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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 21, Problem 14P
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 13RE
Problem 14RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 15P
Problem 16P
Problem 17P
Problem 18P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 10C
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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(Appendix 21.1) Operating Cash Flows Refer to the information for Lamberson Company in P21-6.

Required:

  1. 1. Using the direct method, prepare the operating activities section of the 2019 statement of cash flows for Lamberson.
  2. 2. (Optional). If you completed P21-6 earlier, prepare the remaining portion of the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)

To determine

Prepare the operating activities section under direct method of L Company for the year 2019.

Explanation

Statement of cash flows: Cash flow statement reports all the cash transactions which are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period. Statement of cash flows includes the changes in cash balance due to operating, investing, and financing activities.

Operating Activities: Operating activities include cash inflows and outflows from business operations.

Prepare the operating activities section under direct method:

L Company
Statement of cash flows for the year, 2019
ParticularsAmount($)Amount($)
Operating Activities:  
Cash inflows: 
Collection from customers(Working note 1)40,040 
Dividends collected820 
Cash inflows from operating activities 40,860
Cash outflows: 
Payments to suppliers(Working note 2)(19,350) 
Payment to employees(Working Note 3)(11,450) 
Other operating payments(Working Note 4)(1,410) 
Payments of income taxes (Working Note 5)(1,550) 
Cash outflows for operating activities (33,760)
Net cash provided by operating activities 7,100

Table (1)

Working note 1: Calculate the cash collection from customers.

Cash collection from customers= ​{ Sales revenue(+Decrease in accounts receivable               or                 −Increase in accounts receivable+Increase in deferred revenuesor−Decrease in deferred revenue)}=(Sales revenue+ Decrease in accounts receivable)=$39,930+$110=$40,040

Working note 2: Calculate payments made to suppliers.

Payments made to suppliers={Cost of goods sold +Increase in inventory                   or+Decrease in accounts payable−Decrease in inventory                    or−Increase in accounts payable}=(Cost of goods sold −Decrease in inventory−Increase in accounts payable)=$19,890−$190−$350=$19,350

Working note 3: Calculate the payments to employees

2.

To determine

Prepare the remaining sections in the cash flow statement of L Company for the year 2019.

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Chapter 21 Solutions

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Ch-21 P-1GICh-21 P-2GICh-21 P-3GICh-21 P-4GICh-21 P-5GICh-21 P-6GICh-21 P-7GICh-21 P-8GICh-21 P-9GICh-21 P-10GI
Ch-21 P-11GICh-21 P-12GICh-21 P-13GICh-21 P-14GICh-21 P-15GICh-21 P-16GICh-21 P-17GICh-21 P-18GICh-21 P-19GICh-21 P-1MCCh-21 P-2MCCh-21 P-3MCCh-21 P-4MCCh-21 P-5MCCh-21 P-6MCCh-21 P-7MCCh-21 P-8MCCh-21 P-9MCCh-21 P-10MCCh-21 P-1RECh-21 P-2RECh-21 P-3RECh-21 P-4RECh-21 P-5RECh-21 P-6RECh-21 P-7RECh-21 P-8RECh-21 P-9RECh-21 P-10RECh-21 P-11RECh-21 P-12RECh-21 P-13RECh-21 P-14RECh-21 P-1ECh-21 P-2ECh-21 P-3ECh-21 P-4ECh-21 P-5ECh-21 P-6ECh-21 P-7ECh-21 P-8ECh-21 P-9ECh-21 P-10ECh-21 P-11ECh-21 P-12ECh-21 P-13ECh-21 P-14ECh-21 P-15ECh-21 P-16ECh-21 P-17ECh-21 P-18ECh-21 P-19ECh-21 P-20ECh-21 P-21ECh-21 P-22ECh-21 P-1PCh-21 P-2PCh-21 P-3PCh-21 P-4PCh-21 P-5PCh-21 P-6PCh-21 P-7PCh-21 P-8PCh-21 P-9PCh-21 P-10PCh-21 P-11PCh-21 P-12PCh-21 P-13PCh-21 P-14PCh-21 P-15PCh-21 P-16PCh-21 P-17PCh-21 P-18PCh-21 P-1CCh-21 P-2CCh-21 P-3CCh-21 P-4CCh-21 P-5CCh-21 P-6CCh-21 P-7CCh-21 P-8CCh-21 P-10C

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