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Loose Leaf For Introduction To Managerial Accounting
8th Edition
ISBN: 9781260190175
Author: Brewer Professor, Peter C.; Garrison, Ray H; Noreen, Eric
Publisher: McGraw-Hill Education
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Question
Chapter 13, Problem 3F15
To determine
Cash Flow Statement: The statement which summarizes the net amount of cash disbursed and received with regards to a particular activity is called cash flow statement.
Determine the amount of
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Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:
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Â
Ending Balance
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Beginning Balance
Cash
$
113,600
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$
136,600
Accounts receivable
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89,800
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Â
96,800
Inventory
Â
120,600
Â
Â
110,000
Total current assets
Â
324,000
Â
Â
343,400
Property, plant, and equipment
Â
318,000
Â
Â
308,000
Less accumulated depreciation
Â
106,000
Â
Â
77,000
Net property, plant, and equipment
Â
212,000
Â
Â
231,000
Total assets
$
536,000
Â
$
574,400
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Â
Â
Â
Â
Â
Accounts payable
$
70,400
Â
$
125,000
Income taxes payable
Â
54,600
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Â
74,400
Bonds payable
Â
132,000
Â
Â
110,000
Common stock
Â
154,000
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Â
132,000
Retained earnings
Â
125,000
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Â
133,000
Total liabilities and stockholders’ equity
$
536,000
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$
574,400
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During the year, Ravenna paid a $13,200 cash dividend and it sold a piece of equipment for $6,600 that had originally cost…
Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:
Â
Â
Ending Balance
Â
Beginning Balance
Cash
$
61,000
Â
$
72,650
Accounts receivable
Â
51,200
Â
Â
55,000
Inventory
Â
68,700
Â
Â
62,500
Total current assets
Â
180,900
Â
Â
190,150
Property, plant, and equipment
Â
186,000
Â
Â
175,000
Less accumulated depreciation
Â
62,000
Â
Â
43,750
Net property, plant, and equipment
Â
124,000
Â
Â
131,250
Total assets
$
304,900
Â
$
321,400
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Â
Â
Â
Â
Â
Accounts payable
$
40,000
Â
$
71,200
Income taxes payable
Â
31,200
Â
Â
36,700
Bonds payable
Â
75,000
Â
Â
62,500
Common stock
Â
87,500
Â
Â
75,000
Retained earnings
Â
71,200
Â
Â
76,000
Total liabilities and stockholders’ equity
$
304,900
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$
321,400
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During the year, Ravenna paid a $7,500 cash dividend and it sold a piece of equipment for $3,750 that had originally cost $7,800 and had…
Prepare a Statement of Cash Flows
Comparative financial statements for Weaver Company follow:
During this year, Weaver sold some equipment for $20 that had cost $40 and on which there was accumulated depreciation of $16. In addition, the company sold long-term investments for $10 that had cost $3 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds.
Required:
