Scruggs Inc. Income Statement For the Year Ended December 31, 2018 Sales 1,500,000 Cogs 850,000 Gross...
Scruggs Inc.
Income Statement
For the Year Ended December 31, 2018
Sales
1,500,000
Cogs
850,000
Gross profit
650,000
Operating expenses
90,000
Depreciation expense
70,000
Depletion expense
7,500
Amortization expense
2,500
Operating income
480,000
Loss on sale of stock
(6,500)
Gain on sale of bonds
12,000
Gain on sale of equipment
5,000
Interest expense
(3,500)
Income tax expense
(12,500)
Net income
474,500
Prepare a full statement of cash flows using the indirect method.
Prepare the operating section of the statement of cash flows using the direct method.
Comment on the amount of dividend payout.
Comment on areas of opportunity.
Additional Information:
1.) Purchased 50,000$ of equipment by issuing $20,000 of common stock and paying $30,000 in cash
2. ) Sold equipment with a cost of $40,000 and accumulated depreciation of $10,000
3.) Sold common stock for cash.
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Scruggs Inc.
Income Statement
For the Year Ended December 31, 2018
Sales
1,500,000
Cogs
850,000
Gross...
Statement of comprehensive income For the year ended December 31, 2011 Sales revenue RM 1,500,000 (797.2001...
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Problem #3 The income statement, balance sheets, and additional information for Surround Sound, Inc., are provided...
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NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of...
NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of Goods Sold $550,000 Wages Expense Advertising Expense 195,000 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss $(25,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets $32,000 $80,000 Cash 49,000 42,000 Accounts Receivablé 107,000 115,000 Inventory Prepaid Advertising 10,000 14,000 Plant Assets 360,000 210,000 Accumulated Depreciation (80,000) (56,000) Total Assets $519,000 $364,000 Liabilities and...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows...
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VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2021 Net sales $3,436,000 Expenses:...
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Wildhorse Company’s income statement for the year ended December 31, 2017, contained the following condensed information...
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...
Data Table Press Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue...
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Canace Products Inc. Income Statement For the Year ended December 31, 2014 $5,980,000 2,452,000 Sales Cost of Merchandise Sold Gross Profit 3,528,000 Operating Expenses Depreciation Expense Other Operating Expenses $44,000 3,100,000 Total Operating Expenses 3,144,000 384,000 Operating Income Other Expenses (64,000) Loss on Sale of Investments Income before Income Tax 320,000 Income Tax Expense 102,800 $217,200 Net Income Additional Information: Equipment and Land were acquired for cash. b. There were no disposals of equipment during the year. а. Investments were...
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Problem #3 The income statement, balance sheets, and additional information for Surround Sound, Inc., are provided below. Surround Sound, Inc. Income Statement For the Year Ended December 31, 2018 Revenues Gain on sale of land $4,500,000 15,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income 2.800,000 650,000 75,000 280,000 3.805.000 $710,000 Surround Sound, Inc. Balance Sheets December 31 2018 2017 Increase (or Decrease (D) Assets Current Assets: Cash Accounts receivable Inventory Long-Term...
NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of Goods Sold $550,000 Wages Expense Advertising Expense 195,000 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss $(25,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets $32,000 $80,000 Cash 49,000 42,000 Accounts Receivablé 107,000 115,000 Inventory Prepaid Advertising 10,000 14,000 Plant Assets 360,000 210,000 Accumulated Depreciation (80,000) (56,000) Total Assets $519,000 $364,000 Liabilities and...
MONTGOMERY, INC Statement of Cash Flows (Indirect Method) For Year Ended December 31, 2018 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operations: Changes in current operating assets and liabilities Depreciation expense Decrease in accounts receivable Decrease in accounts payable Decrease in salaries payable Increase in inventory Net cash used in operating activities Cash flows from investing activities 0) Cash flows from financing activities 0 0 Cash balance at beginning of...
VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2021 Net sales $3,436,000 Expenses: Cost of goods sold $2,250,000 918,000 33,000 8,600 Operating expenses Depreciation expense Loss on sale of land Interest expense 18,000 Income tax expense 54,000 Total expenses 3,281,600 154,400 Net income VIDEO PHONES, INC Balance Sheets December 31 2021 2020 Assets Current assets: $194,280 66,000 141,000 6,720 Cash 267,160 87,600 105,000 13,440 Accounts receivable Inventory Prepaid rent Long-term assets: 111,000 216,000 282,000 0 Investments Land...
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...
Data Table Press Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue $ 717,000 340,000 377,000 Cost of Goods Sold Gross Profit Operating Expenses: Depreciation Expense $ 46,000 180,000 Other Operating Expenses Total Operating Expenses 226,000 $ 151,000 Net Income i Data Table Press Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash Accounts Receivable 18,000 $ 56,000 83,000 14,000 49,000 86,000 Merchandise Inventory Long-term Assets: Plant Assets...
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