The following income statement and information about changes in
noncash current assets and current liabilities are
reported.
Sales | $2,047,000 | |
---|---|---|
Cost of goods sold | 1,003,030 | |
Gross profit | 1,043,970 | |
Operating expenses | ||
Salaries expense | $280,439 | |
Depreciation expense | 49,128 | |
Rent expense | 55,269 | |
Amortization expenses–Patents | 6,141 | |
Utilities expense | 22,517 | 413,494 |
630,476 | ||
Gain on sale of equipment | 8,188 | |
Net income | $638,664 | |
Changes in current asset and current liability accounts for the
year that relate to operations follow.
Accounts receivable | $21,250 | increase | Accounts payable | $11,000 | decrease |
Inventory | 29,275 | increase | Salaries payable | 5,450 | decrease |
Required:
Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method.
The following income statement and information about changes in noncash current assets and current liabilities are...
The following income statement and information about changes in noncash current assets and current liabilities are reported. Changes in current asset and current liability accounts for the year that relate to operations follow. Required: Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) value: 5.00 points Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income...
The following income statement along with additional year-end information about changes in noncash current assets and current liabilities are reported. $1,828,000 991,000 837,000 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $245,535 Depreciation expense 44,200 Rent expense 49,600 Amortization expense-Patents 4,200 Utilities expense 18,125 361,660 475, 340 6,200 $ 481,540 Gain on sale of equipment Net income Additional Year-End Balance Sheet Data Accounts receivable $30,500 increase Inventory 25,000...
Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement and information about changes in noncash current assets and current liabilities $2,333,000 1,143,170 1,189,830 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $319,621 Depreciation expense 55,992 Rent expense 62,991 Amortization expenses-Patents 6,999 Utilities expense 25,663 471,266 718,564 9,332 727,896 Gain on sale of equipment Net income $ Changes in current asset and current...
Check my work 6 The following income statement along with additional year-end information about changes in noncash current assets and current liabilities are reported. eBook SONAD COMPANY Income Statement For Year Ended December 31 Sales Coat of goods sold Gross profit Operating expenses Salaries expense $222,625 Depreciation expense 39,000 Rent expense 43,875 Amortization expenses-Patents 4,875 Utilities expense 17,875 $1,625,000 796,250 828,750 Gain on sale of equipment Net income 328,250 500,500 6,500 $ 507,000 Additional Year-End Balance Sheet Data Accounts receivable...
I have no idea what I am missing. Thank you for your help in advance! The following Income statement and Information about changes in noncash current assets and current liabilities are reported. $1,828,eee 991, eee 837,000 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $245,535 Depreciation expense 44,200 Rent expense 49,600 Amortization expenses-Patents 4,200 Utilities expense 18,125 Gain on sale of equipment Net income 361,660 475,340 6,200...
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (Indicate any loss, cash outflow or deduction in cash with a minus sign.) Kelly Gold Inc. Income Statement For Year Ended May 31, 2017 Sales Cost of goods sold $2,700 1,364 $1,336 Gross profit Operating expenses: Depreciation expense Other expenses $ 214 1,070 1,284 Total operating expenses Loss on sale of long-term...
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (Indicate any loss, cash outflow or deduction in cash with a minus sign.) Kelly Gold Inc. Income Statement For Year Ended May 31, 2017 Sales Cost of goods sold $2,820 1,424 $1,396 Gross profit Operating expenses: Depreciation expense Other expenses $ 224 1,110 Total operating expenses Loss on sale of long-term investment...
The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 270,164 Depreciation expense 47,328 Rent expense 53, 244 Amortization expenses-Patents 5,916 Utilities expense 21,692 $1,972,000 966,280 1,005,720 Gain on sale of equipment Net income 398,344 607,376 7,888 $ 615,264 Accounts receivable Inventory $10,600 increase 13,825 increase Accounts payable salaries payable $13,350 decrease 5,650 decrease Prepare the operating activities section...
Using the following income statement and additional year-end information. $2,479,000 1,214,710 1,264,290 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $339,623 Depreciation expense 59,496 Rent expense 66,933 Amortization expenses-Patents 7,437 Utilities expense 27,269 500, 758 763,532 9,916 773,448 Gain on sale of equipment Net income $ Accounts receivable Inventory $19,000 increase 13,375 increase Accounts payable salaries payable $14,625 decrease 5,000 decrease Prepare the operating activities section of the...
Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement along with additional year-end information about changes in noncash current assets and current liabilities are reported. $1,511,000 740, 390 770, 610 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $207,007 Depreciation expense 36,264 Rent expense 40,797 Amortization expense-Patents 4,533 Utilities expense 16, 621 305,222 465,388 6,044 471, 432 Gain on sale of equipment Net...