The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow
Homework Answers
| Cash Flow statement for year ended December 31, 2019 | ||
| Particulars | Amount in $ | |
| Cash flows from operating activities | ||
| Net Income | 485,000 | |
| Adjustments to arrive cash flow from operating activities: | ||
| Depreciation expense | 170,000 | =580000-410000 |
| Decrease in marketable securities | 15,000 | =185000-170000 |
| Decrease in accounts receivables | 15,000 | =225000-210000 |
| Decrease in Inventories | 10,000 | =250000-240000 |
| Decrease in Investments | 25,000 | =80000-55000 |
| Decrease in accounts payable | -15,000 | =75000-90000 |
| Decrease in Notes payable | -50,000 | =25000-75000 |
| Decrease in accrued expenses | -15,000 | =5000-20000 |
| Increase in Income Taxes payable | 4,000 | =12000-8000 |
| Net Cash flow from operating activities | 644,000 | |
| Cash flows from investing activities | ||
| Purchase of plant & Equipment | -450,000 | =1100000-1550000 |
| Net Cash flow from Investing activities | -450,000 | |
| Cash flows from financing activities | ||
| Proceeds from issuance of Bonds Payable | 100,000 | =800000-700000 |
| Payment of cash dividends | -289,000 | =372000+485000-568000 |
| Net Cash flows from financing activities | -189,000 | |
| Net Change in cash and cash equivalents (A) | 5,000 | |
| Cash and cash equivalents at beginning of period (B) | 35,000 | |
| Cash and cash equivalents at end of period =A+B | 40,000 | |
| - |
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The comparative Balance Sheets and the Income statement for the Marine Corporation...
The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine...
The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2019 $45,000 175,000 240,000 230,000 70,000 $760,000 1300000 450,000 $850,000 1610000 LIABILITIES AND SHAREHOLDERS' EQUITY $110,000 65,000 30,000 5,000 400 000 2020 $50,000 160,000 275,000 55,000 $760,000 1550000 $950,000 1710000 Accounts payable Notes payable Accrued Expenses Income Taxes...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Income Statement For the Year Ended December 31, 2019 Sales s 2.500.000 Less: Cost of Goods Sold 1.220,000 Gross Profit 1,280,000 Less: Selling, General & Administrative Expenses 210,000 Operating profit 1.070,000 Less: Depreciation Expense 110,000 Earnings Before Interest and Taxes 960,000 Less: Interest Expense 54.000 Earnings Before Taxes 906,000 Less: Taxes (50%) 453,000 Net Income S 453,000 Marine Corporation...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Income Statement For the Year Ended December 31, 2019 Sales $ 5,500,000 Less: Cost of Goods Sold 4,100,000 Gross Profit 1,400,000 Less: Selling, General & Administrative Expenses 230,000 Operating profit 1,170,000 Less: Depreciation Expense 160,000 Earnings Before Interest and Taxes 1,010,000 Less: Interest Expense 140,000 Earnings Before Taxes 870,000 Less: Taxes (50%) 435,000 Net Income $ 435,000 Marine Corporation...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow Marine Corporation Income Statement For the Year Ended December 31, 2019 Sales Less: Cost of Goods Sold Gross Profit Less: Selling, General & Administrative Expenses Operating profit $4,500,000 3,200,000 1,300,000 260,000 1,040,000 150,000 890,000 90,000 800,000 400,000 $ 400,000 Less: Depreciation Expense Earnings Before Interest and Taxes Less: Interest Expense Earings Before Taxes Less: Taxes (50%) Net Income Marine Corporation Assets...
Question 4 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation...
Question 4 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Balance Sheet Assets 2019 2020 Cash $45,000 $50,000 Marketable Securities 175.000 160,000 Accounts Receivable 240,000 220,000 inventories 230,000 275,000 Investments 70,000 55.000 Total current assets $760,000 $760,000 Plant and Equipment 1,300,000 1,550,000 Less Accumulated Amortization 450,000 600,000 Net plant and Equipment S850,000 $950,000 Total Assets 1.610,000 1.710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable S110,000 $85.000 Notes payable 65.000 10.000...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2018 $45,000 175,000 240,000 230,000 70,000 $760,000 1,300,000 450,000 2019 $50,000 160,000 220,000 275,000 55,000 $760,000 1,550,000 600,000 $850,000 1,610,000 $950,000 1,710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $110,000 Notes payable 65,000 Accrued Expenses...
full answer Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the...
full answer
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Income Statement For the Year Ended December 31, 2019 Sales $ 4.500.000 Less: Cost of Goods Sold 3,200.000 Gross Profit 1.300.000 Less: Selling. General & Administrative Expenses 260.000 Operating profit 1.040.000 Less: Depreciation Expense 150.000 Earnings Before Interest and Taxes 890,000 Less: Interest Expense 90,000 Earnings Before Taxes 800,000 Less: Taxes (50%) 400,000 Net Income $ 400.000...
The comparative balance sheets and income statement for Franklin Corporation follow: Balance Sheets As of December...
The comparative balance sheets and income statement for Franklin Corporation follow: Balance Sheets As of December 31 2017 2016 Assets Cash $ 67,778 $ 41,150 Accounts receivable 29,073 21,320 Merchandise inventory 156,338 171,970 Prepaid rent 2,295 4,590 Equipment 252,050 285,350 Accumulated depreciation (147,740 ) (239,060 ) Land 190,190 78,290 Total assets $ 549,984 $ 363,610 Liabilities Accounts payable (inventory) $ 69,662 79,020 Salaries payable 30,357 26,020 Stockholders’ equity Common stock, $50 par value 250,500 201,500 Retained earnings 199,465 57,070 Total...
