Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Cash flows from operating activites A. Net cash provided by operating activities 2. Cash flows from investing activites A. Net cash provided by investing

image text in transcribed
1. Cash flows from operating activites
A. Net cash provided by operating activities
2. Cash flows from investing activites
A. Net cash provided by investing activities
3. Cash flows from financing activites
A. Net cash provided by financing activities
4. Net increase/decrease in cash
5. Beginning balance of cash
6. Ending balance of cash
please show all work!
Cascade Tile is a wholesale distributor of ceramic tiles. Its cash balance on December 31, 20x0, was $226,000, and net income for 20X1 was $312,000. Its 20x1 transactions affecting income or cash follow ($ in thousands): 1. Sales of $1,500 were all on credit. Cash collections from customers were $1,390. 2. The cost of items sold was $800. Purchases of inventory on account totaled $850; inventory and accounts payable were affected accordingly. 3. Cash payments on trade accounts payable totaled $815. 4. Accrued salaries and wages: total expense, $190; cash payments, $200. 5. Depreciation was $45. 6. Interest expense, all paid in cash, was $13. 7. Other expenses, all paid in cash, totaled $100 8. Income taxes accrued were $40; income taxes paid in cash were $35. 9. A warehouse was purchased for $435 cash. 10. Long-term debt was issued for $125 cash. 11. Cash dividends of $41 were paid. Prepare a statement of cash flows for 20X1 using the direct method for reporting cash flows from operating activities. Omit supporting schedules

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions