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Category > Management Posted 30 Dec 2017 My Price 8.00

Operating Activities

Exercise 12-13 Determination of Missing Amounts—Cash Flow from Operating Activities

 

The computation of cash provided by operating activities requires analysis of the noncash current asset and current liability accounts. Using T accounts, determine the missing amounts for each of the following independent cases:

 

 

 

(Continued )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

646                                                                                               Chapter 12           The Statement of Cash Flows

 

 

 

Case 1

 

Accounts receivable, beginning of   year

$150,000

Accounts receivable,  end  of year

100,000

Credit sales for the  year

175,000

Cash sales for the year

60,000

Write-offs of  uncollectible accounts

35,000

Total cash collections for the year (from cash sales and collections on account)

 

?

Case 2

 

Inventory, beginning of year

$  80,000

Inventory, end of year

55,000

Accounts payable, beginning of   year

25,000

Accounts payable, end of  year

15,000

Cost of goods sold

175,000

Cash payments for inventory (assume all purchases of inventory are on account)

 

?

Case 3

 

Prepaid insurance, beginning of  year

$  17,000

Prepaid insurance, end of  year

20,000

Insurance expense

15,000

Cash paid for new insurance policies

?

Case 4

 

Income taxes payable, beginning of   year

$  95,000

Income taxes payable, end of   year

115,000

Income tax expense

300,000

Cash payments for taxes

?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Dec 2017 10:12 PM My Price 8.00

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