Homework Answers
| A | B | C | D | E | F | G | H | I | J | K |
| 2 | ||||||||||
| 3 | Cash Flows from Operating Activities | |||||||||
| 4 | Net Income (Earnings after tax) | $24,181 | ||||||||
| 5 | Adjustments to determine cash flow from | |||||||||
| 6 | Operating Activities | |||||||||
| 7 | +Depreciation / Amortization Expense | $18,000 | ||||||||
| 8 | +Loss on Sale of Long-term Assets | $0 | ||||||||
| 9 | -Gain on sale of long term assets | $0 | ||||||||
| 10 | -Increase in Current assets Other than Cash | ($1,963) | =-((59020-5857)-(55400-4200)) | |||||||
| 11 | +Decrease in current assets Other than cash | $0 | ||||||||
| 12 | +Increase in Current Liabilities | $0 | ||||||||
| 13 | -Decrease in Current Liabilities | ($30,278) | =(45212-75490) | |||||||
| 14 | Net Cash Provided By or Used For (Operating Activities) | $9,940 | ||||||||
| 15 | ||||||||||
| 16 | Cash Flows From Investing Activities | |||||||||
| 17 | +Sales of Long Term Assets (Land, Building, Equipment etc.) | |||||||||
| 18 | -Purchase of long term Assets (Land, Building, Equipment etc.) | ($22,956) | =-(80223-75267+D7) | |||||||
| 19 | + Sales of Investments (Stocks & Bonds) | $0 | ||||||||
| 20 | -Purchases of investments (Stocks & Bonds) | ($4,612) | =-(10000-5388) | |||||||
| 21 | Net Cash Provided By or Used For (Investing Activities) | ($27,568) | ||||||||
| 22 | ||||||||||
| 23 | Cash flow from Financing Activities | |||||||||
| 24 | +Issuance of Stock | $8,970 | =23970-15000 | |||||||
| 25 | +Sale of Treasury Stock | $0 | ||||||||
| 26 | -Purchase of Treasury Stock | ($3,268) | =-(8045-4777) | |||||||
| 27 | + Issuance of Bonds Payable or Borrowings of Notes Payable | $15,000 | ||||||||
| 28 | -Payment of Notes or Bonds Payable | $0 | ||||||||
| 29 | -Payment of Dividends | ($1,417) | =-400-(23781-(40106-17342)) | (Dividend to common and preferred stocks) | ||||||
| 30 | Net Cash Provided By or Used For (Financing Activities) | $19,285 | ||||||||
| 31 | Net Increase or Decrease in Cash during the Year | $1,657 | =E14+E21+E30 | |||||||
| 32 | (Add Operating, Investing and Financing Activities) | |||||||||
| 33 | ||||||||||
| 34 | Cash Balance at the beginning of Year | $4,200 | ||||||||
| 35 | Cash Balance at the end of Year | $5,857 | =E34+E31 | |||||||
| 36 | ||||||||||
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LION CORPORATION INCOME STATEMENT-12-31-20xX 1. SALES 2. COST OF GOODS SOLD 3. GROSS PROFIT 4. SELLING,GENERAL&ADMINISTRATIVE...
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Wiley Company's income statement for Year 2 follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Income before taxes Income taxes Net income $ 2,450 1,400 1,050 400 650 260 $ 390 The company's selling and administrative expense for Year 2 includes $76 of depreciation expense. Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows: Year 2 Year 1 $215 $164 $ 39 $ 235 $194 $ 22 Current...
Sales $7000 3000 Less: Cost of goods sold Gross Profit Less: Operating expenses Selling expenses General...
Sales $7000 3000 Less: Cost of goods sold Gross Profit Less: Operating expenses Selling expenses General and administrative expenses Lease expenses Depreciation expenses Total operating expenses Operating profits Less: Interest expenses Net profit before taxes Less: Taxes (30%) Net profit after taxes Less: Preferred stock dividends Earnings available for common stockholders Less: Common stock dividends Retained earnings 2220 200 2020 500 2013 2012 2013 Assets Current Assets Cash Account Receivable Inventory Total current assets 980 800 500 2280 2200 Liabilities...
