Print by: Sharon Smith
ACC305022GA055-1154-001: Intrmdiate Acc III / Chapter 23 Homework
*Brief Exercise 23-4
Your answer is correct.
Bloom
... [Show More] Corporation had the following 2014 income statement.
Sales revenue $200,000
Cost of goods sold 120,000
Gross profit 80,000
Operating expenses (includes depreciation of $21,000) 50,000
Net income $30,000
The following accounts increased during 2014: Accounts Receivable $12,000; Inventory $11,000; Accounts Payable
$13,000. Prepare the cash flows from operating activities section of Bloom’s 2014 statement of cash flows using the
direct method.
Don't show me this message again for the assignment
Brief Exercise 23-4
Cash received
from customers
= ($200,000 –
$12,000)
= $188,000
Cash payment to suppliers = ($120,000 + $11,000 – $13,000) = $118,000
Cash payment for operating
expenses
= ($50,000 – $21,000) = $29,000
Brief Exercise 23-5
Your answer is correct.
Bloom Corporation had the following 2014 income statement.
Sales revenue $200,000
Cost of goods sold 120,000
Gross profit 80,000
Operating expenses (includes depreciation of $21,000) 50,000
Net income $30,000
The following accounts increased during 2014: Accounts Receivable $12,000; Inventory $11,000; Accounts Payable
$13,000. Prepare the cash flows from operating activities section of Bloom’s 2014 statement of cash flows using the
indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in
parenthesis e.g. (15,000).)
Don't show me this message again for the assignment
Brief Exercise 23-10
Your answer is correct.
Hendrickson Corporation reported net income of $50,000 in 2014. Depreciation expense was $17,000. The following
working capital accounts changed.
Accounts receivable $11,000 increase
Available-for-sale securities 16,000 increase
Inventory 7,400 increase
Nontrade note payable 15,000 decrease
Accounts payable 12,300 increase
Compute net cash provided by operating activities. (Show amounts that decrease cash flow with either a - sign
e.g. -15,000 or in parenthesis e.g. (15,000).)
Don't show me this message again for the assignment [Show Less]