Solution:
Pharoah Enterprises | ||
Statement of Cash Flows | ||
For year ended 2020 | ||
Particulars | Details | Amount |
Cash Flow from Operating Activities: | ||
Net Income | $184,128.00 | |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation Expense | $171,360.00 | |
Loss on sale of equipment | $13,440.00 | |
Decrease in accounts receivables ($342,720 - $266,560) | $76,160.00 | |
Increase in inventory ($437,920 - $380,800) | -$57,120.00 | |
Increase in accounts payable ($209,440 - $114,240) | $95,200.00 | |
Decrease in notes payable ($76,160 - $57,120) | -$19,040.00 | |
Increase in income taxes payable ($95,200 - $85,680) | $9,520.00 | |
Net Cash provided (Used) by operating activities | $473,648.00 | |
Cash Flow from Investing Activities: | ||
Purchase of equipment | -$304,640.00 | |
Sale of equipment | $24,640.00 | |
Net Cash Provided (Used) by Investing activities | -$280,000.00 | |
Cash Flow from Financing Activities: | ||
Dividend Paid ($380,800 + $184,128 - $418,880) | -$146,048.00 | |
Repayment of Bond | -$57,120.00 | |
Issue of common stock | $47,600.00 | |
Net Cash Provided (used) by financing activities | -$155,568.00 | |
Net Increase / (Decrease) in Cash | $38,080.00 | |
Cash balance at beginning of year | $133,280.00 | |
Cash balance at end of year | $171,360.00 |
Selected financial statement information and additional data for Pharoah Enterprises is presented below: Pharoah Enterprises Balance...
Problem 125Selected financial statement information and additional data for
Johnston Enterprises is presented below:Johnston
EnterprisesBalance Sheet and Income Statement DataDecember 31,2017December 31,2016Current Assets: Cash$179,520$118,700 Accounts Receivable233,400308,800 Inventory395,200344,100 Total
Current Assets808,120771,600Property, Plant, and Equipment1,280,3001,147,000Less: Accumulated Depreciation(464,100)(437,000)Total Assets1,624,3201,481,600Current Liabilities: Accounts Payable$190,100$100,300 Notes Payable48,30067,000 Income Taxes Payable84,30075,300Total Current Liabilities322,700242,600Bonds Payable350,000387,300Total Liabilities672,700629,900Stockholders' Equity: Common Stock510,000467,500 Retained Earnings441,620384,200Total Stockholders' Equity951,620851,700Total Liabilities & Stockholders' Equity1,624,3201,481,600Sales Revenue$1,629,300$1,523,000Less Cost of Goods Sold757,500711,000Gross Profit871,800812,000Expenses: Depreciation Expense152,400135,200 Salaries and Wages
Expense384,200354,100 Interest Expense31,30031,300 Loss on Sale of
Equipment11,2000Income Before Taxes292,700291,400Less Income Tax Expense117,080116,560Net Income175,620174,840Additional Information:During the year, Johnston sold equipment with an original...
These items are taken from the financial statements of Pharoah Company at December 31, 2022. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue $95,220 11,340 2,880 10,656 74,160 55,080 702 4,770 2,340 54,000 36,000 41,040 8,550 84,240 16,848 3,240 13,230 PHAROAH COMPANY Balance Sheet December 31, 2022 Assets Current Assets Current Assets Cash 10,656...
Cullumber Enterprises Balance Sheet and Income Statement Data December 31, 2020 December 31, 2019 Current Assets: Cash Accounts Receivable Inventory Total Current Assets $162,180 252,280 414,460 828,920 $126,140 324,360 360,400 810,900 Property, Plant, and Equipment Less: Accumulated Depreciation 1,315,460 (504,560) 810,900 $1,639,820 1,189,320 (468,520) 720,800 $1,531,700 Total Assets Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities $198,220 54,060 90,100 342,380 $108,120 72,080 81,090 261,290 Bonds Payable Total Liabilities 360,400 702,780 414,460 675,750 Stockholders' Equity: Common Stock...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings: Accounts receivable $72,920 Cash 13,240 Common stock (10,000 shares) 65,000 Income taxes expense 13,000 Income taxes payable 4,150 Interest expense 16,500 Notes payable (due in 10 years) 25,000 Prepaid rent (building) 31,500 Property, plant, and equipment 90,000 Rent expense 135,000 Retained earnings ? Salaries expense 235,200 Salaries payable 15,710 Service revenue 464,000...
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. $ 8,000 $ 3,600 260 200 2,000 6,060 1,940 (776) $ 1,164 Dec. 31, 2020 Dec. 31,2021 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands)...
Can you show the steps, not just the answers
Selected financial statement information and additional data for Johnston Enterprises is presented below. Balance Sheet Data Cash Accounts Receivable Less: Allowance for Bad Debts Inventory Property, plant, and Equipment Less: Accumulated Depreciation Total Assets December 31, 2013 $119,000 320,000 (14,000) 340,000 1,122,000 (442,000) $1,445,000 December 31, 2014 $143,000 240,000 (12,000) 391,000 1,261,000 (476,000) $1,547.000 Accounts Payable (merchandise suppliers) Salaries Payable Income Taxes Payable Bank Loan Common Stock Retained Earnings Total Liabilities...
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. $ 7,180 $ 3,390 270 130 1,830 5,620 1,560 (630) $ 930 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory...
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $ 7,660 Operating expenses: Cost of goods sold $ 3,470 Depreciation expense 350 Insurance expense 210 General and administrative expense 1,910 Total operating expenses 5,940 Income before income taxes 1,720 Income tax expense (710 ) Net income $ 1,010 Balance Sheet Information ($ in thousands) Dec. 31,2021 Dec. 31,...
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $ 9,000 Operating expenses: Cost of goods sold $ 3,800 Depreciation expense 280 Insurance expense 300 General and administrative expense 2,200 Total operating expenses 6,580 Income before income taxes 2,420 Income tax expense (968 ) Net income $ 1,452 Balance Sheet Information ($ in thousands) Dec. 31,2021 Dec. 31,...
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. $7,000 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $3,360 Depreciation expense 240 Insurance expense 100 General and administrative expense 1,800 Total operating expenses Income before income taxes Income tax expense Net income 5,500 1,500 (600) $ 900 Dec. 31, 2020 Balance Sheet Information ($ in thousands) Dec. 31,2021 $ 300...