on an indirect method statement of cash flows, dividends paid during the year are:
a.added to net income
b.deducted from net income
c.reflected in the investing activities section
d.reflected in the financing activities section
- what journal entry would be made to pay accounts payable partly for cash with the balance on a note payable?
- what is the sign placement for revenues? expenses?
- what affect do closing entries have on nominal accounts
- assuming the direct method, what affect does a bad debt write-off have on assets and net income?
- what affect does the purchase of inventory on account have on a cash flow statement
- how would the exchange of stock for land be handled on a cashflow statement?
- how is sales tax payable classified on the financial statements?
please if you could answer any of these questions, i would be truly grateful! i have looked everywhere in my notes and book and can’t find the answers to these questions!
I am looking to purchase a small business, (keep in mind ive never done anything like this before) in the next few years, and at business broker pages they always have the sale price, gross income price, and cash flow price. is cash flow net income? I mean the owners actual take home pay after everything.
End of the year information for the Spring Company:
Income statement data: 2001 2000
Depriciation Expense….$20,000
Loss on sale of Equipment…$10,000
Net Income…$200,000
Balance sheet data: 2001
Account Receivable….$40,000 $45,000 (2000)
Merchandise inventory…..$30,000 $20,000 (2000)
Account payabl…..$25,000 $ 23000 (2000)
Accrued interest payable…..$8,000 $ 9000 (2000)
Spring Company uses the indirect method for the statement of cash flows.Net cash flows from operating activities for 2001 would be———————-
a)$196,000
b)$200,000
c)$206,000
d)$226,000
I have to look at transactions and figure out which accounts are over stated and understated. How do I do that? The three columns I have to put overstated, understated, or NA are Total Revenue, Total Expenses, Net income.
Which of the following statements is true? If a company reprots net income on its income statement, it should report an increase in cash on its statement of cash flows
reports net income on its income statement, it should report an increae in cash on its statement of cash flows
reports a net loss on its income statement, it should report a decrease in cash on its statement of cash flows
uses the accrual basis of accounting, it will improve its cash position if it reports net income for the same period
uses the accrual basis of accounting, its cash balance can increase even if it reports a net loss
The following balances are available for a company for years 2004 and 2003 respectively.
Cash 8000 10000
A/R 20000 15000
Inventory 15000 25000
Prepaid Rent 9000 6000
Land 75000 75000
Plant and Equipment 400000 300000
Accumulated Depreciation (65000) (30000)
Accounts Payable 12000 10000
Income Taxes Payable 3000 5000
Short-Term Notes Payable 35000 25000
Bonds Payable 75000 100000
Common Stock 200000 150000
Retained Earnings 137000 111000
Question: Prepare a statement of cash flows for 2004, using the indirect method in the Operating Activities section.
Total Adjustment to Net Income = ???
Net Cash Provided/(Used) by Investing Activities = ???
Retirement of Bonds Payable = (25000)
Adjustment for Net Income to Inventory = 10000
I can’t seem to get the first two, so if anyone could help that would be great.
Thanks in advance.
Net income is 26000
Depreciation is (35000)
a non-GAAP (generally accepted accounting principles) financial measure that represents net income (loss) excluding the effects of interest, taxes, depreciation, amortization, stock-based compensation costs, and other non-recurring income of expense
Read the original here:
Alphatec Spine Announces Second Quarter 2009 Revenue and Financial Results
BrightStar Education Group is proud to welcome Jim Herberger as the new Campus President of our Redding campus! Originally from Fort Worth, Texas, Jim Herberger has lived in the Redding, CA area for 25 years. After careers in law enforcement, sales and accounting, Mr. Herberger comes to IOT in his tenth-year working in post-secondary higher education
Read the original:
Welcome Jim Herberger!
Selected year-end financial statements of McCord Corporation follow. (Note: All sales are on credit;
selected balance sheet amounts at December 31, 2004, were inventory, $32,400; total assets, $182,400;
common stock, $90,000; and retained earnings, $31,300.)
McCORD CORPORATION
Income Statement
For Year Ended December 31, 2005
Sales . . . . . . . . . . . . . . . . . . . $348,600
Cost of goods sold . . . . . . . . 229,150
Gross profit . . . . . . . . . . . . . 119,450
Operating expenses . . . . . . . . 52,500
Interest expense . . . . . . . . . . 3,100
Income before taxes . . . . . . . 63,850
Income taxes . . . . . . . . . . . . . 15,800
Net income . . . . . . . . . . . . . . $ 48,050
McCORD CORPORATION
Balance Sheet
December 31, 2005
Assets Liabilities and Equity
Cash . . . . . . . . . . . . . . . . . . . . . . $ 9,000 Accounts payable . . . . . . . . . . . . . . . . . . $ 16,500
Short-term investments . . . . . . . . . 7,400 Accrued wages payable . . . . . . . . . . . . . . 2,200
Accounts receivable, net . . . . . . . . 28,200 Income taxes payable . . . . . . . . . . . . . . . . 2,300
Notes receivable (trade)* . . . . . . . . 3,500 Long-term note payable, secured
Merchandise inventory . . . . . . . . . . 31,150 by mortgage on plant assets . . . . . . . . . 62,400
Prepaid expenses . . . . . . . . . . . . . . 1,650 Common stock, $1 par value . . . . . . . . . . 90,000
Plant assets, net . . . . . . . . . . . . . . . 152,300 Retained earnings . . . . . . . . . . . . . . . . . . 59,800
Total assets . . . . . . . . . . . . . . . . . . $233,200 Total liabilities and equity . . . . . . . . . . . . . $233,200
