For the most recent year, Virtual Gaming Systems had net income of $560,000. The accounting records show depreciation expense of $41,000, increase of accounts receivable $11,000, and decrease of accounts payable $21,000. Using the indirect method, compute net cash flows from operating activities. (List cash outflows and any decrease in cash as negative amounts.) Virtual Gaming Systems Statement of Cash Flows (Partial) Cash flows from operating activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities

For the most recent year, Virtual Gaming Systems had net income of $560,000. The accounting records show depreciation expense of $41,000, increase of accounts receivable $11,000, and decrease of accounts payable $21,000. Using the indirect method, compute net cash flows from operating activities. (List cash outflows and any decrease in cash as negative amounts.) Virtual Gaming Systems Statement of Cash Flows (Partial) Cash flows from operating activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 5RE: In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts...

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In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts receivable, a 7,000 increase in inventory, an 8,000 increase in salaries payable, a 13,000 decrease in accounts payable, and 10,000 in depreciation expense. Using the indirect method, prepare the operating activities section of its statement of cash flows based on this information.
Preparing a Statement of Cash Flows Monon Cable Television Company reported the following financial statements for 20l9: Required: 1. Prepare a statement of cash flows using the indirect method to compute net cash flow from operating activities. 2. CONCEPTUAL CONNECTION Explain what has been responsible for the decrease in cash.
Demers Inc. reported the following data: Net income $409,500 Depreciation expense 46,460 Gain on disposal of equipment 37,860 Decrease in accounts receivable 25,340 Decrease in accounts payable 5,930 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required.
Kennedy, Inc., reported the following data: Net income $122,135 Depreciation expense 12,690 Loss on disposal of equipment (8,856) Gain on sale of building 18,988 Increase in accounts receivable 8,409 Decrease in accounts payable (2,837) Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc.Statement of Cash Flows Cash flows from (used for) operating activities: $- Select - Adjustments to reconcile net income to net cash flows from (used for) operating activities: - Select - - Select - - Select - Changes in current operating assets and liabilities: - Select - - Select -
Kennedy, Inc., reported the following data: $134,297 Net income Depreciation expense 14,195 Loss on disposal of equipment (10,514) Gain on sale of building 20,604 Increase in accounts receivable 7,029 (860') Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a Decrease in accounts payable decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flows Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: Previous earch 3:28 PM 53°F Sunny (p岁 12/14/2021 a. prt sc delete pause shift home
Kennedy, Inc., reported the following data: Net income $125,981 Depreciation expense 16,232 Loss on disposal of equipment (9,799) Gain on sale of building 20,714 Increase in accounts receivable 8,320 Decrease in accounts payable (2,162) Prepare the operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc.Statement of Cash Flows Cash flows from (used for) operating activities: $- Select - Adjustments to reconcile net income to net cash flows from (used for) operating activities: - Select - - Select - - Select - Changes in current operating assets and liabilities: - Select - - Select - $- Select -
Staley Inc. reported the following data: Line Item Description Amount Net income $449,900 Depreciation expense 55,600 Loss on disposal of equipment 32,900 Increase in accounts receivable 20,800 Increase in accounts payable 10,500 Prepare the "Cash flows from (used for) operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. blankStaley Inc.Statement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operating activities: $Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Loss on disposal of equipment Changes in current operating assets and liabilities: Increase in accounts receivable Increase in accounts payable Net cash flows from operating activities $Net cash…
Determining Cash Flows from (Used for) Operating Activities Yeoman Inc. reported the following data: Net income $278,500 Depreciation expense 64,100 Loss on disposal of equipment 30,100 Increase in accounts receivable 16,700 Increase in accounts payable 10,100 Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Yeoman Inc.Statement of Cash Flows (partial) Cash flows from (used for) operating activities: $- Select - Adjustments to reconcile net income to net cash flows from (used for) operating activities: - Select - - Select - Changes in current operating assets and liabilities: - Select - - Select - Net cash flows from operating activities $fill in the blank 11
Kennedy, Inc. reported the following data: Net income $149,333 Depreciation expense 16,206 Loss on disposal of equipment (10,457) Gain on sale of building 21,852 Increase in accounts receivable 9,450 Decrease in accounts payable (3,853) Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Use the > minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities %24 %24
Kennedy, Inc. reported the following data: Net income $139,775 Depreciation expense 14,898 Loss on disposal of equipment (10,435) Gain on sale of building 19,944 Increase in accounts receivable 8,818 Decrease in accounts payable (3,307) Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation expense Loss on disposal of equipment Gain on sale of building Changes in current operating assets and liabilities: Increase in accounts receivable Decrease in accounts payable Net cash flow from operating activities
Kennedy, Inc. reported the following data: Net income $177,553 Depreciation expense 16,482 Loss on disposal of equipment (9,410) Gain on sale of building 18,317 Increase in accounts receivable 8,423 Decrease in accounts payable (3,834) Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities:
Kennedy, Inc. reported the following data: Net income $125,121 Depreciation expense 14,053 Loss on disposal of equipment (10,725) Gain on sale of building 20,698 Increase in accounts receivable 7,247 Decrease in accounts payable (3,826) Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments. Kennedy, Inc. Statement of Cash Flow Cash flows from operating activities: $fill in the blank 2 Adjustments to reconcile net income to net cash flow from operating activities: fill in the blank 4 fill in the blank 6 fill in the blank 8 Changes in current operating assets and liabilities: fill in the blank 10 fill in the blank 12 Net cash flow from operating activities