Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income Required: $ 160,000 Accounts receivable increase Selected Year-End Balance Sheet Data $ 10,000 Inventory decrease 16,000 1,000 100,000 Salaries payable increase 24,000 12,000 $ 24,000 Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Changes in current operating assets and abilities Accounts receivable increase Inventory decrease Salanes payable increase $ 24,000 12,000 (10,000) 16,000 1,000 $ 43,000 Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income Required: $ 160,000 Accounts receivable increase Selected Year-End Balance Sheet Data $ 10,000 Inventory decrease 16,000 1,000 100,000 Salaries payable increase 24,000 12,000 $ 24,000 Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities-indirect method Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Changes in current operating assets and abilities Accounts receivable increase Inventory decrease Salanes payable increase $ 24,000 12,000 (10,000) 16,000 1,000 $ 43,000
Expert Answer:
Answer rating: 100% (QA)
Here is the operating activities section of the statement of cash flows for Hampton Company using th... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. January 15 April 1 June 14 July 15 December 12 December 31 Required: Purchased and...
-
On 1 July 2021 an investor purchased a foreign corporate bond with a maturity date of 30 June 2026, a face value in Canadian dollars of $100,000 and interest rate of 5%. Payments have been received...
-
The general journal is where __________. the financial statements are audited cash payments are deposited the accountant processes the reports the accounting cycle begins, and is a chronological set...
-
A survey of U.S. adults found that 33% name professional football as their favorite sport. You randomly select 14 U.S. adults and ask them to name their favorite sport. Find the probability that the...
-
How are bonds different from certificates of deposit or savings accounts?
-
Why is the Balanced Scorecard an important topic both in devising objectives and in evaluating strategies?
-
Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Ducharme Corporation was organized by five individuals on January 1, 2020. At the end of January 2020, the following...
-
If you invest $8,500 per period for the following number of periods, how much would you have? a. 12 years at 10 percent. b. 50 years at 9 percent.
-
10. [I2 Points] SCALCET814.1.035. PRACTICE ANOTHER Level curves (isothermals) are shown for the typical water temperature (in C) in Long Lake (Minnesota) in 1998 as a function of depth and time of...
-
Determine by direct integration the centroid of the area shown. Express your answer in terms of a and b. * = ky2 9.
-
The Rockport Youth Center also runs half-day Winter Youth Events, Hip-Hop Dance, Secret Agent Day, and Zombietron Workshop, for boys and girls in grades 1 through 5. Stephen wants you to automate the...
-
What do you think are the shifting economic trends that are affecting the purchasing behavior of consumers and, ultimately, the retailing industry in the current situation, where community quarantine...
-
In a cap with quarterly reset dates, the cap rate is 3.5% per annum and the notional principal is $1 million. Suppose that the LIBOR rate is 4.0% per annum for a particular 3-month period. What is...
-
What are the given variables when we are using the production function? Reference https://content.streamhoster.com/preview/parkg002/Dr_Park_Ch_13-2.mp4?autoPlay=1&width=640&height=360
-
ABC Company engaged in a subcontract with Padma Bridge amounting to Tk.50, 00,000. First-year ABC used Tk.20, 00,000, second-year 5,00,000 and third year 10,00,000. Work certified was 45 % , 65 %,...
-
What is Quality with respect to Software? What are the difference characteristics of Quality?
-
PROBLEM #3 Docile Companyassigned certain accounts receivable to a bank for a loan on the following July 1 Received remittance upon the specific assignment of P1,500,000 in accounts to t Aug. 1...
-
H.J. Heinzs annual dividends were as follows: 1990 ..............$0.540 1991.............. 0.620 1992 .............. 0.700 1993.............. 0.780 1994 .............. 0.860 1995 .............. 0.940...
-
Inferring Values by Using the Statement of Earnings and Statement of Financial Position Equations LO1-1 Review the chapter explanations of the statement of earnings and the statement of financial...
-
Jerrys Taxis Ltd operates a taxi service in a large provincial city. All of the taxis are owned by the business and all the drivers are employees rather than owner drivers. The managers wish to...
-
Preparing a Statement of Earnings and a Statement of Financial Position LO1-1 Ducharme Corporation was organized by five individuals on January 1, 2020. At the end of January 2020, the following...
Study smarter with the SolutionInn App