Chapter 13 Homework Questions_FORMATTED

Chapter 13 Homework Questions_FORMATTED - Chapter 13...

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Chapter 13 Homework Questions E13-1 Matching Items Reported to Cash Flow Statement Categories (Indirect Method) LO1 Reebok International Ltd. is a global company that designs and markets sports and fitness products, including footwear, apparel, and accessories. Some of the items included in its recent annua statement of cash flows presented using the indirect method are listed here. Indicate whether each item is disclosed in the Operating Activities (O), Investing Activities (I), or Financing Activities (F) section of the statement or (NA) if the item does not appear on the statement. (Note: This is the exact wording used on the actual statement.) 1. Dividends paid. F 2. Repayments of long-term debt. F
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3. Depreciation and amortization. O 4. Proceeds from issuance of common stock to employees. F 5. [Change in] Accounts payable and accrued expenses. O 6. Cash collections from customers. NA 7. Net repayments of notes payable to banks. F
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8. Net income. O 9. Payments to acquire property and equipment. I 10. [Change in] Inventory. O
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E13-6 Reporting Cash Flows from Operating Activities (Indirect Method) LO2 The following information pertains to Satellite Company: Income Statement for 2012 Sales $ 86,600 Expenses Cost of goods sold $ 51,775 Depreciation expense 8,400 Salaries expense 11,400 71,575 Net income $ 15,025 Partial Balance Sheet 2012 2011 Accounts receivable $ 10,900 $ 14,000 Inventory 12,800 9,100 Salaries payable 1,670 940 Required:
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Present the operating activities section of the statement of cash flows for Satellite Company using the indirect method. Statement of Cash Flows Net income $ 15,025 Depreciation expense 8,400 Accounts receivable decrease 3,100 Inventory increase -3,700 Salaries payable increase 730 Net cash provided by operating activities $ 23,555
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E13-13 (Supplement B) Computing and Reporting Cash Flow Effects of the Sale of Equipment During the period, Wong Company sold some excess equipment at a loss. The following information was collected from the company’s accounting records: From the Income Statement Depreciation expense $ 860 Loss on sale of equipment 4,000 From the Balance Sheet Beginning equipment 19,100 Ending equipment 10,400 Beginning accumulated depreciation 1,860 Ending accumulated depreciation 1,890 No new equipment was bought during the period.
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Required: 1 . For the equipment that was sold, determine its original cost, its accumulated
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Chapter 13 Homework Questions_FORMATTED - Chapter 13...

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