Required:

Kinney reported cost of goods sold of $168,714,150 in its fiscal 2015 income statement. Compute its net inventory purchases during the year.

Required:

Assuming the decrease in accrued expenses during fiscal year 2015 included a $13,800 reduction due to interest on debt, compute the interest expense (net) for Kinney in that year.
 

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In its 2015 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows: For the years ended December 31, 2015 2014 Cash flow from operating activities: Cash received from customers Cash paid to suppliers and employees Interest paid, net Income taxes paid $ 198,182.040 (191,476,791) (1,663,990) (386,650) $ 211,973,952 (200.674.336) (2.198,523) (522.250) Cash provided by operations 4,654,609 8,578.843 Cash flow from investing activities: Capital expenditures and acquisitions Expenditures for other assets (3.103.579) (41,560) (1.767.382) (135,420) Cash used in investing activities (3.145,139) (1.902.802) Cash flow from financing activities: Principal payments of long-term debt and lease ogreements Addition to long-term debt and lease liability Changes in restricted unexpended IRB cash Purchase of common stock and other capital transactions Payment of dividends (6,194,675) 1.414,847 (1,962.485) 5,717,348 (2.648,970) (1,585,906) (835,558) (898.231) (1,011.968) Cash provided by (used in) financing activities (1.315.571) (6.690,027) Net increase (decrease) in cash Cash at beginning of year (13,986) 202,101 193.899 188,115 Cash at end of year 382,014 188.115 2015 2014 Reconciliation of net income to net cash provided by operations: Net income Depreciation and amortization Deferred income taxes $ 1,731.633 3.485,504 $ 2,328.047 3,505,087 342,766 203,000 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 (2,877,353) (353.508) 359,648 371,394 1,748.676 (14,385) 4,100,668 6,039,490 (92.350) 81,718 (8,144.148) 415.616 1,949 Other, net Cash provided by operations $ 4.654,609 $ 8,578,843 In its 2015 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows: For the years ended December 31, 2015 2014 Cash flow from operating activities: Cash received from customers Cash paid to suppliers and employees Interest paid, net Income taxes paid $ 198,182.040 (191,476,791) (1,663,990) (386,650) $ 211,973,952 (200.674.336) (2.198,523) (522.250) Cash provided by operations 4,654,609 8,578.843 Cash flow from investing activities: Capital expenditures and acquisitions Expenditures for other assets (3.103.579) (41,560) (1.767.382) (135,420) Cash used in investing activities (3.145,139) (1.902.802) Cash flow from financing activities: Principal payments of long-term debt and lease ogreements Addition to long-term debt and lease liability Changes in restricted unexpended IRB cash Purchase of common stock and other capital transactions Payment of dividends (6,194,675) 1.414,847 (1,962.485) 5,717,348 (2.648,970) (1,585,906) (835,558) (898.231) (1,011.968) Cash provided by (used in) financing activities (1.315.571) (6.690,027) Net increase (decrease) in cash Cash at beginning of year (13,986) 202,101 193.899 188,115 Cash at end of year 382,014 188.115 2015 2014 Reconciliation of net income to net cash provided by operations: Net income Depreciation and amortization Deferred income taxes $ 1,731.633 3.485,504 $ 2,328.047 3,505,087 342,766 203,000 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 (2,877,353) (353.508) 359,648 371,394 1,748.676 (14,385) 4,100,668 6,039,490 (92.350) 81,718 (8,144.148) 415.616 1,949 Other, net Cash provided by operations $ 4.654,609 $ 8,578,843

Answer rating: 100% (QA)

Answer 1 Assuming the decrease in accrued expenses during fiscal year 2018 included a 20000 reductio... View the full answer