Selected data (in thousands) derived from the income statement and balance sheet of Cardinas Corp. for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Selected data (in thousands) derived from the income statement and balance sheet of Cardinas Corp. for a recent year are as follows: Income statement data: Net income Gain on disposal of property $49,295 1,175 Depreciation expense 11,570 Other items involving noncash expenses 1,390 Balance sheet data: Increase in accounts receivable 1,705 Decrease in inventory 985 Increase in prepaid expenses 620 Decrease in accounts payable 715 Decrease in accrued and other current liabilities 975 (in thousands) a. Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method for Cardinas Corp. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Enter the amounts in thousands of dollars, as shown above. Cardinas Corp. Cash Flows from Operating Activities Line Item Description Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Gain on disposal of property Other items involving noncash expenses Changes in current operating assets and liabilities: Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Decrease in accounts payable Decrease in accrued and other current liabilities Net cash flows from operating activities Feedback Amount Amount 00000 000 Selected data (in thousands) derived from the income statement and balance sheet of Cardinas Corp. for a recent year are as follows: Income statement data: Net income Gain on disposal of property $49,295 1,175 Depreciation expense 11,570 Other items involving noncash expenses 1,390 Balance sheet data: Increase in accounts receivable 1,705 Decrease in inventory 985 Increase in prepaid expenses 620 Decrease in accounts payable 715 Decrease in accrued and other current liabilities 975 (in thousands) a. Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method for Cardinas Corp. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Enter the amounts in thousands of dollars, as shown above. Cardinas Corp. Cash Flows from Operating Activities Line Item Description Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Gain on disposal of property Other items involving noncash expenses Changes in current operating assets and liabilities: Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Decrease in accounts payable Decrease in accrued and other current liabilities Net cash flows from operating activities Feedback Amount Amount 00000 000
Expert Answer:
Answer rating: 100% (QA)
Answer Cardinas Corp Cash Flows from Operating Activities ... View the full answer
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
Students also viewed these accounting questions
-
Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $11,080,000 in cash. The book values and fair values of Steinbeck's assets and liabilities were the...
-
Selected data derived from the income statement and balance sheet of National Beverage Co. for a recent year are as follows: a. Prepare the Cash flows from operating activities section of the...
-
Cash flow from operating activities (CFO) indicates the amount of money a company brings in from its ongoing, regular business activities, such as manufacturing and selling goods or providing a...
-
can you complete this concept map that reviews some key ideas about species and speciation logy with Lab Connecting the Concepts: Species and Speciation oncepts: Species and Speciation oncept map...
-
Recovering small quantities of calcium in the presence of magnesium can be a difficult problem for an analytical chemist. Suppose the amount of calcium Y to be recovered is uniformly distributed...
-
If the residents of the town own the lake, what is the quantity of pesticide produced and how much do residents of the town charge the factories to dump waste? When factories produce pesticide, they...
-
Fribourg Instrument. Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 300 pressure gauges were produced, and overhead costs...
-
a. Prepare a cross tabulation of the data on Industry (rows) and Brand Revenue ($ billions). Use class intervals of 25 starting at 0 for Brand Revenue ($ billions). b. Prepare a frequency...
-
Saltwater Sail Makers manufactures sails for sailboats. The company has the capacity to produce 37,000 sails per year and is currently producing and selling 25,000 sails per year. The following...
-
Critically discuss the features, opportunities and problems for the implementation of environmental laws. References and examples must be extracted from National Environmental Management Act and the...
-
Leander Office Products Inc. produces and sells small storage and organizational products for office use. During the first month of operations, the products sold well. Andrea Leander, the owner of...
-
On January 1, Sheridan Enterprises had 96,000 no-par ordinary shares issued and outstanding. The shares have a stated value of 5 per share. During the year, the following occurred. Apr. 1 Issued...
-
The following information applies to the questions displayed below.] Little League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following...
-
Give the Haskell polymorphic types of the following functions. (a) > const :: > const x _ = x (b) > or :: > or = foldr (||) False (c) > any :: > any p = or . (map p) (d) > ms :: > ms p g = any p ....
-
4. Identify all the 2-cliques (of at least 3 members) in the network. (This is harder, so take your time trying to find all. One strategy for finding some 2-cliques is to start with a clique and see...
-
What component do you believe is the most essential component of the Justice System? I know they are all important in their ways, and I can argue for any of the three. I would say a very beneficial...
-
Air pollution generated by a steel mill is an example of a) a positive production externality. b) a negative production externality. c) a public good. d) the free-rider problem. State and local taxes...
-
Use target costing to decide whether to add a new product or service.
-
Identify contribution margin and absorption costing advantages and disadvantages.
-
Discuss the factors that influence pricing decisions.
Study smarter with the SolutionInn App