Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses:...
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Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: $160,000 Selected Year-End Balance Sheet Data Accounts receivable increase Inventory decrease) $10,000 16,000 1,000 100,000 Salaries payable increase 24,000 Cost of goods sold Salaries expense Depreciation expense Net income 12,000 $ 24,000 Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities $ 0 Fitz Company reports the following information. Selected Year-End Balance Sheet Data Selected Annual Income Statement Data Net income. $374,000 $17,100 Depreciation expense Accounts receivable decrease Inventory decrease 44,000 42,000 Amortization expense 7,200 4,700 8,200 Gain on sale of plant assets Prepaid expenses increase Accounts payable decrease Salaries payable increase 6,000 1,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities a. Net income was $35,000. b. Issued common stock for $64,000 cash. c. Paid cash dividend of $14,600. d. Paid $50,000 cash to settle a note payable at its $50,000 maturity value. e. Paid $12,000 cash to acquire its treasury stock. f. Purchased equipment for $39,000 cash. Use the above information to determine cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from financing activities 0 $ Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: $160,000 Selected Year-End Balance Sheet Data Accounts receivable increase Inventory decrease) $10,000 16,000 1,000 100,000 Salaries payable increase 24,000 Cost of goods sold Salaries expense Depreciation expense Net income 12,000 $ 24,000 Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities $ 0 Fitz Company reports the following information. Selected Year-End Balance Sheet Data Selected Annual Income Statement Data Net income. $374,000 $17,100 Depreciation expense Accounts receivable decrease Inventory decrease 44,000 42,000 Amortization expense 7,200 4,700 8,200 Gain on sale of plant assets Prepaid expenses increase Accounts payable decrease Salaries payable increase 6,000 1,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities a. Net income was $35,000. b. Issued common stock for $64,000 cash. c. Paid cash dividend of $14,600. d. Paid $50,000 cash to settle a note payable at its $50,000 maturity value. e. Paid $12,000 cash to acquire its treasury stock. f. Purchased equipment for $39,000 cash. Use the above information to determine cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from financing activities 0 $
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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