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Portions of the financial statements for Hawkeye Company are provided below.HAWKEYE COMPANYIncome StatementFor the Year Ended December 31, 2013Sales $ 850Cost of goods sold (325 )Gross margin 525Salaries expense $ 227Depreciation expense 185Interest expense 35Gain on sale of cash equivalents (4 ) (443 )Income before taxes and extraordinary loss 82Income tax expense (41 )Income before extraordinary loss 41Extraordinary loss (flood damage to inventory) 12Less: Tax savings (6 ) (6 )Net Income $ 35HAWKEYE COMPANYSelected Accounts from Comparative Balance Sheets2013 and 2012Year2013 2012 ChangeCash $242 $215 $27Accounts receivable 390 411 (21)Inventory 890 865 25Accounts payable 225 264 (39)Salaries payable 185 198 (13)Interest payable 65 55 10Income taxes payable 95 114 (19)Required:1.Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the direct method. (Amounts to be deducted should be indicated with a minus sign.)2.Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the indirect method1. DIRECT METHODCash Flows from Operating Activities:Cash received from customers $ ______________Gain on sale of cash equivalents $¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬___________________Cash paid to suppliers $________________________Cash paid for interest $_______________________Cash paid from income $______________________NET cash flow from operating activities $_________________Indirect MethodCash Flows from Operating Activities:Net income $ _____________________Adjustments for non cash effects:Depreciation expense $ ___________Extraordinary loss/gain $__________Changes in operating assets and liabilities:Decrease in accounts receivable $__________Increase in inventory$__________Decrease in accounts payable $__________Decrease in salaries payable $__________Increase in Interest payable $____________________Decrease in income taxes payable $_____________________Net cash flow from operating activities $________________
Discuss the advantages and disadvantages of designing an IC using VHDL and synthesis compared with the traditional design approach using schematic capture, simulation and layout.
SOLUTION FOR COST BUDGET ON ANNUAL DAY
Determine the Joint Cost A company produces three products, Y1, Y2, and Y3 in the similar process. The data below reflects average monthly results as:
The following information is for the third quarter of this year: Planned Actual Production 92,000 units 87,000 units Direct labor hours 506,800 DL hrs 380,000 DL hrs Fixed manuf
Motivation - Behavioural Aspects of Standards Variance analysis and standards setting requires to be carried out like it motivates managers and other employees. It should not
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Blue sky Company's 12-31-13 balance sheet reports assets of $5,000,000 and liabilities of $2,000,000. All of the book value's are the same as the market values except for land, wh
The Zooline Company (Pty) Ltd is an American based company that focuses on the LSM 8 -10 markets. They do vehicle interiors, raise or lower suspensions and install top end sound sy
according to a factory cost ledger, job no 51 has incurred the following costs: direct material - 30
visual fit cost estimation
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