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 Pennsylvania = 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 Pennsylvania ($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
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