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Category > Accounting Posted 19 Aug 2017 My Price 11.00

Hepworth Company

Exercise 15-28  Operating Cash Flows

During the year, Hepworth Company earned a net income of $61,725. Beginning and ending balances for the year for selected accounts are as follows:

Account

 

Beginning

Ending

Cash

$108,000

$126,600

Accounts receivable

67,500

99,750

Inventory

36,000

52,500

Prepaid expenses

27,000

30,000

Accumulated depreciation

81,000

91,500

Accounts payable

45,000

55,125

Wages payable

27,000

15,000

There were no financing or investing activities for the year. The above balances reflect all of the adjustments needed to adjust net income to operating cash flows.

Required:

1.       Prepare a schedule of operating cash flows using the indirect method.

2.       Suppose that all the data in used Requirement 1 except that the ending accounts payable and cash balances are not known. Assume also that you know that the operating cash flow for the year was $20,475. What is the ending balance of accounts payable?

3.       CONCEPTUAL CONNECTION Hepworth has an opportunity to buy some equipment that will significantly increase productivity. The equipment costs $25,000. Assuming exactly the same data used for Requirement 1, can Hepworth buy the equipment using this year’s oper- ating cash flows? If not, what would you suggest be done?

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 03:08 PM My Price 11.00

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