Question

In: Accounting

When using the spreadsheet (work sheet) for the statement of cash flows, indirect method, entries made...

When using the spreadsheet (work sheet) for the statement of cash flows, indirect method, entries made on the spreadsheet are a. not recorded in to the journal but are posted to the ledger. b. recorded in the journal but not posted to the ledger. c. recorded in the journal and posted to the ledger. d. not recorded in the journal or posted to the ledger.

Solutions

Expert Solution

When using the spreadsheet (work sheet) for the statement of cash flows, indirect method, entries made on the spreadsheet are not recorded in the journal or posted to the ledger.
Entries made on the spreadsheet are just used for preparation of statement of cash flows
Option D is correct

ekkarill92 answered 3 years ago
Next > < Previous

Related Solutions

Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix) Peoria Corp. just completed another successful...
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix) Peoria Corp. just completed another successful year, as indicated by the following income statement: For the Year Ended December 31, 2017 Sales revenue $1,250,000   Cost of goods sold 700,000     Gross profit $550,000   Operating expenses 150,000     Income before interest and taxes $400,000   Interest expense 25,000     Income before taxes $375,000   Income tax expense 150,000     Net income $225,000   Presented here are comparative balance sheets: December 31 2017 2016 Cash $52,000 $90,000 Accounts receivable...
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix) Wabash Corp. just completed another successful...
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix) Wabash Corp. just completed another successful year, as indicated by the following income statement: For the Year Ended December 31, 2017 Sales revenue $2,460,000   Cost of goods sold 1,400,000     Gross profit $1,060,000   Operating expenses 460,000     Income before interest and taxes $600,000   Interest expense 100,000     Income before taxes $500,000   Income tax expense 150,000     Net income $350,000   Presented here are comparative balance sheets: December 31 2017 2016 Cash $140,000 $210,000 Accounts receivable...
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix) Wabash Corp. just completed another successful...
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix) Wabash Corp. just completed another successful year, as indicated by the following income statement: For the Year Ended December 31, 2017 Sales revenue $2,460,000   Cost of goods sold 1,400,000     Gross profit $1,060,000   Operating expenses 460,000     Income before interest and taxes $600,000   Interest expense 100,000     Income before taxes $500,000   Income tax expense 150,000     Net income $350,000   Presented here are comparative balance sheets: December 31 2017 2016 Cash $140,000 $210,000 Accounts receivable...
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... ​(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...
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
Prepare a statement of cash flows using the indirect method. Show all work. [12] Lion Enterprises...
Prepare a statement of cash flows using the indirect method. Show all work. [12] Lion Enterprises Balance Sheet Income Statement 12/31/20 12/31/21 Year ended 12/31/2021 Cash 200 830 A/R 830 750 Inventory 600 640 Sales 7,500 Prepaid Insrn 20 50 Operating Expenses Equipment 1800 1500 Cost of Goods Sold $3,330 (Accum Depr) -600 -700 Depreciation Expense $240 TOTAL ASSETS 2850 3070 Insurance Expense 100 A/P 360 300 G & A Expenses $1,750 Accured Pyrll 400 300 Total Operating Expense $5,420...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT