Bumblebee Company provided the following balance sheet and income statement for the current year. (Click the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Bumblebee Company provided the following balance sheet and income statement for the current year. (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) (Click the icon to view the cash flow information.) Requirement Prepare the statement of cash flows under the indirect method for the Bumblebee Company. Accrued expenses relat to Selling, General and Administrative Expenses. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for any numbers to be subtracted and/or for cash outflows. If an input field is not used in the statement leave the input field empty; do not select a label or enter a zero.) Bumblebee Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: Changes in Current Assets and Liabilities. Net Cash Provided (Used) by Operating Activities Balance Sheet Assets Current Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Noncurrent Assets Investments in Bonds Property, Plant, and Equipment-net Total Noncurrent Assets Total Assets Liabilities Current Liabilities Accounts Payable Accrued Expenses Income Taxes Payable Total Current Liabilities Noncurrent Liabilities Notes Payable Bumblebee Company Balance Sheet At December 31 Total Noncurrent Liabilities Total Liabilities Stockholders' Equity Common stock, $1 Par Value Additional Paid-in Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Print $ $ $ $ $ $ $ $ $ $ $ $ $ Ending Done 50,050 $ 5.000 3,700 58,750 $ 25,500 $ 55.200 80,700 $ 139,450 $ 3.600 S 7,500 1,100 12,200 S 32.500 $ 32,500 S 44,700 S 12,500 $ 13,700 68,550 94,750 S 139,450 $ Beginning 5,500 7,400 2.200 15,100 6,500 64,000 70,500 85,600 4,500 6,000 750 11,250 27,000 27.000 38,250 11,500 11,000 24,850 47,350 85,600 - X Additional Cash Flow Information Description Cash receipt from sale of property, plant, and equipment Cash payment to acquire investment securities Cash receipt from issuance of common stock Cash receipt from issuance of loan Print Done Cash Inflow $ (Outflow) 3,000 (19,000) 3,700 5,500 X Income Statement Bumblebee Company Income Statement For the Year Ended December 31 $ Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Depreciation Expense Total Operating Expenses Income Before Interest and Taxes Interest Expense Income Before Tax Income Tax Expense Net Income Print Done $ $ $ $ $ $ 95,000 30,000 65,000 12,500 5,800 18,300 46,700 (1,800) 44,900 (1,200) 43,700 - X Bumblebee Company provided the following balance sheet and income statement for the current year. (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) (Click the icon to view the cash flow information.) Requirement Prepare the statement of cash flows under the indirect method for the Bumblebee Company. Accrued expenses relat to Selling, General and Administrative Expenses. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for any numbers to be subtracted and/or for cash outflows. If an input field is not used in the statement leave the input field empty; do not select a label or enter a zero.) Bumblebee Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31 Operating Activities: Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: Changes in Current Assets and Liabilities. Net Cash Provided (Used) by Operating Activities Balance Sheet Assets Current Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Noncurrent Assets Investments in Bonds Property, Plant, and Equipment-net Total Noncurrent Assets Total Assets Liabilities Current Liabilities Accounts Payable Accrued Expenses Income Taxes Payable Total Current Liabilities Noncurrent Liabilities Notes Payable Bumblebee Company Balance Sheet At December 31 Total Noncurrent Liabilities Total Liabilities Stockholders' Equity Common stock, $1 Par Value Additional Paid-in Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Print $ $ $ $ $ $ $ $ $ $ $ $ $ Ending Done 50,050 $ 5.000 3,700 58,750 $ 25,500 $ 55.200 80,700 $ 139,450 $ 3.600 S 7,500 1,100 12,200 S 32.500 $ 32,500 S 44,700 S 12,500 $ 13,700 68,550 94,750 S 139,450 $ Beginning 5,500 7,400 2.200 15,100 6,500 64,000 70,500 85,600 4,500 6,000 750 11,250 27,000 27.000 38,250 11,500 11,000 24,850 47,350 85,600 - X Additional Cash Flow Information Description Cash receipt from sale of property, plant, and equipment Cash payment to acquire investment securities Cash receipt from issuance of common stock Cash receipt from issuance of loan Print Done Cash Inflow $ (Outflow) 3,000 (19,000) 3,700 5,500 X Income Statement Bumblebee Company Income Statement For the Year Ended December 31 $ Sales Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Depreciation Expense Total Operating Expenses Income Before Interest and Taxes Interest Expense Income Before Tax Income Tax Expense Net Income Print Done $ $ $ $ $ $ 95,000 30,000 65,000 12,500 5,800 18,300 46,700 (1,800) 44,900 (1,200) 43,700 - X
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
Students also viewed these accounting questions
-
Marshall Pottery Barn is a privately owned importer of Mexican pottery and garden supplies. The firm plans on paying a $1.50 per share dividend on each of its 5,000 shares of common stock. The firms...
