Question
In: Accounting
In its statement of cash flows issued for the year ending December 31, Oxford Company reported...
In its statement of cash flows issued for the year ending December 31, Oxford Company reported a net cash inflow from operating activities of $123,000. The following adjustments were included in the supplementary schedule reconciling cash flow from operating activities with net income:
| Depreciation | $38,000 |
| Increase in net accounts receivable | 31,000 |
| Decrease in inventory | 27,000 |
| Increase in accounts payable | 48,000 |
| Increase in interest payable | 12,000 |
Net income is:
Select one:
a. $29,000
b. $53,000
c. $105,000
d. $217,000
e. $141,000
Solutions
Expert Solution
Net cash flow from operating activities = Net income + Depreciation - Increase in net accounts receivable + Decrease in inventory + Increase in accounts payable + Increase in interest payable
123,000 = Net income + 38,000 - 31,000 + 27,000 + 48,000 + 12,000
Net income = $29,000
Correct option is (a)
ekkarill92 answered 2 years agoRelated Solutions
In its statement of cash flows issued for the year ending December 31, Oxford Company reported...
In its statement of cash flows issued for the year ending
December 31, Oxford Company reported a net cash inflow from
operating activities of $123. The following adjustments were
included in the supplementary schedule reconciling cash flow from
operating activities with net income:
Patent Amortization
$38
Increase in net accounts receivable
31
Decrease in inventory
27
Decrease in accounts payable
48
Gain on fixed asset sale
12
Net income is:
Select one:
a. $26
b. $149
c. $125
d. $97...
In its statement of cash flows issued for the year ending December 31, Oxford Company reported...
In its statement of cash flows issued for the year ending
December 31, Oxford Company reported a net cash inflow from
operating activities of $123,000. The following adjustments were
included in the supplementary schedule reconciling cash flow from
operating activities with net income:
Depreciation
$38,000
Increase in net accounts receivable
31,000
Decrease in inventory
27,000
Decrease in accounts payable
48,000
Increase in interest payable
12,000
Net income is:
Select one:
a. $29,000
b. $41,000
c. $79,000
d. $217,000
e. $125,000
I need assistance with statement of cash flows for year ending December 31, 2017 Selected financial...
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Selected financial statement information and additional data for
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December 31
2016
2017
Cash
$42,180
$72,250
Accounts receivable (net)
85,510
143,900
Inventory
168,090
205,170
Land
58,970
19,050
Equipment
500,780
785,670
TOTAL
$855,530
$1,226,040
Accumulated depreciation
$83,850
$114,170
Accounts payable
49,780
85,600
Notes payable - short-term
66,310
28,470
Notes payable - long-term
168,710
300,210
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420,990
491,270
Retained earnings
65,890
206,320
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Adjustments to reconcile Net Income to
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Gain on Sale of Equipment
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Increase in Accounts Receivables
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increase in Inventory
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Statement of Cash Flows
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Loss on inventory write down and fixed assets
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LIVERS INC. Statement of Cash Flows For the Year Ended December 31, 20Y3 Cash flows from...
LIVERS INC.
Statement of Cash Flows
For the Year Ended December
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Cash flows from operating activities:
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In its income statement for the year ended December 31, 2017, Ivanhoe Company reported the following...
In its income statement for the year ended December 31, 2017,
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$
115,700
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