123 assuming the decrease in accrued expenses during

Info icon This preview shows pages 53–63. Sign up to view the full content.

View Full Document Right Arrow Icon
123. Assuming the decrease in accrued expenses during fiscal year 2012 included a $14,000 reduction due to interest on debt, compute the interest expense (net) for Kinney in that year.
Image of page 53

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
124. Kinney reported cost of goods sold of $168,114,150 in its fiscal 2012 income statement. Assuming that Kinney uses accounts payable strictly for inventory purchases and that all such purchases are on credit, how much cash did Kinney pay during the year for inventories: (a) To inventory suppliers? (b) To employees? 125. Determine the amount of cash received from customers for each of the two independent situations below.
Image of page 54
126. Following are the income statement and some additional information for Carolina Consulting Company. All sales were on credit and accounts receivable decreased by $900 in 2013 compared to 2012. Merchandise purchases were on credit with a decrease in accounts payable of $700 during the year. Ending inventory was $500 larger than beginning inventory. Income taxes payable increased $300 during the year. All operating expenses were paid for in cash. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the direct method.
Image of page 55

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
127. Partial balance sheets and additional information are listed below for Sowell Company. Additional information for 2013: Net income was $88,000. Depreciation expense was $19,000. Required: Prepare the operating activities section of the statement of cash flows for 2013 using the indirect method.
Image of page 56
128. Partial balance sheets and additional information are listed below for Rickey Company. Additional information for 2013: Net income was $160,000. Depreciation expense was $20,000. Required: Prepare the operating activities section of the statement of cash flows for 2013 using the indirect method.
Image of page 57

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
129. The accounting records of Eastlake Industries provided the data below. Required: Prepare a reconciliation of net income to net cash flows from operating activities.
Image of page 58
130. The accounting records of Westlake Industries provided the data below. Required: Prepare a reconciliation of net income to net cash flows from operating activities.
Image of page 59

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
131. Following are the income statement and some additional information for Parson Corporation for 2013. All sales were on credit and accounts receivable increased by $600 in 2013 compared to 2012. Merchandise purchases were on credit with an increase in accounts payable of $400 during the year. Ending inventory was $500 larger than beginning inventory. Income taxes payable increased $300 during the year. All operating expenses were paid for in cash. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.
Image of page 60
132. The accounting records of Harrison Company provided the data below. Required: Prepare a reconciliation of net income to net cash flows from operating activities.
Image of page 61

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
133. The accounting records of Unlucky Company provided the data below.
Image of page 62
Image of page 63
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern