76 oints Salaries expense Utilities expense Depreciation expense Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues Expenses: Selected Year-End Balance Sheet Datal $115,000 Accounts receivable decrease Purchased a machine for cash. Salaries payable increase 33,000 Interest payable decrease. 70,000 31,200 $ 26,000 22,000 27,000 12,000 eBook Interest expense Net loss 8,900 $ (28,100) Hint Print Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducte indicated with a minus sign.) References Mc Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities 4 4.76 points eBook Hint Print References Fitz Company reports the following information. Selected Annual Income Statement Data Net income Depreciation expense Amortization expense Gain on sale of plant assets Selected Year-End Balance Sheet Data $415,000 Accounts receivable decrease $ 71,200 44,600 Inventory decrease 49,000 5,000 8.600 1,400 7,600 Prepaid expenses increase 7,400 Accounts payable decrease Salaries payable increase Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31 (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Net cash provided by financing activities Net cash provided by investing activities Net cash provided by operating activities Net cash used in financing activities 5 The following information is from Ellerby Company's comparative balance sheets. At December 31 4.76 points Furniture Accumulated depreciation-Furniture eBook Hir Current Year $144,000 (92,700) Prior Year $ 200,500 (114,700) The current year income statement reports depreciation expense on furniture of $22,000. During the year, furniture costing $56,500 was sold for its book value on December 31, Current Year. Complete the general ledger accounts to calculate cash received from the sale of furniture. Pent Furniture References Beginning balance Mc Graw Ending Balance Accumulated Depreciation Beginning balance Cash Current year depreciation Sale of assets Book value (Cash received) < Prev 5 of 21 Next > 6 Part 1 of 2 4.76 points eBook Hint Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. Plant assets ANDERS COMPANY Comparative Year-End Balance Sheets 2021 $ 255,000 (130,000) Equipment Accumulated depreciation-Equipment $ 125,000 $ 455,000 Accumulated depreciation-Buildings Buildings, net (145,000) $310,000 Equipment, net Buildings 2020 $ 345,000 (240,000) $ 105,000 $475,000 (330,000) $145,000 Print References During 2021, equipment with a book value of $55,000 and an original cost of $285,000 was sold at a loss of $6,000. 1. How much cash did Anders receive from the sale of equipment? 2. How much depreciation expense was recorded on equipment during 2021? 3. What was the cost of new equipment purchased by Anders during 2021? 1. Cash received from the sale of equipment 2. Depreciation expense 3. Purchase of equipment 7 ! Part 2 of 2 4.76 points Required information [The following information applies to the questions displayed below.] The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDERS COMPANY Comparative Year-End Balance Sheets Plant assets Equipment eBook) Accumulated depreciation-Equipment Equipment, net Hint Print References Buildings Accumulated depreciation-Buildings Buildings, net 2021 2020 $ 255,000 (130,000) $ 125,000 $ 345,000 (240,000) $ 105,000 $455,000 (145,000) $310,000 $ 475,000 (330,000) $145,000 During 2021, a building with a book value of $85,000 and an original cost of $375,000 was sold at a gain of $75,000. 1. How much cash did Anders receive from the sale of the building? 2. How much depreciation expense was recorded on buildings during 2021? 3. What was the cost of buildings purchased by Anders during 2021? 1. Cash received from the sale of building 2. Depreciation expense 3. Purchase of building Mc Graw Hill 8 < Prev 7 of 21 Next > 3 76 bints Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Revenues Expenses: Selected Year-End Balance Sheet Data $115,000 Accounts receivable decrease Salaries expense Utilities expense Depreciation expense Purchased a machine for cash 70,000 Salaries payable increase 33,000 Interest payable decrease 31,200 eBook Interest expense 8,900 Net loss: $ (28,100) Hint Print References Mc Graw Hill $ 26,000 22,000 27,000 12,000 Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted shoull indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities < Prev 3 of 21 Next > 4 Fitz Company reports the following information. Selected Annual Income Statement Data Net income i Depreciation expense 4.76 points Amortization expense Gain on sale of plant assets eBook Hint Selected Year-End Balance Sheet Data $415,000 Accounts receivable decrease $ 71,200 44,600 Inventory decrease 49,000 5,000 8.600 1,400 7,600 Prepaid expenses increase 7,400 Accounts payable decrease Salaries payable increase Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31 (Amounts to be deducted should be indicated with a minus sign.) Print References Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Net cash provided by financing activities Net cash provided by investing activities Net cash provided by operating activities Net cash used in financing activities