Question : 29) Team Shirts, Inc. recognized $13,880 in salaries and wages : 1253001

 

29) Team Shirts, Inc. recognized $13,880 in salaries and wages expense for the quarter.  At the beginning of the quarter, the balance in Salaries Payable was $2,300.  At the end of the quarter, the balance was $3,425. How is the accounting information for these items reported on the statement of cash flows using the indirect method?

 

30) Use the following information from Artizan, Inc., to prepare the operating activities section of the statement of cash flows for May using the indirect method.

 

Beginning cash balance:

$21,470

Ending cash balance:

63,735

Net change in accounts receivable

1,800

Net change in inventory

(2,675)

Net change in accounts payable

(890)

Depreciation expense

8,000

Net income

23,450

Cash paid for dividends

625

Cash received from a loan

9,000

Purchase of treasury of stock

3,780

Cash received from sale of studio equipment

6,235

 

Answer:  Artizan, Inc.

Statement of Cash Flows

For the Month Ended May 31, 2011

Cash flows from operating activities:

 

 

  Net income

$23,450

 

  Depreciation expense

8,000

 

  Net increase in accounts receivable

(1,800)

 

  Net decrease in inventory

2,675

 

  Net decrease in accounts payable

(890)

 

Net cash from operating activities

 

$31,435

 

 

Diff: 3

Skill:  Analytic skills

31) Team Shirts, Inc. recognized $4,690 of insurance expense for the year. At the beginning of the year, the balance in Prepaid insurance was $400. At the end of the year, the balance was $775. How is the accounting information for these items reported on the statement of cash flows using the indirect method?

 

32) Team Shirts, Inc. recognized $4,690 of insurance expense for the year.  At the beginning of the year, the balance in Prepaid insurance was $775.  At the end of the year, the balance was $400. How is the accounting information for these items reported on the statement of cash flows using the indirect method?

 

33) Use the following information from The Mane Event, Inc., to prepare the operating activities section of the statement of cash flows for the year ended December 31, 2011 using the indirect method.

Beginning cash balance

$40,000

Cash paid for dividends

(600)

Cash received from a loan

10,000

Depreciation expense

3,000

Net change in accounts receivable

(1,000)

Net change in inventory

2,000

Net change in accounts payable

900

Net income

10,000

Proceeds from sale of studio equipment

5,000

Purchase of treasury of stock

(4,000)

 

 

 

34) Use the following information from Artizan, Inc. to prepare the statement of cash flows for May using the indirect method.

Beginning cash balance:

$21,470

Ending cash balance:

63,735

Net change in accounts receivable

1,800

Net change in inventory

(2,675)

Net change in accounts payable

(890)

Depreciation expense

8,000

Net income

23,450

Cash paid for dividends

625

Cash received from a loan

9,000

Purchase of treasury of stock

3,780

Cash received from sale of studio equipment

6,235

 

 

 

 

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