Holly Co: Using the direct method, convert the income statem
Not what you're looking for?
Exercise 13-9 Net cash provided by operating activities direct method) (L04)
Refer to the data for Holly Company in exercise 13-8.
Required
Using the direct method, convert the company's income statement to a cash basis
Purchase this Solution
Solution Summary
This solution is comprised of a detailed explanation to answer use the direct method, convert the income statement to a cash basis.
Solution Preview
Exercise 13-9 Net cash provided by operating activities direct method
Refer to the data for Holly Company in exercise 13-8
Required:
Using the direct method, convert the company's income statement to a cash basis.
Excerise 13-8 Prepare a statement of Cash Flows (Indirect Method)
Comparative financial statement data for Holly Company
31-Dec Increase Activity
2007 2006 (Decrease)
Cash 4 7 -3
Accounts Recievable 36 29 7 Operating
Inventory 75 61 14 Operating
Plant and Equipment 210 180 30 Investing
Accumulated Depreication -40 -30 10 Operating
Total Assets 285 247
Accounts Payable 45 39 6 Operating
Common Stock 90 70 20 Financing
Retained Earnings 150 138 12
Total liabilities and stockholder's ...
Purchase this Solution
Free BrainMass Quizzes
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Motivation
This tests some key elements of major motivation theories.
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.