Use the following information of VPI Company to prepare a statement of cash flows for the...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66465c8f65b07_24766465c8f3a8ca.jpg)
Transcribed Image Text:
Use the following information of VPI Company to prepare a statement of cash flows for the year ended December 31 using the indirect method. Note: Amounts to be deducted should be Indicated by a minus sign. Cash balance at prior year-end Increase in inventory Depreciation expense Cash received from issuing stock Cash paid for dividends $ 43,000 Gain on sale of machinery $ 2,750 8,000 Cash received from sale of machinery 11,000 3,000 53,000 7,000 Increase in accounts payable 11,000 Net income 4,000 Decrease in accounts receivable 6,000 Answer is not complete. VPI COMPANY Statement of Cash Flows (Indirect Method) Cash flows from operating activities Net income For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities Increase in inventory Decrease in accounts receivable Increase in accounts payable Cash flows from Investing activities Cash received from sale of machinery Cash flows from financing activities Cash received from issuing stock Cash paid for dividends Cash balance at current year-end 53,000 10 (8,000) 6,000 3,000 S 54,000 11,000 11,000 11,000 (4,000) 7,000 S 72,000 S 72,000 Use the following information of VPI Company to prepare a statement of cash flows for the year ended December 31 using the indirect method. Note: Amounts to be deducted should be Indicated by a minus sign. Cash balance at prior year-end Increase in inventory Depreciation expense Cash received from issuing stock Cash paid for dividends $ 43,000 Gain on sale of machinery $ 2,750 8,000 Cash received from sale of machinery 11,000 3,000 53,000 7,000 Increase in accounts payable 11,000 Net income 4,000 Decrease in accounts receivable 6,000 Answer is not complete. VPI COMPANY Statement of Cash Flows (Indirect Method) Cash flows from operating activities Net income For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities Increase in inventory Decrease in accounts receivable Increase in accounts payable Cash flows from Investing activities Cash received from sale of machinery Cash flows from financing activities Cash received from issuing stock Cash paid for dividends Cash balance at current year-end 53,000 10 (8,000) 6,000 3,000 S 54,000 11,000 11,000 11,000 (4,000) 7,000 S 72,000 S 72,000
Expert Answer:
Posted Date:
Students also viewed these finance questions
-
Ages Number of students 15-18 7 19-22 8 23-26 2 27-30 2 31-34 4 35-38 10 Based on the frequency distribution above, find the relative frequency for the class with a lower class limit of 19 Give your...
-
Right side part of UPC is reserved for distributor's information. True False
-
You are constructing a 90% confidence interval for the population mean using the t-distribution. If you have a sample size of n = 8, what value from the t-distribution chart will you use in your...
-
On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During...
-
During the next two months an automobile manufacturer must meet (on time) the following demands for trucks and cars: month 1, 400 trucks and 800 cars; month 2, 300 trucks and 300 cars. During each...
-
The reaction 2SO 2 (g) + O 2 (g) 2SO 3 (g) reaches dynamic equilibrium in a closed vessel. The forward reaction is exothermic. The reaction is catalysed by V 2 O 5 . a. Explain the term dynamic...
-
Tanisha Greggs, a stockholder in Mentar Corp., has just received a report of the companys ten-year financial performance that includes the following graph. In the report, management states that the...
-
Cost of Bank Loans Del Hawley, owner of Hawleys Hardware, is negotiating with First City Bank for a 1-year loan of $50,000. First City has offered Hawley the following alternatives. Calculate the...
-
Which one of the following do some states surplus lines laws prohibit exporting to the surplus lines market?Which one of the following do some states surplus lines laws prohibit exporting to the...
-
A finite impulse response (FIR) high-pass filter is designed using the Window Method. The required specifications are: fstop = 2kHz, fpass = 4kHz, stopband attenuation=-50dB, passband attenuation =...
-
The company is considering a new computer system that has an inital investment of $50,000. Annual expected incremental revenue is $12,000, and annual expected incremental operating expense is $1,000....
-
The standard usage for raw materials is 5 pounds at $4 per pound. ABC Company spent $13,940 in purchasing 3,400 pounds. ABC used 3,150 pounds to produce 600 units of finished product. The material...
-
Daima ltd has an aggregate demand of 1.2 million units. Each time they place an order there is an ordering cost of Ksh1000, holding costs is sh100 per unit. Required; i)Compute economic order...
-
In the month of June, a dept. had 3,000 units in the beginning WIP inventory that were 70% complete asto conversion costs. During June, 12,000 units were transferred in from another dept. At the end...
-
On September 4, 2017, Apple Inc. paid $2,000,000 to acquire all shares of Banana Corp. On this date, Banana Corp.Inc. had assets of $1,500,000 and liabilities of $300,000 listed on its balance sheet....
-
JR and Mike are preparing to revise their project management textbook. The project of revising the book begins with developing a revision plan. Developing a revision plan includes four activities...
-
Can partitioned join be used for r r.A s? Explain your answer
-
Explain why accrual earnings and cash flow from operating activities are different amounts Which of the two numbers do you think is more reliable? Give an example of where the accrual amount creates...
-
According to the SEC Advisory Committee on Improvements to Financial Reporting, the determination of materiality with respect to financial statement disclosures should be based on an evaluation of...
-
Can earnings management be an ethical practice? Discuss why or why not. Give an example of when it might be ethical.
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App