Homework Answers
| 1) | Would not be on the statement of cash flow | |||||
| ( as no cash is involved) | ||||||
| 2) | cost of goods available for sale | |||||
| 3) | Gross margin | |||||
| sales- cost of goods sold | ||||||
| 86000-52000 | ||||||
| 34000 | ||||||
Add Answer to:
Purchasing inventory on account would be classified as what type of activity on the Statement of...
purchasing inventory on account would be classified as what type of activity on the statement of...
purchasing inventory on account would be classified as what
type of activity on the statement of cash flows?
Question 8 0.5 pts Purchasing inventory on account would be classified as what type of activity on the Statement of Cash Flows? Financing Would not be on the Statement of Cash Flows Investing Operating
7. Which of the following would be classified as a financing activity on a statement of...
7. Which of the following would be classified as a financing activity on a statement of cash flows? A) B) Payment of a bond payable Sale of a loan receivable C) Payment of interest to a creditor D) Declaration and distribution of a stock dividend 8. The amortization of bond premium on long-term debt should be presented in a statement of cash flows (using the indirect method for operating activities) as a(n) A) addition to net income. deduction from net...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E:...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E: (Click the icon to view the Income Statements.) i Data Table Snyder Corp. Jones, Inc. 100,000 $ Jones, Inc. 100,000 Snyder Corp. $ 29,000 $ (d) 52,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost...
Income Statement: Use the following financial information to prepare an income statement: Beginning Inventory, Jan 1...
Income Statement: Use the following financial information to prepare an income statement: Beginning Inventory, Jan 1 Supplies 1 Income Tax Ending Inventory, Dec. 31 Depreciation Misc. expense 1 Light, heat, & power Burger Shack, Inc. 2 00,000 Advertising 2 ,000 Insurance 25% of income before tax Merchandise purchases 2 30,000 Sales Salaries 1,500 Rent 2 ,000 Net Sales 12,000 Office Salaries 18,000 1.500 440,000 57,000 28,000 700,000 100,000 Burger Shack, Inc. Income Statement E Net Sales Cost of Goods Sold:...
Question 2 The following information relates to Good Kitchen Ltd.’s inventory transactions during the month of...
Question 2 The following information relates to Good Kitchen Ltd.’s inventory transactions during the month of March. Units Cost/Unit Amount Mar. 1 Beginning inventory 6,300 $20.00 $126,000 7 Sale 3,800 12 Purchase 2,800 $22.00 $61,600 16 Purchase 900 $22.00 $19,800 18 Sale 2,800 27 Purchase 3,700 $27.00 $99,900 29 Sale 4,000 All of the units sold were priced at $68.00 per unit. Good Kitchen Ltd. uses the periodic inventory system. Calculate Good Kitchen’s cost of goods sold, gross margin, and...
The company reported net Income this year as follow:s ales Cost of goods sold Gross margin...
The company reported net Income this year as follow:s ales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: $2,000,000 1,300,000 700,000 490,000 210,000 $ 60,000 (20,000) Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income 250,000 80,000 $170,000 Using the Indirect method, prepare a statement of cash flows for this year. (List any deduction In cash and cash outflows as negatlve amounts.) Lomax Company Statement...
2. a. What net income would the company include on its statement of cash flows? b....
2.
a. What net income would the company include on its statement of
cash flows?
b. How much depreciation would the company add to net income on
its statement of cash flows?
c. What is the amount and direction (+ or −) of the accounts
receivable adjustment to net income in the operating activities
section of the statement of cash flows?
d.
What does this adjustment represent?
Cash collected from customers > Credit sales
Cash payments > Cash collected
Cash...
$ 300,000 $ 20,000 $ 200,000 $ 7,000 Sales Beginning merchandise inventory Purchases Ending merchandise inventory...
$ 300,000 $ 20,000 $ 200,000 $ 7,000 Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income $ $ $ $ $ 12,000 15,000 ? 60,000 18,000 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 6....
QUESTION 23 Which of the following would be classified as a financing activity on a statement...
QUESTION 23 Which of the following would be classified as a financing activity on a statement of cash flows? Declaration and distribution of a stock dividend Sale of equipment O Payment of interest to a creditor Payment of a bond payable QUESTION 24 Net cash flow from operating activities for 2021 for Light Corporation was $990,000. The following items are reported on the financial statements for 2021: Depreciation and amortization Cash dividends paid on common stock $ 60,000 36,000 Increase...
) What is the purpose of the statement of cash flows? What information does it provide?...
