Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding
Question:
The income statement contained a $1,500 gain on the sale of equipment, an $800 loss on the sale of land, and $3,600 of depreciation expense. Net income for the period was $47,300.
Required
Prepare the operating activities section of the statement of cashflows.
Transcribed Image Text:
Account Title 2014 2013 Accounts receivable Prepaid rent Interest receivable Accounts payable Salaries payable Unearned revenue $36,000 2,400 600 9,300 4,500 3,600 $37,200 1,800 400 10,400 5,200 5,400
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
Cash Flows From Operating Activities Net Income 47300 Add Decrease in accounts ...View the full answer
Answered By
Parvesh Kumar
I am an experienced Mathematics and Statistics tutor with 10 years of experience teaching students and working professionals. I love teaching students who are passionate to learn subjects or wants to understand any mathematics and statistics concept at graduation or master’s level. I have worked with thousands of students in my teaching career. I have helped students deal with difficult topics and subjects like Calculus, Algebra, Discrete Mathematics, Complex analysis, Graph theory, Hypothesis testing, Probability, Statistical Inference and more. After learning from me, students have found Mathematics and Statistics not dull but a fun subject. I can handle almost all curriculum of mathematics. I did B.Sc (mathematics), M.Sc (mathematics), M.Tech (IT) and am also Gate (CS) qualified. I have worked in various college and school and also provided online tutoring to American and Canadian students. I look forward to discussing with you and make learning a meaningful and purposeful
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Question Posted:
Students also viewed these Managerial Accounting questions
-
Pella Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Pellas 2014 and 2013 year-end balance sheets: The...
-
The following accounts and corresponding balances were drawn from Pixi Companys 2014 and 2013 year-end balance sheets: The following accounts and corresponding balances were drawn from Pixi Companys...
-
The following accounts and corresponding balances were drawn from Avia Company's 2014 and 2013 year-end balance sheets: During the year, $46,000 of unearned revenue was recognized as having been...
-
Which description does NOT fit in description of "issues" in the context of international standards? a. An unsettled matter. b. A vital matter. c. A change in the environment. d. A concern or...
-
A researcher measured the number of tree species per 0.1 hectare plot along the Black, Huron, and Vermilion rivers. The data are summarized in the table below: Here is a partial ANOVA table...
-
The following are isoelectronic species: Cl , K + , and Ca 2+ . Rank them in order of increasing (a) Size, (b) Ionization energy, and (c) Electron attachment enthalpy
-
Abbott, Inc., plans to issue \(\$ 500,000\) of ten percent bonds that will pay interest semiannually and mature in five years. Assume that the effective interest rate is 12 percent per year...
-
Baucom Industries Inc. manufactures only one product. For the year ended December 31, 2010, the contribution margin increased by $36,000 from the planned level of $720,000. The president of Baucom...
-
Background information for Question 4: Acquisition: $500k microscope, needed for a scientific project Timeline: Required within 16 weeks (including estimated 2 week lead-time upon receipt of the...
-
Consider an LVQ net with two input units and four target classes C1, C2, C3, and C There are 16 classification units, with weight vectors indicated by the coordinates on the following chart, read in...
-
Alfonza Incorporated presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from the companys 2014 and 2013 year-end balance...
-
The following accounts and corresponding balances were drawn from Marinelli Company's 2014 and 2013 year-end balance sheets: The 2014 income statement is shown below: Income Statement Sales...
-
Two airplanes pass over Chicago, Illinois, at the same time. One is cruising at 400 mi/h on a bearing of 105°, and the other is cruising at 450 mi/h on a bearing of 260°. How far apart will...
-
Suppose the real risk - free rate is 3 . 5 0 % , the average future inflation rate is 2 . 5 0 % , a maturity premium of 0 . 2 0 % per year to maturity applies, i . e . , MRP = 0 . 2 0 % ( t ) , where...
-
An electricity company pays a dividend $ 1 . 6 4 per share and the share price is $ 2 7 . a ) If the investors believe that the dividend growth rate will be 3 % annually, what will be the yield that...
-
Tektron Industries applies overhead on the basis of 200% of direct labor cost. Job No. 275 is charged with $30,000 of direct materials costs and $40,000 of manufacturing overhead. What are the total...
-
A polymer is injected into a mold at 205 C. The mold is 35 C. The part is 6 mm thick, and can be modeled as a plate. The glass transition temperature of the polymer is 125 C. The density of the...
-
x 2-1.02 X T(X. y) Tot X=X1 xupuRy & incident angle a: reflection angle 090-8 m = to 8 riy-y = m (x-x) ton & = x1 tonB=26, tonx = 26 X1 what is the ton y and r.
-
Briefy explain why it is diffcult to quantify the direct impact of the entire promotions mix to sales.
-
Presented below are income statements prepared on a LIFO and FIFO basis for Kenseth Company, which started operations on January 1, 2024. The company presently uses the LIFO method of pricing its...
-
Refer to the facts in Problem 33 and assume instead that Triple- \(\mathrm{K}\) allocated to her a loss of \(\$ 60,000\) in 2018 . What amount does Wilmah have at risk as of January 1, 2019? Problem...
-
Efficient Shredding Service has just completed a minor repair on a shredding machine. The repair cost was $1,900, and the book value prior to the repair was $6,000. In addition, the company spent...
-
Ford Construction Company purchased a forklift for $150,000 cash. It had an estimated useful life of four years and a $10,000 salvage value . At the beginning of the third year of use, the company...
-
On January 1, 2016, Midstate Power Company overhauled four turbine engines that generate power for customers. The overhaul resulted in a slight increase in the capacity of the engines to produce...
-
A New Zealand business has a taxation balance date of 31 March and purchased a new machine on the 25th September 2019 for $120,000. If the company claims depreciation using the straight-line rate of...
-
If you use the O/E Create Batch form to manually create transaction batches for the General Ledger, those batches are automatically processed in the General Ledger
-
Matrix Co., produces a special line of kids action figures. Matrix Co., produces the toys in batches using machines and molds. A separate Setup Department is responsible for setting up machines and...
Study smarter with the SolutionInn App