Question
In: Accounting
Statement of cash flows.(show your work) The information shown below is taken from the accounts of...
Statement of cash flows.(show your work)
The information shown below is taken from the accounts of Waverly Corporation for the year ended December 31, 2017
|
Net income |
$314,000 |
|
Amortization of patent |
12,000 |
|
Proceeds from issuance of common stock |
103,000 |
|
Decrease in inventory |
27,000 |
|
Sale of building at a $15,000 gain |
85,000 |
|
Decrease in accounts payable |
15,000 |
|
Purchase of equipment |
185,000 |
|
Payment of cash dividends |
24,000 |
|
Depreciation expense |
55,000 |
|
Decrease in accounts receivable |
23,000 |
|
Payment of mortgage |
75,000 |
|
Increase in short-term notes payable |
8,000 |
|
Sale of land at a $5,000 loss |
40,000 |
|
Purchase of delivery van |
33,000 |
|
Cash at beginning of year |
205,000 |
Instructions
- Prepare a statement of cash flows for Robinson Corporation for the year ended December 31, 2017.
- Calculate the Free cash Flow and discuss what it means.
Solutions
Expert Solution
Note:it
is assumed that the value of fixed assets are after the calculation
of profit or loss
ekkarill92 answered 2 years agoRelated Solutions
Problem 2: The information shown below is taken from the accounts of Waverly Corporation for the...
Problem 2:
The information shown below is taken from the accounts of
Waverly Corporation for the year ended December
31, 2020.
Net income
$314,000
Amortization of patent
12,000
Proceeds from issuance of common stock
103,000
Decrease in inventory
27,000
Sale of building at a $15,000 gain
85,000
Decrease in accounts payable
15,000
Purchase of equipment
185,000
Payment of cash dividends
24,000
Depreciation expense
55,000
Decrease in accounts receivable
23,000
Payment of mortgage
75,000
Increase in short-term notes payable
8,000
Sale...
The cash flows shown below were extracted from the accounts of Jason Taylor, a music shop...
The cash flows shown below were extracted from the accounts of
Jason Taylor, a music shop owner. Repayment of loan $390 000 Sale
of property 390 000 Interest received 1 560 Payment to employees 78
000 Receipts from customers 273 000 Expenses paid 23 400 Computer
equipment purchase 23 400 GST paid 780 Payments to suppliers 156
000 Income taxes paid 3 120 Beginning cash balance 7 800 A. Prepare
a statement of cash flows using the direct method. B....
Spreadsheet and Statement of Cash Flows The following information was taken from Lamberson Company's accounting records:...
Spreadsheet and Statement of Cash Flows
The following information was taken from Lamberson Company's
accounting records:
Account Balances
Account Titles
January 1,
2016
December 31,
2016
Debits
Cash
$ 1,400
$ 2,400
Accounts Receivable (net)
2,800
2,690
Marketable Securities (at cost)
1,700
3,000
Allowance for Change in Value
500
800
Inventories
8,100
7,910
Prepaid Items
1,300
1,710
Investments (long-term)
7,000
5,400
Land
15,000
15,000
Buildings and Equipment
32,000
46,200
Discount on Bonds Payable
—
290
$69,800
$85,400
Credits
Accumulated Depreciation...
Spreadsheet and Statement of Cash Flows The following information was taken from Lamberson Company's accounting records:...
Spreadsheet and Statement of Cash Flows
The following information was taken from Lamberson Company's
accounting records:
Account Balances
Account Titles
January 1,
2016
December 31,
2016
Debits
Cash
$ 1,400
$ 2,400
Accounts Receivable (net)
2,800
2,690
Marketable Securities (at cost)
1,700
3,000
Allowance for Change in Value
500
800
Inventories
8,100
7,910
Prepaid Items
1,300
1,710
Investments (long-term)
7,000
5,400
Land
15,000
15,000
Buildings and Equipment
32,000
46,200
Discount on Bonds Payable
—
290
$69,800
$85,400
Credits
Accumulated Depreciation...
Multiple-step income statement (show your work) Presented below is information related to Donaldson Corp., for the...
Multiple-step income statement (show your work)
Presented below is information related to Donaldson Corp., for
the year 2017.
Net
sales
$1,950,000
Cost of goods
sold
1,200,000
Selling
expenses
95,000
Administrative
expenses
70,000
Dividend
revenue
30,000
Interest
revenue
20,000
Interest
expense
45,000
Write-off of goodwill due to
impairment
75,000
Depreciation expense omitted in
2015
105,000
Dividends
declared
120,000
Effect on prior years of change in
accounting principle
(credit)
220,000
Loss from operations of discontinued
component of
business
240,000
Gain from...
Comparing Cash Flows Across Retailers Following are selected accounts from the income statement and the statement...
Comparing Cash Flows Across Retailers
Following are selected accounts from the income statement and
the statement of cash flows for several retailers, for their fiscal
years ended in 2016.
$ millions: Sales Net Income Operating Investing Financing
Macy’s . . . . . . . . . . . . . . . . . . . . . . $ 27,079 $
1,072 $ 1,984 $ (1,092) $ (2,029)
Home Depot Inc.. . . . . . . ....
QUESTION 1 The primary objective of the statement of cash flows is to show cash flows...
QUESTION 1
The primary objective of the statement of cash flows is to show
cash flows and what type of cash flow it is.
True
False
QUESTION 2
Major financing and investing activities sometimes do not change
cash.
True
False
QUESTION 3
The receipt of dividends from long-term investments in stock is
classified as a cash flow from operating activities.
True
False
QUESTION 4
The reporting of noncash activities in a separate schedule is a
requirement of the full disclosure...
In the statement of cash flows, a decrease in accounts payable is subtracted from net income...
In the statement of cash flows, a decrease in accounts payable
is subtracted from net income in the operating activities section.
But Why?
The Statement of Cash Flow The following cash flow information was taken from The General Electric...
The Statement of Cash Flow The following cash flow information
was taken from The General Electric Company (GE) annual report.
Compute the missing values in the table (amounts are in millions).
Year 3 Year 2 Year 1 Cash, beginning balance $Answer 91,968 $75,984
$Answer 98,508 Cash flow from operating activities 225,846 218,904
175,374 Cash flow from investing activities Answer (283,722)
(230,484) (131,058) Cash flow from financing activities (36,714)
Answer (27,564) (21,792) Cash, ending balance $70,806 $91,968
$Answer 75,984
Given the information for Callye,Inc., prepare a statement of cash flows (in thousands) Increase in accounts...
Given the information for Callye,Inc., prepare a statement of
cash flows (in thousands)
Increase in accounts receivable: $13 Dividends: $5
Increase in inventories: 25 Change in common stock: 0
Net income: 33 Increase in gross fixed assets: 55
Beginning cash: 15 Depreciation expense: 7
Increase in accounts payable: 20
Increase in accrued expenses: 5
Increase in long-term notes payable: 28
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