Reference no: EM131202213
Direct Method 1)Using the following information, complete the statement of cash flows for Helen Hunt Co. for the year ended December 31, 2013. Place parentheses around those figures in the statement representing cash outlays. Payments to settle short-term debt…………………………...$ 30,000
Interest and dividends received………………………………. 300,000
Proceeds from sale of land…………………………………… 10,000
Cash paid to suppliers and employees……………………….. 1,360,000
Proceeds from issuance of capital stock……………………… 360,000
Income taxes paid……………………………………………. 80,000
Proceeds from issuance of bonds payable……………………. 60,000
Cash received from customers……………………………….. 1,760,000
Payments for purchase of land………………………………… 480,000 Dividends paid………………………………………………. 160,000
Interest paid…………………………………………………. 20,000
Cash and cash equivalents January 1, 2013………………….. 44,000
Cash and cash equivalents, December 31, 2013……………… ?
Helen Hunt Statement of Cash Flows For the Year Ended December 31, 2013 Cash Flows from operating activities (direct method):
Cash received from customers ……….$ ………..
Cash provided by operating activities $ ……….$ ………. ………..
Cash disbursed for operating activities Net cash flow from operating activities $
Cash flows from investing activities: ……….$ ………..
Net cash used by investing activities Cash flows from financing activities: ……….$ ……….. ……….. ………..
Net cash provided by financing activities Net increase (decrease) in cash……………………………...$
Cash and cash equivalents, beginning of year…………………. Cash and cash equivalents, end of year…………….………….
|
Prepare the budgeted income statement
: Cost of goods sold is expected to be 60% of sales. Desired ending merchandise inventory is 20% of the next month's cost of goods sold. The beginning inventory at October 1 will be the desired amount. Prepare the budgeted income statement for October ..
|
|
The stockholders desired profit level
: Ahmad Company had $125,000 of net income in 2015 when the selling price per unit was $100, the variable costs per unit were $60, and the fixed costs were $475,000. Management expects per unit data and total fixed costs to remain the same in 2011. Com..
|
|
How could the scheme have been detected earlier
: In 1995 Richard Mendez joined the Miami International Airport’s (MIA) staff as the assistant director of facilities development. Mendez was paid $127,000 a year in his new job and was placed in charge of overseeing the airport’s $5 billion expansion ..
|
|
Cost-volume-profit analysis is a precise tool
: Cost-volume-profit analysis is a precise tool for determining the profit consequences of future cost changes, price changes, and volume of activity changes. The high-low method of deriving an estimated cost line uses all the data points available. Co..
|
|
Complete the statement of cash flows
: Direct Method 1) Using the following information, complete the statement of cash flows for Helen Hunt Co. for the year ended December 31, 2013. Place parentheses around those figures in the statement representing cash outlays. Net cash used by invest..
|
|
Is the recreation center governmental proprietary activity
: Is the recreation center a governmental proprietary activity? Many cities are building large recreational complexes with combination of public funding from tax revenues and user fees. Give an example of governmental recreation complex and why you bel..
|
|
Straight-line method to amortize bond discount and premium
: Middleton Co. issued $800,000, 8%, 5 year bonds on January 1, 2014 at 99. Interest on these bonds is payable annually on January 1. Middleton Co. uses the straight-line method to amortize bond discount and premium.
|
|
Employees by withholding these taxes from its employees pay
: Happy Carpet Cleaning, Inc. collects FIT, OASDI, and Medicare from its employees by withholding these taxes from its employees’ pay. However, Happy does not pay these amounts to the federal government until the end of the calendar year so that it can..
|
|
Bad check in payment of the taxpayers tax liability
: Indicate whether the following statements are true or false: The tax law includes a penalty for writing a“bad”check in payment of the taxpayer’s tax liability. The statute of limitations for a tax return is normally 4 years.
|