Question
In: Accounting
Calculate the cash flows from operations using the direct method. Benji Company Income Statement For the...
Calculate the cash flows from operations using the direct method.
Benji Company
Income Statement
For the Year Ended December 31, 2015
Revenues $8,200
Depreciation expense $ 400
Other operating expenses 6,800 7,200
Income before income taxes $1,000
Income tax expense 340
Net income $ 660
Benji Company
Balance Sheet
December 31, 2015 and 2014
2015 2014 2015 2014
Assets: Liab. & SE:
Cash $ 380 $ 120 A/P $ 770 $ 600
A/R 640 580 Inc.Taxes/Pay. 90 160
Inventories 950 840 LT debt 1,080 1,630
Plant & Equip. 2,870 2,990 Common Stock 1,000 1,000
Less: Acc. Depr. (1,120) (720) Retained Earnings 780 420
Total Assets $3,720 $3,810 Total Liab. & SE $3,720 $3,810
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Prepare the cash flows from operating activities section of HHC’s statement of cash flows using the direct method.
The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC)ParticularsAmount$Cash received from : Customers6,60,000Interest on note receivable12,000Collection of note receivable1,00,000Sale of land40,000Issuance of common stock2,00,000Cash paid for : Interest on note payable18,000Purchase of equipment1,20,000Operating expenses4,40,000Dividends to shareholders 30,000Prepare the cash flows from operating activities section of HHC’s statement of cash flows using the direct method
Prepare the cash flows from operating activities section of HHC's statement of cash flows using the direct method.
The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC):
Cash Received from:
Customers ........................................................$660,000
Interest on note receivables ..........................12,000
Collection of note receivable.......................100,000
Sale of land ..........................................................40,000
Insurance of common stock..........................200,000
Cash paid for:
Interest on note payable .................................18,000
Purchase of equipment .................................120,000
Operating expenses .......................................440,000
Dividends to shareholders .............................30,000
Prepare the cash flows from the operating activities section of HHC's statement of cash flows using the direct method.
Prepare the cash flows from operating activities section of Tiger’s 2021 statement of cash flows using the direct method.
Required:Prepare the cash flows from operating activities section of Tiger’s 2021 statement of cash flows using the direct method. Assume that all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable.
E 4–20
What are the advantages of using the direct method of preparing a statement of cash flows...
What are the advantages of using the direct method of
preparing a statement of cash flows over the indirect method? What
types of businesses would use each? Why?
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.)
LOADING...
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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...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at...
Statement of Cash Flows (Direct Method)
The Wolff Company's income statement and comparative balance
sheets at December 31 of 2013 and 2012 are shown below:
WOLFF COMPANY Income Statement For the Year Ended December 31,
2013
Sales Revenue $698,500
Cost of Goods Sold $473,000
Wages Expense 94,600
Insurance Expense 8,800
Depreciation Expense 18,700
Interest Expense 9,900
Income Tax Expense
31,900 636,900
Net
Income
$61,600
WOLFF COMPANY
Balance Sheets Dec. 31, 2013 Dec. 31, 2012
Assets Cash $12,100 $5,500
Accounts Receivable...
Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance sheets at...
Statement of Cash Flows (Direct Method)
The Wolff Company's income statement and comparative balance sheets
at December 31 of 2013 and 2012 are shown below:
WOLFF COMPANY
Income Statement
For the Year Ended December 31, 2013
Sales Revenue
$698,500
Cost of Goods Sold
$473,000
Wages Expense
94,600
Insurance Expense
8,800
Depreciation Expense
18,700
Interest Expense
9,900
Income Tax Expense
31,900
636,900
Net Income
$61,600
WOLFF COMPANY
Balance Sheets
Dec. 31, 2013
Dec. 31, 2012
Assets
Cash
$12,100
$5,500
Accounts Receivable...
Statement of Cash Flows (Direct Method) The Wolff Company’s income statement and comparative balance sheets at...
Statement of Cash Flows (Direct Method)
The Wolff Company’s income statement and comparative balance
sheets at December 31 of 2016 and 2015 are shown below:
WOLFF COMPANY
Income Statement
For the Year Ended December 31, 2016
Sales Revenue
$645,000
Cost of Goods Sold
$430,000
Wages Expense
86,000
Insurance Expense
12,000
Depreciation Expense
13,000
Interest Expense
12,000
Income Tax Expense
29,000
582,000
Net Income
$63,000
WOLFF COMPANY
Balance Sheets
Dec. 31, 2016
Dec. 31, 2015
Assets
Cash
$52,000
$8,000
Accounts Receivable...
Statement of Cash Flows (Direct Method) North Company’s income statement and comparative balance sheets as of...
Statement of Cash Flows (Direct Method)
North Company’s income statement and comparative balance sheets
as of December 31 of 2019 and 2018 follow:
NORTH COMPANY
Income Statement
For the Year Ended December 31, 2019
Sales Revenue
$770,000
Cost of Goods Sold
$550,000
Wages Expense
195,000
Advertising Expense
31,000
Depreciation Expense
24,000
Interest Expense
20,000
Gain on Sale of Land
(25,000)
795,000
Net Loss
$(25,000)
NORTH COMPANY
Balance Sheets
Dec. 31, 2019
Dec. 31, 2018
Assets
Cash
$80,000
$32,000
Accounts Receivable...
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