Financial and Managerial Accounting
7th Edition
ISBN: 9781259726705
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 1, Problem 6PSA
Problem 1-6A Preparing a statement of
Following is selected financial information of Kia Company for the year ended December 31, 2017.
| Cash used by investing activities…………………………….. | $(2,000) |
| Net increase in cash…………………………………………... | 1, 200 |
| Cash used by financing activities……………………………... | (2, 800) |
| Cash from operating activities………………………………… | 6, 000 |
| Cash, December 31, 2016……………………………………… | 2, 300 |
Required
Prepare the 2017 year-end statement of cash flows for Kia Company.
Check Cash balance, Dec 31, 2017, $3, 500
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Exercise 1-17
Reporting cash flows and determining effects
P2
For each transaction, (a) determine whether the transaction appears on the statement of cash flows under cash flows from operating activities, cash flows from investing activities, or cash flows from financing activities and (b) indicate whether the transaction is a cash outflow or cash inflow.
1.Cash received from client for performing services.
2.Cash investment from the owner.
3.Cash paid for this month’s rent.
4.Cash paid for equipment.
5.Cash paid for employee wages.
6.Cash paid to settle long-term loan.
Problem 3-28 Statement of Cash Flows [LO1]
Some recent financial statements for Smolira Golf Corp. follow.
SMOLIRA GOLF CORP.2017 and 2018 Balance Sheets
Assets
Liabilities and Owners’ Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$
36,085
$
39,400
Accounts payable
$
39,752
$
43,432
Accounts receivable
18,651
29,296
Notes payable
20,708
17,475
Inventory
4,120
43,312
Other
21,394
25,994
Total
$
58,856
$
112,008
Total
$
81,854
$
86,901
Long-term debt
$
123,500
$
187,898
Owners’ equity
Common stock and paid-in surplus
$
56,700
$
56,700
Accumulated…
Problem 2-9 Statement of Cash Flows (LG2-4)
Ramakrishnan, Inc. reported 2018 net income of $20 million and depreciation of $3,400,000. The top part of Ramakrishnan, Inc.’s 2018 and 2017 balance sheets is listed below (in millions of dollars).
2018
2017
2018
2017
Current assets:
Current liabilities:
Cash and marketable securities
$
25
$
26
Accrued wages and taxes
$
43
$
35
Accounts receivable
98
92
Accounts payable
69
60
Inventory
170
144
Notes payable
60
55
Total
$
293
$
262
Total
$
172
$
150
Calculate the 2018 net cash flow from operating activities for Ramakrishnan, Inc. (Enter your answer in dollars not in millions.)
Chapter 1 Solutions
Financial and Managerial Accounting
Ch. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Brunswick borrows $ 50,000 cash from Third...Ch. 1 - Geek Squad performs services for a customer and...Ch. 1 - Prob. 1DQCh. 1 - Technology is increasing used to process...Ch. 1 - Prob. 3DQCh. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQ
Ch. 1 - Describe the internal role of accounting for...Ch. 1 - 7. Identify three types of services typically...Ch. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - 10. What are some accounting-related professions?
Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - Prob. 20DQCh. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 23DQCh. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Define and explain return on assets.Ch. 1 - Prob. 29DQCh. 1 - Prob. 30DQCh. 1 - Prob. 31DQCh. 1 - Refer to the financial statements of Google in...Ch. 1 - Prob. 33DQCh. 1 - Prob. 1QSCh. 1 - Prob. 2QSCh. 1 - Prob. 3QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - Applying the accounting equation A1 Total assets...Ch. 1 - Applying the accounting equation A1 Use the...Ch. 1 - Prob. 9QSCh. 1 - Identifying effects of transactions using...Ch. 1 - Identifying effects of transactions using...Ch. 1 - Prob. 12QSCh. 1 - Prob. 13QSCh. 1 - Identifying assets, liabilities, and equity P2...Ch. 1 - Prob. 15QSCh. 1 - Prob. 16QSCh. 1 - Prob. 17QSCh. 1 - Prob. 1ECh. 1 - Exercise 1-2 Identifying accounting users and uses...Ch. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Exercise 1-8 Using the accounting equation A1...Ch. 1 - Exercise 1-9 Using the accounting equation...Ch. 1 - Exercise 1-10 Analysis using the accounting...Ch. 1 - Exercise 1-11 Identifying effects of transactions...Ch. 1 - Prob. 12ECh. 1 - Exercise 1-13 Identifying effects of transactions...Ch. 1 - Exercise 1-14 Analysis of return on assets A2...Ch. 1 - Prob. 15ECh. 1 - Prob. 16ECh. 1 - Exercise 1-17 preparing a balance sheet P2 Use the...Ch. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Problem 1-1A Identifying effects of transactions...Ch. 1 - Problem 1-2A Computing missing information using...Ch. 1 - Prob. 3PSACh. 1 - Problem 1-4A preparing a statement of retained...Ch. 1 - Problem 1-5A Preparing a balances sheet P2
Use the...Ch. 1 - Problem 1-6A Preparing a statement of cash flows...Ch. 1 - Problem 1-7A Analyzing transactions and preparing...Ch. 1 - Problem 1-8.4 Analyzing effects of transactions C4...Ch. 1 - Prob. 9PSACh. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 12PSACh. 1 - Prob. 13PSACh. 1 - Prob. 14PSACh. 1 - Prob. 1PSBCh. 1 - Problem 1-2B Computing missing information using...Ch. 1 - Problem 1-9B analyzing transactions and preparing...Ch. 1 - Prob. 4PSBCh. 1 - Problem 1-5B Preparing a balance sheet P2 Use the...Ch. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Problem 1-8B Analyzing effects of transactions C4...Ch. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - Prob. 12PSBCh. 1 - Prob. 13PSBCh. 1 - Prob. 14PSBCh. 1 - Prob. 1SPCh. 1 - Key financial figures for Apple’s fiscal year...Ch. 1 - Prob. 2BTNCh. 1 - Prob. 3BTNCh. 1 - Prob. 4BTNCh. 1 - Prob. 5BTNCh. 1 - Prob. 6BTNCh. 1 - Prob. 7BTNCh. 1 - Prob. 8BTNCh. 1 - Prob. 9BTN
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