Homework Answers
| Direct Products Company | ||||
| Cashflow Statement - Indirect method | ||||
| For the Year Ended December 31, 2017 | ||||
| Calculation | ||||
| Cash flows from Operating Activities | ||||
| Net income | 7,000 | |||
| Adjustments to reconcile net income to net cash from operating activities | ||||
| Depreciation expense | 2,000 | |||
| Decrease in Accounts Receivable | 20 | =580-560 | Decrease in current asset increases cash | |
| Increase in Merchandise Inventory | (220) | =770-990 | Increase in current asset decreases cash | |
| Increase in Prepaid Rent | (5) | =20-25 | ||
| Decrease in Prepaid Insurance | 3 | =28-25 | ||
| Decrease in Accounts Payable | (20) | =440-460 | Decrease in current liabilities decreases cash | |
| Increase in Salaries Payable | 30 | =100-70 | Increase in current liabilities increases cash | |
| Increase in Utilities Payable | 5 | 1,813 | =20-15 | |
| Net Cash Provided/(Used) by Operating Activities | 8,813 | |||
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The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: $48,600 Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,eee 2. eee 9,000 4,500 1,900 1,800 1,400 Net Income $ 7,eee 990 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable Utilities Payable...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: $48, 600 Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,000 2,000 9,000 4,500 1,900 1, 800 1,400 Net Income $ 7,000 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory 990 Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable Utilities...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21.000 2.000 9.000 4,500 1,900 1.800 1,400 Net Income $ 7.000 2016 $ 580 770 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory 990 Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. $56.600 Income Statement Sales Revenue Expenses Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income 25,000 2,800 9.800 5,300 2,300 2,200 1,800 $ 7,400 Selected Balance Sheet Accounts Ending Balances Accounts Receivable $ 575 Inventory Accounts Payable Prepaid Rent Prepaid Insurance Salaries and Wages Payable Utilities Payable Beginning...
Requlred Informatlon Lansing Company's 2017 Income statement and selected balance sheet data (for current assets an...
Requlred Informatlon Lansing Company's 2017 Income statement and selected balance sheet data (for current assets and current liablties) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Ye교r Ended December 31, 2017 gale revenue 100,200 Expenses Cost of goods sold 43,000 Depreciation expense 12,500 Salaries expense 19,000 9,100 Rent expense 3,900 Insurance expense Interest expense 3,700 2,900 Utilities expense 6,100 Net income LANSING COMPANY Belected Balance Sheet Accounts At December 31 2017 2016 $ 5,700 6,000 Account...
Required information Lansing Company's 2017 income statement and selected balance sheet data (for current assets and...
Required information Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31, 2017 Sales revenue $ 136,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 55,000 18,500 31,000 10,300 5,100 4,900 4,100 7,300 Net income LANSING COMPANY Selected Balance Sheet Accounts 2017 At December 31 Accounts receivable Inventory Accounts...
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current...
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $118,200 Expenses Cost of goods sold 49,000 Depreciation expense 15,500 Salaries expense 25,000 Rent expense 9,700 Insurance expense 4,500 Interest expense 4,300 Utilities expense 3,500 Net income $ 6,700 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,300 Inventory 2,680 Accounts payable 5,100...
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current...
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $154,200 Expenses Cost of goods sold 61,000 Depreciation expense 21,500 Salaries expense 37,000 Rent expense 10,900 Insurance expense 5,700 Interest expense 5,500 Utilities expense 4,700 Net income $ 7,900 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $7,500 Inventory 3,880 Accounts payable 6,300...
Required information [The following information applies to the questions displayed below.] Lansing Company's 2017 income statement...
Required information [The following information applies to the questions displayed below.] Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31 2017 $112,200 47,000 14,500 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 23,000 9,500 4,300 4,100 3,300 $ 6,500 Net income LANSING COMPANY Selected Balance Sheet...
Selected balance sheet information and the income statement for Fountainhead Corporation for the current year are...
Selected balance sheet information and the income statement for
Fountainhead Corporation for the current year are presented
below.
Selected balance sheet information and the income statement for Fountainhead Corporation for the current year are presented below Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable Merchandise Inventory Prepaid Rent Accounts Payable Salaries and Wages Payable $ 21,300 $14,500 31,900 0 21,200 5,700 29,000 1,900 16,400 3,800 Income Statement $435,000 Sales Revenue Expenses Cost of Goods Sold Depreciation Expense Salaries...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: $48,600 Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,eee 2. eee 9,000 4,500 1,900 1,800 1,400 Net Income $ 7,eee 990 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable Utilities Payable...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: $48, 600 Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,000 2,000 9,000 4,500 1,900 1, 800 1,400 Net Income $ 7,000 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory 990 Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable Utilities...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2017 are as follows: Income Statement Sales Revenue Expenses: Cost of Goods Sold Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21.000 2.000 9.000 4,500 1,900 1.800 1,400 Net Income $ 7.000 2016 $ 580 770 Selected Balance Sheet Accounts 2017 Accounts Receivable $ 560 Merchandise Inventory 990 Accounts Payable 440 Prepaid Rent 25 Prepaid Insurance Salaries Payable...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. $56.600 Income Statement Sales Revenue Expenses Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income 25,000 2,800 9.800 5,300 2,300 2,200 1,800 $ 7,400 Selected Balance Sheet Accounts Ending Balances Accounts Receivable $ 575 Inventory Accounts Payable Prepaid Rent Prepaid Insurance Salaries and Wages Payable Utilities Payable Beginning...
Requlred Informatlon Lansing Company's 2017 Income statement and selected balance sheet data (for current assets and current liablties) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Ye교r Ended December 31, 2017 gale revenue 100,200 Expenses Cost of goods sold 43,000 Depreciation expense 12,500 Salaries expense 19,000 9,100 Rent expense 3,900 Insurance expense Interest expense 3,700 2,900 Utilities expense 6,100 Net income LANSING COMPANY Belected Balance Sheet Accounts At December 31 2017 2016 $ 5,700 6,000 Account...
Required information Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31, 2017 Sales revenue $ 136,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 55,000 18,500 31,000 10,300 5,100 4,900 4,100 7,300 Net income LANSING COMPANY Selected Balance Sheet Accounts 2017 At December 31 Accounts receivable Inventory Accounts...
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $118,200 Expenses Cost of goods sold 49,000 Depreciation expense 15,500 Salaries expense 25,000 Rent expense 9,700 Insurance expense 4,500 Interest expense 4,300 Utilities expense 3,500 Net income $ 6,700 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,300 Inventory 2,680 Accounts payable 5,100...
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $154,200 Expenses Cost of goods sold 61,000 Depreciation expense 21,500 Salaries expense 37,000 Rent expense 10,900 Insurance expense 5,700 Interest expense 5,500 Utilities expense 4,700 Net income $ 7,900 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $7,500 Inventory 3,880 Accounts payable 6,300...
Required information [The following information applies to the questions displayed below.] Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31 2017 $112,200 47,000 14,500 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 23,000 9,500 4,300 4,100 3,300 $ 6,500 Net income LANSING COMPANY Selected Balance Sheet...
Selected balance sheet information and the income statement for
Fountainhead Corporation for the current year are presented
below.
Selected balance sheet information and the income statement for Fountainhead Corporation for the current year are presented below Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable Merchandise Inventory Prepaid Rent Accounts Payable Salaries and Wages Payable $ 21,300 $14,500 31,900 0 21,200 5,700 29,000 1,900 16,400 3,800 Income Statement $435,000 Sales Revenue Expenses Cost of Goods Sold Depreciation Expense Salaries...
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