The financial statements of Simon Co. include the following items (amounts in thousands): Income Statement For...
The financial statements of Simon Co. include the following items (amounts in thousands):
| Income Statement | For the Year Ended December 31, 2017 | ||
| Net income | $ | 432 | |
| Depreciation and amortization expense | 313 | ||
| At December 31 | ||||||
| Balance Sheets | 2017 | 2016 | ||||
| Accounts receivable | $ | 145 | $ | 185 | ||
| Inventory | 184 | 109 | ||||
| Accounts payable | 32 | 146 | ||||
| Income taxes payable | 72 | 15 | ||||
Required:
a. Calculate the net cash flow provided (used) by operations for Simon Co. for the year ended December 31, 2017. (Enter your answer in thousands. (i.e., 20,000 should be entered as 20))
|
b. Net income and cash flows provided by operations may differ because of the timing of cash receipts and payments versus the timing of recognition on the income statement.
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The financial
statements of Simon Co. include the following items (amounts in
thousands):
Income
Statement
For...
The financial statements of Simon Co. include the following items (amounts in thousands): Income Statement For...
The financial statements of Simon Co. include the following items (amounts in thousands): Income Statement For the Year Ended December 31, 2017 Net income $ 470 Depreciation and amortization expense 343 At December 31 Balance Sheets 2017 2016 Accounts receivable $ 146 $ 162 Inventory 199 145 Accounts payable 56 102 Income taxes payable 74 40 Required: a. Calculate the net cash flow provided (used) by operations for Simon Co. for the year ended December 31, 2017. (E(Enter your answer...
The financial statements of Acme Co. include the following items (amounts in thousands): Calculate the net...
The financial statements of Acme Co. include the
following items (amounts in thousands):
Calculate the net cash flow provided by operations for
Acme Co. for the year ended March 31, 2018.
The financial statements of Acme Co. include the following items (amounts in thousands): For the Year Ended March 31, Income Statement 2018 Net income... Depreciation and amortization expense.... $1,700 $1,300 At March 31 Balance Sheets 2018 2017 Accounts receivable $500 $700 Inventory Accounts payabl...... Income taxes payable. 700 600...
The following items and amounts were taken from Carla Vista Co.’s 2022 income statement and balance...
The following items and amounts were taken from Carla Vista
Co.’s 2022 income statement and balance sheet, the end of its first
year of operations.
Interest expense
$ 2,100
Equipment, net
$ 55,100
Interest payable
800
Depreciation expense
3,700
Notes payable
11,300
Supplies
4,500
Sales revenue
50,100
Common stock
23,550
Cash
3,400
Retained earnings
?
Salaries and wages expense
16,000
Supplies expense
950
Prepare an income statement for Carla Vista Co. for December 31, 2022 Carla Vista Co. Income Statement...
The following are financial statements of Wildhorse Co.. Wildhorse Co. Income Statement For the Year Ended...
The following are financial statements of Wildhorse Co.. Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Net sales $2,239,000 Cost of goods sold 1.015.000 Selling and administrative expenses 910,000 75,000 Interest expense Income tax expense 73,000 $ 166,000 Net income Wildhorse Co. Balance Sheet December 31, 2022 Assets Current assets Cash $ 56,200 Debt investments 87,000 Accounts receivable (net) 168,300 Inventory 161,350 Total current assets 472,850 Plant assets (net) 572,000 $ 1,044,850 Total assets Liabilities and Stockholders'...
Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement...
Portions of the financial statements for Myriad Products are
provided below.
MYRIAD PRODUCTS COMPANY
Income Statement
For the Year Ended December 31, 2018
($ in millions)
Sales
$
900
Cost of goods sold
315
Gross margin
585
Salaries expense
$
150
Depreciation expense
98
Patent amortization expense
5
Interest expense
38
Loss on sale of land
4
295
Income before taxes
290
Income tax expense
145
Net Income
$
145
MYRIAD PRODUCTS COMPANY
Selected Accounts from Comparative Balance Sheets
December...
Statement of cash flow / indirect method Ilt: Statement of Cash Flows (48 points) following financial...
Statement of cash flow / indirect method
Ilt: Statement of Cash Flows (48 points) following financial statements are available for Mavis Co. on December 31, 2017 Mavis Co. Comparative Balance Sheets As of December 31, 2017 and 2016 12/31/2017 $6,000 Cash Accounts Receivable Inventory Prepaid Rent Land Equipment Less: Accumulated Depreciation-Equip. Total Assets 61,800 40,300 12/31/2016 $6,900 50,900 60,600 5,100 3,900 35,200 205,500 -39,800 $314,100 17,900 181,700 -24,800 $297,100 Accounts Payable Income Taxes Payable Wages Payable LT Notes Payable Common...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31,...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 15,000 65,500 22,500 18,000 31,500 13,500 22,000 8,500 183,500 20,500 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b....
