FindArena > Find Arena > Money

Thread Tools Display Modes
  #1 ()
erodoGagdug : My aspirations in the computing feel remain strong and it always keeps me up night and days researching about how to program, networking, shell-scripting, linux command line and moreover. Even though my interest in the field of it is highly it always keeps different stuff distracting. For example, whenever I'm planning to learn some basic programming then I suddenly do scripting. Whenever I'm going to read about something it always boring and I cant keep my concentration to the fullest potential. I have a problem to find the best source to learn new things and certain things always keeps distracting me from learning. I just want to find a source where everything about computing is explained in a simple understanding and not frustrating..

  Reply With Quote
  #2 ()
djrmiks : I am a professional freelance editor and writer and was paid on a PNC Bank account for my work. The check is for $3700. So far there are no banks in my area that will cash the check but will let me start an account and hold the check for 30 days. I need to find out where I can cash the check. I live in Arkansas and the check is drawn on a bank in Delaware or Pennsylvania.
  Reply With Quote
  #3 ()
Ìîêëàøèí : Who are you people without bank accounts these days??
  Reply With Quote
  #4 ()
coaplyCap : when i go to cash a cd that i inherit do i pay interest?
  Reply With Quote
  #5 ()
lincbibeder : E1-7 Thornton Computer Timeshare Company entered into the following transactions during
May 2012.
1. Purchased computer terminals for $20,000 from Digital Equipment on account.
2. Paid $4,000 cash for May rent on storage space.
3. Received $17,000 cash from customers for contracts billed in April.
4. Provided computer services to Fisher Construction Company for $3,000 cash.
5. Paid Northern States Power Co. $11,000 cash for energy usage in May.
6. Thornton invested an additional $29,000 in the business.
7. Paid Digital Equipment for the terminals purchased in (1) above.
8. Incurred advertising expense for May of $1,200 on account.
Indicate with the appropriate letter whether each of the transactions above results in:
(a) An increase in assets and a decrease in assets.
(b) An increase in assets and an increase in owner’s equity.
(c) An increase in assets and an increase in liabilities.
(d) A decrease in assets and a decrease in owner’s equity.
(e) A decrease in assets and a decrease in liabilities.
(f) An increase in liabilities and a decrease in owner’s equity.
(g) An increase in owner’s equity and a decrease in liabilities.
  Reply With Quote
  #6 ()
LYxaasysyas : (1) For the just completed year, Strident Company had net income of $84,000. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows:

December 31
End of
Year Beginning
of Year
Current assets:
Cash$60,000 $80,000
Accounts receivable$165,000 $190,000
Inventory$437,000 $360,000
Prepaid expenses$12,000 $14,000
Current liabilities:
Accounts payable$370,000 $390,000
Accrued liabilities$8,000 $12,000
Income taxes payable$36,000 $30,000

The Accumulated Depreciation account had total credits of $50,000 during the year.

Using the indirect method, determine the net cash provided by (used in) operating activities for the year. (Amounts to be deducted and negative amounts should be indicated with a minus sign.)

(2) Paisley Company prepared the following statement of cash flows for the current year:

Paisley Company
Statement of Cash Flows—Indirect Method
Operating activities:
Net income $40,000
Adjustments to convert net income to cash basis:
Increase in accounts receivable (50,000)
Increase in inventory (35,000)
Decrease in prepaid expenses 6,000
Increase in accounts payable 60,000
Decrease in accrued liabilities (12,000)
Increase in income taxes payable 5,000 (4,000)

Net cash provided by operating activities 36,000
Investing activities:
Proceeds from the sale of equipment 24,000
Loan to Allen Company (30,000)
Additions to plant and equipment (120,000)

Net cash used for investing activities (126,000)
Financing activities:
Increase in bonds payable 80,000
Increase in common stock 50,000
Cash dividends (20,000)

Net cash provided by financing activities 110,000

Net increase in cash 20,000
Cash balance, beginning of year 27,000

Cash balance, end of year $47,000

Compute Paisley Company’s free cash flow for the current year. (Negative amount should be indicated by a minus sign.)

Free cash flow $ __________

(3) The following changes took place last year in Herald Company’s balance sheet accounts:

Asset and Contra-Asset Accounts Liabilities and Equity Accounts
Cash$20 I Accounts payable$ 20 I
Accounts receivable$10 D Accrued liabilities$ 10 D
Inventory$30 I Income taxes payable$15 I
Prepaid expenses$5 D Bonds payable$20 D
Long-term investments$30 D Common stock$40 I
Property, plant, and equipment$ 120 I Retained earnings$40 I
Accumulated depreciation$40 I
D = Decrease; I = Increase.

Long-term investments that had cost the company $50 were sold during the year for $45, and land that had cost $30 was sold for $70. In addition, the company declared and paid $35 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Herald did not issue any bonds during the year or repurchase any of its own stock.

The company’s income statement for the year follows:

Sales $ 600
Cost of goods sold 250

Gross margin 350
Selling and administrative expenses

Net operating income 70
Nonoperating items:
Loss on sale of investments$(5)
Gain on sale of land 40 35

Income before taxes 105
Income taxes

Net income $75

The company’s beginning cash balance was $100 and its ending balance was $120.

1.Using the indirect method, determine the net cash provided by / used in operating activities for the year. (Amounts to be deducted and negative amounts should be indicated with a minus sign.)

2.Using the information in (1) above, prepare a statement of cash flows for the year.
  Reply With Quote