1. Using the indirect method, determine the net cash provided by operating activities for this year.
2. Using the information in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for this year.
Chapter 13 Solutions
Loose Leaf For Introduction To Managerial Accounting
Ch. 13.A - Prob. 1ECh. 13.A - Prob. 2ECh. 13.A - Prob. 3ECh. 13.A - Prob. 4ECh. 13.A - Prob. 5PCh. 13.A - Prob. 6PCh. 13.A - Prob. 7PCh. 13 - Prob. 1QCh. 13 - Prob. 2QCh. 13 - Prob. 3Q
Ch. 13 - What general guidelines can you provide for...Ch. 13 - Prob. 5QCh. 13 - Prob. 6QCh. 13 - Prob. 7QCh. 13 - Prob. 8QCh. 13 - A business executive once stated, “Depreciation is...Ch. 13 - If the Accounts Receivable balance increases...Ch. 13 - Would a sale of equipment for cash be considered a...Ch. 13 - Prob. 12QCh. 13 - Ravenna Company is a merchandiser that uses the...Ch. 13 - Prob. 2F15Ch. 13 - Prob. 3F15Ch. 13 - Ravenna Company is a merchandiser that uses the...Ch. 13 - Prob. 5F15Ch. 13 - Ravenna Company is a merchandiser that uses the...Ch. 13 - Ravenna Company is a merchandiser that uses the...Ch. 13 - Prob. 8F15Ch. 13 - Prob. 9F15Ch. 13 - Prob. 10F15Ch. 13 - Prob. 11F15Ch. 13 - Ravenna Company is a merchandiser that uses the...Ch. 13 - Ravenna Company is a merchandiser that uses the...Ch. 13 - Prob. 14F15Ch. 13 - Prob. 15F15Ch. 13 - Prob. 1ECh. 13 - Net Cash Provided by Operating Activities For the...Ch. 13 - Prob. 3ECh. 13 - Prob. 4ECh. 13 - Net Cash Provided by Operating Activities Changes...Ch. 13 - Prepare a Statement of Cash Flows; Free Cash Flow...Ch. 13 - Prob. 7PCh. 13 - Prob. 8PCh. 13 - Prob. 9PCh. 13 - Prepare a Statement of Cash Flows; Free Cash...Ch. 13 - Prob. 11PCh. 13 - Prepare a Statement of Cash Flows A comparative...Ch. 13 - Prob. 13PCh. 13 - Prob. 14P
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- Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:   Ending Balance  Beginning Balance Cash $ 61,000  $ 72,650 Accounts receivable  51,200   55,000 Inventory  68,700   62,500 Total current assets  180,900   190,150 Property, plant, and equipment  186,000   175,000 Less accumulated depreciation  62,000   43,750 Net property, plant, and equipment  124,000   131,250 Total assets $ 304,900  $ 321,400       Accounts payable $ 40,000  $ 71,200 Income taxes payable  31,200   36,700 Bonds payable  75,000   62,500 Common stock  87,500   75,000 Retained earnings  71,200   76,000 Total liabilities and stockholders’ equity $ 304,900  $ 321,400   During the year, Ravenna paid a $7,500 cash dividend and it sold a piece of equipment for $3,750 that had originally cost $7,800 and had…arrow_forwardRavenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:   Ending Balance  Beginning Balance Cash $ 61,000  $ 72,650 Accounts receivable  51,200   55,000 Inventory  68,700   62,500 Total current assets  180,900   190,150 Property, plant, and equipment  186,000   175,000 Less accumulated depreciation  62,000   43,750 Net property, plant, and equipment  124,000   131,250 Total assets $ 304,900  $ 321,400       Accounts payable $ 40,000  $ 71,200 Income taxes payable  31,200   36,700 Bonds payable  75,000   62,500 Common stock  87,500   75,000 Retained earnings  71,200   76,000 Total liabilities and stockholders’ equity $ 304,900  $ 321,400   During the year, Ravenna paid a $7,500 cash dividend and it sold a piece of equipment for $3,750 that had originally cost $7,800 and had…arrow_forwardRavenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:   Ending Balance  Beginning Balance Cash and cash equivalents $ 118,400  $ 142,300 Accounts receivable  93,900   101,200 Inventory  126,100   115,000 Total current assets  338,400   358,500 Property, plant, and equipment  333,000   322,000 Less accumulated depreciation  111,000   80,500 Net property, plant, and equipment  222,000   241,500 Total assets $ 560,400  $ 600,000       Accounts payable $ 73,600  $ 130,700 Income taxes payable  57,100   77,300 Bonds payable  138,000   115,000 Common stock  161,000   138,000 Retained earnings  130,700   139,000 Total liabilities and stockholders’ equity $ 560,400  $ 600,000   During the year, Ravenna paid a $13,800 cash dividend and it sold a piece of equipment for $6,900 that…arrow_forward
- Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:   Ending Balance  Beginning Balance Cash and cash equivalents $ 118,400  $ 142,300 Accounts receivable  93,900   101,200 Inventory  126,100   115,000 Total current assets  338,400   358,500 Property, plant, and equipment  333,000   322,000 Less accumulated depreciation  111,000   80,500 Net property, plant, and equipment  222,000   241,500 Total assets $ 560,400  $ 600,000       Accounts payable $ 73,600  $ 130,700 Income taxes payable  57,100   77,300 Bonds payable  138,000   115,000 Common stock  161,000   138,000 Retained earnings  130,700   139,000 Total liabilities and stockholders’ equity $ 560,400  $ 600,000   During the year, Ravenna paid a $13,800 cash dividend and it sold a piece of equipment for $6,900 that…arrow_forwardRavenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:   Ending Balance  Beginning Balance Cash and cash equivalents $ 118,400  $ 142,300 Accounts receivable  93,900   101,200 Inventory  126,100   115,000 Total current assets  338,400   358,500 Property, plant, and equipment  333,000   322,000 Less accumulated depreciation  111,000   80,500 Net property, plant, and equipment  222,000   241,500 Total assets $ 560,400  $ 600,000       Accounts payable $ 73,600  $ 130,700 Income taxes payable  57,100   77,300 Bonds payable  138,000   115,000 Common stock  161,000   138,000 Retained earnings  130,700   139,000 Total liabilities and stockholders’ equity $ 560,400  $ 600,000   During the year, Ravenna paid a $13,800 cash dividend and it sold a piece of equipment for $6,900 that…arrow_forwardRavenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:   Ending Balance  Beginning Balance Cash and cash equivalents $ 118,400  $ 142,300 Accounts receivable  93,900   101,200 Inventory  126,100   115,000 Total current assets  338,400   358,500 Property, plant, and equipment  333,000   322,000 Less accumulated depreciation  111,000   80,500 Net property, plant, and equipment  222,000   241,500 Total assets $ 560,400  $ 600,000       Accounts payable $ 73,600  $ 130,700 Income taxes payable  57,100   77,300 Bonds payable  138,000   115,000 Common stock  161,000   138,000 Retained earnings  130,700   139,000 Total liabilities and stockholders’ equity $ 560,400  $ 600,000   During the year, Ravenna paid a $13,800 cash dividend and it sold a piece of equipment for $6,900 that…arrow_forward
- Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:   Ending Balance  Beginning Balance Cash and cash equivalents $ 102,000  $ 122,400 Accounts receivable  81,700   88,000 Inventory  109,700   100,000 Total current assets  293,400   310,400 Property, plant, and equipment  291,000   280,000 Less accumulated depreciation  97,000   70,000 Net property, plant, and equipment  194,000   210,000 Total assets $ 487,400  $ 520,400       Accounts payable $ 64,000  $ 113,700 Income taxes payable  49,700   65,700 Bonds payable  120,000   100,000 Common stock  140,000   120,000 Retained earnings  113,700   121,000 Total liabilities and stockholders’ equity $ 487,400  $ 520,400   During the year, Ravenna paid a $12,000 cash dividend and it sold a piece of equipment for $6,000 that had…arrow_forwardRavenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:  Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…arrow_forwardRavenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:  Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…arrow_forward
- Ravenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:  Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…arrow_forwardRavenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:  Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…arrow_forwardRavenna Company is a merchandiser using the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows:  Ending Balance Beginning Balance Cash and cash equivalents $ 89,000 $ 106,750 Accounts receivable 71,500 77,000 Inventory 96,000 87,500 Total current assets 256,500 271,250 Property, plant, and equipment 255,000 245,000 Less accumulated depreciation 85,000 61,250 Net property, plant, and equipment 170,000 183,750 Total assets $ 426,500 $ 455,000 Accounts payable $ 56,000 $ 99,500 Income taxes payable 43,500 57,000 Bonds payable 105,000 87,500 Common stock 122,500 105,000 Retained earnings 99,500 106,000 Total liabilities and stockholders’ equity $ 426,500 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and sold a piece of equipment for $5,250 that originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or…arrow_forward
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