Hudson Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets
Question:
Hudson Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below:
Instructions
Prepare the operating activities section of the cash fl ow statement using the direct method.
Transcribed Image Text:
HUDSON LTD. Income Statement Year Ended December 31, 2021 Sales $758,400 Cost of goods sold 392,000 Gross profit Operating expenses Depreciation expense Gain on sale of equipment 366,400 248,000 40,000 (8,000) 280,000 Profit before income tax 86,400 Income tax expense 24,000 Profit $ 62,400 Changes in current assets and current liabilities were as follows: Accounts receivable $ 28,800 decrease Inventory Prepaid expenses Accounts payable Dividends payable Income taxes payable 15,200 increase 1,600 increase 9,600 decrease 4,000 decrease 3,200 decrease
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
HUDSON LTD Cash Flow Statement Partial Year Ended December 31 2021 Operating activi...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Question Posted:
Students also viewed these Business questions
-
Pesci Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: Instructions Prepare the operating...
-
Pesci Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: Instructions Prepare the operating...
-
Pesci Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: Instructions Prepare the operating...
-
Company D is a merchandiser of MLB Hats. One of their biggest customers calls Company D and expresses concerns over their ability to pay the $20,000 owed to Company D. Company D agrees to covert the...
-
Compare and contrast the different techniques for anomaly detection that were presented in Section 10.1.2. In particular, try to identify circumstances in which the definitions of anomalies used in...
-
Eaglehawk Ltd had the following noncurrent asset on its balance sheet on 30 June 2015. The company adopts a policy of depreciating all relevant items on a straight-line basis at an annual rate of 10...
-
Gilead is a large drug producer, with a majority of its prescription drug product sales occurring in the United States. Gilead produces anti-HIV drug therapies, including the drugs Atripla, Truvada,...
-
Propane gas enters a continuous adiabatic heat exchanger? at 40?C and 250 kPa and exits at 240?C superheated steam at 300?C and 5.0 bar enters the exchanger flowing counter currently to the propane...
-
The position of an object connected to a spring varies with time according to the expression x = (4.3 cm) sin(8.2t). (a) Find the period of this motion. (b) Find the frequency of the motion. Hz (c)...
-
For each of the following examples, identify whether the fraud is employee embezzlement, management fraud, investment scam, vendor fraud, customer fraud, or miscellaneous fraud. 1. Marcus bought a...
-
Linus Corporation reported the following in its March 31, 2021, fi nancial statements. Calculate the cash payments for operating expenses. 2021 2020 Prepaid expenses Accrued expenses payable...
-
Winter Sportswear Inc. reported the following in its December 31, 2021, financial statements. Calculate (a) The cost of goods purchased, (b) Cash payments to suppliers. 2020 $50,000 55,000 2021...
-
Evaluate f(x) for the given value of x. f(x) = 3x 2 - 2x + 1, x = 5
-
Evaluate the capital project by calculating the following metrics: Net present value (NPV) Internal rate of return (IRR) Modified internal rate of return (MIRR) Payback period Discounted payback...
-
Major Aviation has borrowed $120 million at 8 percent per year compounded semi-annually. The principal and interest are due in 10 years. How much does Major Aviation have to pay in 10 years to pay...
-
5. (10%) Given a UNIX i-node with ten direct blocks and three levels of indirect blocks (i.e., a single, a double, and a triple) and assuming that the sizes of a pointer and a block are,...
-
A pump is used to transfer water (p=1000 kg/m) from a lake to a reservoir as shown in Figure 3 (b). The piping system consists of a cast iron pipe with the diameter, D of 60 mm and the total length...
-
You are redeveloping an acre of land that was originally an asphalt parking lot. Along with the building and parking, you plan to turn 10,000 ft2 of the lot into landscaped areas with natural and...
-
A loudspeaker is producing sound of a certain wavelength. Which combination of the wavelength (expressed as a multiple of 0) and the speaker's diameter D (expressed as a multiple of D0) would...
-
The production budget of Artest Company calls for 80,000 units to be produced. If it takes 30 minutes to make one unit and the direct labor rate is $16 per hour, what is the total budgeted direct...
-
On January 31, 2021, Cardston Company had the following payroll liability accounts in its ledger: In February, the following transactions occurred: Feb. 4 Sent a cheque to the union treasurer for...
-
Seaboard Company receives its annual property tax bill of $24,000 for the 2021 calendar year on May 31, 2021, and it is payable on July 31, 2021. Seaboard has a December 31 fiscal year end....
-
Scoot Scooters has four employees who are paid on an hourly basis, plus time and a half for hours in excess of 40 hours a week. Payroll data for the week ended February 17, 2021, follow: Instructions...
-
Which of the following methods are used to configure node based backend server application and front end react application Question 4 options: Add proxy property inside react application package.json...
-
An object's momentum changed from (-5.0. 1) kg m/s to (14,-14,-4) kg m/s in 1.6s. The object's mass is 5.5 kg. How much work was done on this object during this time? work-
-
A wave with the following deep-water characteristics is propagating toward the shore in an area where the bottom contours are all straight and parallel to the coastline: Ho=3m, T= 10s The bottom is...
Study smarter with the SolutionInn App