Solution-Prepare a statement of cash flows using the

Prepare a statement of cash flows using the indirect method

Assignment Help Accounting Basics

Reference no: EM131732928

Question 1 - The current sections of Sanford Inc.'s balance sheets at December 31, 2013 and 2014, are presented here. Sanford's net income for 2014 was $477,054. Depreciation expense was $84,186.

	2014	2013
Current assets
Cash	$327,390	$ 308,682
Accounts receivable	249,440	277,502
Inventory	523,824	536,296
Prepaid expenses	84,186	68,596
Total current assets	$1,184,840	$1,191,076
Current liabilities
Accrued expenses payable	$ 46,770	$ 15,590
Accounts payable	265,030	286,856
Total current liabilities	$311,800	$ 302,446

Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2014, using the indirect method.

Question 2 - The following information is available for Ramos Corporation for the year ended December 31, 2014.

Beginning cash balance	$ 98,370
Accounts payable decrease	8,088
Depreciation expense	354,132
Accounts receivable increase	17,925
Inventory increase	24,046
Net income	621,043
Cash received for sale of land at book value	76,510
Cash dividends paid	26,232
Income taxes payable increase	10,274
Cash used to purchase building	631,754
Cash used to purchase treasury stock	56,836
Cash received from issuing bonds	437,200

Prepare a statement of cash flows using the indirect method.

Reference no: EM131732928

Questions Cloud

Conclusion regard the morality or the legality of euthanasia : do you think that it is so important that whatever a person requests ought to be done? Explain. Does your conclusion regard the morality or also the legality

Which of the five generic competitive strategies discussed : Which of the five generic competitive strategies discussed in Chapter 5 most closely fit the competitive approach that Panera Bread is taking?

Determine what will be the value of the firm : M&M and Taxes. Wolfgang can borrow at 7.1 percent. The company currently has no debt, and the cost of equity is 13.8 percent.

Firm average collection period increases : If a firm's average collection period increases, this could be because the company gave credit to customers with a low credit report.

Prepare a statement of cash flows using the indirect method : The following information is available for Ramos Corporation for the year ended December 31, 2014. Prepare a statement of cash flows using the indirect method

How may the concept of william james radical empiricism : How may the concept of william james radical empiricism be linked with a 'phenomenology of religion' as is argued by Jason Blum

Company to capture on job analysis questionnaire : What information would be important for your company to capture on a job analysis questionnaire?

What would be the expected return if price : What is your expected return on this stock? What would be the expected return if price wer $ 40 per share?

Compare private and socialized health care delivery systems : Compare private and socialized health care delivery systems in relation to how these systems provide public/community health programs for special populations.

User Account

All Pages

Prepare a statement of cash flows using the indirect method

Reference no: EM131732928

Reference no: EM131732928

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT