178. The following selected account balances are taken from a merchandising company's records:
Dec. 31
Dec. 31,
For the
2015
2014
Year 2015
Merchandise inventory...............
$ 15,600
$ 21,200
Accounts receivable..................
42,000
36,000
Accounts payable...................
32,400
27,400
Salaries payable....................
4,400
3,000
Total assets.......................
234,000
286,000
Sales............................
$312,000
Cost of goods sold...................
165,600
Salaries expense....................
48,000
(a) Calculate the cash payments made during 2015 for merchandise. Assume all of the company's accounts payable balances result from merchandise purchases.(b) Calculate the cash receipts from customer sales during 2015.(c) Calculate the cash payments for salaries during 2015.
179. Use the following calendar-year information to prepare Adam Company's statement of cash flows using the direct method.
Cash paid to purchase machinery…………………………
$ 124,000
Cash paid for merchandise inventory……………………..
220,000
Cash paid for operating expenses…………………………
280,000
Cash paid for interest……………………………………...
4,000
Cash received for interest…………………………………
10,000
Cash proceeds from sale of land…………………………..
100,000
Cash balance at beginning of year………………………..
15,000
Cash balance at end of year……………………………….
77,000
Cash borrowed on a short-term note………………………
25,000
Cash dividends paid……………………………………….
24,000
Cash received from stock issuance………………………..
57,000
Cash collections from customers………………………….
522,000
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here