Question 1

The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:
(a)If sales for the current year were $375,000 and accounts receivable increased by $29,000 during the year, what was the amount of cash received from customers?
(b)If income tax for the current year was $39,000 and income tax payable decreased by $21,000 during the year, what was the amount of cash payments for income tax?

Accepted Answer

The answer of The cash flows from operating activities are...

Question 2

Selected data for the current year ended December 31 are as follows:?  During the current year, the cost of merchandise sold was $620,000 and the operating expenses other than depreciation were $142,000. The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.Determine the amount reported on the statement of cash flows for 
(a) cash payments for merchandise and 
(b) cash payments for operating expenses.?

Accepted Answer

The answer of Selected data for the current year ended...

Question 3

Based on the following, what is free cash flow?​  Cash flows from operations include $2,000 for depreciation. Cash flows from investing include the purchase of a replacement asset for $100,000 and the sale of the one used in production, which is now obsolete, for $70,000. Cash flows from financing include $70,000 of borrowing.

Accepted Answer

The answer of Based on the following, what is free...

Question 4

Connor Designs Company has cash flows for operating activities of $425,000. Cash flows used for investments in property, plant, and equipment totaled $65,000, of which 70% was used to replace machinery to maintain existing capacity.?What is the free cash flow for Connor Designs?

Accepted Answer

The answer of Connor Designs Company has cash flows for...

Question 5

Cost of merchandise sold reported on the income statement was $155,000. The accounts payable balance increased $8,000, and the inventory balance increased by $21,000 over the year. Determine the amount of cash paid for merchandise.

Accepted Answer

The answer of Cost of merchandise sold reported on the...

Question 6

Sales reported on the income statement were $690,000. The accounts receivable balance declined $39,000 over the year. Determine the amount of cash received from customers.

Accepted Answer

The answer of Sales reported on the income statement were...

Question 7

The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:
(a)If sales for the current year were $695,000 and accounts receivable decreased by $43,500 during the year, what was the amount of cash received from customers?
(b)If income tax expense for the current year was $56,000 and income tax payable decreased by $5,200 during the year, what was the amount of cash payments for income tax?

Accepted Answer

The answer of The cash flows from operating activities are...

Question 8

Selected data taken from the accounting records of Laser Inc. for the current year ended December 31 are as follows:? $$\begin{array} { | l | r | r | } 
\hline & \begin{array} { c } 
\text { Balance, } \
\text { December } 31
\end{array} & \begin{array} { c } 
\text { Balance, } \
\text { January } 1
\end{array} \
\hline \text { Accrued expenses payable } & \$ 5,590 & \$ 6,110 \
\hline \text { Accounts payable (merchandise creditors) } & 41,730 & 46,020 \
\hline \text { Inventories } & 77,350 & 84,110 \
\hline \text { Prepaid expenses } & 3,250 & 3,900 \
\hline
\end{array}$$ During the current year, the cost of merchandise sold was $448,500, and the operating expenses other than depreciation were $78,000. The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.
?Required
Determine the amount reported on the statement of cash flows for:
(a) Cash payments for merchandise
(b) Cash payments for operating expenses

Accepted Answer

The answer of Selected data taken from the accounting records...

Question 9

Balances of the current asset and current liability accounts at the end and beginning of the year are as follows:​  Use the direct method to prepare the Cash flows from operating activities section of a statement of cash flows.

Accepted Answer

The answer of Balances of the current asset and current...

Quiz 16: Statement of Cash Flows

Connor Designs Company has cash flows for operating activities of $425,000. Cash flows used for investments in property, plant, and equipment totaled $65,000, of which 70% was used to replace machinery to maintain existing capacity.?What is the free cash flow for Connor Designs?

Cost of merchandise sold reported on the income statement was $155,000. The accounts payable balance increased $8,000, and the inventory balance increased by $21,000 over the year. Determine the amount of cash paid for merchandise.

Sales reported on the income statement were $690,000. The accounts receivable balance declined $39,000 over the year. Determine the amount of cash received from customers.

Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: Use the direct method to prepare the Cash flows from operating activities section of a statement of cash flows.

Quiz 16: Statement of Cash Flows

Connor Designs Company has cash flows for operating activities of $425,000. Cash flows used for investments in property, plant, and equipment totaled $65,000, of which 70% was used to replace machinery to maintain existing capacity.?What is the free cash flow for Connor Designs?

Cost of merchandise sold reported on the income statement was $155,000. The accounts payable balance increased $8,000, and the inventory balance increased by $21,000 over the year. Determine the amount of cash paid for merchandise.

Sales reported on the income statement were $690,000. The accounts receivable balance declined $39,000 over the year. Determine the amount of cash received from customers.

Balances of the current asset and current liability accounts at the end and beginning of the year are as follows:​ Use the direct method to prepare the Cash flows from operating activities section of a statement of cash flows.

Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: Use the direct method to prepare the Cash flows from operating activities section of a statement of cash flows.