Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) Cade Corporation's balance sheet and income statement listed below:

Comparative Balance Sheet
 
Ending Balance
Beginning Balance
Assets:
 
 
Cash and cash equivalents
$ 27
$ 26
Accounts receivable
57
53
Inventory
62
55
Plant and equipment
685
580
Accumulated depreciation
( 404)
( 355)
Total assets
$427
$359
Liabilities and stockholders' equity:
Accounts payable.
$ 37
$ 46
Wages payable
21
25
Taxes payable
15
18
Bonds payable
171
170
Deferred taxe
23
22
Common stock
27
30
Retained earnings
 133
   48
Total liabilities and stockholders' equity
$427
$359

 

Income Statement
Sales
$895
Cost of goods sold
557
Gross margin
338
Selling and administrative expense
177
Net operating income
161
ncome taxes
48
Net income
$113

Cade sold some equipment during period which had cost $100 and had accumulated depreciation of $85.  Equipment was sold for $15.

Make a statement of cash flows in good form using indirect method to find out cash from operations. On the basis of cash flow statement reply following problems:

1. How much cash did Cade pay to vendors for inventory in the period?

2. How much cash did Cade pay in income taxes?

3. Compute free cash flow for Cade.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917883

Have any Question? 


Related Questions in Accounting Basics

Current designsas a service to its customers current

CURRENT DESIGNS As a service to its customers, Current Designs repairs damaged kayaks. This is especially valuable to customers that have made a significant investment in the composite kayaks. To price the repair jobs, C ...

Auditing and professional practice assignmentcase study 1

Auditing and Professional Practice Assignment Case Study 1: Consider each of the following independent situations: (a) City Ltd, a property developer, has several major projects in progress in Brisbane's central business ...

Accounting information systems1 you have been asked by the

Accounting Information Systems 1. You have been asked by the CFO of the company where you work or previously worked to evaluate the use of a professional service organization for processing the company's payroll. Identif ...

Del gato clinic deposits all cash receipts on the day when

Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2015, its Cash account shows a(n) $14,287 debit balance. Del Gato ...

Flint hills companys most recent financial statements

Flint Hills Company's most recent financial statements showed dismal performance. There was a net loss of $10,000 and the Statement of Cash Flows showed a net cash decrease in all categories. The company president called ...

Question 1based upon the material covered from the readings

Question #1 Based upon the material covered from the readings and/or videos from Week 8, highlight the three most important concepts you learned this week and how each of these concepts will help you in appreciating the ...

Task -you have recently started as the financial accountant

Task - You have recently started as the Financial Accountant in a new organisation, 'Fruito'. Fruito is a local fruit shop which has both a retail shop selling to the public and distributes produce to other local busines ...

Question 1on december 31 2014 rayco inc had the following

Question 1 On December 31, 2014, Rayco Inc. had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and out ...

Company annual report studychoose any company and make a

COMPANY ANNUAL REPORT STUDY Choose any company and make a report on financial report of company: David Jones Introduction (about 100 words) Conceptual framework (200 words) Critical analysis (200 words) Ethics (not more ...

Please answer the following question analysis needed with

Please answer the following question. Analysis needed with explanation. Use in-text citation and reference page if necessary in APA format. Answers should be must be plagiarism free. Zaldor Corporation sells a specialize ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro