The following accounts and corresponding balances were drawn from Jogger Company's Year 2 and Year 1...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following accounts and corresponding balances were drawn from Jogger Company's Year 2 and Year 1 year-end balance sheets: Account Title Accounts receivable Prepaid rent Utilities payable Other operating expenses payable The Year 2 income statement is shown next: Sales Rent expense Income Statement Utilities expense Other operating expenses Net Income $ 332,000 (23,400) (35,700) (166,600) Net cash flow from operating activities $ 106,300 Cash Flows from Operating Activities-Direct Method Cash flows from operating activities: Year 2 $73,400 680 1,660 32,300 Year 1 $79,100 Required a. Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) 1,090 880 35,600 b. 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.) Cash Flows from Operating Activities-Indirect Method Cash flow from operating activities: Plus: Less: Net cash flow from operating activities The following accounts and corresponding balances were drawn from Jogger Company's Year 2 and Year 1 year-end balance sheets: Account Title Accounts receivable Prepaid rent Utilities payable Other operating expenses payable The Year 2 income statement is shown next: Sales Rent expense Income Statement Utilities expense Other operating expenses Net Income $ 332,000 (23,400) (35,700) (166,600) Net cash flow from operating activities $ 106,300 Cash Flows from Operating Activities-Direct Method Cash flows from operating activities: Year 2 $73,400 680 1,660 32,300 Year 1 $79,100 Required a. Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) 1,090 880 35,600 b. 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.) Cash Flows from Operating Activities-Indirect Method Cash flow from operating activities: Plus: Less: Net cash flow from operating activities
Expert Answer:
Answer rating: 100% (QA)
Answera JOGGER COMPANY STATEMENT OF CASH FLOWS PARTIAL USING INDIRECT METHOD FOR THE YEAR ENDED ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these accounting questions
-
The following accounts and corresponding balances were drawn from Jogger Company's 2014 and 2013 year-end balance sheets: The 2014 income statement is shown below: Income Statement Sales...
-
The following accounts and corresponding balances were drawn from Jogger Company's 2017 and 2016 year-end balance sheets: Account Title 2017 2016 Accounts receivable..............................
-
The following accounts and corresponding balances were drawn from Jogger Companys Year 2 and Year 1 year-end balance sheets: The Year 2 income statement is shown next: Income Statement Sales...
-
8. Explain how electric forces are like gravitation forces and how they differ.
-
In a new business model called zero time, time is the primary focus that drives everything else in an organization. According to this model, instantaneous, or zero-time, Internet access to relevant...
-
A sample of soil was tested in the laboratory and the following grain size analysis results were obtained: Atterberg limits on minus No. 40 material were: LL = 62, PL = 20. Determine the USCS letter...
-
During its first year of operations, Atlas Travel earned revenue of $400,000 on account. Industry experience suggests that Atlas Travels uncollectible accounts will amount to 2% of revenues. On...
-
Sommer Graphics Company was organized on January 1, 2019, by Krystal Sommer. At the end of the first 6 months of operations, the trial balance contained the accounts shown below. Analysis reveals the...
-
Provide justification on what inventory costing assumption you choose. Record journal entries for each purchase and sales transaction listed. Your justification should be between 500 to 750 words in...
-
The shareholders equity section of the balance sheet of TNL Systems Inc. included the following accounts at December 31, 2020: Shareholders Equity ...............................................($ in...
-
Sallys Sweet Treats produces a variety of food products to supply the domestic market. The company owner, Sally Swiss, has seen a market opportunity for adding fudge to her product range. She...
-
Explain the effect of including professional goodwill in the definition of property.
-
Use the relationship between force and impulse to explain how padded boxing gloves protect a boxer's hands.
-
Identify the majority view regarding professional degrees as property.
-
A 48-kg acrobat must jump high and land on his brother's shoulders. To accomplish this, she leaps from a crouched position to a height where her center of mass is \(1.60 \mathrm{~m}\) above the...
-
A \(27-\mathrm{kg}\) child stands in the center of a trampoline. (a) If the trampoline center is \(0.32 \mathrm{~m}\) lower than before they got on, what is the spring constant of the trampoline? (b)...
-
Sundi is assigned to a project team. Her functional manager is Jay, but her project leader is Eli. Her company has a weak matrix structure. Who is most likely responsible for her performance review?...
-
Refer to Example 9.15. Add the following functionality to this program: Allow the user to enter the cost of a gallon of gas on each trip and use a function, Cost() to calculate the cost of purchasing...
-
Precious Watson opened Precious & Company, an accounting practice, in 2013. The following summarizes transactions that occurred during 2013: 1. Issued a $100,000 face value discount note to First...
-
The stockholders equity section of the balance sheet for Quinn Equipment Co. at December 31, 2013, is as follows: The market value per share of the common stock is $40, and the market value per share...
-
Use the Target Corporations annual report in Appendix B to answer the following questions: Required a. What is the par value per share of Targets stock? How was the par value established? b. How many...
-
The smooth vane shown diverts the open stream of fluid of crosssectional area \(A\), mass density \(ho\), and velocity \(v\). (a) Determine the force components \(R\) and \(F\) required to hold the...
-
For the moving vane of Sample Problem 4/6, determine the optimum speed \(u\) of the vane for the generation of maximum power by the action of the fluid on the vane. Problem 4/6, The smooth vane shown...
-
The offset nozzle has a discharge area \(A\) at \(B\) and an inlet area \(A_{0}\) at \(C\). A liquid enters the nozzle at a static gage pressure \(p\) through the fixed pipe and issues from the...
Study smarter with the SolutionInn App