29 Jun Question Managerial Accounting 1B
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
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
Exercise 12-6 Cash flows from operating activities (indirect) L.O. P2
BEKHAM COMPANY
Income Statement
For Year Ended December 31, 2011
Sales
$
1,818,000
Cost of goods sold
891,000
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
562,140
Gain on sale of equipment
7,200
Net income
$
569,340
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
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 indirect method.(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.
Cash
Balance, Dec. 31, 2010
135,200
Receipts from customers
6,000,000
Payments for merchandise
1,590,000
Receipts from dividends
208,400
Payments for wages
550,000
Receipts from land sale
220,000
Payments for rent
320,000
Receipts from machinery sale
710,000
Payments for interest
218,000
Receipts from issuing stock
1,540,000
Payments for taxes
450,000
Receipts from borrowing
2,600,000
Payments for machinery
2,236,000
Payments for long-term investments
2,260,000
Payments for note payable
386,000
Payments for dividends
500,000
Payments for treasury stock
218,000
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