Question E4-41 What was the original cost of the propelly ing 2014? What was the

Question

Question E4-41

What was the original cost of the propelly ing 2014? What was the accumulated depreciation on that propert time of sale? Golden Ehterpits Lhterprises a. b. Compute the cash proceeds from the sale of property and equipment in Pre pare the journal entry to describe the sale of property an c. d. Determine the cash dividends paid in 2014. Calculating Operating Cash Flows (Direct Method) Calculate the cash flow for each of the following cases. a. Cash paid for advertising: 2 E4-41. Advertising expense. Prepaid advertising, beginning of year $62000 11,000 15,000 b. Cash paid for income taxes: Income tax expense. .$29,000 7,100 4,900 Income tax payable, end of year . . Cash paid for merchandise purchased: c.

Explanation / Answer

Calculation of Operating cash flow (Direct Method) Answer a Cash paid for Advertsing Advertising Expense $62,000.00 Add : Prepaid advertising , end of year $15,000.00 Less : Prepaid advertising , beginning of year $11,000.00 Cash paid for Advertsing $66,000.00 Answer b Cash paid for taxes Income Tax expense $29,000.00 Add : Income Tax payable , beginning of year $7,100.00 Less : Income Tax payable , end of year $4,900.00 Cash paid for taxes $31,200.00 Answer c Cash paid for merchandise purchased Cost of goods sold $180,000.00 Add : Inventory , end of year $25,000.00 Add : Accounts payable , beginning of year $10,000.00 Less : Inventory , beginning of year $30,000.00 Less : Accounts payable , end of year $12,000.00 Cash paid for merchandise purchased $173,000.00

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