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6. Presented below is the income statement of Cowan, Inc.: Sales revenue $380,000 Cost of goods...
2. Cash flows from operating activities (indirect and direct methods). Presented below is the income statement...
2. Cash flows from operating activities (indirect and direct methods). Presented below is the income statement of Cowan, Inc.: $380,000 Sales revenue 225,000 $155,000 Cost of goods sold Gross profit Operating expenses Income before income taxes 95.000 60,000 24.000 S 36,000 Income taхes Net income In addition, the following information related to net changes in working capital is presented: Credit Debit $12,000 25,000 Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income taxes payable $19,400 8,000 14,000 3,000...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost of Goods Sold 93,000 Gross Profit 137,000 Operating Expenses: Salaries Expense $ 57,000 Depreciation Expense Plant Assets 28,000 Total Operating Expenses 85,000 Net Income Before Income Taxes 52,000 Income Tax Expense 8,000 $ Net Income 44,000 c. a. Acquisition of plant assets is $118,000. Of this amount, $105,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale...
Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. $22,050 SANTANA...
Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. $22,050 SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $16,450 Service revenue 5,600 Total revenue Operating expenses: Cost of goods sold 8,300 Selling expense 3,500 General and administrative expense 2,600 Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income 14,400 7,650 260 7,390 2,700 $ 4,690 Dec. 31, Dec. 31, 2021...
The 2018 Income Statement and Balance Sheet of Tampa Clinic, a not-for-profit organization, are presented below....
The 2018 Income Statement and Balance Sheet of Tampa Clinic, a not-for-profit organization, are presented below. Tampa Clinic Income Statement Year Ended December 31, 2018 Operating Revenues: Patient service revenue $524,630 Less provision for bad debts (27,630) Net patient service revenue $497,000 Other revenue 10,000 Net operating revenues $507,000 Expenses: Salaries and benefits $231,950 Supplies 76,050 Insurance 16,700 Depreciation 8,000 Interest 41,000 Total expenses $373,700 Operating income $133,300...
The 2018 Income Statement and Balance Sheet of Tampa Clinic, a not-for-profit organization, are presented below...
The 2018 Income Statement and Balance Sheet of Tampa Clinic, a not-for-profit organization, are presented below Tampa Clinic Income statement Year Ended December 31, 2018 Operating Revenues: Patient service revenue Less provision for bad debts Net patient service revenue Other revenue Net operating revenues $524,630 (27.630) $497,000 10,000 $507 000 Expenses: Salaries and benefits Supplies Insurance Depreciation Interest Total expenses Operating income $231,950 76,050 16,700 8,000 41,000 9373,700 $133,300 Nonoperating income Investment income Net income 700 Dncernber 31, 201s 2018...
coE Bed on the comparative income statement and balance sheet of Cowan then Counters, Inc, that...
coE Bed on the comparative income statement and balance sheet of Cowan then Counters, Inc, that follow Analysis of Actvity Measures Cowan Kitchen Counters, Inc. For Years Ended December 31, 20-2 and 20-1 20-2 Comparative Income Statement 20-1 $2,163,000 A,636,800 $546,200 221,800 Net Sales (al on account) $2.584,000 Cost of goods sold Gross profit Operating expenses other expense (interest) Income tax expense L86 200 $715,800 315,200 24,200 176,800 $199,600 24,200 106,300 $193,900 Net income Cowan Kitchen Counters, Inc Comparative Balance...
CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $488,000 Cost of goods sold...
CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $488,000 Cost of goods sold 314,000 Gross profit 174,000 Operating expenses Depreciation expense $37,600 Other expenses 89,100 126,700 Income before taxes 47,300 Income taxes expense 17,300 Net income $ 30,000 CRUZ, INC. Comparative Balance Sheets December 31, 2017 | 2017 2016 _ Assets Cash $ 94,800 $ 24,000 Accounts receivable, net 41,000 51,000 Inventory 85,800 95,800 Prepaid expenses 5,400 4,200 Total current assets 227,000 175,000 Furniture 109,000 119,000 Accum....
Wiley Company’s income statement for Year 2 follows: Sales $ 2,850 Cost of goods sold 1,100...
Wiley Company’s income statement for Year 2 follows: Sales $ 2,850 Cost of goods sold 1,100 Gross margin 1,750 Selling and administrative expenses 500 Income before taxes 1,250 Income taxes 500 Net income $ 750 The company’s selling and administrative expense for Year 2 includes $80 of depreciation expense. Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows: Year 2 Year 1 Current Assets Accounts receivable $ 195 $ 245 Inventory $...
Presented below are the 2016 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES...
Presented below are the 2016 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2016 ($ in thousands) Sales revenue $ 14,650 Service revenue 3,800 Total revenue $ 18,450 Operating expenses: Cost of goods sold 7,400 Selling 2,600 General and administrative 1,700 Total operating expenses 11,700 Operating income 6,750 Interest expense 220 Income before income taxes 6,530 Income tax expense 2,700 Net income $ 3,830 Balance Sheet Information ($ in...
Presented below are the 2018 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES...
Presented below are the 2018 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue $ 17,250 Service revenue 6,400 Total revenue $ 23,650 Operating expenses: Cost of goods sold 8,700 Selling 3,900 General and administrative 3,000 Total operating expenses 15,600 Operating income 8,050 Interest expense 350 Income before income taxes 7,700 Income tax expense 4,000 Net income $ 3,700 Balance Sheet Information ($ in...
2. Cash flows from operating activities (indirect and direct methods). Presented below is the income statement of Cowan, Inc.: $380,000 Sales revenue 225,000 $155,000 Cost of goods sold Gross profit Operating expenses Income before income taxes 95.000 60,000 24.000 S 36,000 Income taхes Net income In addition, the following information related to net changes in working capital is presented: Credit Debit $12,000 25,000 Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income taxes payable $19,400 8,000 14,000 3,000...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost of Goods Sold 93,000 Gross Profit 137,000 Operating Expenses: Salaries Expense $ 57,000 Depreciation Expense Plant Assets 28,000 Total Operating Expenses 85,000 Net Income Before Income Taxes 52,000 Income Tax Expense 8,000 $ Net Income 44,000 c. a. Acquisition of plant assets is $118,000. Of this amount, $105,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale...
Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. $22,050 SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $16,450 Service revenue 5,600 Total revenue Operating expenses: Cost of goods sold 8,300 Selling expense 3,500 General and administrative expense 2,600 Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income 14,400 7,650 260 7,390 2,700 $ 4,690 Dec. 31, Dec. 31, 2021...
The 2018 Income Statement and Balance Sheet of Tampa Clinic, a not-for-profit organization, are presented below Tampa Clinic Income statement Year Ended December 31, 2018 Operating Revenues: Patient service revenue Less provision for bad debts Net patient service revenue Other revenue Net operating revenues $524,630 (27.630) $497,000 10,000 $507 000 Expenses: Salaries and benefits Supplies Insurance Depreciation Interest Total expenses Operating income $231,950 76,050 16,700 8,000 41,000 9373,700 $133,300 Nonoperating income Investment income Net income 700 Dncernber 31, 201s 2018...
coE Bed on the comparative income statement and balance sheet of Cowan then Counters, Inc, that follow Analysis of Actvity Measures Cowan Kitchen Counters, Inc. For Years Ended December 31, 20-2 and 20-1 20-2 Comparative Income Statement 20-1 $2,163,000 A,636,800 $546,200 221,800 Net Sales (al on account) $2.584,000 Cost of goods sold Gross profit Operating expenses other expense (interest) Income tax expense L86 200 $715,800 315,200 24,200 176,800 $199,600 24,200 106,300 $193,900 Net income Cowan Kitchen Counters, Inc Comparative Balance...
CRUZ, INC. Income Statement For Year Ended December 31, 2017 Sales $488,000 Cost of goods sold 314,000 Gross profit 174,000 Operating expenses Depreciation expense $37,600 Other expenses 89,100 126,700 Income before taxes 47,300 Income taxes expense 17,300 Net income $ 30,000 CRUZ, INC. Comparative Balance Sheets December 31, 2017 | 2017 2016 _ Assets Cash $ 94,800 $ 24,000 Accounts receivable, net 41,000 51,000 Inventory 85,800 95,800 Prepaid expenses 5,400 4,200 Total current assets 227,000 175,000 Furniture 109,000 119,000 Accum....
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