Prepare the Cash flow statement using Indirect Method. 1455AWNL23A5 Assets6 CashB7 Accounts receivable8 Inventories9 Investments10 Land11 Equipment12 Accumulated depreciation132728 Sales29 Cost of goods sold30 Gross Profit31 Operating expenses:323338394011с1415 Liabilities and Stockholders Equity16 Accounts payable17 Salaries payable18 Dividends payable19 Common stock, $1 par20 Paid in capital in excess of par, common stock21 Retained earnings2223242526D E FDuLang IndustriesComparative Balance SheetDecember 31, 2019 and 20183435 Operating income36 Other income:37DuLang IndustriesIncome StatementYear Ended December 31, 2019Depreciation expenseOther operating expensesTotal operating expensesGain on sale of investmentsIncome before income taxIncome tax expenseNet incomeG31-Dec-19464,100163,200395,000160,000695,500(194,000)1,683,800228,70016,50014,00075,000265,0001,084,6001,683,80026,000329,400H31-Dec-18395,800145,700367,900120,000575,500(168,000)1,436,900210,50021,40010,00060,000175,000960,0001,436,9001,580,500957,300623,200355,400267,80012,000279,80099,200180,600KDifference68,300MN0PAdditional information:a. Equipment and land wereacquired for cashb. There were no disposals ofequipment during the yearc. The investments were soldfor $132,000 cashd. Common stock was issued forcashe. There was a $56,000 debitto retained earnings for cashdividends declaredQ

Cash flow from operating activities to be calculated using indirect method. In this the income…

Answered: Prepare the Cash flow statement using…

Business

Accounting

Prepare the Cash flow statement using Indirect Method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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J9998. Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders equity: Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders equity Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Income taxes Net income Comparative Balance Sheet Mutiple Choice O$(153) O 5153 Income Statement $(35) $35 $ 818 284 526 105 421 149 $ 272 Ending Beginning Balance Balance $45 108 67 Cash dividends were $35. The company did not dispose of any property, plant, and equipment. It did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows. The net cash provided by (used in) investing activities for the year was. 843 372 $ 691 $85 200 119 287 $ 691 $42 93 52 690 320 $ 557 $94 320 93 50 $ 557
Total fixed assets 31420 OMR Total long term liabilities 9970 OMR Total current assets 18930 OMR Total current liabilities 4765 OMR Shareholders’ funds 35615 OMR Capital employed 45585 OMR Gross profit 175000 OMR Net profit 113950 OMR Return on capital employed 25% Current ratio 3.97 Liquid ratio 3.34 Return on Equity 3.191 Gross Profit Margin 53,03% Net Profit Margin 34.53% Q/Give a brief report on the financial position of the company based on the above figures?
is: Dec. 31, 20Y9 Dec. 31, 20Y8 Assets Cash $70,720 $47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land 295,800 0 Equipment 438,600 358,020 Accumulated depreciation—equipment (99,110) (84,320) Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital: Excess of issue price over par—common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 The income statement for the year ended December 31, 20Y9, is as follows: Sales $2,023,898 Cost of goods sold 1,245,476 Gross profit $778,422 Operating…
Prepare a classified balance sheet as of December 31, 2022 Cash 49104 Accounts Receivable 44880 Inventory 19976 Land 57200 Buildings 83600 Equipment 35200 Accumulated Dep-Buildings 29040 Accumulated Dep-Equipment 15840 Account Payable 16984 Interest Payable 4400 Dividends Payable 5900 Unearned Rent Revenue 1760 Bonds Payable 44000 Preferred Stock 17600 Paid-in Capital in Excess of Par-Preferred Stock 1760 Common Stock 35200 Paid-in Capital in Excess of Par-Common Stock 16720 Retained Earnings 66044 Treasury Stock 12936 Cash Dividends 5940 Sales Revenue 501600 Rent Revenue 5280 Bad Debt Expense 4092 Interest Expense 4400 Cost of Goods Sold 352000 Depreciation Expense 5808 Other Operating Expenses 34320 Salaries and Wages Expenses 57200 766656 766656
Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $155 $51 Accounts receivable (net) 89 64 Inventories 56 35 Land 127 145 Equipment 72 56 Accumulated depreciation-equipment (19) (10) Total Assets $480 $341 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $60 $51 Dividends payable 10 - Common stock, $1 par 32 16 Paid-in capital: Excess of issue price over par—common stock 73 40 Retained earnings 305 234 Total liabilities and stockholders' equity $480 $341 The following additional information is taken from the records: Land was sold for $45. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $103 credit to Retained Earnings for net income. There was a $32 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of…
Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $159 $51 Accounts receivable (net) 90 63 Inventories 57 35 Land 129 143 Equipment 73 55 Accumulated depreciation-equipment (20) (10) Total Assets $488 $337 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $61 $51 Dividends payable 10 - Common stock, $1 par 32 16 Paid-in capital: Excess of issue price over par—common stock 81 39 Retained earnings 304 231 Total liabilities and stockholders' equity $488 $337 The following additional information is taken from the records: Land was sold for $35. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $105 credit to Retained Earnings for net income. There was a $32 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of…
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a)Current ratioenter the ratio rounded to 2 decimal places (b)Acid-test ratioenter the ratio rounded to 2 decimal places…
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83)
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a)Current ratioenter the ratio rounded to 2 decimal places
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (i)Earnings per share$enter a dollar amount rounded to 2 decimal places (j)Payout ratioenter percentages rounded to 0 decimal…