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In: Accounting
C. Prepare a statement of cash flow on both the direct and indirect method 2017 2016...
| C. Prepare a statement of cash flow on both the direct and indirect method | |||||
| 2017 | 2016 | Change | |||
| Assets: | |||||
| Cash | 215,000 | 70,000 | 145,000 | ||
| Accounts receivable, net | 87,000 | 65,000 | 22,000 | ||
| Inventory | 54,000 | 60,000 | -6,000 | ||
| Property, plant & equipment | 750,000 | 600,000 | 150,000 | ||
| Accumulated depreciation | -110,000 | -60,000 | -50,000 | ||
| Total Assets | 996,000 | 735,000 | 261,000 | ||
| Liabilities & Equity | |||||
| Accounts payable | 44,000 | 40,000 | 4,000 | ||
| Accrued liabilities | 41,000 | 40,000 | 1,000 | ||
| Common stock | 460,000 | 460,000 | |||
| Retained earnings | 451,000 | 195,000 | 256,000 | ||
| Total liabilities and equity | 996,000 | 735,000 | 261,000 | ||
| Sales | 1,450,000 | ||||
| Cost of goods sold | 775,000 | ||||
| Gross profit | 675,000 | ||||
| Operating expenses | 225,000 | ||||
| Pre-tax income | 450,000 | ||||
| Income taxes | 90,000 | ||||
| Net income | 360,000 | ||||
Solutions
ekkarill92 answered 2 years agoRelated Solutions
B. Prepare a statement of cash flow on both the direct and indirect method 2017 2016...
B. Prepare a statement of cash flow on both the direct and
indirect method
2017
2016
Assets:
Cash
245,000
70,000
Accounts receivable, net
87,000
65,000
Inventory
54,000
60,000
Property, plant & equipment
650,000
600,000
Accumulated depreciation
(90,000)
(60,000)
Total Assets
946,000
735,000
Liabilities & Equity
Accounts payable
44,000
40,000
Accrued liabilities
41,000
40,000
Common stock
460,000
460,000
Retained earnings
401,000
...
F. Prepare a statement of cash flow on both direct and indirect method 2017 2016 Change...
F. Prepare a
statement of cash flow on both direct and indirect method
2017
2016
Change
Assets:
Cash
215,000
70,000
145,000
Accounts receivable, net
87,000
65,000
22,000
Inventory
74,000
60,000
14,000
Prepaid expenses
12,000
20,000
-8,000
Property, palnt &
equipment
780,000
600,000
180,000
Accumulated depreciation
-110,000
-60,000
-50,000
Total Assets
1,058,000
755,000
303,000
Liabilities & Equity
Accounts payable
32,000
40,000
-8,000
Accrued liabilities
26,000
40,000
-14,000
Taxes payable
15,000
4,000
11,000
Long-term Notes Payable
100,000
-
Common stock
200,000...
F. Prepare a statement of cash flow on both direct and indirect method 2017 2016 Change...
F. Prepare a statement of cash
flow on both direct and indirect method
2017
2016
Change
Assets:
Cash
215,000
70,000
145,000
Accounts receivable, net
87,000
65,000
22,000
Inventory
74,000
60,000
14,000
Prepaid expenses
12,000
20,000
-8,000
Property, palnt & equipment
780,000
600,000
180,000
Accumulated depreciation
-110,000
-60,000
-50,000
Total Assets
1,058,000
755,000
303,000
Liabilities & Equity
Accounts payable
32,000
40,000
-8,000
Accrued liabilities
26,000
40,000
-14,000
Taxes payable
15,000
4,000
11,000
Long-term Notes Payable
100,000
0
100,000
Common stock
200,000...
I. Prepare a statement of cash flow on both a direct and indirect basis 2017 2016...
I. Prepare a statement of cash
flow on both a direct and indirect basis
2017
2016
Change
Assets:
Cash
215,000
70,000
145,000
Accounts receivable, net
87,000
55,000
32,000
Inventory
74,000
60,000
14,000
Prepaid expenses
12,000
20,000
-8,000
Investments
70,000
80,000
-10,000
Property, plant & equipment
750,000
550,000
200,000
Accumulated depreciation
-90,000
-70,000
-20,000
Patents
6,000
10,000
-4,000
Total Assets
1,124,000
775,000
349,000
Liabilities & Equity
Accounts payable
37,000
50,000
-13,000
Accrued liabilities
26,000
40,000
-14,000
Taxes payable
18,000
4,000
14,000...
I. Prepare a statement of cash flow on both a direct and indirect basis 2017 2016...
I. Prepare a
statement of cash flow on both a direct and indirect basis
2017
2016
Change
Assets:
Cash
215,000
70,000
145,000
Accounts receivable, net
87,000
55,000
32,000
Inventory
74,000
60,000
14,000
Prepaid expenses
12,000
20,000
-8,000
Investments
70,000
80,000
-10,000
Property, plant &
equipment
750,000
550,000
200,000
Accumulated depreciation
-90,000
-70,000
-20,000
Patents
6,000
10,000
-4,000
Total Assets
1,124,000
775,000
349,000
Liabilities & Equity
Accounts payable
37,000
50,000
-13,000
Accrued liabilities
26,000
40,000
-14,000
Taxes payable
18,000
4,000
14,000...
I. Prepare a statement of cash flow on both a direct and indirect basis 2017 2016...
I. Prepare a
statement of cash flow on both a direct and indirect
basis
2017
2016
Change
Assets:
Cash
215,000
70,000
145,000
Accounts receivable, net
87,000
55,000
32,000
Inventory
74,000
60,000
14,000
Prepaid expenses
12,000
20,000
-8,000
Investments
70,000
80,000
-10,000
Property, plant &
equipment
750,000
550,000
200,000
Accumulated depreciation
-90,000
-70,000
-20,000
Patents
6,000
10,000
-4,000
Total Assets
1,124,000
775,000
349,000
Liabilities & Equity
Accounts payable
37,000
50,000
-13,000
Accrued liabilities
26,000
40,000
-14,000
Taxes payable
18,000
4,000
14,000...
H. Prepare a statement of cash flow on both a direct and indirect basis 2017 2016...
H. Prepare a statement of cash flow on both a direct and
indirect basis
2017
2016
Assets:
Cash
225,000
50,000
Accounts receivable, net
95,000
84,000
Inventory
52,000
60,000
Prepaid expenses
13,000
20,000
Investments
70,000
10,000
Property, plant & equipment
750,000
600,000
Accumulated depreciation
(90,000)
(60,000)
Patents
16,000
20,000
Total Assets
1,131,000
784,000
Liabilities & Equity
Accounts payable
44,000
50,000
Accrued...
Prepare a statement of cash flow using the DIRECT METHOD. (please show all calculations) 2017 2016...
Prepare a statement of cash flow using the DIRECT METHOD.
(please show all calculations)
2017
2016
Assets:
Cash
140,000
60,000
Accounts receivable, net
87,000
65,000
Inventory
55,000
50,000
Prepaid expenses
12,000
20,000
Investments
70,000
20,000
Property, plant & equipment
660,000
500,000
Accumulated depreciation
(100,000)
(60,000)
Patents
16,000
20,000
Total Assets
940,000
675,000
Liabilities & Equity
Accounts payable
40,000
45,000
Accrued liabilities
15,000
20,000
Taxes payable
10,000
5,000
Long-term Notes Payable
100,000
50,000
Common stock
100,000
100,000
Additional paid in capital...
Indirect method vs. Direct method for Cash Flow Statement The indirect method considers the opening and...
Indirect method vs. Direct method for Cash Flow Statement
The indirect method considers the opening and closing balance of
ledger accounts in determining the movements and computing cash
flows. If there are wrong postings in the ledger account the cash
flows determined are not accurate since only opening and closing
balances are considered. In direct method since each line item of
ledger is classified into cash and non cash it leads to accurate
computation of cash flows.
The indirect method...
Prepare a statement of cash flows using the indirect method (please show all calculations) 2017 2016...
Prepare a statement of cash flows using the indirect method
(please show all calculations)
2017
2016
Assets:
Cash
200,000
80,000
Accounts receivable, net
87,000
65,000
Inventory
55,000
50,000
Prepaid expenses
12,000
20,000
Property, plant & equipment
700,000
500,000
Accumulated depreciation
(100,000)
(60,000)
Total Assets
954,000
655,000
Liabilities & Equity
Accounts payable
37,000
25,000
Accrued liabilities
26,000
20,000
Taxes payable
15,000
5,000
Long-term Notes Payable
110,000
50,000
Common stock
100,000
100,000
Additional paid in capital
285,000
260,000
Retained earnings
381,000
195,000...
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