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    Devry University
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Category > Business & Finance Posted 08 Dec 2017 My Price 10.00

Determine the sales adjusted to the cash basis.

The changes in each balance sheet account for Bryan Company during the year just completed are as follows:

    

 IncreaseDecrease  Cash   $5,800   Accounts receivable$6,500      Inventory   $5,100   Prepaid expenses$5,900      Long-term investments   $33,000   Property, plant and equipment$23,000      Accumulated depreciation$10,000      Accounts payable   $13,000   Accrued liabilities$6,600      Bonds payable   $31,000   Common stock$14,000      Retained earnings$4,900      

 

Bryan Company's income statement for the year just ended shows the following:

  

 

      Sales$390,000   Cost of goods sold 225,000     Gross margin 165,000   Selling and administrative expenses 160,100    Net income$4,900     

The company did not dispose of any property, plant, and equipment, buy any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. Bryan Company uses the direct method to construct its statement of cash flows.

    

Required:

a.Determine the sales adjusted to the cash basis. (Omit the "$" sign in your response.)

  

 

  Adjusted sales$    

 

b.Determine the cost of goods sold adjusted to the cash basis. (Omit the "$" sign in your response.)

  

 

  Adjusted cost of goods sold$    

 

c.Determine the selling and administrative expenses adjusted to a cash basis. (Omit the "$" sign in your response.)

  

 

  Adjusted selling and administrative expenses$    

 

d.Determine the net cash provided (used) by operating activities.(Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.)

  

 

  Net cash provided (used) by operating activities$    

 

e.Determine the net cash provided (used) by investing activities.(Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.)

  

 

  Net cash provided (used) by investing activities$    

 

f.Determine the net cash provided (used) by financing activities.(Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.)

  

 

  Net cash provided (used) by financing activities$  

Answers

CourseLover
(12)
Status NEW Posted 08 Dec 2017 06:12 AM My Price 10.00

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