Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Chapter 21, Problem 21.4BE
To determine
Statement of cash flows: This statement reports all the cash transactions which are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period.
Journal: Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system
Rules of Debit and Credit:
Following rules are followed for debiting and crediting different accounts while they occur in business transactions:
- Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
- Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.
To Journalize: The given transaction of Company SBP, to determine the net effect of salaries expense incurred and paid in the accounting year.
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Question 12
The following data pertain to Gliezel company on December 31, 20B: Trade accounts payable, including cost of goods received on consignment of P180,000 is 1,620,000; Accrued taxes payable, 150,000; Customers' deposit, 120,000; Cherry company as guarantor, 240,000; Bank overdraft, 66,000; Accrued electric and power bills, 72,000; Reserve for contingencies, 180,000. How much should be shown as total current liabilities?
CHOICES
2,208,000
2,088,000
1,980,000
1,848,000
Problem 12-197 (LO 12-2]
Selected balance sheet Informatlon and the Income statement for Ploneer Industries for the current year are presented
below.
Selected Balance Sheet Accounts
Prior Year
Current Year
Accounts Receivable
$26, 200
36, e0e
2,600
20,600
5,200
$18,000
39,600
Inventories
Prepaid Rent
Accounts Payable
Salaries and Wages Payable
26, 8ee
7,800
Income Statement
Sales Revenue
$540,000
Expenses:
Cost of Goods Sold
308, 000
Depreciation Expense
Salaries Expense
36, 000
54, 000
21,600
21,600
19,800
Rent Expense
Insurance Expense
Interest Expense
Utilities Expense
18,e00
Net Income
$ 61, 000
Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the Indirect method. (Enter
any deductions and cash outflows as a negative value.)
Pioneer Industries
Cash Flows from Operating Activities
Adjustments to reconcile net income to net cash provided by operating activities:
Changes in current assets and current liabilities:
44
The financial statements of Kureno Company included the following information:
January 1, 2020 December 31, 2020
Accounts Receivable 1,200,000
Allowance for doubtful accounts 60,000
Sales 8,000,000
Cash collected from customers 7,000,000
The cash collections included a recovery of P10,000 from a customer whose account had been written off as worthless in 2019. During 2020, it was necessary to recognize doubtful accounts expense of P100,000 and write off worthless customers’ accounts of P30,000. On December 1, 2020, a customer settled an accounts of P30,000. On December 1, 2020, a customer settled an account…
Chapter 21 Solutions
Intermediate Accounting, 10 Ed
Ch. 21 - Effects of all cash flows affect the balances of...Ch. 21 - Prob. 21.2QCh. 21 - Prob. 21.3QCh. 21 - Prob. 21.4QCh. 21 - Prob. 21.5QCh. 21 - Prob. 21.6QCh. 21 - Prob. 21.7QCh. 21 - The sale of stock and the sale of bonds are...Ch. 21 - Does the statement of cash flows report only...Ch. 21 - Prob. 21.10Q
Ch. 21 - Perhaps the most noteworthy item reported on an...Ch. 21 - Prob. 21.12QCh. 21 - Given sales revenue of 200,000, how can it be...Ch. 21 - Prob. 21.14QCh. 21 - When determining the amount of cash paid for...Ch. 21 - Prob. 21.16QCh. 21 - When using the indirect method of determining net...Ch. 21 - Prob. 21.18QCh. 21 - Prob. 21.19QCh. 21 - Where can we find authoritative guidance for the...Ch. 21 - U.S. GAAP designates cash outflows for interest...Ch. 21 - Prob. 21.1BECh. 21 - Prob. 21.2BECh. 21 - Prob. 21.3BECh. 21 - Prob. 21.4BECh. 21 - Investing activities LO215 Carter Containers sold...Ch. 21 - Financing activities LO216 Refer to the situation...Ch. 21 - Prob. 21.11BECh. 21 - Prob. 21.12BECh. 21 - Classification of cash flows LO213 through LO216...Ch. 21 - Indirect method; reconciliation of net income to...Ch. 21 - Prob. 21.29ECh. 21 - Prob. 21.30ECh. 21 - Prob. 21.31ECh. 21 - Prob. 21.32ECh. 21 - Prob. 21.1PCh. 21 - Research Case 219 FASB codification; locate and...Ch. 21 - IFRS Case 2110 Statement of cash flows...
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