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WileyPLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below: TAMACHE...
Wiley PLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below:...
Wiley PLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below: TAMACHE CORPORATION Statement of Income Year Ended December 31, 2020 Sales revenue $7,872,000 Cost of goods sold 4,800,000 Gross profit 3,072,000 Operating expenses $1,603,200 Depreciation expense 76,800 1.690.000 Profit before income tax $1,392,000 Income tax expense 487,200 Net income $904,800 Additional information: 1. Accounts receivable decreased $288,000 during the year. 2. Prepaid expenses increased $192,000 during the year. 3. Inventory decreased $384,000 during the...
The income statement of Tamache Corporation is shown below: TAMACHE CORPORATION Statement of Income Year Ended...
The income statement of Tamache Corporation is shown below: TAMACHE CORPORATION Statement of Income Year Ended December 31, 2020 Sales revenue $8,364,000 Cost of goods sold 5,100,000 Gross profit 3,264,000 Operating expenses $1,703,400 Depreciation expense 81,600 1,785,000 Profit before income tax $1,479,000 Income tax expense 517,650 Net income $961,350 Additional information: 1. Accounts receivable decreased $306,000 during the year. 2. Prepaid expenses increased $204,000 during the year. 3. Inventory decreased $408,000 during the year. 4. Accounts payable decreased $459,000 during...
WileyPLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below: TAMACHE CORPOR...
WileyPLUS Problem 5-10 a (Indirect Method)
The income statement of Tamache Corporation is shown below:
TAMACHE CORPORATION
Statement of Income
Year Ended December 31, 2020
Sales revenue
$7,216,000
Cost of goods sold
4,400,000
Gross profit
2,816,000
Operating expenses
$1,469,600
Depreciation expense
70,400
1,540,000
Profit before income tax
$1,276,000
Income tax expense
446,600
Net income
$829,400
Additional information:
1.
Accounts receivable decreased $264,000 during the year.
2.
Prepaid expenses increased $176,000 during the year.
3.
Inventory decreased $352,000 during the year....
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE...
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,750,000 Purchases 4,830,000 Goods available for sale 6,580,000 Ending inventory 1,450,000 Cost of goods sold Gross profit Operating expenses Selling expenses 440,000 Administrative expenses 770,000 Net income 5,130,000 1,640,000 1,210,000 $430,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts...
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 Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November...
The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November 30, 2018 Sales $8,100,000 Cost of goods sold 4,950,000 Gross profit 3,150,000 Salaries expense 863,000 Operating expenses 222,000 Depreciation expense 90,000 Income before income tax 1,975,000 Income tax expense 245.000 Net income $1,730,000 Additional information: 1. Accounts receivable increased $400,000 during the year, and inventory decreased $540,000. 2. Prepaid expenses, which relate to administrative expenses, increased $200,000 during the year. 3. Accounts payable to...
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...
7. Prepare the operating section of the statement of cash flows under the Indirect method using...
7. Prepare the operating section of the statement of cash flows under the Indirect method using the income statement below. During the year, the accounts payable also increased by $1,200 and accounts receivable decreased by $2,200 $182,100 90.400 $ 91,700 ABC Corporation Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of merchandise sold Gross profit Operating expenses: Salaries expense $41,300 Advertising expense 1.500 Depreciation expense Amortization expense Total operating expenses Income from operations Other income and...
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...
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...
Wiley PLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below: TAMACHE CORPORATION Statement of Income Year Ended December 31, 2020 Sales revenue $7,872,000 Cost of goods sold 4,800,000 Gross profit 3,072,000 Operating expenses $1,603,200 Depreciation expense 76,800 1.690.000 Profit before income tax $1,392,000 Income tax expense 487,200 Net income $904,800 Additional information: 1. Accounts receivable decreased $288,000 during the year. 2. Prepaid expenses increased $192,000 during the year. 3. Inventory decreased $384,000 during the...
The income statement of Tamache Corporation is shown below: TAMACHE CORPORATION Statement of Income Year Ended December 31, 2020 Sales revenue $8,364,000 Cost of goods sold 5,100,000 Gross profit 3,264,000 Operating expenses $1,703,400 Depreciation expense 81,600 1,785,000 Profit before income tax $1,479,000 Income tax expense 517,650 Net income $961,350 Additional information: 1. Accounts receivable decreased $306,000 during the year. 2. Prepaid expenses increased $204,000 during the year. 3. Inventory decreased $408,000 during the year. 4. Accounts payable decreased $459,000 during...
WileyPLUS Problem 5-10 a (Indirect Method)
The income statement of Tamache Corporation is shown below:
TAMACHE CORPORATION
Statement of Income
Year Ended December 31, 2020
Sales revenue
$7,216,000
Cost of goods sold
4,400,000
Gross profit
2,816,000
Operating expenses
$1,469,600
Depreciation expense
70,400
1,540,000
Profit before income tax
$1,276,000
Income tax expense
446,600
Net income
$829,400
Additional information:
1.
Accounts receivable decreased $264,000 during the year.
2.
Prepaid expenses increased $176,000 during the year.
3.
Inventory decreased $352,000 during the year....
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,750,000 Purchases 4,830,000 Goods available for sale 6,580,000 Ending inventory 1,450,000 Cost of goods sold Gross profit Operating expenses Selling expenses 440,000 Administrative expenses 770,000 Net income 5,130,000 1,640,000 1,210,000 $430,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts...
The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November 30, 2018 Sales $8,100,000 Cost of goods sold 4,950,000 Gross profit 3,150,000 Salaries expense 863,000 Operating expenses 222,000 Depreciation expense 90,000 Income before income tax 1,975,000 Income tax expense 245.000 Net income $1,730,000 Additional information: 1. Accounts receivable increased $400,000 during the year, and inventory decreased $540,000. 2. Prepaid expenses, which relate to administrative expenses, increased $200,000 during the year. 3. Accounts payable to...
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...
7. Prepare the operating section of the statement of cash flows under the Indirect method using the income statement below. During the year, the accounts payable also increased by $1,200 and accounts receivable decreased by $2,200 $182,100 90.400 $ 91,700 ABC Corporation Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of merchandise sold Gross profit Operating expenses: Salaries expense $41,300 Advertising expense 1.500 Depreciation expense Amortization expense Total operating expenses Income from operations Other income and...
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...
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...
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