Question
In: Accounting
Suppose the income statement for Goggle Company reports $127 of net income, after deducting depreciation of...
Suppose the income statement for Goggle Company reports $127 of net income, after deducting depreciation of $27. The company bought equipment costing $100 and obtained a long-term bank loan for $102. The company’s comparative balance sheet, at December 31, is presented under Tab 1 below.
Required:
1. Calculate the change in each balance sheet account and indicate whether each account relates to operating, investing, and/or financing activities (+ for increase and − for decrease).
2. Prepare a statement of cash flows using the indirect method.
6. Are the cash flows typical of a start-up, healthy, or troubled company?
Calculate the change in each balance sheet account and indicate whether each account relates to operating, investing, and/or financing activities (+ for increase and − for decrease). (Select "NE" if there is no effect. Enter all amounts as positive values.)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The net income reported on the income statement for the current year was $121,900. Depreciation recorded...
The net income reported on the income statement for the current
year was $121,900. Depreciation recorded on store equipment for the
year amounted to $20,100. Balances of the current asset and current
liability accounts at the beginning and end of the year are as
follows:
End of Year
Beginning of Year
Cash
$47,050
$42,820
Accounts receivable (net)
33,730
31,640
Inventories
46,060
48,170
Prepaid expenses
5,180
4,070
Accounts payable (merchandise creditors)
44,090
40,510
Wages payable
24,090
26,460
a. Prepare the “Cash...
The net income reported on the income statement for the current year was $121,600. Depreciation recorded...
The net income reported on the income statement for the current
year was $121,600. Depreciation recorded on store equipment for the
year amounted to $20,100. Balances of the current asset and current
liability accounts at the beginning and end of the year are as
follows:
End of Year
Beginning of Year
Cash
$49,490
$45,530
Accounts receivable (net)
35,480
33,650
Inventories
48,450
51,220
Prepaid expenses
5,440
4,330
Accounts payable (merchandise creditors)
46,370
43,070
Wages payable
25,340
28,140
a. Prepare the Cash...
The net income reported on the income statement for the current year was $361,300. Depreciation recorded...
The net income reported on the income statement for the current
year was $361,300. Depreciation recorded on store equipment for the
year amounted to $15,520. Balances of the current asset and current
liability accounts at the beginning and end of the year are as
follows:
End of Year
Beginning of Year
Cash
$40,180
$40,070
Accounts receivable (net)
30,070
28,060
Merchandise inventory
40,390
45,420
Prepaid expenses
3,470
4,840
Accounts payable (merchandise creditors)
38,610
37,710
Wages payable
20,330
24,800
Required:
A.
Prepare...
The net income reported on the income statement for the current year was $313,900. Depreciation recorded...
The net income reported on the income statement for the current
year was $313,900. Depreciation recorded on equipment and a
building amounted to $93,900 for the year. Balances of the current
asset and current liability accounts at the beginning and end of
the year are as follows: End of Year Beginning of Year Cash $80,360
$84,380 Accounts receivable (net) 101,900 104,120 Inventories
200,900 179,390 Prepaid expenses 11,170 11,900 Accounts payable
(merchandise creditors) 89,760 94,170 Salaries payable 12,940
11,730 a. Prepare...
The net income reported on the income statement for the current year was $318,700. Depreciation recorded...
The net income reported on the income statement for the current
year was $318,700. Depreciation recorded on equipment and a
building amounted to $93,980 for the year. Balances of the current
asset and current liability accounts at the beginning and end of
the year are as follows:
End of Year
Beginning of Year
Cash
$90,370
$95,280
Accounts receivable (net)
111,660
118,570
Inventories
232,780
203,250
Prepaid expenses
12,000
15,310
Accounts payable (merchandise creditors)
96,420
104,940
Salaries payable
15,310
13,420
Required:
A....
The net income reported on the income statement for the current year was $153,400. Depreciation recorded...
The net income reported on the income statement for the current
year was $153,400. Depreciation recorded on store equipment for the
year amounted to $25,300. Balances of the current asset and current
liability accounts at the beginning and end of the year are as
follows:
End of Year
Beginning of Year
Cash
$61,820
$56,260
Accounts receivable (net)
44,320
41,580
Inventories
60,520
63,290
Prepaid expenses
6,800
5,340
Accounts payable (merchandise creditors)
57,930
53,220
Wages payable
31,650
34,770
a. Prepare the “Cash...
The net income reported on the income statement for the current year was $330,400. Depreciation recorded...
The net income reported on the income statement for the current
year was $330,400. Depreciation recorded on equipment and a
building amounted to $105,140 for the year. Balances of the current
asset and current liability accounts at the beginning and end of
the year are as follows:
End of Year
Beginning of Year
Cash
$89,900
$95,010
Accounts receivable (net)
111,940
117,700
Inventories
217,550
209,050
Prepaid expenses
13,290
14,160
Accounts payable (merchandise creditors)
95,060
103,580
Salaries payable
15,590
13,710
Required:
A....
The net income reported on the income statement for the current year was $210,000. Depreciation recorded on...
The net income reported on the income statement for the current
year was $210,000. Depreciation recorded on equipment
and a building amount to $62,500 for the year. Balances
of the current asset and current liabilities accounts at the
beginning and end of the year are as follows:
End of Year
Beginning of Year
Cash
$ 56,000
$ 59,500
Accounts receivable (net)
71,000
73,400
Inventories
140,000
126,500
Prepaid expenses
7,800
8,400
Accounts payable (merchandise creditors)
62,600
66,400
Salaries payable
9,000
8,250
...
The net income reported on the income statement for the current year was $257,354. Depreciation recorded...
The net income reported on the income statement for the current
year was $257,354. Depreciation recorded on fixed assets and
amortization of patents for the year were $38,458 and $8,183,
respectively. Balances of current asset and current liability
accounts at the end and at the beginning of the year are as
follows:
End
Beginning
Cash
$38,512
$58,825
Accounts receivable
121,075
106,825
Inventories
110,540
96,483
Prepaid expenses
3,229
7,216
Accounts payable (merchandise creditors)
45,517
60,398
What is the amount of cash...
The net income reported on the income statement for the current year was $318,700. Depreciation recorded...
The net income reported on the income statement for the current
year was $318,700. Depreciation recorded on equipment and a
building amounted to $93,980 for the year. Balances of the current
asset and current liability accounts at the beginning and end of
the year are as follows:
End
of Year
Beginning of Year
Cash
$90,370
$95,280
Accounts receivable (net)
111,660
118,570
Inventories
232,780
203,250
Prepaid expenses
12,000
15,310
Accounts payable (merchandise
creditors)
96,420
104,940
Salaries payable
15,310
13,420
Required:
A....
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Singh Development Co. is deciding whether to proceed with Project X. The cost would be $12...
- CS2123 Data Structures - Fall 2019 Assignment 1: Function Runtimes Table Due 9/11/19 by 11:59pm Completing...
- Question 2. Design a 16-1 MUX using any number of lower MUXs, such as 8-1 or...
- . Write a function that takes, as arguments, two objects, value1 and value2. If
- Wii Brothers, a game manufacturer, has a new idea for an adventure game. It can market...
- Consider the distillation of ethanol (C2H5OH) and the combustion of ethanol . Use a bullet point...
- 1.How does Economic exposure to exchange rate movements affect the capital budgeting of a firm? Provide...
ADVERTISEMENT