) What is the purpose of the statement of cash flows? What information does it provide? (b) Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2018, for Vancare Company, using (1) the indirect method (2) the direct method. Vancare Company Income Statement For the year ended December 31, 2018 Sales revenue $6,900,000 Cost of goods sold Beginning inventory $1,900,000 Purchases $4,400,000 Goods available for sale $6,300,000 Ending inventory $1,600,000 Cost of...
purchasing inventory on account would be classified as what
type of activity on the statement of cash flows?
Question 8 0.5 pts Purchasing inventory on account would be classified as what type of activity on the Statement of Cash Flows? Financing Would not be on the Statement of Cash Flows Investing Operating
7. Which of the following would be classified as a financing activity on a statement of cash flows? A) B) Payment of a bond payable Sale of a loan receivable C) Payment of interest to a creditor D) Declaration and distribution of a stock dividend 8. The amortization of bond premium on long-term debt should be presented in a statement of cash flows (using the indirect method for operating activities) as a(n) A) addition to net income. deduction from net...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E: (Click the icon to view the Income Statements.) i Data Table Snyder Corp. Jones, Inc. 100,000 $ Jones, Inc. 100,000 Snyder Corp. $ 29,000 $ (d) 52,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost...
Income Statement: Use the following financial information to prepare an income statement: Beginning Inventory, Jan 1 Supplies 1 Income Tax Ending Inventory, Dec. 31 Depreciation Misc. expense 1 Light, heat, & power Burger Shack, Inc. 2 00,000 Advertising 2 ,000 Insurance 25% of income before tax Merchandise purchases 2 30,000 Sales Salaries 1,500 Rent 2 ,000 Net Sales 12,000 Office Salaries 18,000 1.500 440,000 57,000 28,000 700,000 100,000 Burger Shack, Inc. Income Statement E Net Sales Cost of Goods Sold:...
The company reported net Income this year as follow:s ales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: $2,000,000 1,300,000 700,000 490,000 210,000 $ 60,000 (20,000) Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income 250,000 80,000 $170,000 Using the Indirect method, prepare a statement of cash flows for this year. (List any deduction In cash and cash outflows as negatlve amounts.) Lomax Company Statement...
2.
a. What net income would the company include on its statement of
cash flows?
b. How much depreciation would the company add to net income on
its statement of cash flows?
c. What is the amount and direction (+ or −) of the accounts
receivable adjustment to net income in the operating activities
section of the statement of cash flows?
d.
What does this adjustment represent?
Cash collected from customers > Credit sales
Cash payments > Cash collected
Cash...
$ 300,000 $ 20,000 $ 200,000 $ 7,000 Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income $ $ $ $ $ 12,000 15,000 ? 60,000 18,000 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 6....
QUESTION 23 Which of the following would be classified as a financing activity on a statement of cash flows? Declaration and distribution of a stock dividend Sale of equipment O Payment of interest to a creditor Payment of a bond payable QUESTION 24 Net cash flow from operating activities for 2021 for Light Corporation was $990,000. The following items are reported on the financial statements for 2021: Depreciation and amortization Cash dividends paid on common stock $ 60,000 36,000 Increase...
Most questions answered within 3 hours.
-
Write the net ionic equation for the precipitation reaction that
occurs when aqueous solutions of potassium...
asked 8 minutes ago -
it
should be written in c++
Your program should take numbers from the user until the...
asked 14 minutes ago -
Buses are powered by chemical reactions. Define matter and the
four states of matter. What is...
asked 31 minutes ago -
Use conservation of energy to find the velocity of a free point
charge q1 at 22cm...
asked 39 minutes ago -
First, describe policies promoted by governments of the
political right to address economic globalization. Second, describe...
asked 56 minutes ago -
M2-9 Completing T-Accounts LO2-4
Following are the transactions of Dennen, Inc., for the month of
January....
asked 56 minutes ago -
Write a program using python that reads from values from a text
file and plots them...
asked 57 minutes ago -
Look up the density of
the metal of the object used in parts A and B...
asked 56 minutes ago -
Discuss strategic considerations that Amazon and NYC politicians
had. Analyze why the deal between Amazon and...
asked 1 hour ago -
A combustion reaction is describes as a carbon source reacting
with oxygen and producing carbon dioxide...
asked 1 hour ago -
Buckminsterfullerence is a recently allotrope of carbon in which
carbon atoms form molecules of formula C_60,...
asked 1 hour ago -
Lower Equitorial and Upper Equitorial are the same except Lower
Equitorial has a larger capital stock....
asked 1 hour ago