its proper balance. Now move to the bottom part of the statement where you see the categories Operating Activities, Investing Activities, and so on. The credit side of the entry has to be entered here. The proper space for this cash entry is on row 59. Enter the letter a in cell E59 and 27610 in cell F59. Notice the totals at the bottom of the page (row 60) now agree. The next account balance that changed is accounts receivable. It increased by 9,035. To enter this change on the worksheet, enter the letter b in cell C18 and 9035 in cell D18 (again, a debit since accounts receivable increased). This brings the year-end balance in column G to 121,250, its proper balance. The change in accounts receivable balance is an operating activity adjustment (as explained in your textbook). Enter the credit side of this entry in cells E34 and F34, and enter the explanation Increase in accounts receivable in cell A34. Note: Your textbook probably shows Net income as the first item under Operating Activities. We will get to that later. The sequence in which you enter items on this worksheet is not important. All other balance sheet accounts must be analyzed in the same manner, placing appropriate debit or credit entries in the top part of the worksheet to obtain the proper balances in column G, and then entering the second side of the entry in the appropriate row on the bottom part of the worksheet. You should use letter references to identify all entries. Also, you must enter a description of the entry in column A under the appropriate activity category. Although a sequence of analyzing the balance sheet from top to bottom is suggested here, this order is not necessary. As mentioned earlier, your textbook may specify a different sequence. Also, note that some accounts may have both debit and credit adjustments to them. The worksheet is not a substitute for a statement of cash flows, but it does provide you with all the numbers you need to properly prepare one. You will be done with your analysis when: a. The individual account balances at December 31, 2013, as shown on the worksheet (column G) equal those shown in the given problem data. b. The transaction column totals are equal (cells D60 and F60). c. The sum of the operating, investing, and financing activities (cell G59) equals the change in cash (cell D59 or F59). When you are finished, enter your name in cell A1. Save your completed file as CASHFLOW2. Print the worksheet when done. Also print your formulas. Check figure: Total credits at 12/31/2013 (cell G31), 860,460.Statement of Cash Flows A list of Fischer Companys cash flow activities is presented here: a. Patent amortization expense, 3,500 b. Machinery was purchased for 39,500 c. At year-end, bonds payable with a face value of 20,000 were issued for 17,000 d. Net income, 47,200 k. Inventories increased by 15,400 e. Dividends paid, 16,000 f. Depreciation expense, 12,900 g. Preferred stock was issued for 13,600 h. Investments were acquired for 21,000 i. Accounts receivable increased by 4,300 j. Land was sold at cost, 11,000 k. Inventories increased by 15,400 l. Accounts payable increased by 2,700 m. Beginning cash balance, 19,400 Required: Prepare Fischers statement of cash flows.Solpoder Corporation has the following comparative financial statements: Dividends of 17,100 were paid. No equipment was purchased or retired during the current year. Required: Prepare a statement of cash flows using the direct method.
- Net Cash Flow from Operating Activities The following are accounting items taken from Tyrone Shoelaces Required: a. Net income, 22,900 b. Payment for purchase of land, 4,000 c. Payment for retirement of bonds, 6,000 d. Depreciation expense, 7,800 e. Receipt from issuance of common stock, 7,000 f. Patent amortization expense, 2,700 g. Increase in accounts receivable, 3,400 h. Payment of dividends, 5,000 i. Decrease in accounts payable, 2,600 Required: Prepare the operating activities section of Tyrones statement of cash flows using the indirect method.Balance sheets for Brierwold Corporation follow: Additional transactions were as follows: a. Purchased equipment costing 50,000. b. Sold equipment costing 60,000, with a book value of 25,000, for 40,000. c. Retired preferred stock at a cost of 110,000. (The premium is debited to Retained Earnings.) d. Issued 10,000 shares of common stock (par value, 4) for 10 per share. e. Reported a loss of 15,000 for the year. f. Purchased land for 50,000. Required: Prepare a statement of cash flows using the worksheet approach. Use the indirect method to prepare the statement.Balance sheets for Brierwold Corporation follow: Additional transactions were as follows: a. Purchased equipment costing 50,000. b. Sold equipment costing 60,000, with a book value of 25,000, for 40,000. c. Retired preferred stock at a cost of 110,000. (The premium is debited to Retained Earnings.) d. Issued 10,000 shares of common stock (par value, 4) for 10 per share. e. Reported a loss of 15,000 for the year. f. Purchased land for 50,000. Required: Prepare a statement of cash flows using the indirect method.
- The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal year, is as follows: Additional data obtained from the records of Prime Sports Gear are as follows: a. Net income for 2013 was 121,610. b. Depreciation reported on income statement for 2013 was 46,500. c. Purchased 165,000 of new equipment, putting 90,000 cash down and issuing 75,000 of bonds for the balance. d. Old equipment originally costing 19,500, with accumulated depreciation of 7,950, was sold for 8,000. e. Retired 60,000 of bonds. f. Declared cash dividends of 64,000. g. Issued 1,500 shares of common stock at 27 cash per share. You have been asked to prepare a statement of cash flows for Prime Sports Gear for 2013. Review the worksheet called CASHFLOW that has been provided to assist you in preparing the statement. The worksheet has been designed so that as you make entries in columns D and F, column G will be automatically updated. For example, FORMULA1 should be entered as =B17+D17F17. Columns C and E are to be used to enter letter references for each of the debit and credit entries on the worksheet.Statement of Cash Flows The following are Mueller Companys cash flow activities: a. Net income, 68,000 b. Increase in accounts receivable, 4,400 c. Receipt from sale of common stock, 12,300 d. Depreciation expense, 11,300 e. Dividends paid, 24,500 f. Payment for purchase of building, 65,000 g. Bond discount amortization, 2,700 h. Receipt from sale of long-term investments at cost, 10,600 i. Payment for purchase of equipment, 8,000 j. Receipt from sale of preferred stock, 20,000 k. Increase in income taxes payable, 3,500 l. Payment for purchase of land, 9,700 m. Decrease in accounts payable, 2,900 n. Increase in inventories, 10,300 o. Beginning cash balance, 18,000 Required: Prepare Mueller Company's statement of cash flows.Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.