AC302-01_Unit 8_Assignment_Marjorie Bowden

AC302-01_Unit 8_Assignment_Marjorie Bowden - The following...

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Unformatted text preview: The following is accounting information taken from the Hyde Companys records for 2010: 1. Amortization of premium on bonds payable, $600 8. Gain on sale of land, $8,000 2. Purchase of equipment, $6,000 9. Increase in prepaid assets, $500 3. Depreciation expense, $7,400 10. Declaration and payment of cash dividends, $1,800 4. Decrease in accounts receivable, $800 11. Increase in wages payable, $300 5. Decrease in accounts payable, $2,800 12. Patent amortization expense, $1,000 6. Issuance of long-term note for cash, $4,200 13. Net income, $10,800 7. Increase in inventories, $7,500 Required Prepare the net cash flow from operating activities section of the 2010 statement of cash flows for the Hyde Company. E22-2 Net Cash Flow From Operating Activities Name: Marjorie Bowden An asterisk (*) will appear next to an incorrect amount(s) in the outlined cell(s). If you are still getting a red asterisk, and think the answer is correct, but used a formula in the cell try manually typing in the answer according to the rounding instructions. Required Prepare the net cash flow from operating activities section of the 2010 statement of cash flows for the Hyde Company. HYDE COMPANY Statement of Cash Flows (Partial) For Year Ended December 31, 2010 Net Cash Flow from Operating Activities Net Income $10,800 Add: Depreciation expense 7,400 Patent amortization expense 1,000 Decrease in accounts receivable 800 Increase in wages payable 300 Less: Increase in inventories (7,500) Increase in prepaid assets (500) Decrease in accounts payable (2,800) Bond premium amortization (600) Gain on sale of land (8,000) Net cash provided by operating activities $900 E22-2 Net Cash Flow From Operating Activities Adjustment for differences between income flows and cash flows from operating activities: Name: Solutions An asterisk (*) will appear next to an incorrect amount(s) in the outlined cell(s). If you are still getting a red asterisk, and think the answer is correct, but used a formula in the cell try manually typing in the answer according to the rounding instructions. Required Prepare the net cash flow from operating activities section of the 2010 statement of cash flows for the Hyde Company. HYDE COMPANY Statement of Cash Flows (Partial) For Year Ended December 31, 2010 Net Cash Flow from Operating Activities Net Income $10,800 Add: Depreciation expense 7,400 Patent amortization expense 1,000 Decrease in accounts receivable 800 Increase in wages payable 300 Less: Increase in inventories (7,500) Increase in prepaid assets (500) Decrease in accounts payable (2,800) Bond premium amortization (600) Gain on sale of land (8,000) Net cash provided by operating activities $900 E22-2 Net Cash Flow From Operating Activities Adjustment for differences between income flows and cash flows from operating activities: The following is a list of items for the 2010 statement of cash flows of the Witts Company: 1. Receipt from sale of equipment, $2,700 8. Loss on sale of equipment, $2,200 2. Increase in inventory, $3,9002....
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AC302-01_Unit 8_Assignment_Marjorie Bowden - The following...

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