Reporting and Analyzing Cash Flows

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1 Chapter 17 Reporting and Analyzing Cash Flows QUICK STUDY SOLUTIONS Quick Study 17-1 (10 minutes) 1. Operating 6. Operating 2. Operating 7. Investing 3. Financing 8 Operating 4. Financing 9. Operating 5. Operating 10. Investing Quick Study 17-2 (10 minutes) 1. Financing outflow 6. Operating inflow 2. Investing inflow 7. Operating outflow 3. None (separate schedule) 8. None (cash not affected) 4. None (separate schedule) 5. Financing inflow Quick Study 17-3 (10 minutes) 1. Operating activity changes in current accounts are included in operating activities. 2. Investing activity Changes in noncurrent assets that do not affect net income are included in investing activities. 3. Operating activity Depreciation directly affects net income and therefore is included in operating activities. 4. Operating activity Changes in current liabilities are generally included in operating activities. 5. Financing activity Changes in noncurrent liabilities that do not affect net income are included in financing activities. 6. Investing activity The gross amounts received on disposal of noncurrent assets are included in investing activities. Quick Study 17-4 (10 minutes) 1. Long-term bonds were retired by issuing common shares. 3. A 3:2 share split was declared. 6. Property, plant and equipment were acquired by borrowing from the bank. Quick Study Solutions to accompany Fundamental Accounting Principles, 14th Canadian Edition McGraw-Hill Ryerson Ltd. 1

2 Quick Study 17-5 (15 minutes) Net loss... $(24) Adjustments: Depreciation... $ 25 Accounts receivable decrease... 8 Inventory increase... (27) Prepaid rent increase... (1) Office supplies decrease... 1 Accounts payable decrease... (2) Unearned fees increase Net cash outflow from operations... $(15) Quick Study 17-6 (15 minutes) Net income... $28 Adjustments: Depreciation... $ 5 Accounts receivable increase... (26) Inventory decrease... 3 Prepaid rent decrease... 2 Accounts payable increase... 7 Accrued liabilities decrease... (4) (13) Net cash inflow from operations... $15 Quick Study 17-7 (10 minutes) Net income... $24,500 Adjustments: Depreciation... $ 5,000 Accounts receivable decrease... 1,000 Inventory increase... (1,500) Wages payable increase ,400 Net cash inflow from operations... $29,900 Quick Study 17-8 (10 minutes) Net income... $49,000 Adjustments: Depreciation... $ 6,000 Loss on sale of plant and equip.... 1,000 Inventory decrease... 3,000 Accounts payable decrease... (900) Income taxes payable increase... 1,200 10,300 Net cash inflow from operations... $59,300 Quick Study Solutions to accompany Fundamental Accounting Principles, 14th Canadian Edition McGraw-Hill Ryerson Ltd. 2

3 Quick Study 17-9 (20 minutes) a. $300 + x $150 = $328; x = $178 paid for purchase of equipment Equipment Dec. 31, 2013 Bal. 300 Purchase of equipment Sale of equipment Dec. 31, 2014 Bal. 328 b. $95 + $20 x = $100; x = $15 accumulated depreciation related to the equipment that was sold; $150 $15 - $30 = $105 cash received for sale of equipment. Alternatively calculated using a T-account and a reconstruction of the journal entry for the sale of the equipment: Accumulated Depreciation, Equipment 95 Dec. 31, 2013 Bal. Sale of equipment deprec. expense 100 Dec. 31, 2014 Bal. Accumulated Depreciation (calculated from T-account) Cash (calculated as $150 $15 $30 = $105) Loss on Sale of Equipment (given) Equipment (given) Reconstructed journal entry for the sale of the equipment. Quick Study Solutions to accompany Fundamental Accounting Principles, 14th Canadian Edition McGraw-Hill Ryerson Ltd. 3

4 Quick Study (20 minutes) a. The cash paid for the purchase of the franchise during 2014 was $25 ($20 + $5). b. The cash proceeds for equipment sold during 2014 were $70* c. The change in cash and cash equivalents during 2014 were ($25 + $25) ($5 + $30) = $15 increase. *Calculate the values from a reconstruction of the T-accounts and journal entries: To calculate the cost of the equipment sold: Equipment Dec. 31, 2013 Bal. 265 Equipment Sale of Equipment Dec. 31, 2014 Bal. 260 To calculate the accumulated depreciation related to the equipment that was sold: Accumulated Depreciation, Equipment 90 Dec. 31, 2013 Bal. Sale of equipment deprec. expense 80 Dec. 31, 2014 Bal. Accumulated Depreciation (calculated from T-account above) Cash (calculated as $75 + $35 $40 = $70) Gain on Sale of Equipment Equipment Reconstructed entry for the sale of the equipment. Quick Study Solutions to accompany Fundamental Accounting Principles, 14th Canadian Edition McGraw-Hill Ryerson Ltd. 4

5 Quick Study (20 minutes) a. Common shares increased by $20 because additional shares were issued (calculated as $90 + x = $110; x = $20). Common Shares 90 Dec. 31, 2013 Bal. 20 Issued shares 110 Dec. 31, 2014 Bal. b. Notes payable decreased because a $25 principal payment was made (calculated as $40 x = $15). Notes Payable, Long Term 40 Dec. 31, 2013 Bal. Principal 25 payment 15 Dec. 31, 2014 Bal. c. $21 in dividends were paid during 2014 based on a reconciliation of the retained earnings account ($88 + $80 x = $147; x = $21). Retained Earnings 88 Dec. 31, 2013 Bal. Dividends Net income 147 Dec. 31, 2014 Bal. Quick Study Solutions to accompany Fundamental Accounting Principles, 14th Canadian Edition McGraw-Hill Ryerson Ltd. 5

6 Quick Study (20 minutes) a. The 2014 net loss was $115 $10 + x = $65; x = ($40). Retained Earnings Net loss Dec. 31, 2013 Bal. Share dividends Dec. 31, 2014 Bal. b. Common shares changed during 2014 because $10 of additional shares were issued as a result of a share dividend and $60 of additional shares were issued for cash (calculated as $90 + $10 + x = $160; x = $60). Common Shares 90 Dec. 31, 2013 Bal. 60 Issued shares for cash 10 Share dividend 160 Dec. 31, 2014 Bal. c. Notes payable increased because $40 of additional notes were issued (calculated as $30 + x = $70; x = $40). Notes Payable, Long Term 30 Dec. 31, 2013 Bal. 40 Issued notes 70 Dec. 31, 2014 Bal. d. Share dividends do not affect the statement of cash flows because they do not cause either an inflow or an outflow of cash. Share dividends are simply the distribution of shares causing a transfer of dollars (not cash) from retained earnings to contributed capital (specifically common shares). Quick Study Solutions to accompany Fundamental Accounting Principles, 14th Canadian Edition McGraw-Hill Ryerson Ltd. 6

7 Quick Study (20 minutes) PARKER CONSULTING Statement of Cash Flows For Year Ended March 31, 2014 Cash flows from operating activities: Net income... $ 15 Adjustments to reconcile net income to net cash inflows from operating activities: Depreciation expense Increase in accounts receivable 1... (45) Decrease in office supplies Increase in prepaid rent 3... (30) Decrease in accounts payable 4... (5) Increase in unearned fees Net cash outflow from operating activities... $ (25) Cash flows from investing activities: Payment for new equipment... $ (20) Net cash outflow from investing activities... (20) Cash flows from financing activities: Issued common shares 6... $ 110 Payment of cash dividends 7... (30) Net cash inflow from financing activities Net increase in cash... $ 35 Cash at beginning of year... 5 Cash at end of year... $ 40 Calculations: = 45 increase in accounts receivable = 7 decrease in office supplies = 30 increase in prepaid rent = 5 decrease in accounts payable = 8 increase in unearned fees = 110 issuance of shares x = 45; x = 30 dividend payment Quick Study Solutions to accompany Fundamental Accounting Principles, 14th Canadian Edition McGraw-Hill Ryerson Ltd. 7

