Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help asap(29v2) Cash Flows The following (partial) financial statements are from the 20x2 Annual Report of the Niagara Company. Please use the information to

please help asap(29v2)
image text in transcribed
image text in transcribed
Cash Flows The following (partial) financial statements are from the 20x2 Annual Report of the Niagara Company. Please use the information to answer all the questions on Cash flows Income Statement for Year Ended December 31, 20X2 Sales $ 3900 Cost of goods sold (1650) Depreciation expense (400) Sales and general expense (1000) Interest expense (150) Loss on sale of PPE (40) Income tax expense (160) Net Income $ 500 Balance Sheets at December 31, 20X1 and 20X2 20x2 20x1 Assets Cash $150 $120 Accounts receivable 500 480 Prepaid Expenses 300 250 Inventory 250 800 Current assets $.1700 $ 1650 Property Plant and Equipment (PPE) 1200 $1070 Less Accumulated Depreciation 15001 (450) Total assets $2400 $ 2220 Lobilities and culty Accounts payable 690 610 Interest Payable 110 140 Taxes payable 150 90 Total Current liabilities $ 950 $ 840 Long Term Liabilities and Stockholders equity not provided for this problem Additional loformation Property Plant and Equipment (PPE) that originally cost $700 was sold. The prepaid expenses related to supplier payments Additional Information Property Plant and Equipment (PPE) that originally cost $700 was sold, The prepaid expenses related to supplier payments. Calculate the Operating Cash Flows Calculate the Cash Collected from Customers Calculate the cash paid to Suppliers Calculate the cash paid for PPE purchased Calculate the cash obtained from PPE sold Calculate the Cash obtained or used from Financing (Hint: you need to use the answers to the earlier parts to solve this problem and not the missing data in the balance sheet) Show outflow as a negative number

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_2

Step: 3

blur-text-image_3

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

Dyslexia A Practitioners Handbook

Authors: Gavin Reid

5th Edition

1118980107, 9781118980101

More Books

Students also viewed these Accounting questions