Question
In: Accounting
1.Assuming Net Income for the year is $235,000, what is the net cash flows from operating...
1.Assuming Net Income for the year is $235,000, what is the net cash flows from operating activities given the following information:
| Increase in Salaries Payable | $ | 20,000 | |
| Depreciation Expense | $ | 9,000 | |
| Increase in Prepaid Rent | $ | 29,500 | |
| Loss on sale of asset | $ | 1,300 | |
| Increase in Accounts Payable | $ | 30,000 | |
| Increase in Inventory | $ | 54,000 | |
2.Which of the following is an example of a cash outflow from an investing activity?
-
Payment of cash for treasury stock.
-
Payment of cash for the purchase of land.
-
Payment of cash for inventory.
-
Payment on a long-term note payable.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Cash Flows from Operating Activities Net Income $ 539,000 Adjustments to reconcile net income to net...
Cash Flows from
Operating Activities
Net Income
$ 539,000
Adjustments to reconcile net income to net cash from
operating activities:
Depreciation expense
63,400
Increase in net accounts receivable
(376,000)
Increase in inventory
(396,000)
Increase in accounts payable
102,000
Decrease in accrued liabilities
(79,000)
Increase in income taxes payable
24,000
Gain on sale of land
(53,000)
Loss on sale of investments
6,000
Net cash provided(used) by
operating activities
$(169,600)
Cash Flows from Investing...
1. Cash Flows from Operating Activities—Indirect Method The net income reported on the income statement for...
1.
Cash Flows from Operating Activities—Indirect Method
The net income reported on the income statement for the current
year was $118,900. Depreciation recorded on store equipment for the
year amounted to $19,600. 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
$45,900
$42,230
Accounts receivable (net)
32,910
31,210
Merchandise inventory
44,940
47,510
Prepaid expenses
5,050
4,010
Accounts payable (merchandise creditors)
43,010
39,950...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below for Macrosoft
Corporation.
MACROSOFT CORPORATION
Income Statement
For the Year Ended December 31, 2021
($ in millions)
Revenues and gains:
Sales
$
320.00
Gain on sale of cash equivalents
2.50
Gain on sale of investments
24.50
$
347.00
Expenses and loss:
Cost of goods sold
$
125.00
Salaries
40.50
Interest expense
12.50
Insurance
20.50
Depreciation
10.50
Patent amortization
4.50
Loss on sale...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
thousands) for Peach Computers.
PEACH COMPUTERS
Income Statement
For the Year Ended December 31, 2021
Sales
$
320.0
Cost of goods sold
(160.0
)
Gross margin
160.0
Salaries expense
$
35.0
Insurance expense
12.0
Depreciation expense
5.0
Loss on sale of land
3.0
55.0
Income before tax
105.0
Income tax expense
(52.5
)
Net income
$
52.5
Reconciliation of Net...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement
and a schedule reconciling cash flows from operating activities to
net income are provided below for Mike Roe Computers.
MIKE ROE COMPUTERS
Income Statement
For the Year Ended December 31, 2021
($ in millions)
Sales
$
150.20
Cost of goods
sold
(90.00
)
Gross
margin
60.20
Salaries
expense
$
18.20
Insurance
expense
12.00
Depreciation
expense
4.50
Interest
expense
5.50
(40.20
)
Gains and
losses:
Gain on sale of
equipment
11.00
Loss on sale of
land
(2.00
)...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
thousands) for Peach Computers.
PEACH COMPUTERS
Income Statement
For the Year Ended December 31, 2021
Sales
$
500.0
Cost of goods sold
(250.0
)
Gross margin
250.0
Salaries expense
$
59.0
Insurance expense
36.0
Depreciation expense
17.0
Loss on sale of land
15.0
127.0
Income before tax
123.0
Income tax expense
(61.5
)
Net income
$
61.5
Reconciliation of Net...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below for Mike Roe
Computers.
MIKE ROE COMPUTERS
Income Statement
For the Year Ended December 31, 2021
($ in millions)
Sales
$
148.00
Cost of goods sold
(89.00
)
Gross margin
59.00
Salaries expense
$
18.00
Insurance expense
11.00
Depreciation expense
4.00
Interest expense
5.30
(38.30
)
Gains and losses:
Gain on sale of equipment
10.00
Loss on sale of land
(1.00
)...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
millions) for Mike Roe Computers.
MIKE ROE COMPUTERS
Income Statement
For the Year Ended December 31, 2018
Sales
$
148.20
Cost of goods sold
(89.10
)
Gross margin
59.10
Salaries expense
$
18.20
Insurance expense
11.20
Depreciation expense
4.10
Interest expense
5.10
(38.60
)
Gains and losses:
Gain on sale of equipment
10.20
Loss on sale of land
(1.20
)...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
millions) for Mike Roe Computers.
MIKE ROE COMPUTERS
Income Statement For the Year Ended December 31, 2018
Sales $ 148.00
Cost of goods sold (89.00 )
Gross margin 59.00
Salaries expense $ 18.00
Insurance expense 11.00
Depreciation expense 4.00
Interest expense 5.30 (38.30 )
Gains and losses:
Gain on sale of equipment 10.00
Loss on sale of land (1.00 )...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
millions) for Mike Roe Computers.
MIKE ROE COMPUTERS
Income Statement
For the Year Ended December 31, 2018
Sales
$
148.40
Cost of goods sold
(89.20
)
Gross margin
59.20
Salaries expense
$
18.40
Insurance expense
11.40
Depreciation expense
4.20
Interest expense
5.20
(39.20
)
Gains and losses:
Gain on sale of equipment
10.40
Loss on sale of land
(1.40
)...
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