Bernie's Ltd. Income Statement For the Year ended December 31, 20X5 Income: Sales 682,000 Dividends 22,000...
Bernie's Ltd. Income Statement For the Year ended December 31, 20X5 Income: Sales 682,000 Dividends 22,000 Interest 29,000 Gain on sale of PPE (Property Plant & Equipment) 19,000 Total income 752,000 Expenses: Cost of goods sold 360,000 Depreciation 43,000 Wages 134,000 Interest 38,000 Other expenses 41,000 Total expenses 616,000 Net income before income tax expense 136,000 Income tax expense 36,000 Net income after income tax expense 100,000 Additional information: PPE purchases during 20X5 were $735,000 Issuance of mortgage payable during 20X5 $226,000 All prepaid expenses at the beginning of the year expired during 20X5. $5,000 was accrued for operating expenses at year end. Bernie's Ltd. Balance sheet As at December 31, 20X5 20X4 Assets Cash 57,000 101,000 Accounts receivable 224,000 192,000 Inventory 323,000 330,000 Interest receivable 8,000 3,000 Prepaids 18,000 17,000 Long term receivable from Dennis's Ltd. 26,000 - Property, Plant and Equipment(PPE), net 1,087,000 525,000 Total 1,743,000 1,168,000 Liabilities Accounts payable 220,000 137,000 Accrued liabilities 5,000 7,000 Wages payable 6,000 12,000 Mortgage payable 384,000 185,000 Shareholder's Equity Common shares 861,000 619,000 Retained earnings 267,000 208,000 Total 1,743,000 1,168,000 Which of the following is reported in the Financing section of Bernie's Ltd cash flow statement when using the indirect method(Pick one)?
Cash paid for issuing shares reflected as $242,000
Cash received for payment of dividends reflected as ($41,000)
Outflow of cash for loan to Dennis's Ltd. reflected as ($26,000)
Inflow of cash for loan to Dennis's Ltd reflected as $26,000
None of the other alternatives are correct
Homework Answers
Answer: None of the other alternatives are correct.
Cash is received and not paid for issuing shares hence, the first statement is incorrect. Cash is paid and not received for payment of dividends hence, the second statement is incorrect. There is a long-term receivable from Dennis’s Ltd. for $26,000 in 20X5 which shows that a long-term loan is made to Dennis’s Ltd. for which there is a cash outflow however, loans given are shown under investing activity hence, the third statement is incorrect. Loan to Dennis’s Ltd. is an outflow and not an inflow hence, the fourth statement is incorrect. Thus, the last statement is correct
Add Answer to:
Bernie's Ltd. Income Statement For the Year ended December 31,
20X5 Income: Sales 682,000 Dividends 22,000...
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...
The income statement for Wildhorse Limited is presented here: WILDHORSE LIMITED Income Statement Year Ended December...
The income statement for Wildhorse Limited is presented here: WILDHORSE LIMITED Income Statement Year Ended December 31, 2018 Service revenue $995,000 Operating expenses 717,000 Income from operations 278,000 Interest expense 77,000 Income before income tax 201,000 Income tax expense 50,250 Net income $150,750 Wildhorse's statement of financial position contained these comparative data at December 31: Accounts receivable Prepaid expenses Accounts payable Salaries payable Unearned revenue Interest payable Income tax payable 2018 $56,800 12,300 35,300 19,100 12,900 2017 $46,300 15,800 40,200...
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...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold 705000 Gross Profit/(Loss) 504000 Selling Expenses Selling Expenses 125200 Administrative Expenses 170800 296000 < 208000 Interest Expense 7100 Dividend Revenue 18700 Interest Expense - 11600 196400 Income Before Income Taxes -58920 Income from Continuing Operations 137480 Income from Continuing Operations -51800 Discontinued Operations Loss, Net of Tax $ 85680 Net Income /(Loss) Per Share of Common Stock $ 85680 Net Income /(Loss) 50000 $...
Set out below are Palm Ltd's financial statements for the year ended 31 December Palm Ltd...
Set out below are Palm Ltd's financial statements for the year ended 31 December Palm Ltd Comparative Statements of Financial Position as at 31 December 2020 2019 $ $ Assets Cash at Bank Accounts Receivable (net) Prepaid Expenses Inventory Equipment Accumulated Depreciation - Equipment Total Assets 56,000 123,000 10,000 52,000 270,000 (118,000) 393.000 47,000 107,000 9,000 46,000 262,000 (109,000) 362.000 $ $ $ $ Liabilities and Shareholders' Equity Accounts Payable Accrued Expenses Payable Income Taxes Payable Notes Payable Ordinary Shares...
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...
Canace Products Inc. Income Statement For the Year ended December 31, 2014 $5,980,000 2,452,000 Sales Cost...
Canace Products Inc. Income Statement For the Year ended December 31, 2014 $5,980,000 2,452,000 Sales Cost of Merchandise Sold Gross Profit 3,528,000 Operating Expenses Depreciation Expense Other Operating Expenses $44,000 3,100,000 Total Operating Expenses 3,144,000 384,000 Operating Income Other Expenses (64,000) Loss on Sale of Investments Income before Income Tax 320,000 Income Tax Expense 102,800 $217,200 Net Income Additional Information: Equipment and Land were acquired for cash. b. There were no disposals of equipment during the year. а. Investments were...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of Goods Sold $430,000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29,000 590,000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 $8,000 32,000 65,000 $41,000 41,000 90,000 5,000 219,000 (68,000) $328,000 7,000 Assets Cash Accounts Receivable Inventory Prepaid Insurance Plant Assets Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Wages...
