Principles of Accounting
Please see the attached spreadsheet.
Please see the attached spreadsheet.
1. Which of the following is a cash flow from an investing activity? payment for advertising cash receipt from a customer for a previous credit sale cash received from sale of equipment payment of dividends 2. Sonny's Liquors, Inc. had the following cash flows during March: Paid for in
Income statement was $200,000. Depreciation was recorded on fixed assets and patents for $20,000 and $7,000. balance of assets and liability at the end and at the beginning of year are as follows: end beginning cash $50,000
Darth Vader, Inc. is looking at setting up a new manufacturing plant in Death Star to produce TIE fighters. The company bought some land a decade ago for $40 billion. The land was appraised recently for $30 billion. Darth Vader wants to build the new plant on this land; the plant will cost $50 billion to build, and the site r
Please see the attached file for question and data.
This file contains a formatted MS Excel spreadsheet that illustrates the creation of a cash flow statement using the direct method.
The comparative balance sheets for Ramirez Company as of December 31 are presented below. RAMIREZ COMPANY Comparative Balance Sheets December 31 Assets 2007 2006 Cash $ 71,000 $ 45,000 Accounts receivable 44,000 62,000 Inventory 151,450 142,000 Prepaid expenses 15
Star company Comparative balance sheets As of December 31, 2007 and 2006 2007 2006 Cash $15,000 $4,000 A/R 17,500 12,950 Short term invest 20,000 30,000 Inventory 42,000 35,000 Prepaid rent 3,000 12,
1. Compute cash provided by operating activities using the indirect method. Martinez, Inc. reported net income of $2.5 million in 2007. Depreciation for the year was $160,000, accounts receivable decreased $350,000, and accounts payable decreased $280,000. Compute net cash provided by operating activities using the indirect ap
17-4) Pioneer Corporation had these transactions during 2008. (a) Issued $50,000 par value common stock for cash. (b) Purchased a machine for $30,000, giving a long-term note in exchange (c) Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000 (d) Declared and paid a cash dividend
1) What are the differences between the direct and indirect presentation of cash flows? Why does the Financial Accounting Standards Board (FASB) allow both methods? Which do you prefer? Why? 2) What are some common ratios that are used to analyze financial information? Which are the most important? What are some examples of
Please see the attached document. Thank you. EXERCISE 13-3 Net Cash Provided by Operating Activities (Indirect Method) (LO3) For the year just completed, Strident Corporation, an office equipment wholesaler, had net income of $84,000. Balances in the company's current asset and current liabilities accounts at the beginni
Prepare a Statement of Cash Flows for the Crosby Corporation. Sales $2,200,000 Cost of goods sold 1,300,000 Gross profits 900,000 Selling and administrative expense 420,000 Depreciation expense 150,000 Operating income 330,000 Interest expense 90,000 Earnings before taxes 240,000 Taxes 80,000 Earnings after taxes 160,0
1) A company has credit sales of $300,000 and cash sales of $180,000 during the same year that the Accounts Receivable account decreased by $40,000. What was the total of cash receipts from sales? a. $440,000. b. $520,000. c. $340,000. d. $260,000. 2) Cash inflows from investing activities include a. sale of common s
Use the following information to prepare the operating section of a statement of cash flows using the indirect method and answer questions 12 and 13: 20x8 20x7 Accounts Receivable $54,000 $38,000 Inventory $48,000 $50,000 Prepaid Insurance $25,000 $17,000 Accounts Payable $32,000 $27,000 Wages Payable $21,000 $17,000 Net
6.Starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called the a. direct method. b. indirect method. c. working capital method. d. cost-benefit method. 13.Gator Company reported net income of $40,000 for the year ended December 31, 2007. During the yea
Lafave Inc., a service company, has the following selected information at December 31, 2006 (see attachment). Balance Sheets 2006 2005 Cash $83,000 $61,000 Accounts receivable 78,000 86,000 Prepaid Expenses 12,000 6,000 Accounts Payable 92,000 87,000 Income Taxes Payable 17,00
Using given information, prepare a worksheet for statement of cash flows/statement of cash flows. SATELLITE 2010 Worksheet for a Statement of Cash Flows For the Year Ended December 31, 2005 Effects of Transactions Balance sheet effects: Beginning Debit Credit Ending Balance Changes Ch
Using given information in attachment (sheet 1) prepare a statement of cash flows using direct method. See the attached file. 21st CENTURY TECHNOLOGIES Income Statement For the Year Ended December 31, 2005 Revenue: Net sales $3,200,000 Interest revenue 40,000 Gain on sales of marketable securi
Additional data: 1. Dividends declared and paid were $25,000 2. During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had a book value of $8,500 at the time of sale. 3. All depreciation expense is in the selling expense category. 4. All sales and purchases are on account. Instruction
Compare and contrast the direct and indirect methods of cash flow. Which is used more widely and why?
I will receive $2,000 a year in Years 1 through 5, $3,000 a year in Years 6 through 8, and $4,000 in Year 9, with all cash flows to be received at the end of the year. If I require a 14 percent rate of return, what is the present value of these cash flows?
Comparative Balance Sheet Assets 2oo3 2002 Cash $30,000 35,000 Accounts Receivable 85,000 53,000 Merchandise Inventory 120,000 132,000 Prepaid Insurance 15,000 25,000 Investments in other companies 85,000 75,000 Buildings 315,000 250,000 Accumulated depreciation (65
Please see the attached problem. Prepare a statement of cash flows using the indirect method.
P3-10. Given the mixed streams of cash flows shown in the following table, answer parts (a) and (b): Cash Flow Stream Year A B
Discuss the meaning, usefulness, and clarity of the Statement of Cash Flows to specific individuals (e.g. students, future/present managers, future/present owners of companies...etc).
Please see attached file. 12-3A) the income statement of Elbert Company is presented here: Elbert Company Income Statement For the year ended November 30,2007 Sales $ 7,700,000 Cost of goods sold Beginning inventory
For each of the mixed streams of cash flows shown in the following table, determine future value at the end of the final year if deposits are made at the beginning of each year into an account paying annual interest of 12%, assuming that no withdrawls are made during the period. Cash flow Stream Year A B
Use the following information for questions 28 through 30. The balance sheet data of Naley Company at the end of 2008 and 2007 follow: 2008 2007 Cash $ 50,000 $ 70,000 Accounts receivable (net) 120,000 90,000 Merchandise inventory 140,000 90,000 Prepaid expenses 20,000 50,000 Buildings and equipment 180,000 1
Dave's Aquariums recently reported $15,000 of sales, $10,000 of operating costs other than depreciation, and $2,500 of depreciation. The company had no amortization charges, it had $5,000 of bonds that carry a 7% interest rate, and its federal-plus-state income tax rate was 40%. What was its net cash flow?