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We can loan up to $500 to Pell City occupants, in view of qualifying elements. On the off chance that endorsed, your credit will be expected on your next payday that falls in the vicinity of 10 and 31 days after you get your advance. Nitty gritty data with respect to expenses and reimbursement is accessible on our Rates and Terms page. As you consider whether an advance is proper for your prompt needs, you ought to likewise investigate other subsidizing alternatives. A payday credit is a genuine budgetary duty, and not an answer for long haul issues. Getting from a companion of relative may be a superior alternative.
I need help like BAD!! Accounting is torture and tutoring doesnt start until next Monday. Ok so the Info is: 1) The income statement of Panchoxi Company is shown below: Ponchoxi Co. Income Statement For the year ended Decemeber 31, 2009 Sales $800,000 Cost of Goods sold 540,000 Gross Profit 260,000 (from 800,000 - 540,000) Operating Expenses" Selling and Admin expenses $120,000 Depreciation Expense 9,000 Amortization expense 3,000 ($132,000) Net Income 128,000 Additional Info: 1. account receivable increased $40,000 during the year 2. inventory increased $25,000 during the year 3. Prepaid rent increased $20,000 during the year 4. Accounts Payable to merchandise suppliers increased $10,000 during the year 5. Salaries payable increased $18,000 during the year Instructions: Prepare the operating activites section of the statement of cash flows for the year ended December 31, 2009, for Panchoxi Companys, using the direct method. Show your work
Cash receipts from customers = Sales - increase in Pell City = 760,000 Cash paid to suppliers and employees: Cost of purchases = COGS + increase in inventories = 540,000 + 25,000 = 565,000 Cash payment to suppliers = Cost of purchases - increase in AP = 565,000 - $10,000 = 555,000 Cash paid for operating expenses = Op'g expenses (excl. depn & amortisation) + increase in prepaids - increase in Salaries payable = 120,000 + 20,000 - 18,000 = 122,000 Cash flow statement: Cash flows from op'g activities Cash receipts from customers $760,000 Cash paid to suppliers & employees (555k + 122k) $677,000 Net cash from op'g activities $83,000 Counter-check using the indirect method Cash flows from op'g activities Net income 128,000 Adjustments for- Depreciation Expense 9,000 Amortization expense 3,000 Changes in working capital- Increase in Pell City ($40,000) Increase in inventory ($25,000) Increase in Prepaid rent ($20,000) Increase in AP $10,000 Increase in Salaries payable $18,000 Net cash from op'g activities $83,000
With the direct method of preparing a statement of cash flow you show gross changes in receipts and payments. WIth indirect method you beging with net income and then list cash provided or used in operating, investing and financing activities. I prefer the indirect method.