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in assets and liabilities, net of acquisitions: ease (increase) in receivables ease (increase) in inventories ease (decrease) in prepaid expenses ease (decrease) in controlled disbursements ease (decrease) in accounts payable ease (decrease) in accrued expenses ", net provided by operations 1: ported cost of goods sold of $167,514,150 in its fiscal 2021 income statem e year.

in assets and liabilities, net of acquisitions: ease (increase) in receivables ease (increase) in inventories ease (decrease) in prepaid expenses ease (decrease) in controlled disbursements ease (decrease) in accounts payable ease (decrease) in accrued expenses ", net provided by operations 1: ported cost of goods sold of $167,514,150 in its fiscal 2021 income statem e year.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 52PSA
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Reconciliation of net income to net cash provided by operations: Net income Depreciation and amortization Deferred income taxes. Changes in assets and liabilities, net of acquisitions: Decrease (increase) in receivables Decrease (increase) in inventories Increase (decrease) in prepaid expenses Increase (decrease) in controlled disbursements Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Other, net Cash provided by operations 2021 Net purchases $1,689,233 3,445,504 199,000 (2,837,353) (349,508) 355,648 367,394 1,708,676 (13,985) $4,564,609 2020 $ 2,220,087 3,465,087 338,766 4,060, 668 6,035,490 (88,350) 77,718 (8,104,148) 411,616 1,909 $ 8,418,843 Required: Kinney reported cost of goods sold of $167,514,150 in its fiscal 2021 income statement. Compute Kinney's net inventory purchases during the year.
Transcribed Image Text:Reconciliation of net income to net cash provided by operations: Net income Depreciation and amortization Deferred income taxes. Changes in assets and liabilities, net of acquisitions: Decrease (increase) in receivables Decrease (increase) in inventories Increase (decrease) in prepaid expenses Increase (decrease) in controlled disbursements Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Other, net Cash provided by operations 2021 Net purchases $1,689,233 3,445,504 199,000 (2,837,353) (349,508) 355,648 367,394 1,708,676 (13,985) $4,564,609 2020 $ 2,220,087 3,465,087 338,766 4,060, 668 6,035,490 (88,350) 77,718 (8,104,148) 411,616 1,909 $ 8,418,843 Required: Kinney reported cost of goods sold of $167,514,150 in its fiscal 2021 income statement. Compute Kinney's net inventory purchases during the year.
TB Problem 21-151 (Algo) In its 2021 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows: For the years ended December 31, Cash flow from operating activities: Cash received from customers Cash paid to suppliers and employees Interest paid, net Income taxes paid Cash provided by operations. Cash flow from investing activities: Capital expenditures and acquisitions Expenditures for other assets Cash used in investing activities Cash flow from financing activities: Principal payments of long-term debt and lease agreements Addition to long-term debt and lease liability Purchase of common stock and other capital transactions Payment of dividends Cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of year Cash at end of year 2021 $ 198,652,040 (191,876,791) (1,863,990) (346,650) 4,564,609 $ (3,303,579) (37,560) (3,341,139) (1,762,485) 3,068,378 (1,545,906) (795,558) (1,035,571) 187,899 180, 115 368,014 2020 $ 212,373,952 (201,074,336) (2,398,523) (482,250) 8,418,843 $ (1,967,382) (131,420) (2,098,802) (5,842,675) 1,374,847 (878,231) (991,968) (6,338,027) (17,986) 198, 101 180, 115
Transcribed Image Text:TB Problem 21-151 (Algo) In its 2021 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows: For the years ended December 31, Cash flow from operating activities: Cash received from customers Cash paid to suppliers and employees Interest paid, net Income taxes paid Cash provided by operations. Cash flow from investing activities: Capital expenditures and acquisitions Expenditures for other assets Cash used in investing activities Cash flow from financing activities: Principal payments of long-term debt and lease agreements Addition to long-term debt and lease liability Purchase of common stock and other capital transactions Payment of dividends Cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of year Cash at end of year 2021 $ 198,652,040 (191,876,791) (1,863,990) (346,650) 4,564,609 $ (3,303,579) (37,560) (3,341,139) (1,762,485) 3,068,378 (1,545,906) (795,558) (1,035,571) 187,899 180, 115 368,014 2020 $ 212,373,952 (201,074,336) (2,398,523) (482,250) 8,418,843 $ (1,967,382) (131,420) (2,098,802) (5,842,675) 1,374,847 (878,231) (991,968) (6,338,027) (17,986) 198, 101 180, 115
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