Question: Please answer ALL questions. PLEASE.. Help me understand. This is the 4th time i am submitting same problem. without fully explanation and unorganized answers. Please

Please answer ALL questions. PLEASE..

Help me understand. This is the 4th time i am submitting same problem. without fully explanation and unorganized answers. Please help.

Please answer ALL questions. PLEASE.. Help me understand. This is the 4th

value 3.00 points Comparative financial statement data for Carmono Company follow This Year Last Year Assets Cash Accounts receivable 96.00 89.00 150.00 39.00 Total current assets 265.00 265.00 Property, plant and equipment 300.00 240.00 64.00 48.00 Less accumulated depreciation Net property. plant and equipment 236.00 192.00 Total assets $501.00 $457.00 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings 90.00 S 69.00 201.00 228.00 $501.00 $457.00 Total liabilities and stockholders' equity For this year, the company reported net income as follows: Sales Cost of goods sold $2,000.00 1,200.00 Gross margin Selling and administrative expenses 780.00 Net income S 20.00 This year Carmono declared and paid a cash dividend. There were no sales of property, plant, and equipment during this year, The company did not repurchase any of its own stock this year Required: 1. Using the indirect method, prepare a statement of cash lows for this year. (List any deduction in cash and cash outflows as negative amounts. Round your intermediate calculations and final answers to 2 decimal places.) Statement of Cash Flows -Indirect Method This Year Ended December 3 Operating activities: Adjustments to convert net income to a cash basis: Investing activibes: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents 2. Compute Carmono's free cash flow for this year. (Negative amount should be indicated by a minus sign. Round your intermediate calculations and final answer to 2 decimal places.) 3.00 points For the just completed year, Hanna Company had net income of $77,000. Balances in the company's current asset and current lability accounts at the beginning and end of the year were as folows: End of Year Year $ 57,000 79.000 $158,000 $184,000 $433,000 $343,000 $ 11,000 14.500 Cash Accounts receivable Prepaid expenses Current liabilities Accounts payable Accrued liabilities Income taxes payable $356,000 $382.000 S 8,000 12,000 S 33,000 29,000 The Accumulated Depreciation account had total credits of $46,000 during the year. Hanna Company did not record any gains or losses during the year Required: Use the indirect method to determine the net cash provided by (or used in) operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) nna ny Statement of Cash Flows-Indirect Method Net income Adjustments to convert net income to a cash basis: Net cash provided by (used in) operating activites velve Apex Company prepared the statement of cash flows for the current year that is shown below Apex Company Statement of Cash Flows-Indirect Method Operating activities Adjustments to convert net income to cash basis $ 21,000 (60,300) (25,800) Increase in accounts receivable Increase in inventory Decrease in prepaid expenses 54.900 (10,700) Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable 4,800 (5,900) Net cash provided by operating activities Investing activities: Proceeds from the sale of equipment Loan to Thomas Company Additions to plant and equipment 15.700 (121,700) (147,900) Net cash used for investing activities Financing activities Increase in bonds payable Increase in common stock Cash dividends (29,600)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!