User Account

All Pages

Section of statement of cash flows under direct-indirect

Assignment Help Accounting Basics
Reference no: EM13155497

The following information is taken from the 2007 general ledger of Clifford Company.

Rent Rent Rent expense $ 40,000

Prepaid rent, January 1 5,900

Prepaid rent, December 31 9,000

Salaries Salaries Salaries expense $ 54,000

Salaries payable, January 1 10,000 Salaries payable, December 31 8,000

Sales Sales Revenue from sales $170,000

Accounts receivable, January 1 16,000

Accounts receivable, December 31 7,000

Instructions

In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct and indirect method.

Reference no: EM13155497

Questions Cloud

Computation of cost of goods manufactured : The raw materials and work in process inventories decreased by $4,000 and $3,000, respectively. The total manufacturing costs used in the computation of cost of goods manufactured during the month of April was:
How many individuals would be expected to be homozygous : In a population of 100, 25 individuals are homozygous dominant. How many individuals would be expected to be homozygous recessive?
Compute the theoretical yield of aspirin to be obtained : Calculate the theoretical yield of aspirin to be obtained, starting with 2.0 g of salicylic acid. 2. If 1.8 g of aspirin were obtained in this experiment, what would be the percent yield?
Cost of advertising and warehouse expense : What was the cost of advertising and warehouse expense allocated to each of the business based on the traditional method?
Section of statement of cash flows under direct-indirect : In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct and indirect method.
Illustrate the total surplus associated : Graphically illustrate the total surplus associated with 2 randomly chosen quantities in the market (put this on two separate diagrams).
Find the cost functions for the following firms : Find the cost functions for the following firms: A firm with production function f(x1,x2) = min{ 2xl,3x2} A firm with production function f(xl,x2) = 2x1 +3x2 A firm with production function f(x1,x2) = In
Which molecule is moving into or out of the potato cells : After the potato strips have been in their respective test tubes for 1 hour, describe the condition of the A strips (limp vs crisp) compared to the B strips.
Internal growth rate of the company : Dothan Inc. has a 10% ROE and a 30% dividend payout ratio. Its stock is currently selling at $50 per share and it recently paid a $2 dividend per share. a) Calculate the internal growth rate of the company.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Computing its annual deloetion expense for the minerals

Which depletion method does Kent use to compute its annual deloetion expense for the minerals remove from the ground?

  Generate forecasts of the outlays

What factors are likely to drive an organization's outlays for new capital(such as plant, property and equipment) and for working captial( such as receivables and inventory)? what ratios would you use to help generate forecasts of these outlays?

  Accounting for pensions under us and japanese standards

Discount rate Expected rate of return 2.5% 2.8% Thousands of U.S. Instructions Use the information on Kyowa to respond to the following requirements. (a) What are the key differences in accounting for pensions under U.S. And Japanese standards?

  What is the effect of dixons proposed change

Is the proposed change in asset life unethical, or is it simply a good business practice by an astute president?

  Prepare garfield journal entries for the purchase

Garfield Company purchased, as an available-for-sale securities, $80,000 of the 9%, 5-year bonds of Chester Corporation for $74,086, which provides an 11% return.

  Amortization table for the installment note

On January 1, 2010, Zero Company obtained a $52,000, four-year, 6.5% installment note from Regional Bank. The note requires annual payments of $15,179, beginning on December 31, 2010. The December 31, 2012 carrying amount in the amortization table..

  Deferred income tax liability problem

The difference in depreciation is the only temporary difference, and it will reverse equally over the next three years. Cohen's enacted income tax rates are 35% for 2010, 30% for 2011, and 25% for 2012 and 2013. What amount should be included in t..

  Determining the consolidated income statement

Squid reported net income of $100,000 for 2005. Minority interest income that will appear in the consolidated income statement for 2005 is

  Book value of purchase and accounting principles

The Baldwin Company has just purchased $39,660,000 of plant and equipment that has an estimated useful life of 15 years. Suppose at the end of 15 years this plant and equipment can be salvaged for $3,966,000 (1/10th of its original cost). What wil..

  Prepare the missing adjusting entry

You are to prepare the missing adjusting entry. Please indicate DR (debit ) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

  Amount of call center support costs

Compute the amount of call center support costs allocated to each product line under the current system.

  Expenditures-expenses used in governmental accounting

What is the distinction between expenditures and expenses as the terms are used in governmental accounting?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd