Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Task 1- Cash Flows from Operating Activities: Indirect Method
The condensed single-step income statement for the year ended December 31, 2014, of Conti Chemical Company, a distributor of farm fertilizers and herbicides, follows.
Sales
$26,000,000
Less: Cost of goods sold
$15,200,000
Operating expenses (including depreciation of $1,640,000)
7,600,000
Income taxes expense
800,000
23,600,000
Net income
$2,400,000
Selected accounts from Conti Chemical's balance sheets for 2014 and 2013 follow
2014
2013
Accounts receivable
$4,800,000
$3,400,000
Inventory
1,680,000
2,040,000
Prepaid expenses
520,000
360,000
Accounts payable
1,920,000
1,440,000
Accrued liabilities
120,000
200,000
Income taxes payable
280,000
240,000
Prepare a schedule of cash flows from operating activities using the indirect method.
Task 2- Classification of Cash Flow Transactions
CONCEPT Analyze each transaction listed in the table that follows and place X's in the appropriate columns to indicate the transaction's classification and its effect on cash flows using the indirect method.
Cash Flow Classification
Effect on Cash Flows
Transaction
Operating Activity
Investing Activity
Financing Activity
Noncash Transaction
Increase
Decrease
No Effect
1. Increased accounts payable.
2. Decreased inventory.
3. Increased prepaid insurance.
4. Earned a net income.
5. Declared and paid a cash dividend.
6. Issued stock for cash.
7. Retired long-term debt by issuing stock.
8. Purchased a long-term investment with cash.
9. Sold trading securities at a gain.
10. Sold a machine at a loss.
11. Retired fully depreciated equipment.
12. Decreased interest payable.
13. Purchased available-for-sale securities (long-term).
14. Decreased dividends receivable.
15. Decreased accounts receivable.
16. Converted bonds to common stock.
17. Purchased 90-day Treasury bill.
What is the consolidated cost of goods sold in 2013?
If sales are $500,000, variable costs are $200,000 and fixed costs are $240,000, what is the contribution margin ratio? A cost that has characteristics of both a variable cost and a fixed cost is called a:
Oregon Corporation has filed a voluntary partition to reorganize under Chapter 11 of the Bankruptcy Reform Act . Its creditors are considering an attempt to force liquidation. The company currently holds cash of $ 6,000 and accounts receivable of $25..
How much cost, in total, was assigned to the units transferred out to the next department during the month
Finding Bond coupon rate, current rate, and yield to maturity- should the new issue be undertaken based on earnings per share?
Using the data in the accompanying table and the multistage dividend discount model, calculate the intrinsic value of Philip Morris stock at year-end 1991. Assume
Based on retail sales estimates from the state Department of Revenue, additional sales taxes were accrued in the amount of $40,000. On December 31, 2014, $500 of interest was accrued on the investment in Treasury notes. Fair market value of these no..
Journalize the entry to record the amount of cash proceeds from the sale of the bonds - the amortization of the bond discount, using the interest method.
Calculation of product cost of providing one evening of instruction - Evaluate the product cost of providing one evening of instruction for all students?
compute the necessary requirements on the basis of detailscranberry corporation income statement in
question 1. during january 2010 wells inc. obtains 30 of the outstanding common stock of wilton co. for 1400000. this
(EPS with Convertible Bonds) On June 1, 2012, Bluhm Company and Amanar Company merged to form Davenport Inc. A total of 800,000 shares were issued to complete the merger. The corporation reports on a calendar year basis.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd