Question
In: Accounting
If a company is using the indirect method to prepare the statement of cash flows, identify...
If a company is using the indirect method to prepare the statement of cash flows, identify where an increase in the accounts receivable account should be reported: Multiple Choice An increase in cash flows from financing activities A decrease in cash flows from investing activities An increase in cash flows from investing activities An increase in cash flows from operating activities A decrease in cash flows from operating activities
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Prepare statement of cash flows using the indirect method. The income statement for 2017 and the...
Prepare statement of cash flows using the indirect method. The
income statement for 2017 and the balance sheets for 2017 and
2016 are presented for GibsonGibson Industries, Inc.
LOADING...
(Click the icon to view the income
statement.)
LOADING...
(Click the icon to view the balance sheets.)
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(Click the icon to view additional information.)
Requirement
Prepare a statement of cash flows for
GibsonGibson
Industries, Inc., for the year ended December 31,2017,
using the indirect method.
Prepare the statement one section...
Prepare statement of cash flows using the indirect method. The income statement for 2017 and the...
Prepare statement of cash flows using the indirect method. The
income statement for 2017 and the balance sheets for 2017 and 2016
are presented for Gibson Industries, Inc.
LOADING...
(Click the icon to view additional information.)
Requirement
Prepare a statement of cash flows for Gibson Industries, Inc.,
for the year ended December 31,2017,
using the indirect method.
Prepare the statement one section at a time. (Use parentheses
or a minus sign for numbers to be subtracted and for...
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating...
Prepare a statement of cash flows, using the indirect method
of presenting cash flows from operating activities. Refer
to the Labels and Amount Descriptions list provided for the exact
wording of the answer choices for text entries. Be sure to complete
the heading of the statement. In the operating activities section,
use the minus sign to indicate cash outflows, decreases in cash and
a net cash outflow, if required. In the investing and financing
activities section, use a minus sign...
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating...
Prepare a statement of cash flows, using the indirect method of
presenting cash flows from operating activities. Refer to the
Labels and Amount Descriptions list provided for the exact wording
of the answer choices for text entries. Be sure to complete the
heading of the statement. In the operating activities section, use
the minus sign to indicate cash outflows, decreases in cash and a
net cash outflow, if required. In the investing and financing
activities section, use a minus sign...
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating...
Prepare a statement of cash flows, using the indirect
method of presenting cash flows from operating activities. Use the
minus sign to indicate cash out flows, cash payments, decreases in
cash, or any negative adjustments.
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows:
Dec. 31,
20Y2
Dec. 31,
20Y1
Assets
Cash
$ 701,950
$ 755,530
Accounts receivable (net)
638,770
582,620
Inventories
968,690
891,480
Prepaid expenses
22,460
26,670
Land
241,470
365,010
Buildings
1,116,100...
Prepare a statement of cash flows for 2020 using the indirect method using the information below....
Prepare a statement of cash flows for 2020 using the indirect
method using the information below.
Pennant Corporation's end of year comparative balance sheets are
presented below.
Pennant Corporation
Comparative Balance Sheets
December 31
2020
2019
Cash
$ 15,200 $ 17,700
Accounts receivable
25,200 22,300
Investments
20,000 16,000
Equipment
60,000 70,000
Accumulated
depreciation
(14,000) (10,000)
Total
$106,400 $116,000
Accounts payable
$ 14,600 $11,100
Bonds
payable
...
prepare a complete statement of cash flows using the indirect method for the current year
Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses.
FORTEN COMPANYComparative Balance SheetsDecember 31
Current Year
Prior Year
Assets
Cash
$
67,900
...
Based on the following information, prepare the statement of cash flows using the indirect method.  
Based on the following information, prepare the statement of
cash flows using the indirect method.
New Guy Company
Balance Sheet
2019
2018
Change
Current assets:
Cash
$108,000
$131,500
($23,500)
Accounts
receivable
102,000
71,000
31,000
Inventory
101,000
70,000
31,000
Marketable
securities
4,000
28,000
(24,000)
Prepaid
expenses
20,000
26,000
(6,000)
Long-term assets
Plant & equipment (net)
296,000
175,000
121,000
Land
52,000
91,000
(39,000)
Patent
53,000
53,000
0
Total
Assets
736,000
645,500
Current liabilities:
Accounts
payable
41,000
69,000
(28,000)...
Based on the following information, prepare the statement of cash flows using the indirect method.  
Based on the following information, prepare the statement of
cash flows using the indirect method.
New Guy Company
Balance Sheet
2019
2018
Change
Current assets:
Cash
$108,000
$131,500
($23,500)
Accounts
receivable
102,000
71,000
31,000
Inventory
101,000
70,000
31,000
Marketable
securities
4,000
28,000
(24,000)
Prepaid
expenses
20,000
26,000
(6,000)
Long-term assets
Plant & equipment
(net)
296,000
175,000
121,000
Land
52,000
91,000
(39,000)
Patent
53,000
53,000
0
Total
Assets
736,000
645,500
Current liabilities:
Accounts
payable
41,000
69,000
(28,000)...
Based on the following information, prepare the statement of cash flows using the indirect method.  
Based on the following information, prepare the statement of
cash flows using the indirect method.
New Guy Company
Balance Sheet
2019
2018
Change
Current assets:
Cash
$108,000
$121,500
($13,500)
Accounts
receivable
102,000
141,000
(39,000)
Inventory
101,000
60,000
41,000
Marketable
securities
4,000
18,000
(14,000)
Prepaid
expenses
20,000
36,000
(16,000)
Long-term assets
Plant & equipment
(net)
296,000
185,000
111,000
Land
52,000
31,000
21,000
Patent
53,000
53,000
0
Total
Assets
736,000
645,500
Current liabilities:
Accounts
payable
41,000
34,000
7,000
Interest...
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