Homework Answers
| Partial Statement of Cash Flows | ||
| For the Year Ended December 31, 2017 | ||
| Cash Flows from Operating Activities: | ||
| Net income | 583950 | |
| Adjustments to reconcile net income to | ||
| Net cash provided by operating activities | ||
| Depreciation expense | 140250 | |
| Loss on disposal of plant assets | 40800 | |
| Increase in Accounts Receivable | -25500 | |
| Increase in Accounts Payable | 22950 | |
| Increase in Income taxes payable | 15300 | |
| 193800 | ||
| Net cash provided by operating activities | 777750 |
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Sunland Company Income Statement For the Year Ended December 31, 2017 $2,473,500 Service revenue Operating expenses,...
Vaughn Company's income statement for the year ended December 31, 2017, contained the following condensed informati...
Vaughn Company's income statement for the year ended December 31, 2017, contained the following condensed information Service revenue $847,000 Operating expenses (excluding depreciation) $629,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 715,000 Income before income taxes 132,000 Income tax expense 41,000 $91,000 Net income Vaughn's balance sheet contained the following comparative data at December 31 2017 2016 Accounts receivable $35,000 $53,000 Accounts payable 42,000 30,000 Income taxes payable 4,100 8,800 (Accounts payable pertains to operating expenses.) Prepare the...
Need help ASAP Exercise 23-6 Krauss Company's income statement for the year ended December 31, 2017,...
Need
help ASAP
Exercise 23-6 Krauss Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $840,000 Operating expenses (exduding depreciation) $624,000 60,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income 26,000 710,000 130,000 40,000 $90,000 Krauss's balance sheet contained the following comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable 37,000 41,000 4,000 $54,000 31,000 8,500 Accounts payable pertains...
Weygandt, Accounting Principles, 12e Question S ZUMBRUNN COMPANY Income Statement For the Year Ended December 31,...
Weygandt, Accounting Principles, 12e Question S ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2017 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of equipment Income before income taxes Income tax expense Net income 54,500 26,000 704,200 40,900 5224,700 Zumbrumn's balance sheet contained the comparative data at December 31, shown below 2017 2016 $75,800 40,600 $59,100 27,700 6,100 Accounts payable Income taxes payable Accounts payable pertain to operating expenses Prepare the operating activities section of...
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...
Question 7 Flint Company's income statement for the year ended December 31, 2017, contained the following...
Question 7 Flint Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) $630,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $846,000 61,000 27,000 718,000 128,000 40,000 $88,000 Flint's balance sheet contained the following comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable 35,000 42,000 3,900 $57,000 30,000 8,700 Accounts payable pertains to operating expenses.)...
Waterway Company's income statement for the year ended December 31, 2017, contained the following condensed information...
Waterway Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $839,000 $624,000 Operating expenses (excluding depreciation) Depreciation expense 60,000 Loss on sale of equipment 26,000 710,000 Income before income taxes 129,000 Income tax expense 39,000 $90,000 Net income Waterway's balance sheet contained the following comparative data at December 31 2017 2016 $39,000 $53,000 Accounts receivable Accounts payable 40,000 32,000 Income taxes payable 4,200 8,300 (Accounts payable pertains to operating expenses.) Prepare the...
Sunland Corporation had the following activities in 2017. Concord Company’s income statement for the year ended...
Sunland Corporation had the following activities in
2017.
Concord Company’s income
statement for the year ended December 31, 2017, contained the
following condensed information.
Service revenue
$843,000
Operating expenses (excluding
depreciation)
$622,000
Depreciation expense
60,000
Loss on sale of
equipment
26,000
708,000
Income before income
taxes
135,000
Income tax expense
40,000
Net income
$95,000
Concord’s balance sheet contained the following comparative data at
December 31.
2017
2016
Accounts receivable
$36,000
$55,000
Accounts payable
43,000
33,000
Income taxes payable
4,200
8,200...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year Ended December 31, 2017 $1,775,100 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,123,620 100,650 29,280 1,253,550 521,550 102,480 $419,070 Shamrock, Inc.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $128,100 75,030 23,790 $109,800 58,560 12,810 Accounts payable pertain...
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...