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Joyner Company's Income statement for Year 2 follows: Sales Cast of goods sold Gross margin Selling and administ...
Joyner Company's Income statement for Year 2 follows: Sales Cast of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment $ 705,ee0 114,080 591,000 218,0e0 373,000 6,000 379,000 113,700 s 265,300 Income before taxes Income taxes Net income Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets $...
Income Statement For the Year Ended December 31, 2021 $2,576,000 Net sales Expenses: Cost of goods...
Income Statement For the Year Ended December 31, 2021 $2,576,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses $1,550,000 778,000 19,000 7,200 11,000 40,e00 2,405,200 $ 170,800 Net income VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: $ 77,560 52,000 127,000 4,440 $152,320 72,200 105,000 8,880 Cash Accounts receivable Inventory Prepaid rent Long-term assets : Investments 97,000 202,000 254,000 (59,400) $832,000...
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Joyner Company's income statement for Year 2 follows: Sales Cost of goods sold Gros margin Selling...
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Sales revenue Cost of goods sold Gross profit Selling, general, and administrative expenses Loss on sales of securities Income before interest and taxes Interest expense Income before taxes Income tax expense Net income Retained earnings, January 1, 2017 $542,825 (435,550) $107,275 $(65,830) (310) $41,135 (9,220) $31,915 (12,766) $19,149 58,615 $77,764 (12,149) $65,615 Dividends paid on common stock Retained earnings, December 31, 2017 December 31, 2016 Heartland Inc. Comparative Statements of Financial Position (thousands omitted) December 31, 2017 Assets Current assets:...
Wiley Company's income statement for Year 2 follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Income before taxes Income taxes Net income $ 2,450 1,400 1,050 400 650 260 $ 390 The company's selling and administrative expense for Year 2 includes $76 of depreciation expense. Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows: Year 2 Year 1 $215 $164 $ 39 $ 235 $194 $ 22 Current...
Sales $7000 3000 Less: Cost of goods sold Gross Profit Less: Operating expenses Selling expenses General and administrative expenses Lease expenses Depreciation expenses Total operating expenses Operating profits Less: Interest expenses Net profit before taxes Less: Taxes (30%) Net profit after taxes Less: Preferred stock dividends Earnings available for common stockholders Less: Common stock dividends Retained earnings 2220 200 2020 500 2013 2012 2013 Assets Current Assets Cash Account Receivable Inventory Total current assets 980 800 500 2280 2200 Liabilities...
Joyner Company's Income statement for Year 2 follows: Sales Cast of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment $ 705,ee0 114,080 591,000 218,0e0 373,000 6,000 379,000 113,700 s 265,300 Income before taxes Income taxes Net income Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Total current assets $...
Income Statement For the Year Ended December 31, 2021 $2,576,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses $1,550,000 778,000 19,000 7,200 11,000 40,e00 2,405,200 $ 170,800 Net income VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: $ 77,560 52,000 127,000 4,440 $152,320 72,200 105,000 8,880 Cash Accounts receivable Inventory Prepaid rent Long-term assets : Investments 97,000 202,000 254,000 (59,400) $832,000...
2G Help Save Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX and Comparative Balance Sheets for 20XW and 20XX of Maris Corporation: Maris Corporation Income Statement Year Ended December 31, 20xx Sales $5,500,000 Cost of goods sold 3,725,000 Gross profits Selling and administrative expense Amortization expense 1,775,000 710,000 230,000 Operating income Interest expense 835,000 50,000 Earnings before taxes Taxes 785,000 470.000 315,000 Earnings after taxes...
Joyner Company's income statement for Year 2 follows: Sales Cost of goods sold Gros margin Selling and administrative expenses Net operating income Nonoperating items: Cain on sale of equipment Incone before taxes Income taxes Net Income $ 719,000 166,000 553,000 217.000 336,000 7,000 343,000 137,200 $ 205,800 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year $ 153,900 277.000 320,000 9.000 759,900 627,000 165,000 462,000 46,000 $1,267,900 $ 73, 700 132.000...
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