Financial Accounting
Name: Final Summer 2013
Ex. 198 Use the following information to perform the calculations below (using the indirect method). Clearly label the amount of each answer as positive or negative and show all your calculations. Net income $369,000 Beginning accounts payable $119,000 Depreciation expense 97,000 Ending accounts payable 146,000 Beginning accounts receivable 420,000 Purchase of long-term assets 612,000 Ending accounts receivable 439,000 Issuance of long-term debt 200,000 Beginning inventory 516,000 Issuance of stock for cash 180,000 Ending inventory 550,000 Issuance of stock for long-term assets 110,000 Beginning prepaid expenses 42,000 Purchase of treasury stock 64,000 Ending prepaid expenses 48,000 Sale of long-term investment at cost 49,000
a. Calculate the amount of cash flows from operating activities. _____________ * * * * b. Calculate the amount of cash flows from investing activities. _____________
c. Calculate the amount of cash flows from financing activities. _____________ * * * * * c. Calculate the net change in cash. _____________
Ex. 205
A comparative balance sheet for the Visser Corporation is presented below:
VISSER CORPORATION
Comparative Balance Sheet 2012 2011
Assets
Cash $ 40,000 $ 31,000 Accounts receivable (net) 80,000 60,000 Prepaid insurance 22,000 17,000 Land 18,000 40,000 Equipment 70,000 60,000 Accumulated depreciation (20,000)
Ex. 198 Use the following information to perform the calculations below (using the indirect method). Clearly label the amount of each answer as positive or negative and show all your calculations. Net income $369,000 Beginning accounts payable $119,000 Depreciation expense 97,000 Ending accounts payable 146,000 Beginning accounts receivable 420,000 Purchase of long-term assets 612,000 Ending accounts receivable 439,000 Issuance of long-term debt 200,000 Beginning inventory 516,000 Issuance of stock for cash 180,000 Ending inventory 550,000 Issuance of stock for long-term assets 110,000 Beginning prepaid expenses 42,000 Purchase of treasury stock 64,000 Ending prepaid expenses 48,000 Sale of long-term investment at cost 49,000
a. Calculate the amount of cash flows from operating activities. _____________ * * * * b. Calculate the amount of cash flows from investing activities. _____________
c. Calculate the amount of cash flows from financing activities. _____________ * * * * * c. Calculate the net change in cash. _____________
Ex. 205
A comparative balance sheet for the Visser Corporation is presented below:
VISSER CORPORATION
Comparative Balance Sheet 2012 2011
Assets
Cash $ 40,000 $ 31,000 Accounts receivable (net) 80,000 60,000 Prepaid insurance 22,000 17,000 Land 18,000 40,000 Equipment 70,000 60,000 Accumulated depreciation (20,000)