16.Wilson Corporation reported cost of goods sold of $100,000. On January 1, Wilson Corporation had inventory and accounts payable of $21,000 and $33,000, respectively. On December 31, inventory and accounts payable were $28,000 and $20,000, respectively. Calculate cash payments to suppliers of inventory.
17.Parton Inc.. reported accounting service revenue of $450,000 for 2009. On January 1, 2009, Parton Inc. had $38,000 of accounts receivable and $0 of cash deposits received from customers. On December 31, 2009, accounts receivable and deposits received were $49,000 and $6,000, respectively. Calculate the amount of cash collected from clients during 2009.
18.Lawson Co. sold equipment that cost $40,000 and a current book value of $18,000, for $20,000 cash. Lawson purchased additional equipment during the year. Data from the company’s balance sheets at December 31, 2009 and 2008 are:
|
12/31/09
|
12/31/08
|
Equipment
|
$650,000
|
$520,000
|
Accumulated depreciation
|
106,000
|
82,000
|
Show how the results of the transactions will appear on the statement of cash flows using the indirect method.
19.Relevant account balances for Jeremy Supply Co. are:
Accounts
|
12/31/09
|
1/01/09
|
Accounts receivable
|
$16,000
|
$ 9,000
|
Inventory
|
6,000
|
3,000
|
Accounts payable
|
11,000
|
20,000
|
Income information:
|
|
|
Revenue
|
|
$ 48,000
|
Cost of goods sold
|
$27,000
|
|
Operating expenses
|
18,000
|
|
Depreciation
|
5,000
|
50,000
|
Net loss
|
|
$ (2,000)
|
Determine the amount of cash provided (used) by operations for 2009.
20.Benton Company reported insurance expense of $301,000 during the current year. On January 1 and December 31 of the current year, prepaid insurance was $28,000 and $41,000, respectively. Calculate cash paid for insurance premiums for the current year.