Horngren's Accounting: The Managerial Chapters, Student Value Edition Plus Mylab Accounting With Pearson Etext - Access Card Package (12th Edition)
12th Edition
ISBN: 9780134643168
Author: MILLER-NOBLES, Tracie L.; Mattison, Brenda L.; Matsumura, Ella Mae
Publisher: PEARSON
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Textbook Question
Chapter 16, Problem E16.21E
Preparing the statement of cash flows—indirect method
Learning Objective 2
Net Cash Prov. by Op Act $98 000
The income statement of Boost Plus, Inc. follows:
BOOST PLUS. INC. Income Statement Year Ended September 30, 2018 |
||
Net Sales Revenue | S 231,000 | |
Cost of Goods Sold | 94,000 | |
Gross Profit | 137,000 | |
Operating Expenses: | ||
Salaries Expense | $ 54,000 | |
27,000 | ||
Total Operating Expenses | 81,000 | |
Net Income Before Income Taxes | 56,000 | |
Income Tax Expense | 3,000 | |
Net Income | $ 53,000 |
Additional data follow:
- Acquisition of plant assets is $124,000. Of this amount, $108,000 is paid in cash and $16,000 by signing a note payable
- Cash receipt from sale of land totals $20,000. There was no gain or loss.
- Cash receipts from issuance of common stock total $36,000.
- Payment of notes payable is $15,000.
- Payment of dividends is $5,000. f From the balance sheet:
September 30 | ||
2018 | 2017 | |
Cash | $ 39,000 | $ 13,000 |
46,000 | 61,000 | |
Merchandise Inventory | 94,000 | 88,000 |
Land | 82,000 | 102,000 |
Plant Assets | 214,000 | 90,000 |
Accumulated Depreciation | (61,000) | (34,000) |
Accounts Payable | 32,000 | 15,000 |
Accrued Liabilities | 12,000 | 20,000 |
Notes Payable (long-term) | 16,000 | 15,000 |
Common Stock, no par | 40,000 | 4,000 |
314,000 | 266,000 |
Prepare Boost Plus's statement of cash flows for the year ended September 30, 2018, using the indirect method Include a separate section for non-cash investing and financing activities
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Direction: Study the given data below and compute for (1) the cash generated/used in financing activities, (2) the net change in cash for the year, and (3) prepare the CFS for the year.
Learning is Fun Company has presented the following in order to aid the account in preparing CFS during the month.
Net income: P200, 000
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Gain on sale on property and equipment: P100. 000
Decrease in trade and other receivables: P 70, 000
Purchase of property and equipment: P200, 000
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Chapter 16 Solutions
Horngren's Accounting: The Managerial Chapters, Student Value Edition Plus Mylab Accounting With Pearson Etext - Access Card Package (12th Edition)
Ch. 16 - Prob. 1QCCh. 16 - Prob. 2QCCh. 16 - Prob. 3QCCh. 16 - Prob. 4QCCh. 16 - Prob. 5QCCh. 16 - The Plant Assets account and Accumulated...Ch. 16 - Mountain Water Corp issued common stock of $28,000...Ch. 16 - Prob. 8QCCh. 16 - Maxwell Furniture Center had accounts receivable...Ch. 16 - Prob. 10BQC
Ch. 16 - Prob. 1RQCh. 16 - Prob. 2RQCh. 16 - Prob. 3RQCh. 16 - Prob. 4RQCh. 16 - Prob. 5RQCh. 16 - Prob. 6RQCh. 16 - Prob. 7RQCh. 16 - Prob. 8RQCh. 16 - Prob. 9RQCh. 16 - Prob. 10RQCh. 16 - Prob. 11RQCh. 16 - Prob. 12RQCh. 16 - Prob. 13RQCh. 16 - Prob. 14RQCh. 16 - Prob. 15ARQCh. 16 - Prob. 16BRQCh. 16 - Prob. S16.1SECh. 16 - S16-2 Classifying items on the statement of cash...Ch. 16 - Prob. S16.3SECh. 16 - Prob. S16.4SECh. 16 - Prob. S16.5SECh. 16 - Prob. S16.6SECh. 16 - Prob. S16.7SECh. 16 - Prob. S16.8SECh. 16 - Prob. S16.9SECh. 16 - Prob. S16.10SECh. 16 - Preparing a statement of cash flows using the...Ch. 16 - Prob. S16A.12SECh. 16 - Prob. S16A.13SECh. 16 - Prob. S16A.14SECh. 16 - Prob. S16B.15SECh. 16 - Prob. E16.16ECh. 16 - Prob. E16.17ECh. 16 - Classifying items on the indirect statement of...Ch. 16 - Prob. E16.19ECh. 16 - Prob. E16.20ECh. 16 - Preparing the statement of cash flows—indirect...Ch. 16 - Prob. E16.22ECh. 16 - E16-23 Computing the cash effect Learning...Ch. 16 - Preparing the statement of cash flows—indirect...Ch. 16 - Identifying and reporting non-cash transactions...Ch. 16 - Prob. E16.26ECh. 16 - Prob. E16A.27ECh. 16 - Prob. E16A.28ECh. 16 - Computing cash flow items—direct method Learning...Ch. 16 - Prob. E16A.30ECh. 16 - Prob. E16B.31ECh. 16 - Prob. P16.32APGACh. 16 - Prob. P16.33APGACh. 16 - Prob. P16.34APGACh. 16 - Prob. P16.35APGACh. 16 - Preparing the statement of cash flows—direct...Ch. 16 - Prob. P16A.37APGACh. 16 - Prob. P16B.38APGACh. 16 - Prob. P16.39BPGBCh. 16 - Prob. P16.40BPGBCh. 16 - Prob. P16.41BPGBCh. 16 - Prob. P16.42BPGBCh. 16 - Prob. P16A.43BPGBCh. 16 - Prob. P16A.44BPGBCh. 16 - Prob. P16B.45BPGBCh. 16 - Prob. P16.46CTCh. 16 - Prob. P16.47CPCh. 16 - Prob. 16.1TIATCCh. 16 - Decision Case 16-1 Theater by Design and Show...Ch. 16 - Ethical Issue 16-1 Moss Exports is having a bad...Ch. 16 - Prob. 16.1FSC
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