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales $1,650,000 Expenses: Cost of goods sold $990,000 Operating expenses 500,000 Depreciation expense 44,000 Income tax expense 34,000 Total expenses 1,568,000 Net income $ 82,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or Cash Accounts receivable 2018 $96,000 46,600 69,000 2,400 39,000 4,400 2017 $82,000 52,000 52.000 3,800 34.000 7.000 Decrease (D) $14,000 ()...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31,...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 24,000 104,800 36,000 28,800 50,400 21,600 35,200 13,600 293,600 32,800 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b....
Portions of the financial statements for Peach Computer are provided below PEACH COMPUTER Income Statement For...
Portions of the financial statements for Peach Computer are provided below PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales Expenses $1,975,000 Cost of goods sold Operating expenses Depreciation expense Income tax expense $1,120,000 630,000 57,000 47,000 Total expenses 1,854,000 Net income S 121,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or 2017 Decrease (D) $20,500 (I) 2018 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $109,000 $88,500 52,500 58,500...
The financial statements of Acme Co. include the
following items (amounts in thousands):
Calculate the net cash flow provided by operations for
Acme Co. for the year ended March 31, 2018.
The financial statements of Acme Co. include the following items (amounts in thousands): For the Year Ended March 31, Income Statement 2018 Net income... Depreciation and amortization expense.... $1,700 $1,300 At March 31 Balance Sheets 2018 2017 Accounts receivable $500 $700 Inventory Accounts payabl...... Income taxes payable. 700 600...
The following items and amounts were taken from Carla Vista
Co.’s 2022 income statement and balance sheet, the end of its first
year of operations.
Interest expense
$ 2,100
Equipment, net
$ 55,100
Interest payable
800
Depreciation expense
3,700
Notes payable
11,300
Supplies
4,500
Sales revenue
50,100
Common stock
23,550
Cash
3,400
Retained earnings
?
Salaries and wages expense
16,000
Supplies expense
950
Prepare an income statement for Carla Vista Co. for December 31, 2022 Carla Vista Co. Income Statement...
The following are financial statements of Wildhorse Co.. Wildhorse Co. Income Statement For the Year Ended December 31, 2022 Net sales $2,239,000 Cost of goods sold 1.015.000 Selling and administrative expenses 910,000 75,000 Interest expense Income tax expense 73,000 $ 166,000 Net income Wildhorse Co. Balance Sheet December 31, 2022 Assets Current assets Cash $ 56,200 Debt investments 87,000 Accounts receivable (net) 168,300 Inventory 161,350 Total current assets 472,850 Plant assets (net) 572,000 $ 1,044,850 Total assets Liabilities and Stockholders'...
Portions of the financial statements for Myriad Products are
provided below.
MYRIAD PRODUCTS COMPANY
Income Statement
For the Year Ended December 31, 2018
($ in millions)
Sales
$
900
Cost of goods sold
315
Gross margin
585
Salaries expense
$
150
Depreciation expense
98
Patent amortization expense
5
Interest expense
38
Loss on sale of land
4
295
Income before taxes
290
Income tax expense
145
Net Income
$
145
MYRIAD PRODUCTS COMPANY
Selected Accounts from Comparative Balance Sheets
December...
Statement of cash flow / indirect method
Ilt: Statement of Cash Flows (48 points) following financial statements are available for Mavis Co. on December 31, 2017 Mavis Co. Comparative Balance Sheets As of December 31, 2017 and 2016 12/31/2017 $6,000 Cash Accounts Receivable Inventory Prepaid Rent Land Equipment Less: Accumulated Depreciation-Equip. Total Assets 61,800 40,300 12/31/2016 $6,900 50,900 60,600 5,100 3,900 35,200 205,500 -39,800 $314,100 17,900 181,700 -24,800 $297,100 Accounts Payable Income Taxes Payable Wages Payable LT Notes Payable Common...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 15,000 65,500 22,500 18,000 31,500 13,500 22,000 8,500 183,500 20,500 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b....
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales $1,650,000 Expenses: Cost of goods sold $990,000 Operating expenses 500,000 Depreciation expense 44,000 Income tax expense 34,000 Total expenses 1,568,000 Net income $ 82,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or Cash Accounts receivable 2018 $96,000 46,600 69,000 2,400 39,000 4,400 2017 $82,000 52,000 52.000 3,800 34.000 7.000 Decrease (D) $14,000 ()...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 24,000 104,800 36,000 28,800 50,400 21,600 35,200 13,600 293,600 32,800 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b....
Portions of the financial statements for Peach Computer are provided below PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales Expenses $1,975,000 Cost of goods sold Operating expenses Depreciation expense Income tax expense $1,120,000 630,000 57,000 47,000 Total expenses 1,854,000 Net income S 121,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or 2017 Decrease (D) $20,500 (I) 2018 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $109,000 $88,500 52,500 58,500...
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