Current Attempt in ProgressSplish Brothers Inc. reports a $24000 increase in inventory and a $6000 decrease in accounts payable during the year. Cost of GoodsSold for the year was $338400, Using the direct method of reporting cash flows from operating activities, cash payments made tosuppliers wereO $314400.O $368400.O $308400.O $338400.

The question is based on the concept of Cost Accounting.

Answered: Splish Brothers Inc. reports a $24000…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 21E

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The cost of goods sold during the year was $341600. Inventory decreased by $11200 during the year and accounts payable decreased by $13400 during the year. Using the direct method of reporting cash flows from operating activities, cash payments for inventory total $355000. $343800. $366200. $317000.
Oriole Company reports a $22000 increase in inventory and a $5600 decrease in accounts payable during the year. Cost of Goods Sold for the year was $315800. Using the direct method of reporting cash flows from operating activities, cash payments made to suppliers were?
Last year Cucumber Company reported a cost of goods sold of $30,000. Inventories decreased by $7,000 during the year, and accounts payable decreased by $13,000. The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be: * $23,000 $36,000 $24,000 O $43,000
MC Qu. 12-85 Harlow Industries reported net income of... Harlow Industries reported net Income of $29,500 for the current year. During the year, Inventory decreased by $8,800, Accounts Payable decreased by $8,900, Depreclation Expense was $11,800, and Accounts Recelvable Increased by $8,30o. If the Indirect method is used, what is the net cash provided by operating activitles? Multiple Choice $12,300 $67,300 $32,900 $50.700
Innovative Products reported net income of $223,000. Beginning and ending inventory balances were $44,000 and $46,500, respectively. Accounts Payable balances at the beginning and end of the year were $39,500 and $35,500, respectively. Assuming that all relevant information has been presented, the company would report net operating cash flows of: Multiple Choice $221,500. $216,500. $229,500. $224,500.
Last year Cumpton Company reported a cost of goods sold of $40,000. Inventories decreased by $8,000 during the year, and accounts payable increased by $11,000. The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be: * $21,000 $59,000 $32,000 $29,000
Duke Company reported cost of goods sold last year of $270,000 on its income statement. Additional information concerning the company's closing and opening account balances last year follows: Inventory $60,000 $45,000 Accounts payable $26,000 $39,000 Duke Company uses the direct method to determine the net cash provided by operating activities on its statement of cash flows. What amount should Duke report as cash paid to suppliers in its statement of cash flows for last year?
Last year Cucumber Company reported a cost of goods sold of $30,000. Inventories decreased by $7,000 during the year, and accounts payable decreased by $13,000. The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be: a. $23,000 b. $24,000 c. $36,000 d. $43,000
Hampton Company reports the following Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income information for its recent calendar year. Selected Year-End Balance Sheet Data Accounts receivable increase Inventory decrease $78,000 36,000 Salaries payable increase 8,000 7,000 $27,000 Cash flows from operating activities Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) $6,000 4,000 700 $
Last year Cumpton Company reported a cost of goods sold of $40,000. Inventories decreased by $8,000 during the year, and accounts payable increased by $11,000. The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be: * $21,000 $59,000 $32,000 $29,000 Mao Construction recently reported $20.50 million of sales, $12.60 million of operating costs other than depreciation, and $3.00 million of depreciation. It had $8.50 million of bonds outstanding that carry a 7.0% interest rate, and its federal-plus-state income tax rate was 40%. What was Mao's operating income, or EBIT, in millions? * $4.90 O $3.97 $3.57 $4.41 O $3.21
The cost of goods sold during the year was $281200. Inventory increased by $9000 during the year and accounts payable decreased by $14100 during the year. Using the direct method of reporting cash flows from operating activities, cash payments for inventory total?
Sunland Company reports the following: End of Year Beginning of Year Inventory $28000 $44800 Accounts Payable 33600 11200 If cost of goods sold for the year is $268800, the amount of cash paid to suppliers using the direct method is

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