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

Article critiqueuse the csu online library to locate and

Article Critique Use the CSU Online Library to locate and review a scholarly article found in a peer reviewed journal related to: Unions, Labor Relations, or International Human Resources Management. There is a minimum r ...

Review the short list of account balances from data below

Review the short list of account balances from data below. From the account balances, generate an income statement, a statement of owner's equity and a balance sheet for a hypothetical small business. The adjusted trial ...

Question 1with respect to transferability of ownership

Question 1 With respect to transferability of ownership interests, a sole proprietor may: not transfer her interests may only transfer her interest with approval of the state freely transfer her interests transfer her in ...

Discussion 1-iasb and fasb mergersir david tweedie chairman

Discussion 1-IASB and FASB Merger? Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), is quoted as saying that the IASB and the Financial Accounting Standards Board (FASB) will eventually ...

Assignmentfinal take home examination on basic erp

Assignment Final Take Home Examination on Basic ERP Configuration Concepts Provide brief but clear and specific answers to the following questions. Consult any sources necessary, including SAP's Help features. 1. What ar ...

Discussionsustainable income and ratio analysis please

Discussion "Sustainable Income and Ratio Analysis" Please respond to the following: • Describe sustainable income and the importance of sustainable income in the evaluation of the income statement. Choose at least two it ...

Palmona co establishes a 220 petty cash fund on january 1

Palmona Co. establishes a $220 petty cash fund on January 1. On January 8, the fund shows $125 in cash along with receipts for the following expenditures: postage, $41; transportation-in, $11; delivery expenses, $13; and ...

Accountingbulluse the internet to research an annual report

Accounting • Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or creditor with the most imp ...

Cost accounting systemsconsider the places of employment of

Cost Accounting Systems Consider the places of employment of the team members or businesses with which the team is familiar and the industries in which they operate. Create a 12-slide presentation, including detailed spe ...

Accounting discussionbulldiscuss the advantages of

Accounting Discussion • Discuss the advantages of understanding accounting as it relates to your current or future position. (Consider careers in management, sales, business operations, finance, and business ownership.)

  • 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