Solution-Balances of the current asset and current liability

Balances of the current asset and current liability

Assignment Help Cost Accounting

Reference no: EM13516705

The net income reported on the income statement for the year was $55,000, and depreciation of fixed assets for the year was $22,000. The balances of the current asset and current liability accounts at the beginning and end of the year are shown at the top of the following page.

	End	Beginning
Cash	$ 65,000	$ 70,000
Accounts receivable	100,000	90,000
Inventories	145,000	150,000
Prepaid expenses	7,500	8,000
Accounts payable
(merchandise creditors)	51,000	58,000

The total amount reported for cash flows from operating activities in the statement of cash flows, using the indirect method, is:

A. $33,000.

B. $55,000.

C. $65,500.

D. $77,000.

Reference no: EM13516705

Questions Cloud

Determine the free cash flow for mediterranean : Determine the free cash flow for Mediterranean Tile Company.

Prepare a statement of cash flows using the direct method : Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.

Find the maximum height and total time in the air : Create your own 2D kinematics problem and present a detailed solution that includes a sketch. the problem must begin and conclude at different heights, find the maximum height and total time in the air

What is the mass of this new moon : In the future, an astronaut weighing 882 Newtons on earth may stand on a new moon and weigh themselves to find they now weigh 441 Newtons. what is the mass of this new moon

Balances of the current asset and current liability : The balances of the current asset and current liability accounts at the beginning and end of the year - cash flows from operating activities in the statement of cash flows

What is the angular momentum after the failure : A spherical satellite with a radius of 75m is spinning over its own axis with an angular speed of 232rad/s. What is the angular momentum after the failure

Evaluate the net cash flow from operating activities : the income statement showed a gain of $4,100 from the sale of land. Reconcile a net income of $50,000 to net cash flow from operating activities.

Find what is the current in the primary : a transformer can be used to step-up or step-down voltage. Since the power must be constant, What is the current in the primary

Cash flows from operating activities : Adjust net income of $70,000 for changes in operating assets and liabilities to arrive at cash flows from operating activities.

User Account

All Pages

Balances of the current asset and current liability

Reference no: EM13516705

Reference no: EM13516705

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT