Homework Answers
| Cash Flow Statement | ||||
| Indirect Method | ||||
| Cash flow from Operating Activities | ||||
| Net Income | $ 1,54,400.00 | |||
| Adjustments | ||||
| Depreciation | $ 33,000.00 | |||
| Loss on sale of Land | $ 8,600.00 | |||
| Change In current assets & Liabilities | ||||
| Increase in Accounts Receivable | $ -21,600.00 | =66000-87600 | ||
| Decrease in inventories | $ 36,000.00 | =141000-105000 | ||
| Increase in Prepaid Rent | $ -6,720.00 | =6720-13440 | ||
| Decrease in Accounts payable | $ -15,600.00 | =71400-87000 | ||
| Decrease in Interest payable | $ -4,600.00 | =6600-11200 | ||
| Increase in Income Tax payable | $ 1,000.00 | =15600-14600 | ||
| Total Adjustments | $ 30,080.00 | |||
| Cash from operating activities | $ 1,84,480.00 | |||
| Cash flow from Investing Activities | ||||
| Sale of Land | $ 27,400.00 | |||
| Purchase of iNvestments | $ -1,11,000.00 | |||
| Cash used in investing activities | $ -83,600.00 | |||
| Cash flow from Financing Activities | ||||
| Dividend Paid | $ -28,000.00 | |||
| Cash from financing activities | $ -28,000.00 | |||
| Net Increase in cash | $ 72,880.00 | |||
| Opening Balance of Cash | $ 1,94,280.00 | |||
| Closing Balance of Cash | $ 2,67,160.00 | |||
| Non Cash Investing and Financing Activities | ||||
| Purchase of Equipment by issuing notes payable | $ 66,000.00 |
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VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2021 Net sales $3,436,000 Expenses:...
Income Statement For the Year Ended December 31, 2021 $2,576,000 Net sales Expenses: Cost of goods...
Income Statement For the Year Ended December 31, 2021 $2,576,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses $1,550,000 778,000 19,000 7,200 11,000 40,e00 2,405,200 $ 170,800 Net income VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: $ 77,560 52,000 127,000 4,440 $152,320 72,200 105,000 8,880 Cash Accounts receivable Inventory Prepaid rent Long-term assets : Investments 97,000 202,000 254,000 (59,400) $832,000...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $3,486,000 VIDEO...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $3,486,000 VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $2,300,000 Operating expenses 928,000 Depreciation expense 34,000 Loss on sale of land 8,700 Interest expense 18,500 Income tax expense 55,000 Total expenses Net income 3,344,200 $ 141,800 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 264,020 88,700 105,000 13,680 $202,660 67,000 142,000 6,840 Assets...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points eBook Ask VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $3,636,000 Expenses: Cost of goods sold $2,450,000 Operating expenses 958,000 Depreciation expense 37,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 3,532,000 Net income $ 104,000 References VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2,576, VIDEO...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2,576, VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $1,550,000 Operating expenses 778.888 Depreciation expense 19.000 Loss on sale of land 7,200 Interest expense 11,000 Income tax expense 40.000 Total expenses Net income 2,485,280 $ 178,888 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 152,320 72,200 105,88 8,888 $ 77,568 52.600 127,000 4,440...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000 VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 Net sales Expenses: Cost of goods sold $ 1,850,000 Operating expenses 838,000 Depreciation expense 25,000 Loss on sale of land 7,800 Interest expense 14,000 Income tax expense 46,000 Total expenses 2,780,800 Net income $ 155,200 VIDEO PHONES, INC. Balance Sheets December 31 2018 2017 127,840 Assets Current assets: Cash Accounts receivable Inventory...
value 28.00 points The income statement, balance sheets, and additional information for Video Phones, Inc., are...
value 28.00 points The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 S 3,086,000 Net sales Expenses: $ 2,000,000 868,000 28,000 8,100 15,500 49,000 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses 2,968,600 Net income 117,400 VIDEO PHONES, INC Balance Sheet December 31 2018 2017 Assets Current assets $ 182,860 $...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. Additional Information...
The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2.936,eee VIDEO...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2.936,eee VIDEO PHONES, INC. Tincome statement For the Year Ended December 31, 2021 Nel sales Expenses Cost of goods Suid $1.ase,eee Operating expenses 838 Dee Depreciation expense 25.000 Loss on sale of land 7 Interest expense 14. Income tax expense 46.63 Total expenses Net Income 288.900 15529 VIDEO PHONES, INCI 2021 $ 193,480 78,888 145.600 10,320 $127,848 58.000 133,eee 5,160 Assets Current assets: Cash Accounts receivable...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $ 3,536,000 Expenses: Cost of goods sold $ 2,350,000 Operating expenses 938,000 Depreciation expense 35,000 Loss on sale of land 8,800 Interest expense 19,000 Income tax expense 56,000 Total expenses 3,406,800 Net income $ 129,200 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $ 260,880 $...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES,...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2018 Net sales $ 3,636,000 Expenses: Cost of goods sold $ 2,450,000 Operating expenses 958,000 Depreciation expense 37,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 3,532,000 Net income $ 104,000 VIDEO PHONES, INC. Balance Sheet December 31 2018 2017 Assets Current assets: Cash $ 254,600 ...
Income Statement For the Year Ended December 31, 2021 $2,576,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses $1,550,000 778,000 19,000 7,200 11,000 40,e00 2,405,200 $ 170,800 Net income VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: $ 77,560 52,000 127,000 4,440 $152,320 72,200 105,000 8,880 Cash Accounts receivable Inventory Prepaid rent Long-term assets : Investments 97,000 202,000 254,000 (59,400) $832,000...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $3,486,000 VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $2,300,000 Operating expenses 928,000 Depreciation expense 34,000 Loss on sale of land 8,700 Interest expense 18,500 Income tax expense 55,000 Total expenses Net income 3,344,200 $ 141,800 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 264,020 88,700 105,000 13,680 $202,660 67,000 142,000 6,840 Assets...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 2.5 points eBook Ask VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $3,636,000 Expenses: Cost of goods sold $2,450,000 Operating expenses 958,000 Depreciation expense 37,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 3,532,000 Net income $ 104,000 References VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2,576, VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $1,550,000 Operating expenses 778.888 Depreciation expense 19.000 Loss on sale of land 7,200 Interest expense 11,000 Income tax expense 40.000 Total expenses Net income 2,485,280 $ 178,888 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 152,320 72,200 105,88 8,888 $ 77,568 52.600 127,000 4,440...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. $ 2,936,000 VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 Net sales Expenses: Cost of goods sold $ 1,850,000 Operating expenses 838,000 Depreciation expense 25,000 Loss on sale of land 7,800 Interest expense 14,000 Income tax expense 46,000 Total expenses 2,780,800 Net income $ 155,200 VIDEO PHONES, INC. Balance Sheets December 31 2018 2017 127,840 Assets Current assets: Cash Accounts receivable Inventory...
value 28.00 points The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 S 3,086,000 Net sales Expenses: $ 2,000,000 868,000 28,000 8,100 15,500 49,000 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses 2,968,600 Net income 117,400 VIDEO PHONES, INC Balance Sheet December 31 2018 2017 Assets Current assets $ 182,860 $...
The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2.936,eee VIDEO PHONES, INC. Tincome statement For the Year Ended December 31, 2021 Nel sales Expenses Cost of goods Suid $1.ase,eee Operating expenses 838 Dee Depreciation expense 25.000 Loss on sale of land 7 Interest expense 14. Income tax expense 46.63 Total expenses Net Income 288.900 15529 VIDEO PHONES, INCI 2021 $ 193,480 78,888 145.600 10,320 $127,848 58.000 133,eee 5,160 Assets Current assets: Cash Accounts receivable...
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