Brief Exercise 12-07 The T-accounts for Equipment and the related Accumulated DepreciationEquipment for Cullumber Company at the end of 2020 are shown here. Equipment Beg.
Brief Exercise 12-07 The T-accounts for Equipment and the related Accumulated DepreciationEquipment for Cullumber Company at the end of 2020 are shown here. Equipment Beg. bal. 75,000 Disposals 20,000 Acquisitions 36,000 End. bal. 91,000 Accumulated DepreciationEquipment Disposals 8,000 Beg. bal. 40,000 Depr. exp. 10,000 End. bal. 42,000 In addition, Cullumber Companys income statement reported a loss on the disposal of plant assets of $6,000. What amount was reported on the statement of cash flows as cash flow from sale of equipment? (Show an amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment
CALCULATOR PRINTER VERSION 1B Brief Exercise 12-07 The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Cullumber Company at the end of 2020 are shown here. 20,000 Equipment Beg. bal. 75,000 Disposals Acquisitions 36,000 End. bal. 91,000 Accumulated Depreciation Equipment Disposals 8,000 Beg. bal. Depr. exp. End. bal. 40,000 10,000 42,000 In addition, Cullumber Company's income statement reported a loss on the disposal of plant assets of $6,000. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show an amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment Click if you would like to Show Work for this question: Open Show Work Brief Exercise 12-13 Pharoah Company reported income tax expense of $356,751,000 on its 2020 income statement and income taxes payable of $273,782,000 at December 31, 2019, and $521,687,000 at December 31, 2020. What amount of cash payments were made for income taxes during 2020? Cash payment for income taxes Exercise 12-05 (Video) The current sections of Splish Brothers Inc.'s balance sheets at December 31, 2019 and 2020, are presented here. Splish Brothers's net income for 2020 was $152,000. Depreciation expense was $24,200. 2019 2018 Current assets Cash $100,500 $97,200 Accounts receivable 109,800 77,900 Inventory 157,400 171,700 Prepaid expenses 26,000 25,900 Total current assets $393,700 $372,700 Current liabilities Accrued expenses payable $15,600 $8,500 Accounts payable 85,900 Total current liabilities $101,500 $103,600 95,100 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.q. -15,000 or in parenthesis e.g. (15,000).) Splish Brothers Inc. Partial Statement of Cash Flows Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work Exercise 12-14 The following information is taken from the 2020 general ledger of Wildhorse Co.. Rent Rent expense Prepaid rent, January 1 Prepaid rent, December 31 $ 39,200 6,300 8,400 Salaries Salaries and wages expense Salaries and wages payable, January 1 Salaries and wages payable, December 31 $ 65,000 10,800 8,000 Sales Sales revenue Accounts receivable, January 1 Accounts receivable, December 31 $170,200 20,000 6,500 In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method. Cash payments for rent Cash payments for salaries Cash receipts from customers Click if you would like to Show Work for this question: Open Show Work Problem 12-08A a-b (Part Level Submission) The following are the financial statements of Sunland Company. Sunland Company Comparative Balance Sheets December 31 Assets 2020 Cash $36,900 Accounts receivable 32,100 Inventory 29,600 Equipment 59,800 Accumulated depreciation equipment (29,700) Total $128,700 2019 $20,600 19,200 20,300 78,000 (23,800) $114,300 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,200 7,300 26,500 18,300 48,400 $128,700 $ 16,900 8,100 32,900 14,500 41,900 $114,300 Sunland Company Income Statement For the Year Ended December 31, 2020 Sales revenue 5242,200 Cost of goods sold 175, 100 Gross profit 67,100 Operating expenses 24,200 Income from operations 42,900 Interest expense 3,000 Income before income taxes 39,900 Income tax expense 7,800 Net income $32,100 Additional data: 1. Dividends declared and paid were $25,600. 2. During the year, equipment was sold for $9,700 cash. This equipment cost $18,200 originally and had a book value of $9,700 at the time of sale. 3. All depreciation expense, $14,400, is in the operating expenses. 4. All sales and purchases are on account. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were paid in cash. Sunland Company Statement of Cash Flows cash payments
