Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 28 Jan 2018 My Price 10.00

Mike Roe Computers

The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in millions) for Mike Roe Computers.

MIKE ROE COMPUTERS
Income Statement
For the Year Ended December 31, 2013
  Sales     $ 152.00   
  Cost of goods sold       (91.00)
         
     Gross margin       61.00   
  Salaries expense $ 22.00       
  Insurance expense   14.00       
  Depreciation expense   6.00       
  Interest expense   7.00      (49.00)
         
  Gains and losses:        
     Gain on sale of equipment       14.00   
     Loss on sale of land       (5.00)
         
  Income before tax       21.00   
     Income tax expense       (10.50)
         
  Net income     $ 10.50   
         
 
Reconciliation of Net Income
to Net Cash Flows
from Operating Activities
  Net income $ 10.50   
  Adjustments for noncash effects:    
  Decrease in accounts receivable   6.00   
  Gain on sale of equipment   (14.00)
  Increase in inventory   (7.00)
  Increase in accounts payable   10.00   
  Increase in salaries payable   4.00   
  Depreciation expense   6.00   
  Decrease in bond discount   3.50   
  Decrease in prepaid insurance   3.00   
  Loss on sale of land   5.00   
  Increase in income tax payable   7.00   
     
  Net cash flows from operating activities $ 34.00   
     
 
Required:
1.

Calculate each of the following amounts for Mike Roe Computers: (Enter your answers in millions of dollars rounded to 2 decimal places. Input all amounts as positive values.)

Required:
1.

Calculate each of the following amounts for Mike Roe Computers: (Enter your answers in millions of dollars rounded to 2 decimal places. Input all amounts as positive values.)
    ($ in millions)
a. Cash received from customers during the reporting period. $
b. Cash paid to suppliers of goods during the reporting period. $
c. Cash paid to employees during the reporting period. $
d. Cash paid for interest during the reporting period. $
e. Cash paid for insurance during the reporting period. $
f. Cash paid for income taxes during the reporting period. $
 
2.

Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answers in millions of dollars rounded to 2 decimal places.Amounts to be deducted should be indicated with a minus sign.)
  ($ in millions)
  Cash Flows From Operating Activities:  
  (Click to select)Cash received from customersCash paid to suppliersCash paid to employeesFor depreciation expenseCash paid for interestTo bondholdersCash paid for insuranceCash paid for income taxes $
  (Click to select)Cash received from customersFor depreciation expenseCash paid for income taxesCash paid for insuranceCash paid to suppliersTo bondholdersCash paid to employeesCash paid for interest  
  (Click to select)Cash paid to suppliersTo bondholdersCash paid to employeesCash paid for income taxesCash paid for insuranceCash received from customersFor depreciation expenseCash paid for interest  
  (Click to select)Cash paid to suppliersCash paid to employeesCash received from customersCash paid for income taxesCash paid for insuranceTo bondholdersCash paid for interestFor depreciation expense  
  (Click to select)To bondholdersFor depreciation expenseCash paid to suppliersCash paid for insuranceCash received from customersCash paid for interestCash paid for income taxesCash paid to employees  
  (Click to select)Cash received from customersTo bondholdersFor depreciation expenseCash paid for interestCash paid for insuranceCash paid for income taxesCash paid to employeesCash paid to suppliers  
   
  Net cash flows from operating activities

Answers

Maurice Tutor
(5)
Status NEW Posted 28 Jan 2018 10:01 PM My Price 10.00

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