Refer to Problem. Prepare a statement of cash flows that includes a reconciliation of net income to
Question:
Refer to Problem. Prepare a statement of cash flows that includes a reconciliation of net income to net cash provided by operating activities in the body of the statement.
In Problem, During 20X1, Jacinta Manufacturing Company (JMC) declared and paid cash dividends of $10,000. Late in the year, JMC bought new welding machinery for a cash cost of $125,000, financed partly by its first issue of long-term debt. Interest on the debt is payable annually. JMC sold several old machines for cash equal to their aggregate book value of $5,000.
Transcribed Image Text:
Jacinta Manufacturing Company Income Statement for the Year Ended December 31, 20X1 Sales Cost of sales Gross margin Salaries Depreciation Cash operating expenses Interest Income before taxes Income taxes Net income $490 300 190 $82 40 15 139 51 8 $ 43 Jacinta Manufacturing Company Balance Sheets December 31 Increase 20X1 20X0 Decrease) Assets Cash and cash equivalents Accounts receivable Inventories Total current assets Fixed assets, net Total assets $125 45 57 227 190 $417 $ 45 60 62 167 110 $277 80 (15) (5) 60 80 $140 Liabilities and Stockholders' Equity 26 $ 21 Accounts payable Interest payable Long.term debt Paid-in capital Retained earnings Total labilities and stockholders' equity $417 100 220 69 100 220 36
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 93% (16 reviews)
JACINTA MANUFACTURING COMPANY Statement of Cash Flows For the Year Ended December 31 20X1 In Thousan...View the full answer
Answered By
Keziah Thiga
I am a self motivated financial professional knowledgeable in; preparation of financial reports, reconciling and managing accounts, maintaining cash flows, budgets, among other financial reports. I possess strong analytical skills with high attention to detail and accuracy. I am able to act quickly and effectively when dealing with challenging situations. I have the ability to form positive relationships with colleagues and I believe that team work is great key to performance. I always deliver quality, detailed, original (0% plagirism), well-researched and critically analyzed papers.
4.90+
1504+ Reviews
2898+ Question Solved
Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
Question Posted:
Students also viewed these Managerial Accounting questions
-
Prepare a statement of cash flows in accordance with IAS 7 using the information in Question 32.9. There was no investment income or interest paid during the year ended 31 March 20X3. J. White...
-
Prepare a statement of cash flows for Mylady Ltd.
-
Prepare a statement of cash flows for 2010. Additional information for 2010 follows. Instructions: a. Acquired land at a cost of $60,000; paid one half of the purchase price in cash and issued common...
-
from the given option three are similar to each other becausethey follow the same patter identify the option that is dissimilarto the other three A. BCED B. EFhG c. KLNM D. RSVT
-
Transactions related to Ives Companys shareholders equity (far left column) are listed in the following table. For each line you are provided with three choices of impact of the transaction on the...
-
Suppose Wegman's is the only grocery store in Rochester, and there is an admission fee to enter Wegman's. True or False: If the admission fee were outlawed, consumers would be better off and social...
-
Ritter Company, whose current assets at December 31 are shown in Exercise E13-6A, had net sales for the year of \(\$ 850,000\) and cost of goods sold of \(\$ 550,000\). At the beginning of the year,...
-
David Barnes and his fiancee Valerie Shah are visiting Hawaii. There are 20 guests registered for orientation. It is announced that 12 randomly selected registered guests will receive a free lesson...
-
Discuss Enterprise Resource Planning in the context of a supply chain with particular reference to costs, benefits and technological advances. Give examples where needed.
-
Settler Company sells a number of products to many restaurants in the area. One product is a special meat cutter with a disposable blade. Blades are sold in a package of 12 at $20 per package. It has...
-
Sumitomo Metal Industries, Ltd., is a leading diversified manufacturer of steel products. During the year ended March 31, 2011, Sumitomo had a net loss of 36 billion on revenues of approximately...
-
The Jawarski Company has the following balance sheet data ($ in millions): Net income for 20X1 was $55 million. Net cash inflow from operating activities was $88 million. Cash dividends paid were $14...
-
If P(A) = 0.6, P(B) = 0.45, and P(A and B) = 0.25. Find a) At least one of the two events occurs. b) A occurs B occurs but not both simultaneously.
-
The COVID-19 pandemic created crisis for the entire US business sector that affected the healthcare system equally. For this assignment, use the internet sources and answer the following questions:...
-
Discuss the role of molecular chaperones in protein folding within the context of cellular homeostasis and disease pathogenesis.
-
Marc, a single taxpayer, earns $ 6 0 , 0 0 0 in taxable income and $ 5 , 0 0 0 in interest from an investment in city of Birmingham bonds. Using the U . S . tax rate schedule for 2 0 2 3 , how much...
-
The changes in the value of a currency relative its pair is affected by multiple factors. The commonly observed factors include changes in interest rate, inflation, expectation, government control...
-
The average kinetic energy of the molecules of an ideal gas at 1 0 C has the value K 1 0 . At what temperature T 1 ( in degrees Celsius ) will the average kinetic energy of the same gas be twice this...
-
Th e average body temperature of a cow is about 101.5 F. Express this in degrees Celsius and in kelvins, using the correct number of significant figures.
-
Sheldon and Leonard had a million-dollar idea. In order to make it happen, they have to do special research first. Only Kripke can help them in this matter. But Kripke is known to be the first-class...
-
In Example 8.6, suppose both people pull on the same end of the rope, each exerting a force \(F\), while the other end is still tied to the tree. Is the tension in the rope larger than, equal to, or...
-
Stockholders equity section of Erich Corporations balance sheet on December 31, 2010, follow. Contributed capital Common stock , $2 par value, 500,000 shares authorized, 400,000 shares issued and...
-
Snols Corporation has 30,000 shares of its $1 par value common stock outstanding. Record in journal form the following transactions as they relate to the companys common stock : July17Declared a 10...
-
Fernandez Corporation currently has 500,000 shares $1 par value common stock authorized with 200,000 shares outstanding. The board of directors declared a 2-for-1 split on May 15, 2010, when the...
-
17. [-/6 Points]DETAILSASWSBE14 8.TB.2.045. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER You may need to use the appropriateappendix tableortechnologyto answer this question. You are given the...
-
1 . At an interest rate of 1 2 . 5 % per annum, cash flows of $ 2 0 0 0 in 2 years, $ 1 2 0 0 0 in 7 years and $ 8 0 0 0 in 2 0 years have a future value in 2 0 years of a . $ 7 1 , 5 9 3 . 5 2 b . $...
-
Corporate bonds that can be exchanged for shares of the corporation's common stock if certain conditions are met are called A. equity bonds. OB. exchangeable bonds. C. convertible bonds. D. callable...
Study smarter with the SolutionInn App