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Jensen, Inc. Statement of Cash Flows

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Q1. What amount will Jensen report in its 2010 Statement of Cash flows as cash collected from Customers?

Q2. Determine the following amounts:
a. Purchase account
b. Cash paid to vendors of inventory

Q3. What amount will Jensen report as cash paid for income taxes?

Q4. What amount will Jensen reportas cash paid for Se, G&A expenses?

Q5. What amount of cash inflow (outflow) should be reported for depreciation under the direct method?

Q6. Chaka CO's worksheet for the preperation of its SOCF indluded teh following (see attachemnt).

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Solution Preview

Answer to question (1)
(a) Sales $592,680
Deduct ending accounts receivable 34,870
Add beginning accounts receivable 31,790
Cash receipts (collections from customers) $589,600

Answer to question (2)
(b) Cost of goods sold $275,000
Add ending inventory 34,100
Goods available for sale 309,100
Deduct beginning inventory 51,700
(a) Purchases 257,400
Deduct ending accounts ...

Solution Summary

The statement of cash flows for Jensen, Inc is examined. The amount Jensen reports as cash paid for income taxes.