Homework Answers
Cash received from customers = Sales revenue + Decrease in
accounts receivable
Cash received from customers = $6,900,000 + $360,000
Cash received from customers = $7,260,000
Cash paid to suppliers = Purchases + Decrease in accounts
payable
Cash paid to suppliers = $4,400,000 + $275,000
Cash paid to suppliers = $4,675,000
Cash paid for operating expenses = Operating expenses -
Depreciation expense + Increase in prepaid expenses + Decrease in
accrued expenses payable
Cash paid for operating expenses = $1,150,000 - $60,000 + $170,000
+ $100,000
Cash paid for operating expenses = $1,360,000
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Answer E23-4 using the data from E23-4 please
*Answer E23-4 using data from E23-3
E23-4 (LO2,3)...
The income statement of the Vince Gill Company is shown below. $ 6,900,000 VINCE GILL COMPANY...
The income statement of the Vince Gill Company is shown below. $ 6,900,000 VINCE GILL COMPANY Income Statement For The Year Ended December 31, 2017 Sales Cost of goods sold Beginning inventory $ 1,900,000 Purchases 4,400,000 Goods available for sale 6,300,000 Ending inventory 1,600,000 Cost of goods sold Gross profit Operating expenses Depreciation expense 60,000 Selling expenses 420,000 Administrative expenses 670,000 Net income 4,700,000 2,200,000 1,090,000 1,110,000 $ Additional information: 1. Accounts receivable balance 2. Prepaid expenses balance 3. Accounts...
) What is the purpose of the statement of cash flows? What information does it provide?...
) What is the purpose of the statement of cash flows? What information does it provide? (b) Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2018, for Vancare Company, using (1) the indirect method (2) the direct method. Vancare Company Income Statement For the year ended December 31, 2018 Sales revenue $6,900,000 Cost of goods sold Beginning inventory $1,900,000 Purchases $4,400,000 Goods available for sale $6,300,000 Ending inventory $1,600,000 Cost of...
Prepare the following activities section of the statement of cash flows for the year ended november 30,2014 for paxson company using the indirect method
The income statement of Paxson Company is presented herePaxson CompanyIncome StatementFor the Year Ended November 30,2014Sales Revenue$7,600,000Cost of goods soldBeginning Inventory$1,900,000Purchases4,400,000Goods available for use6,300,000Ending inventory1,600,000Total cost of goods sold4,700,000Gross profit2,900,000Operating ExpensesSelling expenses450,000Administrative expenses700,000Net income$1,750,000Additional information:Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000Prepaid expenses increased $150,000 during the yearAccounts payable to suppliers of merchandise decreased $350,000 during the yearAccrued expenses payable decreased $100,000 during the yearAdministrative expenses include depreciation expense of $110,00Instructions Prepare the operating activities section of the...
P17.2A (LO 2, 3 ) AP Molloy Ltd. reported the following for the fiscal year 2021:...
P17.2A (LO 2, 3 ) AP Molloy Ltd. reported the following for the fiscal year 2021: Prepare operating activities section—indirect and direct methods MOLLOY LTD. Income Statement Year Ended September 30, 2021 Sales $580,000 Cost of goods sold 340,000 Gross profit 240,000 Operating expenses $96,000 Depreciation expense 25,000 Gain on sale of land (35,000) 86,000 Profit before income tax 154,000 Income tax expense 38,000 Profit $116,000 Additional information: 1. Accounts receivable decreased by $15,000 during the year. 2. Inventory increased...
Problem 17-OJA (Video) The income statement of Whitlock Company is presented here. WHITLOCK COMPANY $7.477.800 For...
Problem 17-OJA (Video) The income statement of Whitlock Company is presented here. WHITLOCK COMPANY $7.477.800 For the Year Ended November 30, 2020 Sales revenue Cost of goods sold Beginning inventory $1,888,900 Purchases 4,380,300 Goods available for sale 6,269,200 Ending inventory 1,326,600 Total cost of goods sold Gross profit Operating expenses Net income 4,942,600 2,535,200 1,141,700 $1,393,500 Additional information 1. Accounts receivable increased $196,300 during the year, and inventory decreased 5562.300 2. Prepaid expenses increased $168,900 during the year. 3. Accounts...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue $7,564,900 Cost of goods sold Beginning inventory $1,836,300 Purchases 4,423,500 Goods available for sale 6,259,800 Ending inventory 1,305,000 Total cost of goods sold 4,954,800 Gross profit 2,610,100 Operating expenses 1,130,200 $1,479,900 Net income Additional information: 1. Accounts receivable increased $192,500 during the year, and inventory decreased $531,300. 2. Prepaid expenses increased $175,100 during the year. 3. Accounts payable...
Exercise 23-3 The income statement of Nash Company is shown below. NASH COMPANY INCOME STATEMENT FOR...
Exercise 23-3 The income statement of Nash Company is shown below. NASH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,980,000 Cost of goods sold Beginning inventory $1,850,000 Purchases 4,580,000 Goods available for sale 6,430,000 Ending inventory 1,570,000 Cost of goods sold 4,860,000 Gross profit 2,120,000 Operating expenses Selling expenses 410,000 Administrative expenses 760,000 1,170,000 Net income $950,000 Additional information: 1. Accounts receivable decreased $300,000 during the year. 2. Prepaid expenses increased $170,000 during the year....
