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ACCT 1220 Study Guide - Comprehensive Final Exam Guide - Mortgage Loan, Income Tax, Depreciation


Department
Accounting
Course Code
ACCT 1220
Professor
Adeel Mohamed
Study Guide
Final

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ACCT 1220

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Assignment 2 - Accounting
MORSE LIMITED
Statement of Cash Flows (direct method)
For the Year Ending December 31st 2016
Cash Flow from Operating Activities
Cash received from consumers …………………………………… $ 383,000
Cash paid to suppliers ……………………… 303,000*
Cash paid for operating expenses ……………………… (24,000)*
Cash paid for interest expense ………………………. (4,000)
Cash paid For income tax deduction ………………………. (5,000) 336,000 -
Net cash from operating activities ……………………………………. 47,000
Investing Activities
Sale of Equipment …………………..…………………. 12,000
Net cash from Investing Activities ……………………………………… 12,000
Financing activities
Repayment of mortgage …………………………………….. (24,000)
Issuing of common shares …………………………………… 15,000
Payments of dividends to shareholders ……………………. (14,000)
Net cash used by financing activities ………………………………….. (23,000)
Net cash increase …………………………………………………………. 36,000
Beginning cash balance on January 1st 2016 ………………………….. 23,000 +
Ending cash balance on December 31st 2016 ……………………… 59,000
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*Calculations for the statement of cash flow
1. Cost of goods sold …………………………………… $ 290,00
Increase in inventory …………………………………… $ 5,000 +
Purchases ……………………………………………………$ 295,000
Decrease in accounts payable ……………………………. $ 8,000 +
Cash payment to suppliers …………………………………$ 303,000
2. Operating expenses ……………………………………..$ 36,000
Depreciation expense ………………………………………$ 12,000 -
Cash payment for operating expenses …………………..$ 24,000
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