In its 2021 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash...
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In its 2021 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows: For the years ended December 31, 2021 2020 Cash flow from operating activities: Cash received from customers Cash paid to suppliers and employees Interest paid, net Income taxes paid $ 196,982,040 (190,476,791) (1,163,990) (486,650) $ 210,973,952 (199,674,336) (1,698,523) (622,250) Cash provided by operations 4,854,609 8,978,843 Cash flow from investing activities: Capital expenditures and acquisitions Expenditures for other assets (2,603,579) (51,560) (1,267,382) (145,420) Cash used in investing activities (2,655,139) (1,412,802) Cash flow from financing activities: Principal payments of long-term debt and lease agreements Addition to long-term debt and lease liability Purchase of common stock and other capital transactions Payment of dividends Cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of year Cash at end of year (2,462,485) 3,068,378 (1,685,906) (935,558) (2,015,571) (7,090,175) 1,514,847 (948,231) (1,061,968) (7,585,527) (19,486) 212,101 183,899 192,615 24 376,514 192,615 2021 2020 Reconciliation of net income to net cash provided by operations: Net income Depreciation and amortization Deferred income taxes $ 1,812,633 3,585,504 213,000 $ 2,593,947 3,605,087 352,766 Changes in assets and liabilities, net of acquisitions: Decrease (increase) in receivables Decrease (increase) in inventories Increase (decrease) in prepaid expenses Increase (decrease) in controlled disbursements Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Other, net (2,977,353) (363,508) 369,648 381,394 1,848,676 (15,385) 4,200,668 6,049,490 (98,350) 91,718 (8,244,148) 425,616 2,049 $ 8,978,843 Cash provided by operations $ 4,854,609 Required: Kinney reported cost of goods sold of $168,914,150 in its fiscal 2021 income statement. Compute Kinney's net inventory purchases during the year. Net purchases In its 2021 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows: For the years ended December 31, 2021 2020 Cash flow from operating activities: Cash received from customers Cash paid to suppliers and employees Interest paid, net Income taxes paid $ 196,982,040 (190,476,791) (1,163,990) (486,650) $ 210,973,952 (199,674,336) (1,698,523) (622,250) Cash provided by operations 4,854,609 8,978,843 Cash flow from investing activities: Capital expenditures and acquisitions Expenditures for other assets (2,603,579) (51,560) (1,267,382) (145,420) Cash used in investing activities (2,655,139) (1,412,802) Cash flow from financing activities: Principal payments of long-term debt and lease agreements Addition to long-term debt and lease liability Purchase of common stock and other capital transactions Payment of dividends Cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of year Cash at end of year (2,462,485) 3,068,378 (1,685,906) (935,558) (2,015,571) (7,090,175) 1,514,847 (948,231) (1,061,968) (7,585,527) (19,486) 212,101 183,899 192,615 24 376,514 192,615 2021 2020 Reconciliation of net income to net cash provided by operations: Net income Depreciation and amortization Deferred income taxes $ 1,812,633 3,585,504 213,000 $ 2,593,947 3,605,087 352,766 Changes in assets and liabilities, net of acquisitions: Decrease (increase) in receivables Decrease (increase) in inventories Increase (decrease) in prepaid expenses Increase (decrease) in controlled disbursements Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Other, net (2,977,353) (363,508) 369,648 381,394 1,848,676 (15,385) 4,200,668 6,049,490 (98,350) 91,718 (8,244,148) 425,616 2,049 $ 8,978,843 Cash provided by operations $ 4,854,609 Required: Kinney reported cost of goods sold of $168,914,150 in its fiscal 2021 income statement. Compute Kinney's net inventory purchases during the year. Net purchases
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Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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