The income statement of Smith Company is shown below. Sales .... SMITH COMPANY INCOME STATEMENT FOR...
The income statement of Smith Company is shown below. Sales .... SMITH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 ..............$755,000 Cost of goods sold. ... ..............543,000 Gross profit...... .............212,000 Operating expenses Selling expenses ....... $52,000 Administrative expenses ............... ........89,000..........141,000 Income before tax ................ ......................71,000 Income Tax Expense .............. .....20,000 Net income ......... $ 51,000 Additional information: 1. Accounts receivable decreased by $63,000 during the year. 2. Inventory increased by $38,000 during the year. 3. Prepaid expenses increased...
HELP ME SOLVE THIS Sales revenue $7,522,100 Cost of goods sold Beginning inventory $1,869,400 Purchases 4,492,900...
HELP ME SOLVE THIS
Sales revenue
$7,522,100
Cost of goods sold
Beginning inventory
$1,869,400
Purchases
4,492,900
Goods available for sale
6,362,300
Ending inventory
1,321,200
Total cost of goods sold
5,041,100
Gross profit
2,481,000
Operating expenses
1,112,800
Net income
$1,368,200
Additional information:
1.
Accounts receivable increased $204,100 during the year, and
inventory decreased $548,200.
2.
Prepaid expenses increased $166,800 during the year.
3.
Accounts payable to suppliers of merchandise decreased $346,900
during the year.
4.
Accrued expenses payable decreased $109,600 during...
Exercise 23-4 The income statement of Crane Company is shown below CRANE COMPANY INCOME STATEMENT FOR...
Exercise 23-4 The income statement of Crane Company is shown below CRANE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,930,000 Cost of goods sold Beginning inventory $1,900,000 4,350,000 Purchases Goods available for sale 6,250,000 1,610,000 Ending inventory Cost of goods sold 4,640,000 2,290,000 Gross profit Operating expenses Selling expenses 460,000 700,000 Administrative expenses 1,160,000 $1,130,000 Net income Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $150,000 during the year....
The income statement of the Vince Gill Company is shown below. $ 6,900,000 VINCE GILL COMPANY Income Statement For The Year Ended December 31, 2017 Sales Cost of goods sold Beginning inventory $ 1,900,000 Purchases 4,400,000 Goods available for sale 6,300,000 Ending inventory 1,600,000 Cost of goods sold Gross profit Operating expenses Depreciation expense 60,000 Selling expenses 420,000 Administrative expenses 670,000 Net income 4,700,000 2,200,000 1,090,000 1,110,000 $ Additional information: 1. Accounts receivable balance 2. Prepaid expenses balance 3. Accounts...
Problem 17-OJA (Video) The income statement of Whitlock Company is presented here. WHITLOCK COMPANY $7.477.800 For the Year Ended November 30, 2020 Sales revenue Cost of goods sold Beginning inventory $1,888,900 Purchases 4,380,300 Goods available for sale 6,269,200 Ending inventory 1,326,600 Total cost of goods sold Gross profit Operating expenses Net income 4,942,600 2,535,200 1,141,700 $1,393,500 Additional information 1. Accounts receivable increased $196,300 during the year, and inventory decreased 5562.300 2. Prepaid expenses increased $168,900 during the year. 3. Accounts...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue $7,564,900 Cost of goods sold Beginning inventory $1,836,300 Purchases 4,423,500 Goods available for sale 6,259,800 Ending inventory 1,305,000 Total cost of goods sold 4,954,800 Gross profit 2,610,100 Operating expenses 1,130,200 $1,479,900 Net income Additional information: 1. Accounts receivable increased $192,500 during the year, and inventory decreased $531,300. 2. Prepaid expenses increased $175,100 during the year. 3. Accounts payable...
The income statement of Smith Company is shown below. Sales .... SMITH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 ..............$755,000 Cost of goods sold. ... ..............543,000 Gross profit...... .............212,000 Operating expenses Selling expenses ....... $52,000 Administrative expenses ............... ........89,000..........141,000 Income before tax ................ ......................71,000 Income Tax Expense .............. .....20,000 Net income ......... $ 51,000 Additional information: 1. Accounts receivable decreased by $63,000 during the year. 2. Inventory increased by $38,000 during the year. 3. Prepaid expenses increased...
HELP ME SOLVE THIS
Sales revenue
$7,522,100
Cost of goods sold
Beginning inventory
$1,869,400
Purchases
4,492,900
Goods available for sale
6,362,300
Ending inventory
1,321,200
Total cost of goods sold
5,041,100
Gross profit
2,481,000
Operating expenses
1,112,800
Net income
$1,368,200
Additional information:
1.
Accounts receivable increased $204,100 during the year, and
inventory decreased $548,200.
2.
Prepaid expenses increased $166,800 during the year.
3.
Accounts payable to suppliers of merchandise decreased $346,900
during the year.
4.
Accrued expenses payable decreased $109,600 during...
Exercise 23-4 The income statement of Crane Company is shown below CRANE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,930,000 Cost of goods sold Beginning inventory $1,900,000 4,350,000 Purchases Goods available for sale 6,250,000 1,610,000 Ending inventory Cost of goods sold 4,640,000 2,290,000 Gross profit Operating expenses Selling expenses 460,000 700,000 Administrative expenses 1,160,000 $1,130,000 Net income Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $150,000 during the year....
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