Home / Questions / For each of the following items, indicate (by placing an X) whether the item would be foun

For each of the following items, indicate (by placing an X) whether the item would be foun

For each of the following items, indicate (by placing an X) whether the item would be found on the statement of cash flows in - column 1 the direct approach for determining the cash flows from operating activities, column 2 the indirect approach for determining the cash flows from operating activities, column 3 cash flows from investing activities, column 4 cash flows from financing activities. If you identify that an item affects the cash flows from operation, indirect method, also indicate whether it will be increasing (+) or decreasing (-) the cash flows.

 

13) Col 1Col 2Col 3Col 4

OperatingInvestingFinancing

DirectIndirect

Cash paid for merchandise inventory____________________

 

14) Col 1Col 2Col 3Col 4

OperatingInvestingFinancing

DirectIndirect

Sale of land____________________

 

15) Col 1Col 2Col 3Col 4

OperatingInvestingFinancing

DirectIndirect

Cash paid for rent____________________

 

16) Col 1Col 2Col 3Col 4

OperatingInvestingFinancing

DirectIndirect

Increase in prepaid expenses____________________

 

17) Col 1Col 2Col 3Col 4

OperatingInvestingFinancing

DirectIndirect

Net loss____________________

18) Col 1Col 2Col 3Col 4

OperatingInvestingFinancing

DirectIndirect

Increase in accounts payable____________________

 

19) Col 1Col 2Col 3Col 4

OperatingInvestingFinancing

DirectIndirect

Cash received from customers____________________

 

20) Col 1Col 2Col 3Col 4

OperatingInvestingFinancing

DirectIndirect

Increase in inventory____________________

 

21) Col 1Col 2Col 3Col 4

OperatingInvestingFinancing

DirectIndirect

Cash paid for salaries or wages____________________

 

22) Col 1Col 2Col 3Col 4

OperatingInvestingFinancing

DirectIndirect

Net income____________________

 

23) Col 1Col 2Col 3Col 4

OperatingInvestingFinancing

DirectIndirect

Decrease in prepaid expenses____________________

 

 

24) The cash flows from operating activities are reported by the direct method on the statement of cash flow. Determine the following:

 

a)  If sales for the current year were $600,000 and accounts receivable decreased $25,500 during the year, what was the amount of cash received from customers?

b)  If sales salaries expense for the current years was $80,000 and sales salaries payable increased $25,000 during the year, what was the amount of cash payments for sales salaries?

 

25) The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:

 

a)  If accrued expenses showed $50,000 on the income statement and payables increased from $15,000 to $18,500 on the balance sheet, what was the amount of cash paid?

b)  If insurance expense showed $10,000 on the income statement and Prepaid Insurance increased from $10,000 to $12,000 on the balance sheet, what was the amount of cash paid for insurance?

Dec 07 2019 Read more Less More

Answer (UnSolved)

question Subscribe To Get Solution

Recent Questions

Chat Now

Welcome to Live Chat

Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.

Please fill in the form