8 Quick Study (20 minutes) OMA INC. Statement of Cash Flows For Year Ended October 31, 2014 Cash flows from operating activities: Net loss $ (4) Adjustments to reconcile net income to net cash inflows from operating activities: Depreciation expense... 5 Decrease in accounts receivable Increase in merchandise inventory 2... (9) Increase in accounts payable Decrease in accrued liabilities 4... (3) Net cash outflow from operating activities... $ (2) Cash flows from investing activities: Payment for new machinery... $ (55) Net cash outflow from investing activities... (55) Cash flows from financing activities: Paid long-term notes 5... $ (10) Issued common shares Net cash inflow from financing activities Net decrease in cash... $ (10) Cash at beginning of year Cash at end of year... $ 25 Calculations: = 5 decrease in accounts receivable = 9 increase in merchandise inventory = 4 increase in accounts payable = 3 decrease in accrued liabilities = 10 payment of long-term notes = 57 issuance of common shares Quick Study Solutions to accompany Fundamental Accounting Principles, 14th Canadian Edition McGraw-Hill Ryerson Ltd. 8

9 *Quick Study (10 minutes) $27,000 + $968,000 $36,000 = $959,000 OR $968,000 $9,000 = $959,000 *Quick Study (5 minutes) Sales... $805,000 Less increase in accounts receivable... 4,000 Cash received from customers... $801,000 *Quick Study (5 minutes) Accounts receivable beginning... $ 41,000 Add: sales ,000 Less: cash collected ,000 Accounts receivable ending... $ 9,000 *Quick Study (10 minutes) a. Sales Accounts receivable increase = Cash received from customers $234,000 ($26,000 $21,000) = $229,000 b. Cost of goods sold Inventory decrease + Accounts payable decrease = Cash paid for merchandise $156,000 ($48,400 $43,400) + ($11,000 $8,000) = $154,000 c. Operating expenses (excluding depreciation) + Prepaid expenses increase Wages payable increase = Cash paid for operating expenses $28,500 + ($3,200 $2,600) ($5,000 $3,000) = $27,100 Quick Study Solutions to accompany Fundamental Accounting Principles, 14th Canadian Edition McGraw-Hill Ryerson Ltd. 9

10 *Quick Study (15 minutes) a. Cash received from customers = Sales of $500 less $26 increase in Accounts Receivable = $474. Accounts Receivable Dec. 31, 2013 Bal. 20 Credit sales Customer payments Dec. 31, 2014 Bal. 46 b. Purchases = $190 of cost of goods sold $15 decrease in merchandise inventory = $175 of merchandise inventory that was purchased; Cash paid for merchandise = $175 purchases of merchandise inventory $18 increase in accounts payable = $157 cash paid for merchandise. Alternatively calculated using T-accounts: Merchandise Inventory Dec. 31, 2013 Bal. 95 Merchandise Cost of goods sold purchased Dec. 31, 2014 Bal. 80 Accounts Payable 22 Dec. 31, 2013 Bal. Cash paid for MI Merchandise purchased 40 Dec. 31, 2014 Bal. c. Cash paid for operating expenses = $200 operating expenses + $15 increase in prepaid expenses + $15 decrease in accrued liabilities = $230 cash paid for operating expenses. d. Cash paid for income taxes = $10 income tax expense $5 increase in income taxes payable = $5 cash paid for income taxes. Quick Study Solutions to accompany Fundamental Accounting Principles, 14th Canadian Edition McGraw-Hill Ryerson Ltd. 10

11 *Quick Study (concluded) e. Using the direct method, the net cash inflow from operating activities is (from parts a through d above): Cash flows from operating activities: Cash received from customers... $474 Cash paid for merchandise... (157) Cash paid for operating expenses... (230) Cash paid for taxes... (5) Net cash inflow from operating activities... $82 Quick Study Solutions to accompany Fundamental Accounting Principles, 14th Canadian Edition McGraw-Hill Ryerson Ltd. 11

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