Accounting help,confused with this question.pls help.
The accounting records of Miller Company provided the data below ($ in 000s).
Net income $17500
Depreciation Expense 8400
Increase in acounts receivable 4400
Decrease in inventory 6400
Decrease in prepaid insurance 1500
Decrease salaries payable 2700
Increase in interest payable 900
What is the net cash provided (used) by operating activities?
A. $20,600
B. $27,600
C. $3,800
D. ($27,600)
E. $41,800
Confused with this homework question ,help explaining it?
Spirit Company, a merchandiser, recently completed its 2010 calendar year. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheet and income statement follow:
comparative balance sheet December 31 20120 and 2009
assets 2010 2009
cash 49200 73500
accounts recievable 65830 51000
merchandise inventory 276000 252500
prepaid expenses 1000 1600
equpiment 159000 106500
accum deprecation-equpiment (31000) (40000)
Total assets 520030 445100
Liabilities and Equity
Accounts payable 58555 112000
Short term notes payable 9000 7000
Long term notes payable 65000 48500
common stock $5 par value 162750 150750
Paid in capital in excess of par ,common stock 36000 0
retained earnings 188725 126850
Total Liabilities and equity 520030 445100
SPIRIT COMPANY INCOME STATEMENT FOR YEAR ENDED DECEMBER 31, 2010
sales 584000
cost of goods sold 283000
Gross profit 301000
operating expenses
depreciation expense 20000
other expenses 132400 152400
other gains (losses)
Loss on sale of equipment 5875
Income before taxes 142725
income taxes expense 24250
Net income 118475
Additional Information on Year 2010 Transactions
a. The loss on the cash sale of equipment was $5,875 (details in b).
b. Sold equipment costing $46,500, for a loss of $5,875.
c. Purchased equipment costing $99,000 by paying $35,000 cash and signing a long-term note payable for the balance.
d. Borrowed $2,000 cash by signing a short-term note payable.
e. Paid $47,500 cash to reduce the long-term notes payable.
f. Issued 2,400 shares of common stock for $20 cash per share.
g. Net income and dividends were the only items that affected retained earnings.
What is the net cash flows provided (used) by financing activities?
A. ($118,100)
B. $118,100
C. $54,100
D. ($54,100)
E. $2,500
QUESTION NO 2:
Spirit Company, a merchandiser, recently completed its 2010 calendar year. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheet and income statement follow
same as above
Additional Information on Year 2010 Transactions
a. The loss on the cash sale of equipment was $5,875 (details in b).
b. Sold equipment costing $46,500, for a loss of $5,875.
c. Purchased equipment costing $99,000 by paying $35,000 cash and signing a long-term note payable for the balance.
d. Borrowed $2,000 cash by signing a short-term note payable.
e. Paid $47,500 cash to reduce the long-term notes payable.
f. Issued 2,400 shares of common stock for $20 cash per share.
g. Net income and divide
Small question but I keep getting the wrong answer for this accounting question
Holly Company's accounts receivable increased during the year by $8.5 million. It had a bad debt expense of $3.0 million, and its allowance for uncollectible accounts increased by $1.5 million. What is the amount of cash received from customers if Holly's sales were $50.2 million?
A. $40.2
B. $63.5
C. $60.2
D. $37.2
E. $54.2
Wessen co accounting question,please help!
Wessen Company reports net income of $180,000 for the year ended December 31, 2010.What is the net cash flows?
Wessen Company reports net income of $180,000 for the year ended December 31, 2010. It also reports $45,800 depreciation expense, $21,410 amortization expense and a $15,000 gain on the sale of machinery. Its comparative balance sheets reveal a $28,300 increase in accounts receivable, $20,400 decrease in accounts payable, $10,470 increase in prepaid expenses, and $33,140 decrease in wages payable. What is the net cash flows provided (used) by operating activities using the indirect method?
A. ($140,200)
B. $133,490
C. $139,900
D. ($133,490)
E. $78,300
Wessen Company reports net income of $200,000 for the year ended December 31, 2010. It also reports $40,000 depreciation expense, $22,500 amortization expense and a $15,000 loss on the sale of machinery. Its comparative balance sheets reveal a $225,700 increase in accounts receivable, $31,600 decrease in accounts payable, $15,000 decrease in prepaid expenses, and $48,100 decrease in wages payable. What is the net cash flows provided (used) by operating activities using the indirect method?
