Ch 23 HWp - Chapter 23 Homework P 23-3(do Indirect in class Cash flows from operating activities Cash receipts from customers(a Payments for

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Chapter 23 Homework P 23-3 (do Indirect in class) Cash flows from operating activities: Cash receipts from customers (a) 3,520 Payments for merchandise (b) 1,270 Salaries and benefits 725 Heat, light, and power 75 Property taxes 19 Interest 30 Misc 10 Income taxes © 808 2,937 Net Cash Provided by Operating Activities 583 Cash flows from investing activities: Sale of available-for-sale investments 40 Purchase of buildings and equipment (310) Purchase of land (80) Net Cash Used by Investing Activities (350) Cash flows from financing activities Sale of stock 600 Dividends paid (600) - Increase in cash 233 Cash, Jan 1 100 Cash Dec 31 333 a Sales 3,800 Deduct ending AR (780) Add beginning AR 500 Cash receipts (collections from customers) 3,520 b Cost of goods sold 1,200 Add ending inventory 720 Goods available for sale 1,920 Deduct beginning inventory (560) Purchases 1,360 Deduct ending accounts payable (420) Add beginning accounts payable 330 Cash purchases (payments for merchandise) 1,270 c Income taxes expense 818 deduct ending taxes payables (40) Add beginning taxes payable 30 Income taxes (cash) 808
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Accounts Receivable Sales given 500 3800 sales sales 3800 3520 plug given 780 Cash plug 3520 Begin inven + purch - end inven = CGS Purch = end inven - begin inven + CGS = 1360 Accounts Payable Purchases 330 given purch 1360 plug 1270 1360 purch 420 given Cash 1270 plug
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C 23-2 a From the information given, it appears that from an operating standpoint the Store did not have a superb first year, having suffered a $11,000 net loss. The SCF is not prepared in correct form.
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This note was uploaded on 01/13/2011 for the course ACT AC 557 taught by Professor George during the Spring '10 term at DeVry Chicago.

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Ch 23 HWp - Chapter 23 Homework P 23-3(do Indirect in class Cash flows from operating activities Cash receipts from customers(a Payments for

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