Answered step by step
Verified Expert Solution
Question
1 Approved Answer
44 In its 2021 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows: For the years ended December 31, Skipped
44 In its 2021 Annual Report to Shareholders, Kinney Inc. reported the following Consolidated Statement of Cash Flows: For the years ended December 31, Skipped 2021 2020 $ 199,002,040 (192,176,791) (2,013,990) (316,650) 4,494,609 $ 212,673,952 (201,374,336) (2,548,523) (452,250) 8,298,843 Cash flow from operating activities: Cash received from customers Cash paid to suppliers and employees Interest paid, net Income taxes paid Cash provided by operations Cash flow from investing activities: Capital expenditures and acquisitions Expenditures for other assets Cash used in investing activities Cash flow from financing activities: Principal payments of long-term debt and lease agreements Addition to long-term debt and lease liability Purchase of common stock and other capital transactions Payment of dividends Cash provided by (used in) financing activities Net increase (decrease) in cash Cash at beginning of year Cash at end of year (3,453,579) (34,560) (3,488,139) (2,117,382) (128,420) (2,245, 802) (1,612,485) 3,068,378 (1,515,906) (765,558) (825,571) 180,899 183, 115 364,014 (5,569,675) 1,344,847 (863,231) (976,968) (6,065,027) (11,986) 195, 101 183, 115 $ $ 2021 2020 Reconciliation of net income to net cash provided by operations: Net income $ 1,654,933 $ 2,139,117 Depreciation and amortization 3,415,504 3,435,087 Deferred income taxes 196,000 335,766 Changes in assets and liabilities, net of acquisitions: Decrease (increase) in receivables (2,807,353) 4,030,668 Decrease (increase) in inventories (346,508) 6,032,490 Increase (decrease) in prepaid expenses 352,648 (85,350) Increase (decrease) in controlled disbursements 364, 394 74,718 Increase (decrease) in accounts payable 1,678,676 (8,074,148) Increase (decrease) in accrued expenses (13,685) 408,616 Other, net 1,879 Cash provided by operations $ 4,494,609 $ 8,298,843 Kinney reported cost of goods sold of $167,214,150 In Its fiscal 2021 Income statement. Required: Assuming that Kinney uses accounts payable strictly for Inventory purchases and that all such purchases are on credit, how much cash did Kinney pay during the year for Inventories: (a) Cash paid to inventory suppliers (b) Cash paid to employees
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started