Homework Answers
| Statement of Cash Flows - Direct Method | |||
| © www.excel-skills.com | 2018 | ||
| Cash flows from operating activities | |||
| Cash receipts from customers | $ 28,12,000 | ||
| Cash paid to suppliers | $ -19,01,000 | ||
| Cash paid for Operating expenses ($ 575,000 + 2000 Change in Prepaid rent) | $ -5,77,000 | ||
| Interest Expenses (16000 + 1000 Change in interest Payable) | $ -17,000 | ||
| Income taxes paid(63,000 -2000 Change in income tax paid) | $ -61,000 | ||
| Net cash from operating activities | $ 2,56,000 | ||
| Cash flows from investing activities | |||
| Purhcase of investment | $ -95,000 | ||
| Sale of land | $ 34,000 | ||
| Net cash used in investing activities | $ -61,000 | ||
| Cash flows from financing activities | |||
| Cash Dividend Paid | $ -2,00,000 | ||
| Net cash used in financing activities | $ -2,00,000 | ||
| Net increase in cash and cash equivalents | $ -5,000 | ||
| Cash and cash equivalents at beginning of period | $ 1,87,000 | ||
| Cash and cash equivalents at end of period | $ 1,82,000 | ||
| Working notes: 1 | |||
| Calculation of cash collection from customer | |||
| Sales | $ 28,00,000 | ||
| Add: Opening AR | $ 95,000 | ||
| Less: Closing AR | $ 83,000 | ||
| Cash Collected | $ 28,12,000 | ||
| Working notes: 2 | |||
| Calculation of purhcase of inventory | |||
| Cost of Goods Sold | $ 19,00,000 | ||
| Add: Closing inventory | $ 1,21,000 | ||
| Less : Opening Inventory | $ 1,38,000 | ||
| Material Purhcased | $ 18,83,000 | ||
| Calculation of amount paid to supplied | |||
| Op. Balance of Acct Payabl e | $ 58,000 | ||
| Add: Purchases | $ 18,83,000 | ||
| Less: Cl. Balance of Account payable | $ 40,000 | ||
| Cash paid | $ 19,01,000 | ||
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DIRECT METHOD The income statement, balance sheets, and additional information for Apple Inc are provided. Apple...
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. $ 2,936,000...
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...
Problem #3 The income statement, balance sheets, and additional information for Surround Sound, Inc., are provided...
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...
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 ...
statement, balance sheets, and additional information for Video Phones, Inc., are provided. The income VIDEO PHONES,...
statement, balance sheets, and additional information for Video Phones, Inc., are provided. The income VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 S 2,756,000 Net sales Expenses Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $ 1,700,000 808,000 22,000 7,500 12,500 43,000 2,593,000 Total expenses Net income S 163,000 VIDEO PHONES, INC. Balance Sheet December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid...
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. $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. $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 $...
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 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. $ 2,936,000 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...
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...
statement, balance sheets, and additional information for Video Phones, Inc., are provided. The income VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 S 2,756,000 Net sales Expenses Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $ 1,700,000 808,000 22,000 7,500 12,500 43,000 2,593,000 Total expenses Net income S 163,000 VIDEO PHONES, INC. Balance Sheet December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid...
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. $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 $...
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 $...
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