$315,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost...
$315,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost of goods sold $190,000 Operating expenses 61,000 Depreciation expense 16,100 Income tax expense 22,500 Total expenses 289,600 $ 25,400 Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $ 6,100 13,100 9,100 5,100...
Vittoria Ltd requires a Statement of Cash Flows to be prepared for the year ended 31...
Vittoria Ltd requires a Statement of Cash Flows to be prepared for the year ended 31 March 2018, the following information has been collected for this purpose. Vittoria Ltd Balance Sheets as at 31 March 2017 2018 Cash $176 000 $239 000 Accounts receivable 220 000 280 000 Allowance for doubtful debts (30 000) (40 000) Inventory 90 000 100 000 Plant and equipment 900 000 1 074 000 Accumulated depreciation (80 000) (100 000) Total assets $1 276 000...
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...
The income statement for Wildhorse Limited is presented here: WILDHORSE LIMITED Income Statement Year Ended December 31, 2018 Service revenue $995,000 Operating expenses 717,000 Income from operations 278,000 Interest expense 77,000 Income before income tax 201,000 Income tax expense 50,250 Net income $150,750 Wildhorse's statement of financial position contained these comparative data at December 31: Accounts receivable Prepaid expenses Accounts payable Salaries payable Unearned revenue Interest payable Income tax payable 2018 $56,800 12,300 35,300 19,100 12,900 2017 $46,300 15,800 40,200...
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...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold 705000 Gross Profit/(Loss) 504000 Selling Expenses Selling Expenses 125200 Administrative Expenses 170800 296000 < 208000 Interest Expense 7100 Dividend Revenue 18700 Interest Expense - 11600 196400 Income Before Income Taxes -58920 Income from Continuing Operations 137480 Income from Continuing Operations -51800 Discontinued Operations Loss, Net of Tax $ 85680 Net Income /(Loss) Per Share of Common Stock $ 85680 Net Income /(Loss) 50000 $...
Set out below are Palm Ltd's financial statements for the year ended 31 December Palm Ltd Comparative Statements of Financial Position as at 31 December 2020 2019 $ $ Assets Cash at Bank Accounts Receivable (net) Prepaid Expenses Inventory Equipment Accumulated Depreciation - Equipment Total Assets 56,000 123,000 10,000 52,000 270,000 (118,000) 393.000 47,000 107,000 9,000 46,000 262,000 (109,000) 362.000 $ $ $ $ Liabilities and Shareholders' Equity Accounts Payable Accrued Expenses Payable Income Taxes Payable Notes Payable Ordinary Shares...
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...
Canace Products Inc. Income Statement For the Year ended December 31, 2014 $5,980,000 2,452,000 Sales Cost of Merchandise Sold Gross Profit 3,528,000 Operating Expenses Depreciation Expense Other Operating Expenses $44,000 3,100,000 Total Operating Expenses 3,144,000 384,000 Operating Income Other Expenses (64,000) Loss on Sale of Investments Income before Income Tax 320,000 Income Tax Expense 102,800 $217,200 Net Income Additional Information: Equipment and Land were acquired for cash. b. There were no disposals of equipment during the year. а. Investments were...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of Goods Sold $430,000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29,000 590,000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 $8,000 32,000 65,000 $41,000 41,000 90,000 5,000 219,000 (68,000) $328,000 7,000 Assets Cash Accounts Receivable Inventory Prepaid Insurance Plant Assets Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Wages...
$315,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost of goods sold $190,000 Operating expenses 61,000 Depreciation expense 16,100 Income tax expense 22,500 Total expenses 289,600 $ 25,400 Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $ 6,100 13,100 9,100 5,100...
Most questions answered within 3 hours.
-
A suggestion is made that the proportion of people who have food
allergies and/or sensitivities is...
asked 1 hour ago -
A refrigerator operates between temperatures of 294 and 253 K.
What would be its maximum coefficient...
asked 2 hours ago -
CHEM 2 (Step by step explanation please prefer if it were
handwritten)
A 100 mL aqueous...
asked 3 hours ago -
Doing a bio paper on Ann Atwater.
Born: July 1, 1935
Ann Atwater was an American...
asked 3 hours ago -
can the neoclassical and endogenous growth model help us to
explain the lack of growth in...
asked 4 hours ago -
This section aims to convince the client of the importance and
benefits, and outline some potential...
asked 4 hours ago -
Match each class operation with its most likely category type.
1. SelectCamera( ); 2. ComputeArea( );...
asked 4 hours ago -
Show all work and calculations.
Find the ΔH for the target reaction below, given the following...
asked 4 hours ago -
Assume the user always enters the correct values for a. Next,
your program should compute and...
asked 4 hours ago -
you created an application named
QuartsToGallonsInteractive that accepts a number of quarts
from a user and...
asked 4 hours ago -
The Friendly Sausage Factory (FSF) can produce hot dogs at a
rate of 5,000 per day....
asked 4 hours ago -
What is the component concentration ratio,
[BrO−]/[HBrO], of a buffer that has a pH of 8.02?...
asked 4 hours ago