Anakin, Inc., provides the following account balances for 2015 and 2014: Using the format presented in the
Question:
Anakin, Inc., provides the following account balances for 2015 and 2014:
Using the format presented in the chapter, prepare the Operating Activities section of the statement of cash flows and present that information using
(a) The direct method and
(b) The indirect method.
Transcribed Image Text:
Dec. 31, 2015 Dec. 31, 2014 $15,500 27,200 22,400 1,350 Accounts Receivable Inventory Accounts Payable Salaries Payable Sales Cost of Goods Sold Depreciation Expense Salaries Expense Other Expenses 18,700 25,440 21,650 1,500 278,700 197,000 16,700 35,200 24,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
Income Statement Adjustments Statement of Cash Flows Sales 278700 3200 275500 Cost of goods sold 19...View the full answer
Answered By
Anum Naz
Lecturer and researcher with 10+ years of experience teaching courses in both undergraduate and postgraduate levels. Supervised 17 BA theses, 07 MA theses, and 1 Ph.D. dissertations. Edited and co-authored 2 monographs on contemporary trends in political thought. Published over articles in peer-reviewed journals.
4.80+
11+ Reviews
52+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Anakin, Inc., provides the following account balances for 2011 and 2010: Using the format presented in the chapter, prepare the Operating Activities section of the statement of cash flows and present...
-
Anakin, Inc., provides the following account balances for 2013 and 2012: .............................................................. Dec. 31, 2013 ...............Dec. 31, 2012 Accounts Receivable...
-
The following account balances for the noncash current assets and current liabilities of Labrador Company are available: In addition, the income statement for 2010 is as follows: 2010 Sales revenue...
-
Information for Drone On Limited is shown below: Total fixed expenses are $100,000 per month, and Drone On Limited is selling 1,000 drones per month. Required: 1. The marketing manager argues that a...
-
How does the declaration of a cash dividend affect the financial statements? How does the payment of a cash dividend affect the financial statements?
-
The following is a list of all accounts and balances (in $), as reported on the financial statements, of Sere Nere Corporation for the year ended December 31, 20X2. Accounts are listed in...
-
What are the responsibilities of inventory management? LO.1
-
B, a chemist, was employed by A, a manufacturer, to work on a secret process for As product under an exclusive three-year contract. A employed C, a salesperson, on a week-to-week basis. B and C...
-
Informuthon for adjustments is as Follows:The following unadjusted trial balance is for Taylor Construction Company at its June 3 0 current fiscal year - end. The credit balance of the Retained...
-
John and Sally Claussen are contemplating the purchase of a hardware store from John Duggan. The Claussens anticipate that the store will generate cash flows of $70,000 per year for 20 years. At the...
-
Write a one-page paper identifying the benefits, both from an economic and a financial reporting perspective, that a company might reap through recognizing a big-bath restructuring charge.
-
Norrington Trading Co. provides the following income statement for 2015: Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
What is the difference between data science and data analytics?
-
Listed below are the amounts (dollars) it costs for marriage proposal packages at different baseball stadiums. Find the range, variance, and standard deviation for the given sample data. Include...
-
The Lotto Case (Hitting the Jackpot) Allen B. Atkins, Roxanne Stell, & Larry Watkins Bob, Chad and Dylan had been dreaming of this day for the past six years; ever since they first met in an...
-
Boxplots. In Exercises 29-32, use the given data to construct a boxplot and identify the 5-number summary. Taxis Listed below are times (minutes) of a sample of taxi rides in New York City. The data...
-
Use the birth weights (grams) of the 400 babies listed in Data Set 6 "Births" in Appendix B. Examine the list of birth weights to make an observation about those numbers. How does that observation...
-
Listed below are annual U.S. sales of vinyl record albums (millions of units). The numbers of albums sold are listed in chronological order, and the last entry represents the most recent year. Do the...
-
How many unique, non-homologous chromosomes are present in this species? (A) 4 (B) 8 (C) 16 (D) 32 The somatic cells in a newly identified sexually reproducing species are found to be octoploidy...
-
A crop-dusting plane flies over a level field at a height of 25 ft. If the dust leaves the plane through a 30 angle and hits the ground after the plane travels 75 ft, how wide a strip is dusted? See...
-
Locate the 2009 financial statements for The Walt Disney Company on the Internet and consider the following questions: 1. Does Disney use the direct method or the indirect method? Explain. 2. Analyze...
-
Lockheed Martin Corporation is a well-known producer of advanced aircraft, missiles, and space hardware. Lockheed Martin is most famous for its super-secret research and development division,...
-
The following data were obtained from the cash flow statements (prepared using the indirect method) of The Coca-Cola Company from 2006 through 2009. All amounts are in millions of U.S. dollars....
-
How do warehouses and distribution centers differ? What is cross-docking and why might a company choose to cross-dock a product? What kinds of products can be delivered electronically? What kinds...
-
Strawberry Inc. has historically been an all-equity firm. The analyst expects EBIT to be $1.5B in perpetuity starting one year from now. The cost of equity for the company is 11.5% and the tax rate...
-
Guzman company received a 60- day, 5 % note for 54,000 dated July 12 from a customer on account. Determine the due date on note. Determine the maturity value of the note and journalize the entry of...
Study smarter with the SolutionInn App