Phoenix ACC421 Week 4 WileyPLUS Assignment Week Four

ACC 421 Week 4 WileyPLUS Assignment Week FourResource: WileyPLUSAccess WileyPLUS using the link on the student website.Completethe five exercises in WileyPLUS:1. Springsteen Co. had the following activity in its most recent year of operations.Classify the items as (1) operating—add to net income; (2) operating—deduct from net income; (3) investing; (4) financing; or (5) significant noncash investing and financing activities. Use the indirect method.2. The income statement of Rodriquez Company is shown below. Prepare the operating activities section of the statement of cash flows using the direct method.3. Presented below are two independent situations.Situation A:Chenowith Co. reports revenues of $197,610 and operating expenses of $108,240 in its first year of operations, 2012. Accounts receivable and accounts payable at year-end were $79,280 and $38,830, respectively. Assume that the accounts payable related to operating expenses. Ignore income taxes.Using the direct method, compute net cash provided (used) by operating activitiesSituation B:The income statement for Edgebrook Company shows cost of goods sold $305,120 and operating expenses (exclusive of depreciation) $229,690. The comparative balance sheet for the year shows that inventory increased $22,760, prepaid expenses decreased $8,130, accounts payable (related to merchandise) decreased $16,850, and accrued expenses payable increased $13,520.Compute (a) cash payments to suppliers and (b) cash payments for operating expenses.4. Condensed financial data of Fairchild Company for 2012 and 2011 are presented below. During the year, $63 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $268.Prepare a statement of cash flows using the indirect method5. Condensed financial data of Fairchild Company for 2012 and 2011 are presented below. During the year, $64 of common stock was issued in exchange for plant assets. No plant assets were sold in 2012. Cash dividends were $265.Prepare a statement of cash flows using the direct method.