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Please help me with this accounting homework on cashflow. Clicker Question Preparation Guide: Ch. 12 Clicker questions will be asked in class based on your
Please help me with this accounting homework on cashflow.
Clicker Question Preparation Guide: Ch. 12 Clicker questions will be asked in class based on your completion of this preparation guide. You will not have time to complete this guide in class! 1) Sprout Co. began the year with an accounts receivable balance of $52,000, and ended the year with an accounts receivable balance of $68,000. During the year, Sprout Co. recorded $430,000 of sales on account. How much cash did Sprout Co. collect from its customers during the year? 2) S&P Inc. began the year with an accounts payable balance related to inventory purchases of $16,000. The balance in the account at the end of the year was $7,000. During the year, S&P Inc. purchased $98,000 of inventory on account. How much cash did S&P Inc. pay for inventory purchases during the year? 3) Fill in the table by indicating if it is an increasing (+) or decreasing (-) transaction. Also indicate if it is an operating (O), investing (I), or financing (F), activity. + or - O, I, or F a. Cash payment of dividends 2,500 b. Cash payment for inventory 120,630 c. Cash payment for expenses 61,650 d. Cash payment for wages 45,250 e. Cash payment for interest expense 925 f. Cash payment for purchase of equipment 25,250 g. Cash payment for repayment of debt 15,000 h. Cash collection of accounts receivable 340,000 i. Cash collection of interest revenue 12,500 j. Cash collection of dividend revenue 10,500 k. Cash proceeds from sale of equipment 12,000 l. Cash proceeds from sale of common stock 52,000 4) Using the information in the table from question 3), complete the following statement of cash flows using the direct method. List each transaction and amount under the appropriate section. Be sure to indicate if it is increasing or decreasing (+ or -). You may not need to use all of the lines. Cash from Operating Activity Amount a. Net cash ____________ (provided or used) by operating activity Cash from Investing activity Amount b. Net cash ___________ (provided or used) by investing activity Cash from Financing Activity Amount c. Net cash ____________ (provided or used) by financing activity d. Net change in cash during period Cash at beginning of period e. Cash at end of period $___________ 27,000 $___________Step by Step Solution
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