Question
Q] Use the below information to answer the following questions from (b) to (f) (Use DIRECT METHOD and show all calculations): Washington Company Balance sheet
Q] Use the below information to answer the following questions from (b) to (f)
(Use DIRECT METHOD and show all calculations):
Washington Company | ||
Balance sheet | ||
December 31, 20X3 and 20X2 | ||
12/31/X3 | 12/31/X2 | |
Current Assets | ||
Cash | $4,600 | $3,100 |
Accounts Receivable | $9,500 | $7,900 |
Supplies | $1,200 | $2,100 |
Inventory | $17,500 | $18,600 |
Prepaid Insurance | $1,400 | $1,000 |
Total Current Assets | $34,200 | $32,700 |
Long-Term Assets | ||
Fixed Assets | $71,000 | $58,000 |
Accumulated Depreciation | ($30,400) | ($26,500) |
Patent | $6,000 | $7,000 |
Total Long-term Assets | $46,600 | $38,500 |
Total Assets | $80,800 | $71,200 |
Current Liabilities | ||
Accounts Payable | $6,100 | $4,900 |
Wages Payable | $2,200 | $2,600 |
Interest Payable | $800 | $1,000 |
Taxes Payable | $2,300 | $1,500 |
Total Current Liabilities | $11,400 | $10,000 |
Long-term Liabilities: Bonds Payable | $20,300 | $24,000 |
Total Liabilities | $31,700 | $34,000 |
Stockholders Equity: | ||
Common Stock | $22,700 | $20,000 |
Retained Income | $26,400 | $17,200 |
Total Stockholders Equity | $49,100 | $37,200 |
Total Liabilities and Stockholders Equity | $80,800 | $71,200 |
Washington Company | |
Income Statement | |
For the Year Ended December 31, 20X3 | |
Sales | $147,500 |
Cost of Goods Sold | ($63,800) |
Gross Profit | $83,700 |
Less Operating Expenses: | |
Wage Expense | $40,200 |
Supply Expense | $3,600 |
Insurance Expense | $3,000 |
Depreciation Expense | $3,900 |
Amortization Expense | $1,000 |
Rent Expense | $400 |
Operating Expense | $26,600 |
Interest Expense | ($2,600) |
Income before taxes | $24,000 |
Income Tax Expense | ($10,800) |
Net Income | $13,200 |
Answer the following Questions
a) Using indirect method, compute the net cash used / provided by operating activities? (Use the proper format of indirect method) |
|
b) What was the cash collected from customers by Washington Company in 20X3? |
c) How much inventory did Washington Company purchase in 20X3? |
d) What was the cash paid to supplies of inventory by Washington Company in 20X3? |
e) What was the cash paid to employees by Washington Company in 20X3? |
f) What was the cash paid for supplies by Washington Company in 20X3? |
Show all calculations for (a) to (f) in details use methods as instructed in question..
I am not aware, sub question is from A to F, kindly answer all.. Appreciate your help.. Thks
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