A. ($12,900)
B. $57,900
C. $50,400
D. ($57,900)
E. ($50,400)
Wessen co accounting question,please help!
Wessen Company reports net income of $180,000 for the year ended December 31, 2010.What is the net cash flows?
Wessen Company reports net income of $180,000 for the year ended December 31, 2010. It also reports $45,800 depreciation expense, $21,410 amortization expense and a $15,000 gain on the sale of machinery. Its comparative balance sheets reveal a $28,300 increase in accounts receivable, $20,400 decrease in accounts payable, $10,470 increase in prepaid expenses, and $33,140 decrease in wages payable. What is the net cash flows provided (used) by operating activities using the indirect method?
A. ($140,200)
B. $133,490
C. $139,900
D. ($133,490)
E. $78,300
Wessen Company reports net income of $200,000 for the year ended December 31, 2010. It also reports $40,000 depreciation expense, $22,500 amortization expense and a $15,000 loss on the sale of machinery. Its comparative balance sheets reveal a $225,700 increase in accounts receivable, $31,600 decrease in accounts payable, $15,000 decrease in prepaid expenses, and $48,100 decrease in wages payable. What is the net cash flows provided (used) by operating activities using the indirect method?
A. ($12,900)
B. $57,900
C. $50,400
D. ($57,900)
E. ($50,400)
hope someone has answers to this question
Spirit Company, a merchandiser, recently completed its 2010 calendar year. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheet and income statement follow:
comparative balance sheet December 31 20120 and 2009
assets 2010 2009
cash 49200 73500
accounts recievable 65830 51000
merchandise inventory 276000 252500
prepaid expenses 1000 1600
equpiment 159000 106500
accum deprecation-equpiment (31000) (40000)
Total assets 520030 445100
Liabilities and Equity
Accounts payable 58555 112000
Short term notes payable 9000 7000
Long term notes payable 65000 48500
common stock $5 par value 162750 150750
Paid in capital in excess of par ,common stock 36000 0
retained earnings 188725 126850
Total Liabilities and equity 520030 445100
SPIRIT COMPANY INCOME STATEMENT FOR YEAR ENDED DECEMBER 31, 2010
sales 584000
cost of goods sold 283000
Gross profit 301000
operating expenses
depreciation expense 20000
other expenses 132400 152400
other gains (losses)
Loss on sale of equipment 5875
Income before taxes 142725
income taxes expense 24250
Net income 118475
Additional Information on Year 2010 Transactions
a. The loss on the cash sale of equipment was $5,875 (details in b).
b. Sold equipment costing $46,500, for a loss of $5,875.
c. Purchased equipment costing $99,000 by paying $35,000 cash and signing a long-term note payable for the balance.
d. Borrowed $2,000 cash by signing a short-term note payable.
e. Paid $47,500 cash to reduce the long-term notes payable.
f. Issued 2,400 shares of common stock for $20 cash per share.
g. Net income and dividends were the only items that affected retained earnings.
What is the net cash flows provided (used) by financing activities?
A. ($118,100)
B. $118,100
C. $54,100
D. ($54,100)
E. $2,500
QUESTION NO 2:
Spirit Company, a merchandiser, recently completed its 2010 calendar year. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheet and income statement follow
same as above
Additional Information on Year 2010 Transactions
a. The loss on the cash sale of equipment was $5,875 (details in b).
b. Sold equipment costing $46,500, for a loss of $5,875.
c. Purchased equipment costing $99,000 by paying $35,000 cash and signing a long-term note payable for the balance.
d. Borrowed $2,000 cash by signing a short-term note payable.
e. Paid $47,500 cash to reduce the long-term notes payable.
f. Issued 2,400 shares of common stock for $20 cash per share.
g. Net income and divide
Holly co question for accounting homework
Holly Company's accounts receivable increased during the year by $8.5 million. It had a bad debt expense of $3.0 million, and its allowance for uncollectible accounts increased by $1.5 million. What is the amount of cash received from customers if Holly's sales were $50.2 million?
A. $40.2
B. $63.5
C. $60.2
D. $37.2
E. $54.2
