Limbo Co.'s worksheet for preparation of its year 1 statement of cash follows included the following: December 31 Accounts receivable $29,000 January 1 $23,000 Allowance for uncollectible accounts 1,000 800 Prepaid rent expense 8,200 12,400 Accounts payable... 22,000 19,400 Limbo's year 1 net income is $150,000. What amount should Lino include as net cash provided by operating activities in the statement of cash flows? a. $148,600 b. $145,400 c. $151,000 d. $151,4000
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- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Financial data for Otto Company follow: a. Compute the ratio of cash to monthly cash expenses. b. Interpret the results computed in (a).Lino Company’s worksheet for the preparation of its 20X1 statement of cash flows included the following information: Dec31 Jan 1 Accounts receivable 29,000 $ 23,000 Allowance for uncollectible accounts 1,000 800 Prepaid rent expense 8,200 12,400 Accounts payable 22,400 19,400 Lino’s 20X1 net income is $150,000. Required: What amount should Lino include as net cash that is provided by operating activities in the statement of cash flows?
- Data concerning the cash records of Tamang Panahon Company for the months of November and December 2020 follow: a. Unadjusted book balance on November 30 amounted to P2,258,000. b. Total receipts per book in December, P1,400,000. c. Total disbursements per book in December, P2,400,00. d. Unadjusted bank balance on November amounted to P2,100,000. e. Total credits per bank in December amounted to P1,200,000. f. Total debits per bank in December amounted to P2,500,000. g. Deposit in Transit November 30 - 130,000 December 31 - 369,000 h. Outstanding Checks November 30 - 95,000 December 31 - 30,000 i. NSF checks November 30 - 60,000 December 31 - 40,000 j. Credit Memo November 30 - 30,000 December 31 - 50,000 k. Other Debit Memo November 30 - 90,000…Kingbird Import Company had credit sales of $1824000. The beginning accounts receivable balance was $188000 and the ending accounts receivable balance was $319000. Using the direct method of reporting cash flows from operating activities, what were the cash collections from customers during the period? $2069000. $1824000. $2012000. O $1693000. OOMatilda Company financial statement information has given in the following table.ItemBeginningEndingInventory17831965Accounts Payable25602820Accounts Receivables49204200Revenue12500Cost of sales9500Required:Based on the financial statement information above, calculate the operating and cash cycle.
- Entity Co. uses the cash basis of accounting and reported income of P85,000 in 20x1. The following items were considered in the computation of the cash basis net income. Inventory, beginning Inventory, ending Receivables, beginning Receivables, ending Payables, beginning Payables, ending 12,000 18,000 40,000 38,000 19,000 25,000 The accrual basis income isThe statement of financial position of VKS Company dated October 31,2021, shows cash of P2,177,870. The following items were found to comprise this amount: Cash in Bank1, (outstanding checks as of year-end totaled P50,200)-P290,320; Petty cash fund (including expense receipts of P2,500)-P15,000; Undeposited sales receipts -P47,200; Sinking fund cash – P500,000; Cash surrender value of life insurance policy –P800,000; Cash in foreign bank (in equivalent pesos) - P250,000; Cash travel advances in the hands of sales personnel-P25,000; Customer’s check on hand: Traveler’s check – P14,450; Customer’s check dated November 3, 2021- P7,400; Manager’s check- P8,500; 120-day BSP Treasury bills- P120,000; 90 day, BSP treasury bills – P100,000. What is VKS's correct amount of cash and cash equivalents on October 31, 2021?Emma’s balance sheet showed an accounts receivable balance of $75 000 at the beginning of the year and $97 000 at the end of the year. Emma reported sales of $1 150 000 on her income statement. REQUIRED: Using the direct method, determine the amount that Emma will report as cash collections in the operating activities section of the statement of cash flows.
- At year-end, Kyo Company reported cash and cash equivalents which comprised the following: Cash on hand PhP 600,000 Demand deposit 3,000,000 Certificate of deposit 2,500,000 Postdated customer check 250,000 Petty cash fund 100,000 Traveler’s check 250,000 Manager’s check 150,000 Money order…PROBLEM: Tagaytay Company's summary of cash records show the following for the year 2022, its first year of operation: CASH Transactions Debit Credit Cash receipts 1,280,000 Cash Disbursements 825.000 December 31 balances 455.000 You are contacted by the management to compute its net income using the accrual basis of accounting. During the process of preparation, the following were identified by you that will impact your computation: 1. Property, plant and equipment are depreciated on a straight line basis. Annual depreciation is P 105,000. 2. Prepaid insurance of P 18,000 was recognized as expense when it was paid. P 12,000 of the balance relates to year 2023. 3. The entire amount of P 120,000 which was received as advance rental for office space in its building was recognized as rent income when received. P 70,000 of the amount will be earned in 2023. 4. Employees are due P 28,000 at the end of 2022. 5. Uncollected interest from investment at the end of 2022 is P 31.700. 6. It is…n Year 1, Expert Electronics, Incorporated (EEI) recognized $6,500 of sales revenue on account and collected $3,900 of cash from accounts receivable. Further, EEI recognized $2,700 of operating expenses on account and paid $1,600 cash as partial settlement of accounts payable.RequiredBased on this information alone:a. Prepare the operating activities section of the statement of cash flows under the direct method. b. Prepare the operating activities section of the statement of cash flows under the indirect method.