For the Year Ended December 31, 2017 3 525,140 379,750 45.390 Cost of goods sold Gross...
Blossom Company Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2017 Cash flows from operating activities Net income $86,081 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in accounts payable Loss on disposal of plant assets $13,277 13,861 (7,295) (3,210) 4,815 21,448 Net cash provided by operating activities Cash flows from investing activities Sale of investments Purchase of equipment 107,529 4,523 35,308) Net...
For the Year Ended December 31, 2017 Cash flows from operating activities $86,081 Net income Adjustments to reconcile net income to net cash provided by operating activities: $13,277 Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in accounts payable Loss on disposal of plant assets 13,861 (7,295) (3,210) 4,815 21,448 107,529 Net cash provided by operating activities Cash flows from investing activities Sale of investments 4,523 Purchase of equipment (35,308) Net cash used by investing activities (30,785) Cash...
Splish Brothers Inc. reported net income of $206,070 for 2017. Splish Brothers Inc. also reported depreciation expense of $38,040 and a loss of $5,410 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $16,500 for the year, a $18,620 increase in accounts payable, and a $3,680 increase in prepaid expenses Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash...
Wildhorse Company’s income statement for the year ended December
31, 2017, contained the following condensed information.
Service revenue
$836,000
Operating expenses (excluding depreciation)
$626,000
Depreciation expense
60,000
Loss on sale of equipment
26,000
712,000
Income before income taxes
124,000
Income tax expense
40,000
Net income
$84,000
Wildhorse’s balance sheet contained the following comparative data
at December 31.
2017
2016
Accounts receivable
$38,000
$53,000
Accounts payable
41,000
30,000
Income taxes payable
4,100
8,400
(Accounts payable pertains to operating expenses.)
Prepare the...
Vaughn Company's income statement for the year ended December 31, 2017, contained the following condensed information Service revenue $847,000 Operating expenses (excluding depreciation) $629,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 715,000 Income before income taxes 132,000 Income tax expense 41,000 $91,000 Net income Vaughn's balance sheet contained the following comparative data at December 31 2017 2016 Accounts receivable $35,000 $53,000 Accounts payable 42,000 30,000 Income taxes payable 4,100 8,800 (Accounts payable pertains to operating expenses.) Prepare the...
Need
help ASAP
Exercise 23-6 Krauss Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $840,000 Operating expenses (exduding depreciation) $624,000 60,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income 26,000 710,000 130,000 40,000 $90,000 Krauss's balance sheet contained the following comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable 37,000 41,000 4,000 $54,000 31,000 8,500 Accounts payable pertains...
1. Prepare the statement of cash flows for the
year ended December 31, 2017, using the indirect method.
(Amounts to be deducted should be
indicated by a minus sign.)
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statement are provided below, along with additional information. 2017 2016 Balance Sheet at December 31 Cash Accounts Receivable Equipment Less: Accumulated Depreciation $ 6,000 1,000 5,500 (1,500) $ 4,000 1,750 5,000 (1,250)...
Waterway Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $839,000 $624,000 Operating expenses (excluding depreciation) Depreciation expense 60,000 Loss on sale of equipment 26,000 710,000 Income before income taxes 129,000 Income tax expense 39,000 $90,000 Net income Waterway's balance sheet contained the following comparative data at December 31 2017 2016 $39,000 $53,000 Accounts receivable Accounts payable 40,000 32,000 Income taxes payable 4,200 8,300 (Accounts payable pertains to operating expenses.) Prepare the...
Joyner Company’s income statement for Year 2 follows: Sales $ 711,000 Cost of goods sold 320,000 Gross margin 391,000 Selling and administrative expenses 217,000 Net operating income 174,000 Nonoperating items: Gain on sale of equipment 7,000 Income before taxes 181,000 Income taxes 54,300 Net income $ 126,700 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash $ 54,100 $ 89,800 Accounts receivable 278,000 120,000 Inventory 320,000 272,000 Prepaid...
FORTEN COMPANY Income Statement For Year Ended December 31, 2017 $647,500 298,000 349,500 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income $33,750 145,400 179,150 (18,125) 152,225 42,450 $109,775 Additional Information on Year 2017 Transactions a. The loss on the cash sale of equipment was $18,125 (details in b). b. Sold equipment costing $85,875, with accumulated depreciation of $43,125, for...