Johnson Software Corp. has assembled the following data for the years ending December 31, 2016 and 2015:
Question:
Requirement
1. Prepare Johnson Software Corp.'s statement of cash flows using the indirect method to report operating activities. Include an accompanying schedule of noncash investing and financing activities.
Transcribed Image Text:
A1 December 31, 2016 2 3 Current Accounts: 4 Current assets: 5 Cash and cash equivalents 6 Accounts receivable 7Inventories 2015 67,00030,000 64,100 81,000 1700 21,000 8,800 3,100 Prepaid expenses 9 Current liabilities 10 Accounts payable 11 Income tax payable 12 Accrued liabilities 13 $9,100$55,600 16,600 27 400 18,700 15,500 Transaction Data for 2016: Acquisition of land by issuing Purchase of treasury stock$10,700 long-term note payable. $197,000 Gain on sale of equipment3,500 Stock dividend. 40,100 Payment of cash dividends n of loan.10,100 Issuance of long-term note .... 18,100 payable to borrow cas... 34,700 Depreciation expense Purchase of building 5,700 37,000 53,000 Net income.... Issuance of common stock with cash... 109,000 Retirement of bonds payable for cash. by issuing common stock.... 64,000 Proceeds from sale of Purchase of long-term equipment Amortization expense... 4,400
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (4 reviews)
Johnson Software Corp Statement of Cash Flows Year Ended December 31 2016 Cash flows from operating ...View the full answer
Answered By
Nicholas Maina
Throughout my tutoring journey, I've amassed a wealth of hands-on experience and honed a diverse set of skills that enable me to guide students towards mastering complex subjects. My proficiency as a tutor rests on several key pillars:
1. Subject Mastery:
With a comprehensive understanding of a wide range of subjects spanning mathematics, science, humanities, and more, I can adeptly explain intricate concepts and break them down into digestible chunks. My proficiency extends to offering real-world applications, ensuring students grasp the practical relevance of their studies.
2. Individualized Guidance:
Recognizing that every student learns differently, I tailor my approach to accommodate various learning styles and paces. Through personalized interactions, I identify a student's strengths and areas for improvement, allowing me to craft targeted lessons that foster a deeper understanding of the material.
3. Problem-Solving Facilitation:
I excel in guiding students through problem-solving processes and encouraging critical thinking and analytical skills. By walking learners through step-by-step solutions and addressing their questions in a coherent manner, I empower them to approach challenges with confidence.
4. Effective Communication:
My tutoring proficiency is founded on clear and concise communication. I have the ability to convey complex ideas in an accessible manner, fostering a strong student-tutor rapport that encourages open dialogue and fruitful discussions.
5. Adaptability and Patience:
Tutoring is a dynamic process, and I have cultivated adaptability and patience to cater to evolving learning needs. I remain patient through difficulties, adjusting my teaching methods as necessary to ensure that students overcome obstacles and achieve their goals.
6. Interactive Learning:
Interactive learning lies at the heart of my approach. By engaging students in discussions, brainstorming sessions, and interactive exercises, I foster a stimulating learning environment that encourages active participation and long-term retention.
7. Continuous Improvement:
My dedication to being an effective tutor is a journey of continuous improvement. I regularly seek feedback and stay updated on educational methodologies, integrating new insights to refine my tutoring techniques and provide an even more enriching learning experience.
In essence, my hands-on experience as a tutor equips me with the tools to facilitate comprehensive understanding, critical thinking, and academic success. I am committed to helping students realize their full potential and fostering a passion for lifelong learning.
4.90+
5+ Reviews
16+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
Question Posted:
Students also viewed these Cost Accounting questions
-
Smither Software Corp. has assembled the following data for the years ending December 31, 2018 and 2017. Requirement 1. Prepare Smithers statement of cash flows using the indirect method to report...
-
Fortune Software Corp. has assembled the following data for the years ending December 31, 2018 and 2017: Requirement 1. Prepare Fortunes statement of cash flows using the indirect method to report...
-
Middleton Golf Club, Inc., has assembled the following data for the year ended September 30, 2010: Prepare the operating activities section of Middleton Golf Club, Inc.s statement of cash flows for...
-
The population (in millions) of a country in 2015 and the expected continuous annual rate of change k of the population are given. (a) Find the exponential growth model P = Ce kt for the population...
-
Why is a firms production budget influenced by the finished goods inventory policy?
-
The following molecules (AX4Y2) all have octahedral geometry. Group the molecules that are equivalent to each other. Y X' (b) (a)
-
True or False: The RMS can be calculated for a nonperiodic time waveform.
-
(Multi-step Income, Retained Earnings) Presented below is information related to American Horse Company for 2004. Prepare a multi-step income statement and a retained earnings statement. American...
-
Why is the Transfer price important to performance measurement? What precisely does the minimum transfer price attempt to compensate the selling division for? Why might an internal order cause the...
-
a. Identify the physical control weaknesses depicted in the flowchart for Problem 2. INTERNAL CONTROLS AND FLOWCHART ANALYSIS b. Describe the IT controls that should be in place in thissystem. Sales...
-
Use the Pruitt Motors, Inc., data from P12-67B. In P12-67B. Pruitt Motors, Inc., was formed on January 1, 2016. The following transactions occurred during 2016: On January 1, 2016, Pruitt issued its...
-
Williams Corporation accountants have assembled the following data for the year ended June 30, 2016: Prepare the operating activities section of Williams' statement of cash flows for the year ended...
-
Taussig Technologies is considering two potential projects, X and Y. In assessing the projects risks, the company estimated the beta of each project versus both the companys other assets and the...
-
In 2022, the technology company Apple unveiled a "new healthcare strategy" focused on "empowering users on their personal health journey" and "supporting the health ecosystem by collaborating with...
-
According to Management Study Guide (2022), a global virtual team leader should have high levels of techno-socio-emotional capabilities and should be able to strike a perfect balance between the...
-
. Do you agree with the following statement: "English is a powerful tool that has become entrenched in business processes worldwide-whether for analyzing stocks or issuers, budgeting, or organizing...
-
Why do you think the Unix operating system is a popular attack target by hackers? What should we do to better protect this environment?
-
For Hy-Vee Inc. identify one strategic goal and trace that goal through the tactical and operational levels of planning with one specific example at each level. Specify the appropriate person in the...
-
Choose a relatively small organization that is just beginning to use information systems. What types of systems are being used? For what purposes? To what extent are these systems integrated with one...
-
Cleaning Service Company's Trial Balance on December 31, 2020 is as follows: Account name Debit Credit Cash 700 Supplies Pre-paid insurance Pre-paid office rent Equipment Accumulated depreciation -...
-
Elmbrook Corporation reported net income of $58,000. Depreciation expense for the year was $132,000. The company calculates depreciation expense using the straightline method, with a useful life of...
-
Buckeye Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2012, at a cost of $100,000. Over its 4-year useful life, the bus is expected to be...
-
Basic information relating to a new machine purchased by Deloise Company is presented in E9-5. Instructions Using the facts presented in E9-5, compute depreciation using the following methods in the...
-
Mrs. Sam Taffer was a brilliant engineer at IBM and made a lot of money from stock options. Since then, she has worked as a musician and raised her two sons. She wishes to have most of her property...
-
Miller Company ended its fiscal year on June 30, 2017. The company's adjusted trial balance as of the end of its fiscal year is shown below. MILLER COMPANY Adjusted Trial Balance June 30, 2017...
-
What depreciation method is used to write off property, plant and equipment? Regarding the triple bottom line, what information did the company disclose about environmental matters in the reports?...
Study smarter with the SolutionInn App