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Category > Accounting Posted 20 Aug 2017 My Price 13.00

Rhino Company

Cash flows from operating activities—direct method


The income statement for Rhino Company for the current year ended June 30 and bal- ances of selected accounts at the beginning and the end of the year are as follows:

 

 

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$445,500

Cost of merchandise sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

  154,000

Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$291,500

Operating expenses:

 

 

Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$  38,500

 

Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  115,280

 

Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

  153,780

Income before income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$137,720

Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

39,600

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

$  98,120

 

 

 

End of Year

 

 

Beginning of Year

Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$36,300

$31,240

Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

92,400

80,300

Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14,520

15,840

Accounts payable (merchandise creditors) . . . . . . . . . . . . . . . . . . . .

67,540

62,700

Accrued expenses payable (operating expenses)  . . . . . . . . . . . . .  .

19,140

20,900

Income tax payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,400

4,400

Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the direct  method.

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 08:08 PM My Price 13.00

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