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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 21, Problem 20E
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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
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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
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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
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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(Appendix 21.1) Statement of Cash Flows The following is a list of items to be included in Estes Company’s 2019 statement of cash flows:

  1. a. payments to suppliers, $31,500
  2. b. other operating receipts, $1,200
  3. c. payments of dividends, $4,000
  4. d. payments of income taxes, $5,000
  5. e. collections from customers, $68,400
  6. f. payment for purchase of equipment, $18,500
  7. g. payments to employees, $19,300
  8. h. interest and dividends collected, $7,100
  9. i. other operating payments, $900
  10. j. proceeds from issuance of bonds, $11,300
  11. k. payments of interest, $8,400
  12. l. proceeds from sale of investments, $6,000
  13. m. beginning cash balance, $28,400

Required:

  1. 1. Prepare the statement of cash flows using the direct method for operating cash flows.
  2. 2. Next Level Under IFRS, which items may be classified differently than under U.S. GAAP?

1.

To determine

Prepare the statement of cash flows under direct method of E Company for the year 2019.

Explanation

Statement of cash flows: Statement of cash flow 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.

Direct method: Under direct method, cash receipts from customers (cash inflows) and cash payments to suppliers (cash outflows) are reported under the operating activities.

Prepare the statement of cash flows under direct method of E Company for the year 2019.

E Company
Statement of cash flows for the year, 2019
ParticularsAmount($)Amount($)
Operating Activities:  
Cash inflows: 
Collection from customers68,400 
Interest and dividends collected7,100 
Other operating receipts1,200 
Cash inflows from operating activities 76,700
Cash outflows: 

2.

To determine

Determine the items that are classified differently under IFRS and GAAP.

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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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