Problem 4 (20 points) Given below are comparative Balance Sheets and Income Statement for Blaster Corporation:...
Problem 4 (20 points) Given below are comparative Balance Sheets and Income Statement for Blaster Corporation: Blaster Corporation Income Statement for year ended 31 December 2017 Blaster Corporation Balance Sheets - Year 2017 Dec. 31 Jan. 1 Cash $ 42,500 $ 32,800 Accounts receivable 282,000 234,000 Inventory 196,000 182,000 Sales $1,060,000 Cost of goods sold (698,000) Gross profit $362,000 Equipment (net) 206,000 192,000 Operating expenses (247,000) $726.500 $640,800 Operating income $ 115,000 Accounts payable $164,000 $154,000 and Interest expense income...
PLS BE SUPER SPECIFIC AND UNDERSTANDABLE The comparative balance sheets and income statement for Benson Corporation...
PLS
BE SUPER SPECIFIC AND UNDERSTANDABLE
The comparative balance sheets and income statement for Benson Corporation follow: Balance Sheets As of December 31 2017 2016 Assets Cash Accounts receivable Merchandise inventory Prepaid rent Equipment Accumulated depreciation Land Total assets Liabilities Accounts payable (inventory) Salaries payable Stockholders' equity Common stock, $50 par value Retained earnings Total liabilities and equity $ 71,592 29,605 157,447 2,495 253,490 (154,130) 194,230 $ 554,729 $ 41,290 21, 710 173,190 4,990 286,270 (239,710) 79,430 $ 367,170 66,215...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Income Statement For the Year Ended December 31, 2019 Sales s 2.500.000 Less: Cost of Goods Sold 1.220,000 Gross Profit 1,280,000 Less: Selling, General & Administrative Expenses 210,000 Operating profit 1.070,000 Less: Depreciation Expense 110,000 Earnings Before Interest and Taxes 960,000 Less: Interest Expense 54.000 Earnings Before Taxes 906,000 Less: Taxes (50%) 453,000 Net Income S 453,000 Marine Corporation...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow Marine Corporation Income Statement For the Year Ended December 31, 2019 Sales Less: Cost of Goods Sold Gross Profit Less: Selling, General & Administrative Expenses Operating profit $4,500,000 3,200,000 1,300,000 260,000 1,040,000 150,000 890,000 90,000 800,000 400,000 $ 400,000 Less: Depreciation Expense Earnings Before Interest and Taxes Less: Interest Expense Earings Before Taxes Less: Taxes (50%) Net Income Marine Corporation Assets...
Question 4 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Balance Sheet Assets 2019 2020 Cash $45,000 $50,000 Marketable Securities 175.000 160,000 Accounts Receivable 240,000 220,000 inventories 230,000 275,000 Investments 70,000 55.000 Total current assets $760,000 $760,000 Plant and Equipment 1,300,000 1,550,000 Less Accumulated Amortization 450,000 600,000 Net plant and Equipment S850,000 $950,000 Total Assets 1.610,000 1.710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable S110,000 $85.000 Notes payable 65.000 10.000...
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow Marine Corporation Assets Cash Marketable Securities Accounts Receivable Inventories Investments Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets Balance Sheet 2018 $45,000 175,000 240,000 230,000 70,000 $760,000 1,300,000 450,000 2019 $50,000 160,000 220,000 275,000 55,000 $760,000 1,550,000 600,000 $850,000 1,610,000 $950,000 1,710,000 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $110,000 Notes payable 65,000 Accrued Expenses...
full answer
Question 5 (20 marks) The comparative Balance Sheets and the Income statement for the Marine Corporation are as follow: Marine Corporation Income Statement For the Year Ended December 31, 2019 Sales $ 4.500.000 Less: Cost of Goods Sold 3,200.000 Gross Profit 1.300.000 Less: Selling. General & Administrative Expenses 260.000 Operating profit 1.040.000 Less: Depreciation Expense 150.000 Earnings Before Interest and Taxes 890,000 Less: Interest Expense 90,000 Earnings Before Taxes 800,000 Less: Taxes (50%) 400,000 Net Income $ 400.000...
Problem 4 (20 points) Given below are comparative Balance Sheets and Income Statement for Blaster Corporation: Blaster Corporation Income Statement for year ended 31 December 2017 Blaster Corporation Balance Sheets - Year 2017 Dec. 31 Jan. 1 Cash $ 42,500 $ 32,800 Accounts receivable 282,000 234,000 Inventory 196,000 182,000 Sales $1,060,000 Cost of goods sold (698,000) Gross profit $362,000 Equipment (net) 206,000 192,000 Operating expenses (247,000) $726.500 $640,800 Operating income $ 115,000 Accounts payable $164,000 $154,000 and Interest expense income...
PLS
BE SUPER SPECIFIC AND UNDERSTANDABLE
The comparative balance sheets and income statement for Benson Corporation follow: Balance Sheets As of December 31 2017 2016 Assets Cash Accounts receivable Merchandise inventory Prepaid rent Equipment Accumulated depreciation Land Total assets Liabilities Accounts payable (inventory) Salaries payable Stockholders' equity Common stock, $50 par value Retained earnings Total liabilities and equity $ 71,592 29,605 157,447 2,495 253,490 (154,130) 194,230 $ 554,729 $ 41,290 21, 710 173,190 4,990 286,270 (239,710) 79,430 $ 367,170 66,215...
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