Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Statement of Cash Flows SLO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. During January 20Y6, SLO Health Care entered

Statement of Cash Flows

SLO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. During January 20Y6, SLO Health Care entered into the following transactions:

During January 20Y6, San Mateo Health Care entered into the following transactions:

Jan. 1 Received $13,500 from Glenn Company as rent for the use of a vacant office in SLO Health Cares building. Glenn paid the rent nine months in advance.
1 Paid $3,000 for a one-year general insurance business policy.
6 Purchased supplies of $900 on account.
9 Collected $16,000 for services provided to customers on account.
11 Paid creditors $2,500 on account.
18 Invested an additional $5,000 in the business in exchange for common stock.
20 Billed patients $26,000 for services provided on account.
25 Received $7,500 for services provided to customers who paid cash.
30 Paid expenses as follows: wages, $15,500 utilities, $4,250 rent on medical equipment, $2,650 interest, $100 and miscellaneous, $1,500.
30 Paid dividends of $4,000 to stockholder (Dr. Denby).

Adjustment data for SLO Health Care Inc. for January are as follows:

Insurance expired, $450.

Supplies on hand on January 31, $600.

Depreciation on building, $1,150.

Unearned rent revenue earned, $1,500.

Wages owed employees but not paid, $1,450.

Services provided but not billed to patients, $2,500.

Presented in the integrated financial statementformat are after-adjustment balances for January.

Instructions:

Question Content Area

1. Prepare a statement of cash flows for January. Use the minus sign to indicate cash outflows, decreases in cash, or cash payments. If your answer is zero enter "0".

SLO HEALTH CARE INC. Statement of Cash Flows For the Month Ended January 31, 20Y6
Cash flows from (used for) operating activities:

Cash flows from investing activitiesCash received from customersCash received from issuance of stockDividends paidNet cash flows from operating activitiesNet increase in cashNet increase in cash

$Net increase in cash

Cash paid for expensesCash received from issuance of stockDividends paidJanuary 31, 20Y6, cash balanceNet cash flows from operating activitiesNet increase in cash

- Select -

Cash flows from investing activitiesCash received from issuance of stockDividends paidJanuary 1, 20Y6, cash balanceNet cash flows from operating activitiesNet increase in cash

$- Select -
Cash flows from (used for) financing activities:

Cash flows from investing activitiesCash paid for expensesCash received from customersCash received from issuing common of stockNet cash flows from operating activitiesNet increase in cash

$- Select -

Cash flows from investing activitiesCash paid for expensesCash paid as dividendsJanuary 1, 20Y6, cash balanceNet cash flows from operating activitiesNet increase in cash

- Select - blank

Cash flows from investing activitiesCash received from issuance of stockDividends paidJanuary 1, 20Y6, cash balanceNet cash flows from financing activitiesNet increase in cash

blank - Select -

Cash flows from investing activitiesCash received from customersCash received from issuance of stockDividends paidNet cash flows from operating activitiesNet increase in cash

$- Select -

Cash as of January 1, 20Y6Cash flows from investing activitiesCash paid as dividendsCash received from customersNet cash flows from operating activitiesNet increase in cash

- Select -

Cash as of January 31, 20Y6Cash flows from investing activitiesCash paid as dividendsCash received from customersNet cash flows from operating activitiesNet increase in cash

$- Select -

Question Content Area

2. Reconcile the net cash flows from operating activities with the net income for January. Use the minus sign to indicate cash outflows, decreases in cash, or cash payments. (Hint: Use adjusted balances in computing increases and decreases in accounts.)

San Mateo Health Care Inc. Net Cash Flows from Operating Activities blank

Net incomeNet loss

$- Select -

Decrease in unearned revenueDecrease in wages payableDepreciationIncrease in accounts payableIncrease in accounts receivableIncrease in supplies

$- Select -
Changes in noncash current operating assets and liabilities: blank blank

Decrease in accounts receivableDecrease in suppliesDepreciation expenseIncrease in accounts payableIncrease in accounts receivableIncrease in wages payable

- Select - blank

Decrease in accounts receivableDecrease in suppliesDepreciation expenseIncrease in accounts payableIncrease in prepaid insuranceIncrease in wages payable

- Select - blank

Decrease in accounts payableDecrease in accounts receivableDecrease in suppliesDepreciation expenseIncrease in accounts payableIncrease in wages payable

- Select - blank

Decrease in unearned revenueDecrease in wages payableIncrease in accounts payableIncrease in accounts receivableIncrease in suppliesIncrease in unearned revenue

- Select -

Decrease in unearned revenueDecrease in wages payableIncrease in accounts payableIncrease in accounts receivableIncrease in suppliesIncrease in wages payable

- Select - - Select -
Net cash flows from operating activities $fill in the blank 772d35fb2fa5fe8_16

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

Step: 3

blur-text-image

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

Night Comes To The Cumberlands A Biography Of A Depressed Area

Authors: Harry M. Caudill

1st Edition

1334682070, 978-1334682070

Students also viewed these Accounting questions

Question

Explain the causes of indiscipline.

Answered: 1 week ago