15 May QuestionManagerial Accounting 1BFinancial and Managerial Accounting
Question
Managerial Accounting 1B
Financial and Managerial Accounting
Chapter 12
Exercise 12-5B Computation of cash flows (direct) L.O. P5
| Case A: | Compute cash received from customers: | ||
| Sales | $ | 510,000 | |
| Accounts receivable, December 31, 2011 | 25,200 | ||
| Accounts receivable, December 31, 2012 | 34,800 | ||
| Case B: | Compute cash paid for rent: | ||
| Rent expense | $ | 140,800 | |
| Rent payable, December 31, 2011 | 8,800 | ||
| Rent payable, December 31, 2012 | 7,200 | ||
| Case C: | Compute cash paid for merchandise: | ||
| Cost of goods sold | $ | 528,000 | |
| Merchandise inventory, December 31, 2011 | 159,600 | ||
| Accounts payable, December 31, 2011 | 67,800 | ||
| Merchandise inventory, December 31, 2012 | 131,400 | ||
| Accounts payable, December 31, 2012 | 84,000 | ||
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| For each of the above three separate cases, use the information provided about the calendar-year 2012 operations of Sahim Company to compute the required cash flow information. (Omit the “$” sign in your response.) |
| Case A: | Cash received from customers | |
| Case B: | Cash paid for rent | |
| Case C: | Cash paid for merchandise | |
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Exercise 12-6 Cash flows from operating activities (indirect) L.O. P2
| BEKHAM COMPANY Income Statement For Year Ended December 31, 2011 |
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| Sales | $ | 1,818,000 | ||||
| Cost of goods sold | 891,000 | |||||
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| Gross profit | 927,000 | |||||
| Operating expenses | ||||||
| Salaries expense | $ | 248,535 | ||||
| Depreciation expense | 43,200 | |||||
| Rent expense | 48,600 | |||||
| Amortization expenses–Patents | 5,400 | |||||
| Utilities expense | 19,125 | 364,860 | ||||
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| 562,140 | ||||||
| Gain on sale of equipment | 7,200 | |||||
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| Net income | $ | 569,340 | ||||
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| Changes in current asset and current liability accounts for the year that relate to operations follow. |
| Accounts receivable | $ | 40,500 | increase | Accounts payable | $ | 13,500 | decrease |
| Merchandise inventory | 27,000 | increase | Salaries payable | 4,500 | decrease | ||
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| Use the above income statement and information about changes in noncash current assets and current liabilities to prepare only the cash flows from operating activities section of the statement of cash flows using the indirectmethod.(Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response) |
Exercise 12-7B Cash flows from operating activities (direct) L.O. P5
| Changes in current asset and current liability accounts for the year that relate to operations follow. |
| Use the above income statement and information about changes in noncash current assets and current liabilities to prepare only the cash provided or used by operating activities section of the statement of cash flows for this company using the direct method.(Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response.) |
Exercise 12-10 Preparation of statement of cash flows (indirect) L.O. P1
[The following information applies to the questions displayed below.]
| Use the following financial statements and additional information. |
| Additional Information |
| a. | A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. |
| b. | The only changes affecting retained earnings are net income and cash dividends paid. |
| c. | New equipment is acquired for $58,600 cash. |
| d. | Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. |
| e. | Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. |
| f. | All purchases and sales of merchandise inventory are on credit. |
Exercise 12-10 Part 1
| (1) | Prepare a statement of cash flows for the year ended June 30, 2011, using the indirect method.(Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response.) |
Exercise 12-10 Part 2
| (2) | Compute the company’s cash flow on total assets ratio for its fiscal year 2011.(Round your answer to 1 decimal place. Omit the “%” sign in your response.) |
| Cash flow on total assets ratio |
Exercise 12-13B Preparation of statement of cash flows (direct) from Cash T-account L.O. P1
[The following information applies to the questions displayed below.]
| The following summarized Cash T-account reflects the total debits and total credits to the Cash account of Texas Corporation for calendar year 2011. |
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