1) Avatar Company uses the indirect method to prepare its statement of cash flows. Please refer to the following portion of the comparative balance sheet:
|
|
2014
|
2013
|
Increase/decrease
|
|
Cash
|
$ 21,000
|
$ 18,000
|
$ 3,000
|
|
Accounts receivable
|
31,000
|
35,000
|
(4,000)
|
|
Inventory
|
53,000
|
25,000
|
28,000
|
|
PP&E, net
|
120,000
|
90,000
|
30,000
|
|
Total assets
|
$225,000
|
$168,000
|
$57,000
|
Additional information provided:
Equipment costing $52,000 was purchased for cash.
Equipment with a net asset value of $10,000 was sold for $14,000.
Depreciation expense of $12,000 was recorded during the year.
Please use the following T-account format to analyze the transactions affecting net Property, plant & equipment:
Property, plant & equipment, net
2 ) Avatar Company uses the indirect method to prepare its statement of cash flows and provides following information about transactions for the year:
Plant assets, net-beginning balance: $90,000
Plant assets, net-ending balance: $120,000
Equipment costing $52,000 was purchased for cash
Equipment with a net asset value of $10,000 was sold for $14,000
Depreciation expense of $12,000 was recorded during the year
What was the net amount of Cash from investing activities?
3) Avatar Company uses the direct method to prepare its statement of cash flows. Please refer to the following information reported for the year 2014:
Operating expenses $23,000
Accrued liabilities beginning balance: $1,000
Accrued liabilities ending balance: $2,000
What amount was paid to suppliers for operating expenses on a cash basis?
12) Parmesan Company uses the direct method for its statement of cash flow. It reports the following information regarding the year 2013:
From the income statement:
Revenues: $240,000
Cost of goods sold: $190,000
Operating expenses: $25,000
From the balance sheet: Beginning balance Ending balance
Accounts receivable: $12,000 $15,000
Inventory: $22,000 $18,000
Accounts payable: $7,000 $12,000
Accrued liabilities: $3,000 $1,200
On the statement of cash flows, what amount will be shown for collections from customers?