Questions from Financial Accounting

Q: The balance sheet of Innovative Products reports total assets of $620

The balance sheet of Innovative Products reports total assets of $620,000 and $820,000 at the beginning and end of the year, respectively. The cash return on assets for the year is 25%. Calculate Inno...

Q: Video Shack’s accounts receivable decreases during the year by $9 million

Video Shack’s accounts receivable decreases during the year by $9 million. What is the amount of cash received from customers during the reporting period if its net sales are $73 million?

Q: Electronic Superstore’s inventory increases during the year by $5 million,

Electronic Superstore’s inventory increases during the year by $5 million, and its accounts payable to suppliers increases by $7 million during the same period. What is the amount of cash paid to supp...

Q: Wireless Solutions reports operating expenses of $985,000. Operating

Wireless Solutions reports operating expenses of $985,000. Operating expenses include both rent expense and salaries expense. Prepaid rent increases during the year by $30,000 and salaries payable inc...

Q: Computer World reports income tax expense of $340,000.

Computer World reports income tax expense of $340,000. Income taxes payable at the beginning and end of the year are $60,000 and $75,000, respectively. What is the cash paid for income taxes during th...

Q: The following selected transactions occur during the first year of operations.

The following selected transactions occur during the first year of operations. Determine how each should be reported in the statement of cash flows. 1. Issued one million shares of common stock at $20...

Q: Wifi Around reports net income for the year of $220,

Wifi Around reports net income for the year of $220,000. Retained earnings at the beginning and end of the year are $810,000 and $930,000, respectively. What is the cash paid for dividends during the...

Q: Place the following items in the correct order as they would appear

Place the following items in the correct order as they would appear in the statement of cash flows. Financing activities. Net increase (decrease) in cash. Operating activities. Beginning cash balance....

Q: Laser World reports net income of $650,000. Depreciation

Laser World reports net income of $650,000. Depreciation expense is $50,000, accounts receivable increases $11,000, and accounts payable decreases $30,000. Calculate net cash flows from operating acti...

Q: Macrosoft Company reports net income of $75,000. The

Macrosoft Company reports net income of $75,000. The accounting records reveal depreciation expense of $90,000 as well as increases in prepaid rent, accounts payable, and income tax payable of $70,000...