Salt Lake Companys 2013 income statement and selected balance sheet data at December 31, 2012 and 2013
Question:
Required
Prepare the cash flows from operating activities section only of the companys 2013 statement of cash flows using the indirectmethod.
Transcribed Image Text:
SALT LAKE COMPANY Income Statement For Year Ended December 31,2013 Sales evenue...$156,000 SALT LAKE COMPANY Selected Balance Sheet Accounts Expenses Cost of goods sold. Depreciation expense Salaries expense Rent expense Insurance expense.. Interest e Utilities expense2000P .72.000 32,000 At December 31 Accounts receivable .$3,600 $3,000 Inventory .860 980 Accounts payable ...2400 2.600 2013 2012 20,000 Inventory 2.600 Salaries payable. . 900 600 xpense 2,400 Utilities payable ..200 Prepaid insurance... Prepaid rent 100 140 80 200 Net incomeP
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
SALT LAKE COMPANY Cash Flows from Operating ActivitiesIn...View the full answer
Answered By
Muhammad Salman Alvi
Well, I am a student of Electrical Engineeing from Information Technology University of Punjab. Just getting into my final year. I have always been good at doing Mathematics, Physics, hardware and technical subjects. Teaching profession requires a alot of responsibilities and challenges.
My teaching experience started as an home tutor a year ago. When I started teaching mathematics and physic subjects to an O Level student. He was about 14 years old. His name was Ibrahim and I used to teach him for about 2 hours daily. Teaching him required a lot of patience but I had to be polite with him. I used to give him a 5 min break after 1 hour session. He was quite weak in basic maths and calculation. He used to do quite a lot of mistakes in his homework which I gave him weekly. So I decided to teach him basics from scratch. He used to say that he got the concept even if he didn't. So I had to ask him again and again. I worked on his basics for a month and after that I started taking a weekly test sesions. After few months he started to improve gradually. Now after teaching him for about a year I can proudly say that he has improved alot. The most important thing was he managed to communicate all the difficullties he was facing. He was quite capable and patient. I had a sincere desire to help him reach to its full potential. So I managed to do that. We had a very good honest relationship of a student and a teacher. I loved teaching him as a tutor. Now having an experience of one year teaching I can read students quite well. I look forward to work as an online tutor who could help students in solving their all sort of difficulties, problems and queries.
4.90+
29+ Reviews
43+ Question Solved
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Managerial Accounting questions
-
Lake Company's 2016 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2015 and 2016, follow. LAKE COMPANY Income Statement For Year Ended...
-
Lansing Companys 2013 income statement and selected balance sheet data at December 31, 2012 and 2013 follow. Required Prepare the cash flows from operating activities section only of the companys...
-
Lake Company's 2016 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2015 and 2016, follow. LAKE COMPANY Income Statement For Year Ended...
-
Graph the solution sets in Problems 316. x 100
-
Use the data in FERTIL3.RAW for this exercise. (i) Graph gfr against time. Does it contain a clear upward or downward trend over the entire sample period? (ii) Using the data through 1979, estimate a...
-
Describe three analytical techniques for financial statement analysis.
-
An incompressible fluid flows horizontally in the \(x-y\) plane with a velocity given by \[ u=30\left(1-e^{-4 \frac{y}{\hbar}} ight) \mathrm{m} / \mathrm{s}, v=0 \] where \(y\) and \(h\) are in...
-
Schmidt Electronics produces two products: CD105 and HD210. Relevant costing information for each product is as follows: Manufacturing overhead costs and associated ABC allocation bases are as...
-
We have distinguished several concepts of consciousness -Creature Consciousness, Transitive Consciousness, and Phenomenal Consciousnessbeing the most important. Explain what Change Blindness,...
-
A firm has the following income statement for a month. 3,000 units at $80/unit Sales: Less: Cost of Goods Sold. Variable Production Cost Fixed Production Cost Gross Margin Selling and Administrative...
-
Refer to Satu Companys financial statements and related information in Problem 16-4B. In Problem 16-4B, Satu Company, a merchandiser, recently completed its 2013 operations. For the year, (1) all...
-
Refer to Polaris financial statements in Appendix A to answer the following. 1. Is Polaris statement of cash flows prepared under the direct method or the indirect method? How do you know? 2. For...
-
Cite some examples of forecasting problems that might be addressed using regression analysis of complex multiple-equation systems of economic relations.
-
Wesley Corp. stock is trading for $27/share. Wesley has 20 million shares outstanding and a market debt-equity ratio of 0.49. Wesleys debt is zero-coupon debt with a 5-year maturity and a yield to...
-
Consider an American put option on XAL stock with a strike price of \($49\) and one year to expiration. Assume XAL pays no dividends, XAL is currently trading for \($5\) per share, and the one-year...
-
Suppose Amazon stock is trading for $2000 per share, and Amazon pays no dividends. a. What is the maximum possible price of a call option on Amazon? b. What is the maximum possible price of a put...
-
In early 2018, Qualcomm Inc. had \($15\) billion in debt, total equity capitalization of \($88\) billion, and an equity beta of 1.33 (as reported on Yahoo! Finance). Included in Qualcomms assets was...
-
Now suppose Natsam Corporation has \($275\) million of excess cash. The firm has no debt and 500 million shares outstanding with a current market price of \($19\) per share. The board decided to do...
-
The concept of culture is of little practical value to managers because it simply describes tendencies and ignores the variation between individuals. Discuss this statement.
-
Wal-Mart is the second largest retailer in the world. The data file on the disk holds monthly data on Wal-Marts revenue, along with several possibly related economic variables. a) Using computer...
-
Bargaining power and wage determination Even in the absence of collective bargaining, workers do have some bargaining power that allows them to receive wages higher than their reservation wage. Each...
-
1. How much cash is received from sales to customers for year 2011? 2. What is the net increase or decrease in cash for year2011? ORWELL, INC. Balance Sheets December 31,2011 2011 2010 2 Cashtt.....
-
1. How much cash is paid to acquire merchandise inventory during year 2011? 2. How much cash is paid for operating expenses during year2011? ORWELL, INC. Balance Sheets December 31,2011 2011 2010 2...
-
Use the direct method to prepare the cash provided or used from operating activities section only of the statement of cash flows for thiscompany. ORWELL, INC. Balance Sheets December 31,2011 2011...
-
This number is the "federal adjusted gross income" according to the line title. What do we call this process of starting our state return with a number from the federal return?
-
What is the main reason for a franchisee to have a contingency fund?
-
Kalan purchased four new tires at Walmart for $1,000 using there "no payments for 12 months plan." About a year later, before Kalan had made any payments, the tires were not performing as well as...
Study smarter with the SolutionInn App