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(16 pts) 7. Given the information below, address the requirements following the information. Net...
Please show all work. 1. Statement of Cash Flows and Standardized Financial Statements a) Net income...
Please show all work. 1. Statement of Cash Flows and Standardized Financial Statements a) Net income for your firm was $10,000 last year. The depreciation expense was $2,500; accounts receivable increased $1,250; accounts payable increased $800; and inventories increased by $2,000. Identify the sources and uses of cash • What was the total cash flow from operations for the period? Operating activities = Net Income + Depreciation + Source (inflow) - Use foutflow) b) i) Prepare the 2018 common-size Income...
Need Help on these questions, Please. Thanks! USE THE FOLLOWING INFORMATION TO FILL IN THE BALANCE...
Need Help on these questions, Please. Thanks!
USE THE FOLLOWING INFORMATION TO FILL IN THE BALANCE SHEET BELOW TO ANSWER QUESTIONS 31 through 34 60 Number of shares outstanding Sales Gross profit margin Inventory turnover ratio Notes payable Net profit margin Return on assets 15,000 $200,000 20% 4 $10,000 15% 7.5% Average collection period (days) Accounts payable days Retained earnings (2018) Dividend payout ratio Accruals Current ratio Debt ratio 90 $23,700 80% $5,000 1.5 40% Note: Of total sales, 60...
[The following information applies to the questions displayed below.] Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement...
[The following information applies to the questions
displayed below.]
Income statement and balance sheet data for Great Adventures,
Inc., are provided below.
GREAT ADVENTURES, INC.
Income Statement
For the Year Ended December 31, 2020
Revenues:
Service revenue (clinic, racing,
TEAM)
$535,000
Sales revenue (MU watches)
110,000
Total
revenues
$645,000
Expenses:
Cost of goods sold (MU
watches)
66,000
Operating expenses
303,876
Depreciation expense
46,000
Interest expense
29,324
Income tax expense
54,600
Total
expenses
499,800
Net income
$145,200
GREAT ADVENTURES, INC.
Balance...
Help on my Finance homework please! Integrative: Complete ratio analysis Given the following financial statements, historical...
Help on my Finance homework please! Integrative: Complete ratio analysis Given the following financial statements, historical ratios, and industry averages, calculate Sterling Company’s financial ratios for the most recent year. (Assume a 365-day year.) Sterling Company Income Statement for the Year Ended December 31, 2019 Sales revenue $10,000,000 Less: Cost of goods sold 7,500,000 Gross profits $ 2,500,000 Less: Operating expenses Selling expense $ 300,000 General and administrative expenses 650,000 Lease expense 50,000 Depreciation expense...
BUSI 320 Comprehensive Problem 1 Spring 2020 Use the following information to answer the questions below:...
BUSI 320 Comprehensive Problem 1 Spring 2020 Use the following information to answer the questions below: note: all sales are credit sales Income Stmt info: 2018 Sales $ 1,000,000 less Cost of Goods Sold: 400.000 Gross Profit 600,000 Operating Expenses 350,000 Earnings before Interest & Taxes 250,000 Interest exp - 20.000 earnings before Taxes 230,000 Taxes 69.000 Net Income $ 161,000 2019 $ 1,050,000 432.000 618,000 365,750 252,250 20.400 231,850 69.555 $ 162,295 Balance Sheet info: Cash Accounts Receivable Inventory...
help please Winter 2020 Budget Planning Following is selected information relating to the operations of Pocketchange...
help please
Winter 2020 Budget Planning Following is selected information relating to the operations of Pocketchange Company, a tile distributor September 30, 2020 - Trial Balance information Cash.. Accounts receivable.... Inventory... Plant and equipment, net of Acc Dep Accounts payable.......... Capital stock........................ Retained earnings.................... 8.000 24.800 39.600 428 200 24,050 150.000 326,550 $ 500 600 $ 500,600 a. Actual and budgeted sales data: September (actual).................. October November December.... January... 62,000 66,000 80.000 94,000 48,000 b. Gross profit is 25% of...
Required information [The following information applies to the questions displayed below. On January 1, 2021, the...
Required information [The following information applies to the questions displayed below. On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances 17 Accounts Credit Debit Cash $ 5৪,900 25,400 $ 36,500 14,400 157,000 Accounts Receivable 57 warded Allowance for Uncollectible Accounts Inventory Notes Receivable (58, due in 2 years) Land 2,400 ed Accounts Payable 15,000 222,000 52,800 Common Stock Retained Earnings Totals $292,200 $292,200 During January 2021, the following transactions occur January 1 Purchase equipment...
Required information [The following information applies to the questions displayed below.] Income statements and balance sheets...
Required information [The following information applies to the questions displayed below.] Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 $3,545,000 2,487,000 1,058,000 $3,071,000 1,957,000 1,114,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense 962,000 37,000 865,000 30,500 8,700 18,500 51,500 974,200 Loss on sale of land Interest expense 21,500 8,700 1,029,200 Income tax expense Total expenses $...
