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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 9.00

Superb Mobile Homes

Computing cash flow items—direct method

Superb Mobile Homes reported the following in its financial statements for the year ended December 31, 2012:

 

2012

2011

Income Statement

    

Net sales

$ 25,118

$ 21,115

Cost of sales

18,088

15,432

Depreciation

273

232

Other operating expenses

4,411

4,283

Income tax expense

536

481

Net income

$ 1,810

$ 687

Balance Sheet

    

Cash and cash equivalents

$ 15

$ 13

Accounts receivable

799

619

Inventories

3,489

2,839

Property and equipment, net

4,346

3,436

Accounts payable

1,544

1,364

Accrued liabilities

941

853

Long-term liabilities

479

468

Common stock

671

443

Retained earnings

5,014

3,779

Requirement

1. Determine the following for Superb Mobile Homes during 2012:

a. Collections from customers.

b. Payments for inventory.

c. Payments of operating expenses.

d. Acquisitions of property and equipment (no sales of property during 2012).

e. Borrowing, with Superb paying no long-term liabilities.

f. Cash receipt from issuance of common stock.

g. Payment of cash dividends.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 01:09 PM My Price 9.00

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