-
Repeat the requirements of P22-1 under the indirect method. In P22-1 Shark Company provided the following balance sheet and income statement for the current year. Prepare the operating activities...
-
Shark Company provided the following balance sheet and income statement for the current year. Prepare the operating activities section of the cash flow statement using the direct method. Assume...
-
Mike is a salesperson in a retail carpet store. He is paid $500 base salary per month plus 5% commission on sales over $10,000. His sales this month were $23,750. His total deductions were $152.75....
-
What are the four stages of the consumption life cycle? What are post-purchase costs? Explain why a producer may want to know post-purchase costs.
-
A 1200-kg concrete slab that measures 2 m 1 m 20 cm is delivered to a building under construction. Does the slab contain steel reinforcing rods or is it plain concrete?
-
The mean number of droughts in Asia per year from 1980 through 2008 was about 3.24. Find the probability that the number of droughts in Asia in any given year from 1980 through 2008 are (a) exactly...
-
Baron Company adopted a defined benefit pension plan on January 1, 2006. The following information pertains to the pension plan for 2007 and 2008: There are no other components of Baron Company's...
-
Discuss a review of the literature that describes the findings of other researchers related to a specific topic in the Project Management field. How is agile used in healthcare? A research paper...
-
EYE SPY sells sophisticated video surveillance equipment. EYE SPY sells the equipment and computer integration services together. It does not sell these separately. The equipment cannot operate...
-
The manager of a local department store analyzes a data set collected in 2022 regarding its store card members' purchases. There are 3200 card members included in the data set. The data set indicates...
-
Based on Baders inflation expectations as shown in Exhibit 1, purchasing power parity implies that which of the following countries currencies should depreciate, all else being equal? A. Country A B....
-
A cranberry juice drink mix must contain at least 15.5 percent cranberry juice by volume for proper taste. Juice Company A sells an unprocessed juice that is 12.5 percent cranberry juice and 87.5...
-
Vector Manufacturing (VM) makes replacement parts for the automotive industry. One particular part can be manufactured at a unit cost of \($0.75\) for material and \($0.25\) for direct labor....
-
On August 1, 1958, first-class postage for a 1-ounce envelope was 4. On August 1, 2007, a first-class stamp for the same envelope cost 41. What was the annual compound increase in the cost of...
-
A Payne County commissioner has \($20\),000 remaining in the budget to spend on one of three worthy projects. Each is a one-time investment, and there would be no follow-on investment, regardless of...
-
Tesla's Model 3 is currently priced at $35,000. The price is expected to rise by 3% a year. If your local bank offers 10% interest on your deposit, how much do you need to put aside today to buy the...
-
What services are provided by the provincial and territorial governments?
-
What are comparative financial statements and why are they useful?
-
Gardiner Manufacturing, Inc. borrowed $ 950,000 by issuing an 8- month note on July 1 of the current year. The note is due on March 1 of the following fiscal year. The short- term note carries a 6%...
-
Using Kellogg Companys accounts receivable disclosures from Exhibit 9.11 in the text and the following information, answer the questions below. a. How is the carrying value of accounts receivable...
-
What is the purpose of a drilling machine ? Explain its working principle.
-
Describe the quick return motion mechanism for a shaper.
-
How drilling machines are classified?
Study smarter with the SolutionInn App