Required information [The following information applies to the questions displayed below.] Income statements and balance sheets...
Required information [The following information applies to the questions displayed below.] Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 $3,540,000 $3,066,000 1,956,000 1,110,000 Net sales Cost of goods sold 2,486,000 Gross profit Expenses: Operating 1,054,000 961,000 864,000 expenses Depreciation expense Loss on sale of land Interest expense 36,000 30,000 8,600 21,000 18,000 Income tax 8,600 51,000 expense Total expenses 971,600 1,026,600 $138,400...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,700 38,500 $ 3,900 34,000 67,600 30,400 34,000 60,000 34,500 $162,800 $162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
Please show all work. 1. Statement of Cash Flows and Standardized Financial Statements a) Net income for your firm was $10,000 last year. The depreciation expense was $2,500; accounts receivable increased $1,250; accounts payable increased $800; and inventories increased by $2,000. Identify the sources and uses of cash • What was the total cash flow from operations for the period? Operating activities = Net Income + Depreciation + Source (inflow) - Use foutflow) b) i) Prepare the 2018 common-size Income...
Need Help on these questions, Please. Thanks!
USE THE FOLLOWING INFORMATION TO FILL IN THE BALANCE SHEET BELOW TO ANSWER QUESTIONS 31 through 34 60 Number of shares outstanding Sales Gross profit margin Inventory turnover ratio Notes payable Net profit margin Return on assets 15,000 $200,000 20% 4 $10,000 15% 7.5% Average collection period (days) Accounts payable days Retained earnings (2018) Dividend payout ratio Accruals Current ratio Debt ratio 90 $23,700 80% $5,000 1.5 40% Note: Of total sales, 60...
[The following information applies to the questions
displayed below.]
Income statement and balance sheet data for Great Adventures,
Inc., are provided below.
GREAT ADVENTURES, INC.
Income Statement
For the Year Ended December 31, 2020
Revenues:
Service revenue (clinic, racing,
TEAM)
$535,000
Sales revenue (MU watches)
110,000
Total
revenues
$645,000
Expenses:
Cost of goods sold (MU
watches)
66,000
Operating expenses
303,876
Depreciation expense
46,000
Interest expense
29,324
Income tax expense
54,600
Total
expenses
499,800
Net income
$145,200
GREAT ADVENTURES, INC.
Balance...
BUSI 320 Comprehensive Problem 1 Spring 2020 Use the following information to answer the questions below: note: all sales are credit sales Income Stmt info: 2018 Sales $ 1,000,000 less Cost of Goods Sold: 400.000 Gross Profit 600,000 Operating Expenses 350,000 Earnings before Interest & Taxes 250,000 Interest exp - 20.000 earnings before Taxes 230,000 Taxes 69.000 Net Income $ 161,000 2019 $ 1,050,000 432.000 618,000 365,750 252,250 20.400 231,850 69.555 $ 162,295 Balance Sheet info: Cash Accounts Receivable Inventory...
help please
Winter 2020 Budget Planning Following is selected information relating to the operations of Pocketchange Company, a tile distributor September 30, 2020 - Trial Balance information Cash.. Accounts receivable.... Inventory... Plant and equipment, net of Acc Dep Accounts payable.......... Capital stock........................ Retained earnings.................... 8.000 24.800 39.600 428 200 24,050 150.000 326,550 $ 500 600 $ 500,600 a. Actual and budgeted sales data: September (actual).................. October November December.... January... 62,000 66,000 80.000 94,000 48,000 b. Gross profit is 25% of...
Required information [The following information applies to the questions displayed below. On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances 17 Accounts Credit Debit Cash $ 5৪,900 25,400 $ 36,500 14,400 157,000 Accounts Receivable 57 warded Allowance for Uncollectible Accounts Inventory Notes Receivable (58, due in 2 years) Land 2,400 ed Accounts Payable 15,000 222,000 52,800 Common Stock Retained Earnings Totals $292,200 $292,200 During January 2021, the following transactions occur January 1 Purchase equipment...
Required information [The following information applies to the questions displayed below.] Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 $3,545,000 2,487,000 1,058,000 $3,071,000 1,957,000 1,114,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense 962,000 37,000 865,000 30,500 8,700 18,500 51,500 974,200 Loss on sale of land Interest expense 21,500 8,700 1,029,200 Income tax expense Total expenses $...
Required information [The following information applies to the questions displayed below.] Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 $3,540,000 $3,066,000 1,956,000 1,110,000 Net sales Cost of goods sold 2,486,000 Gross profit Expenses: Operating 1,054,000 961,000 864,000 expenses Depreciation expense Loss on sale of land Interest expense 36,000 30,000 8,600 21,000 18,000 Income tax 8,600 51,000 expense Total expenses 971,600 1,026,600 $138,400...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,700 38,500 $ 3,900 34,000 67,600 30,400 34,000 60,000 34,500 $162,800 $162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
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