Blossom Inc. had the following condensed balance sheet at the end of operations for 2024. \table[[\table [[Blossom Inc.], [Balance Sheet], [December 31, 2024]]], [Cash, S8, 500, Current liabilities, $15,100 STATEMENT OF CASH FLOWSAdjustments to reconcile net income to $ □ Ad

Certainly! Let's break down each of these financial statements:**Balance Sheet:**The balance sheet…

Answered: Blossom Inc. had the following…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 7MC

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Selected information from Brook Corporations accounting records and financial statements for 2019 follows: On the statement of cash flows for the year ended December 31, 2019, Brook should disclose a net increase in cash in the amount of: a. 1,700,000 b. 2,400,000 c. 3,700,000 d. 4,200,000
Ahmad Co. had the following balances on Dec,31 2019: cash flow provided by operating activities $ 120000, cash flow used by operating activities $ 75000, liabilities $ 100000, non-current liabilities $ 60000, compute the Financial Liquidity ratio: Select one: a..75 b..45 C..888 d. 1.125
Swifty Ltd. had the following 2023 income statement data: Revenues Expenses 1/1/23 Revenues $113,000 In 2023, Swifty had the following activity in selected accounts: 12/31/23 49,200 $63,800 Accounts Receivable 19,100 113,000 34,780 1,320 Write-offs 96,000 Collections Allowance for Expected Credit Losses Write-offs 1.320 Swifty Ltd. Statement of Cash Flows (Indirect Method) 1,300 1.540 1.520 1/1/23 Loss on impairment 12/31/23 Prepare Swifty's cash flows from operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a negative sign e.g. -10,000 or in parenthesis eg. (10,000).
Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). 3M Company Balance Sheets (partial) 2022 2021 Current assets Cash and cash equivalents $3,044 $1,887 Accounts receivable, net 3,100 3,040 Inventories 2,687 3,022 Other current assets 1.894 1,526 Total current assets $10,725 $9.475 Current liabilities $ 4,988 $5,893 (a) Calculate the current ratio and working capital for 3M for 2021 and 2022. (Round current ratio to 2 decimal places, eg 125:1) Current ratio 2021 2.15 :1 2022 1.60 :1 Working capital 2021 %24 5737 million 2022 %24 3582 million
The financial statements of Simon Company include the following items (amounts in thousands): For the Year Ended December Income Statement Net income Depreciation and amortization expense Balance Sheets Accounts receivable Inventory Accounts payable Income taxes payable Required: 31, 2023 $ 433 347 At December 31 2023 2022 $ 103 $ 167 177 131 81 61 152 19 a. Calculate the net cash flow provided by operations for Simon Company for the year ended December 31, 2023. Note: Enter your answer in thousands. (i.e., 20,000 should be entered as 20) b. Net income and cash flows provided by operations may differ because of the timing of cash receipts and payments versus the timing of recognition on the income statement. a. Net cash provided (used) by operating activities b. Net income and cash flows provided by operations differ
Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). 3M Company Balance Sheets (partial) Current assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities 2022 $3,010 3,510 2,765 1,914 2021 $4,770 $1,908 3,195 3,028 1,621 $11,199 $9,752 $5,800
Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). Current assets 3M Company Balance Sheets (partial) Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities Screenshot Current ratio Working capital 2022 $ $3,180 3,600 2,738 1,932 $11,450 $4,830 2021 $1,836 3,180 3,019 1,590 Suppose that at the end of 2022, 3M management used $183 million cash to pay off $183 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25: 1. Enter working capital answer to million.) $9,625 $5,887 :1 million Done
The current sections of Oriole Inc.'s balance sheets at December 31, 2021 and 2022, are presented here. Oriole's net income for 2022 was $152,400. Depreciation expense was $26,900. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $104,800 81,500 169,000 26,900 $382,200 $14,500 84,400 $98,900 2021 Adjustments to reconcile net income to $96,200 89,200 172,200 22,400 V $380,000 $9,800 95.900 Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2022, 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).) $105,700 ORIOLE INC. Partial Statement of Cash Flows $ O
Indigo Company has been operating for several years, and on December 31, 2025, presented the following balance sheet. Cash Receivables Inventory Plant assets (net) (a) Current ratio (b) (c) (d) INDIGO COMPANY Balance Sheet December 31, 2025 $40,800 Accounts payable 74,700 Mortgage payable The net income for 2025 was $24,828. Assume that total assets are the same in 2024 and 2025. Compute each of the following ratios. (Round answers to 2 decimal places, e.g. 1.59 or 45.87%.) Acid-test ratio 88,900 209,400 $413,800 Debt to assets ratio Common stock ($1 par) Retained earnings Return on assets % $70,000 126,555 164,500 52,745 % $413,800
Skysong Inc. had the following condensed balance sheet at the end of operations for 2024. Cash Current assets other than cash Equity investments Plant assets (net) Land 1. During 2025, the following occurred. 2. 3. 4. 5. 6. 7. 8. Skysong Inc. Balance Sheet December 31, 2024 $8,400 29,200 19,800 66,900 (a) 40,100 $164,400 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $15,000 25,500 25,000 75,000 23,900 $164,400 A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $10,000 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $29,900 after allowing depreciation of $13,600. Land was purchased through the issuance of $22,600 in bonds. Skysong Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the comp No unrealized gains or losses were recorded on these investments in 2025. Both…
Cheyenne Inc. had the following balance sheet at December 31, 2024. Cash Accounts receivable Investments Plant assets (net) Land 1. 2. 3. 4. During 2025, the following occurred. 5. 6. 7. Cheyenne Inc. Balance Sheet December 31, 2024 8. $23,760 24,960 35,760 81,000 43,760 $209,240 Accounts payable Notes payable (long-term) Common stock Retained earnings $33,760 44,760 103,760 26,960 $209,240 Cheyenne Inc. sold part of its debt investment portfolio for $17,060. This transaction resulted in a gain of $5,460 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $16,760 cash. Long-term notes payable in the amount of $18,060 were retired before maturity by paying $18,060 cash. An additional $22,060 in common stock was issued at par. Dividends of $10,260 were declared and paid to stockholders. Net income for 2025 was $35,760 after allowing for depreciation of $13,060. Land was purchased through the issuance of $38,760 in bonds. At…

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Blossom Inc. had the following condensed balance sheet at the end of operations for 2024. \table[[\table [[Blossom Inc. ], [Balance Sheet], [December 31, 2024]]], [Cash, S8, 500, Current liabilities, $15,100 STATEMENT OF CASH FLOWS Adjustments to reconcile net income to $ □ Ad