Ch 21, part 2 Homework.xlsx - SYNTRIC COMPANY Income...

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SYNTRIC COMPANY(1)CashIncome StatementAccounts ReceivableFor the Year Ended December 31, 2013Sales($ in 000s)(2)Cost of goods soldSales312InventoryCost of goods sold(188)Accounts PayableGross margin124CashSalaries expense41Insurance expense22(3)Salaries expenseDepreciation expense11Salaries payableDepletion expense5CashBond interest expense10(89)Gains and losses:(5)Insurance expenseGain on sale of equipment25Prepaid insuranceLoss on sale of land(8)CashIncome before tax52Income tax expense(26)(4)Bond interest expenseNet income26Discounton bonds paCash Flows from Operating ActivitiesCashCash received from customers258(1)Cash paid to suppliers(175)(2)(6)Income tax expenseCash paid to employees(37)(3)Income tax payableCash paid for interest(9)(4)CashCash paid for insurance(16)(5)Cash paid for income taxes(14)(6)Net cash flows from operating activities7Reconciliation of Net income to Net Cash Flows from Operating Activities($ in 000s)Net income26Adjustments for noncash effects:Depreciation expense11Depletion expense5Gain on sale of equipment(25)Loss on sale of land8Changes in operating assets and liabilitiesIncrease in accounts receivable(54)Increase in accounts payable13Increase in salaries payable4Decrease in prepaid insurance6Decrease in bond discount1Increase in tax payable12Net cash flows from operating activities7
25854312188013175414372261610ayable19261214
PEACH COMPUTERSReconciliation of Net income toIncome StatementNet Cash Flows from Operating ActivitiesFor the Year Ended December 31, 2013Net income22Adjustments for noncash effects:Sales305Depreciation expense11Cost of goods sold(185)Loss on sale of land5Gross margin120Changes in operating assets and liabilitiesSalaries expense41Decrease in accounts receivable6Insurance expense19Increase in inventory(13)Depreciation expense11Decrease in accounts payable(8)Loss on sale of land576Increase in salaries payable5Income before tax44Decrease in prepaid insurance9Income tax expense(22)Increase in income tax payable20Net income22Net cash flows from operating activities57Requirement 1Calculate:31120636102Requirement 2Direct methodCash Flows from Operating Activities311Cash received from customersCash paid to suppliers(206)Cash paid to employees(36)Cash paid for insurance(10)Cash paid for income taxes(2)Net cash flows from operating activities57Cash received from customers during the reporting period.

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Term
Fall
Professor
MarieMain

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