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Cost of goods sold for the year amounted 1. Cost of goods sold for the year amounted to $130,000, and during the year, accounts payable ______________ by $8,000 and inventory ______________ by $7,000 resulting in cash paid to suppliers of $115,000. 2. In computing cash payments for operating expenses, a decrease in prepaid expenses is ______________ and an increase in accrued expenses payable is ______________ to (from) operating expe ...

Other / Other 06 Apr 2016

Prepare the net cash provided by operating activities 1 The current sections of Robertson Inc.'s statement of financial position at December 31, 2010 and 2011, are presented here. Robertson's net income for 2011 was $203,000. Depreciation expense was $24,000. 2011 2010 Current assets Prepaid expenses $ 27,000 $ 22,000 Inventory 153,000 172,000 Accounts receivable 105,000 89,000 Cash 115,000 99,000 T ...

Other / Other 06 Apr 2016

Condensed financial data of Popler Company 1 Condensed financial data of Popler Company appear below: POPLER COMPANY Comparative Statement of Financial Position December 31 2011 2010 Assets Plant assets 325,000 250,000 Accumulated depreciation (65,000) (60,000) Investments 100,000 75,000 Prepaid expenses 19,000 25,000 Inventories 120,000 132,000 Accounts receivable 75,000 53,000 Cash 61,000 35,000 Total ...

Other / Other 06 Apr 2016

Distinguish among the three types of activities 1 Why is the statement of cash flows useful? 2 Distinguish among the three types of activities reported in the statement of cash flows The three activities are: Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help ...

Other / Other 06 Apr 2016

Redman's statement of financial position a1 The general ledger of Lopez Company provides the following information: End of Year Beginning of Year Accounts Receivable $ 55,000 $ 94,000 Inventory 310,000 210,000 Accounts Payable 40,000 65,000 The company's net sales for the year was $2,200,000 and cost of goods sold amounted to $1,500,000. Instructions Compute the following: (a) Cash receipts from customers. (b) Cash payment ...

Other / Other 06 Apr 2016

Compute net cash flows from financing activities 1 During 2011, Baxter Company sold a building with a book value of $145,000 for proceeds of $162,000. The company also sold long-term investments for proceeds of $45,000. The company purchased land and a new building for $320,000 by signing a long-term note payable. No other transactions impacted long-term asset accounts during 2011. Instructions Compute net cash flows from investing ...

Other / Other 06 Apr 2016

Prepare a statement of cash flows for 2011 1 Powell Corporation's comparative statement of financial position are presented below. POWELL CORPORATION Comparative Statement of Financial Position December 31 2011 2010 Land €18,000 €26,000 Building 70,000 70,000 Accumulated depreciation (15,000) (10,000) Accounts receivable 18,200 23,400 Cash 19,300 10,700 Total €110,500 €1 ...

Other / Other 06 Apr 2016

Adjustments to reconcile net income to net cash 1 Dutton Company prepared the tabulation below at December 31, 2011. Net Income $255,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense, $25,000 Decrease in accounts receivable, $50,000 Increase in inventory, $12,000 Decrease in accounts payable, $8,600 Increase in income taxes payable, $1,500 ...

Other / Other 06 Apr 2016

Selected transactions of Eller Company 1 Selected transactions of Eller Company are listed below. 1. ordinary shares are sold for cash above par value. 2. Bonds payable are issued for cash at a discount. 3. Interest receivable on a short-term note receivable is collected. 4. Land is sold for cash at book value. 5. Accounts payable are paid in cash. 6. Equipment is purchased by signing a 3-year, 10% note payable. 7. Cash div ...

Other / Other 06 Apr 2016

Flint Hills Company's most recent financial statements 1 How is it possible for a company to suffer a net loss for a given year, yet produce a positive net cash flow from operating activities? 2 (Ethics) Flint Hills Company's most recent financial statements showed dismal performance. There was a net loss of $10,000 and the statement of cash flows showed a net cash decrease in all categories. The company president called all the ...

Other / Other 06 Apr 2016