Managerial Accounting 1B Ch12

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Managerial Accounting 1B

Financial and Managerial Accounting

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Chapter 12

Exercise 12-5B Computation of cash flows (direct) L.O. P5

Case A:

Compute cash received from customers:

Sales

$

510,000

Accounts receivable, December 31, 2011

25,200

Accounts receivable, December 31, 2012

34,800

Case B:

Compute cash paid for rent:

Rent expense

$

140,800

Rent payable, December 31, 2011

8,800

Rent payable, December 31, 2012

7,200

Case C:

Compute cash paid for merchandise:

Cost of goods sold

$

528,000

Merchandise inventory, December 31, 2011

159,600

Accounts payable, December 31, 2011

67,800

Merchandise inventory, December 31, 2012

131,400

Accounts payable, December 31, 2012

84,000

For each of the above three separate cases, use the information provided about the calendar-year 2012 operations of Sahim Company to compute the required cash flow information. (Omit the “$” sign in your response.)

Case A:

Cash received from customers

Case B:

Cash paid for rent

Case C:

Cash paid for merchandise

Exercise 12-6 Cash flows from operating activities (indirect) L.O. P2

BEKHAM COMPANY
Income Statement
For Year Ended December 31, 2011

Sales

$

1,818,000

Cost of goods sold

891,000

Gross profit

927,000

Operating expenses

Salaries expense

$

248,535

Depreciation expense

43,200

Rent expense

48,600

Amortization expenses–Patents

5,400

Utilities expense

19,125

364,860

562,140

Gain on sale of equipment

7,200

Net income

$

569,340

Changes in current asset and current liability accounts for the year that relate to operations follow.

Accounts receivable

$

40,500

increase

Accounts payable

$

13,500

decrease

Merchandise inventory

27,000

increase

Salaries payable

4,500

decrease

Use the above income statement and information about changes in noncash current assets and current liabilities to prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method.(Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response)

Exercise 12-7B Cash flows from operating activities (direct) L.O. P5

Changes in current asset and current liability accounts for the year that relate to operations follow.

Use the above income statement and information about changes in noncash current assets and current liabilities to prepare only the cash provided or used by operating activities section of the statement of cash flows for this company using the direct method.(Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response.)

Exercise 12-10 Preparation of statement of cash flows (indirect) L.O. P1

[The following information applies to the questions displayed below.]

Use the following financial statements and additional information.

Additional Information

a.

A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash.

b.

The only changes affecting retained earnings are net income and cash dividends paid.

c.

New equipment is acquired for $58,600 cash.

d.

Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain.

e.

Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.

f.

All purchases and sales of merchandise inventory are on credit.

Exercise 12-10 Part 1

(1)

Prepare a statement of cash flows for the year ended June 30, 2011, using the indirect method.(Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response.)

Exercise 12-10 Part 2

(2)

Compute the company’s cash flow on total assets ratio for its fiscal year 2011.(Round your answer to 1 decimal place. Omit the “%” sign in your response.)

Cash flow on total assets ratio

Exercise 12-13B Preparation of statement of cash flows (direct) from Cash T-account L.O. P1

[The following information applies to the questions displayed below.]

The following summarized Cash T-account reflects the total debits and total credits to the Cash account of Texas Corporation for calendar year 2011.

Cash

Balance, Dec. 31, 2010

135,200

Receipts from customers

6,000,000

Payments for merchandise

1,590,000

Receipts from dividends

208,400

Payments for wages

550,000

Receipts from land sale

220,000

Payments for rent

320,000

Receipts from machinery sale

710,000

Payments for interest

218,000

Receipts from issuing stock

1,540,000

Payments for taxes

450,000

Receipts from borrowing

2,600,000

Payments for machinery

2,236,000

Payments for long-term investments

2,260,000

Payments for note payable

386,000

Payments for dividends

500,000

Payments for treasury stock

218,000

Balance, Dec. 31, 2011

$

?

6. Exercise 12-13B Part 1

(1)

Use this information to prepare a complete statement of cash flows for year 2011. The cash provided or used by operating activities should be reported using the direct method. (Amounts to be deducted should be indicated with a minus sign. Omit the “$” sign in your response.)

7. Exercise 12-13B Part 2

(2)

Refer to the statement of cash flows in part 1 to answer the following questions a through d:

a.

(i) Which section shows the largest cash inflow?

a.

(i) Which section shows the largest cash inflow?

(ii) Which section shows the largest cash outflow?

b.

What is the largest individual item among the investing cash outflows?

c.

The cash proceeds are larger from

d.

From borrowing activities the company has

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