Reconciling Net Income and Cash Flow from Operations Using FSET For fiscal year 2012, Beyer GMBH had the following summary information available concerning its operating activities The company had no investing or financing activities this year 1 Sales of merchandise to customers on credit 30,444 2 Sales of merchandise to customers for cash 5,490 3 Cost of merchandise sold on credit 19,206 4 Cost of merchandise sold for cash 3,804 5 Purchases of merchandise from suppliers on credit 21,096 6 Purchases of merchandise from suppliers for cash 2,862 7 Collections from customers on accounts receivable 29,004 8 Cash payments to suppliers on accounts payable 20,412 9 Operating expenses (all paid in cash) 10,338 Required a Enter the items above into the Financial Statement Effects Template Under noncash assets, use two separate columns for accounts receivable and inventories Calculate the totals for each column 1 Answer Answer Answer Answer Answer Answer Answer Answer Answer 2 Answer Answer Answer Answer Answer Answer Answer Answer Answer 3 Answer Answer Answer Answer Answer Answer Answer Answer Answer 4 Answer Answer Answer Answer Answer Answer Answer Answer Answer 5 Answer Answer Answer Answer Answer Answer Answer Answer Answer 6 Answer Answer Answer Answer Answer Answer Answer Answer Answer 7 Answer Answer Answer Answer Answer Answer Answer Answer Answer 8 Answer Answer Answer Answer Answer Answer Answer Answer Answer 9 Answer Answer Answer Answer Answer Answer Answer Answer Answer Totals Answer Answer Answer Answer Answer Answer Answer Answer Answer b What was the company's net income for the year Answer What was the cash flow from operating activities (Use the direct method ) Answer c Indicate the direction and amounts by which each of the following accounts changed during the year If the account decreased, enter as a negative number 1 Accounts receivable Answer 2 Merchandise inventory Answer 3 Accounts payable Answer d Using your results above, prepare the operating activities section of the statement of cash flows using the indirect format Net income Answer Change in accounts receivable Answer Change in inventories Answer Change in accounts payable Answer Cash flow from operating activities Answer

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Posted on Jun 23, 2024

Reconciling Net Income and Cash Flow from Operations Using FSET For fiscal year 2012, Beyer GMBH had the following summary information available concerning its operating

Reconciling Net Income and Cash Flow from Operations Using FSET For fiscal year 2012, Beyer GMBH had the following summary information available concerning its operating activities. The company had no investing or financing activities this year.

1. Sales of merchandise to customers on credit	30,444
2. Sales of merchandise to customers for cash	5,490
3. Cost of merchandise sold on credit	19,206
4. Cost of merchandise sold for cash	3,804
5. Purchases of merchandise from suppliers on credit	21,096
6. Purchases of merchandise from suppliers for cash	2,862
7. Collections from customers on accounts receivable	29,004
8. Cash payments to suppliers on accounts payable	20,412
9. Operating expenses (all paid in cash)	10,338

Required a. Enter the items above into the Financial Statement Effects Template. Under noncash assets, use two separate columns for accounts receivable and inventories. Calculate the totals for each column.

Answer

Totals

Answer

b. What was the company's net income for the year? Answer What was the cash flow from operating activities? (Use the direct method.) Answer

c. Indicate the direction and amounts by which each of the following accounts changed during the year. If the account decreased, enter as a negative number.

1. Accounts receivable	Answer
2. Merchandise inventory	Answer
3. Accounts payable	Answer

d. Using your results above, prepare the operating activities section of the statement of cash flows using the indirect format.

Net income	Answer
Change in accounts receivable	Answer
Change in inventories	Answer
Change in accounts payable	Answer
Cash flow from operating activities	Answer