Zumbrunn Company’s income statement contained the condensed information below. ZUMBRUNN COMPANY Income Statement For the Year...
Zumbrunn Company’s income statement contained the condensed
information below.
ZUMBRUNN COMPANY
Income Statement
For the Year Ended December 31, 2017
Service revenue
$970,700
Operating expenses, excluding depreciation
$624,000
Depreciation expense
56,000
Loss on disposal of equipment
25,800
705,800
Income before income taxes
264,900
Income tax expense
39,000
Net income
$225,900
Zumbrunn’s balance sheet contained the comparative data at December
31, shown below.
2017
2016
Accounts receivable
$74,300
$59,700
Accounts payable
40,100
27,900
Income taxes payable
12,300
6,500
Accounts payable pertain...
Vaughn Company's income statement for the year ended December 31, 2017, contained the following condensed information Service revenue $847,000 Operating expenses (excluding depreciation) $629,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 715,000 Income before income taxes 132,000 Income tax expense 41,000 $91,000 Net income Vaughn's balance sheet contained the following comparative data at December 31 2017 2016 Accounts receivable $35,000 $53,000 Accounts payable 42,000 30,000 Income taxes payable 4,100 8,800 (Accounts payable pertains to operating expenses.) Prepare the...
Need
help ASAP
Exercise 23-6 Krauss Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $840,000 Operating expenses (exduding depreciation) $624,000 60,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income 26,000 710,000 130,000 40,000 $90,000 Krauss's balance sheet contained the following comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable 37,000 41,000 4,000 $54,000 31,000 8,500 Accounts payable pertains...
Weygandt, Accounting Principles, 12e Question S ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2017 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of equipment Income before income taxes Income tax expense Net income 54,500 26,000 704,200 40,900 5224,700 Zumbrumn's balance sheet contained the comparative data at December 31, shown below 2017 2016 $75,800 40,600 $59,100 27,700 6,100 Accounts payable Income taxes payable Accounts payable pertain to operating expenses Prepare the operating activities section of...
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...
Question 7 Flint Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) $630,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $846,000 61,000 27,000 718,000 128,000 40,000 $88,000 Flint's balance sheet contained the following comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable 35,000 42,000 3,900 $57,000 30,000 8,700 Accounts payable pertains to operating expenses.)...
Waterway Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $839,000 $624,000 Operating expenses (excluding depreciation) Depreciation expense 60,000 Loss on sale of equipment 26,000 710,000 Income before income taxes 129,000 Income tax expense 39,000 $90,000 Net income Waterway's balance sheet contained the following comparative data at December 31 2017 2016 $39,000 $53,000 Accounts receivable Accounts payable 40,000 32,000 Income taxes payable 4,200 8,300 (Accounts payable pertains to operating expenses.) Prepare the...
Sunland Corporation had the following activities in
2017.
Concord Company’s income
statement for the year ended December 31, 2017, contained the
following condensed information.
Service revenue
$843,000
Operating expenses (excluding
depreciation)
$622,000
Depreciation expense
60,000
Loss on sale of
equipment
26,000
708,000
Income before income
taxes
135,000
Income tax expense
40,000
Net income
$95,000
Concord’s balance sheet contained the following comparative data at
December 31.
2017
2016
Accounts receivable
$36,000
$55,000
Accounts payable
43,000
33,000
Income taxes payable
4,200
8,200...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year Ended December 31, 2017 $1,775,100 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,123,620 100,650 29,280 1,253,550 521,550 102,480 $419,070 Shamrock, Inc.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $128,100 75,030 23,790 $109,800 58,560 12,810 Accounts payable pertain...
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...
Zumbrunn Company’s income statement contained the condensed
information below.
ZUMBRUNN COMPANY
Income Statement
For the Year Ended December 31, 2017
Service revenue
$970,700
Operating expenses, excluding depreciation
$624,000
Depreciation expense
56,000
Loss on disposal of equipment
25,800
705,800
Income before income taxes
264,900
Income tax expense
39,000
Net income
$225,900
Zumbrunn’s balance sheet contained the comparative data at December
31, shown below.
2017
2016
Accounts receivable
$74,300
$59,700
Accounts payable
40,100
27,900
Income taxes payable
12,300
6,500
Accounts payable pertain...
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