Homework Answers
| Cash flow from Operating activities | |
| Net Income | $91,860 |
| Adjustments to reconcile net income to net cash provided by operations | |
| Depreciation expenses | $39,000 |
| Less:Increase in Accounts receivable | -$5,400 |
| Less:Increase in Inventory | -$12,890 |
| Add:Decrease in Prepaid expenses | $860 |
| Add:Increase in Accounts payable | $4,920 |
| Less:Decrease in Accrued expenses payable | -$1,380 |
| Cash Flow from Operating Activities | $1,16,970 |
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$44080000 Cost of merchandise sold 1546 Grosso Operating expenses Det $59.000.00 11511000 Other operating expenses Total...
Cash Flows from Operating Activities-Direct Method The income statement for Rhino Company for the current year...
Cash Flows from Operating Activities-Direct Method The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: $445,500 154,000 $291,500 Sales Cost of merchandise sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses Income before income tax Income tax expense $38,500 153,780 $137.720 39,600 Net Income $98,120 End of Year Beginning of Year Accounts receivable (net) $36,300...
Cash Flows from Operating Activities–Direct Method The income statement for Rhino Company for the current year...
Cash Flows from Operating Activities–Direct Method The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: $445,500 (154,000) $291,500 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses $38,500 115,280 Income before income tax (153,780) $137,720 (39,600) $98,120 Income tax expense Net income End of Year Beginning of Year Accounts receivable (net)...
Cash flows from operating activities-direct method Instructions Amount Descriptions Statement of Cash Flows-Operating Activities Instructions Sales...
Cash flows from operating activities-direct method Instructions Amount Descriptions Statement of Cash Flows-Operating Activities Instructions Sales $445,100.00 2 Cost of merchandise sold 157,900.00 5 Gross profit $287,200.00 Operating expenses: Depreciation expense $38,300.00 116,190.00 Other operating expenses Total operating expenses 154,490.00 Income before income tax $132,710.00 Income tax expense 40,590.00 $92,120.00 10 Net income Instructions Amount Descriptions Statement of Cash Flows-Operating Activities Instructions The balances of selected accounts at the beginning and the end of the current year are as follows:...
HELP ME SOLVE THIS Sales revenue $7,522,100 Cost of goods sold Beginning inventory $1,869,400 Purchases 4,492,900...
HELP ME SOLVE THIS
Sales revenue
$7,522,100
Cost of goods sold
Beginning inventory
$1,869,400
Purchases
4,492,900
Goods available for sale
6,362,300
Ending inventory
1,321,200
Total cost of goods sold
5,041,100
Gross profit
2,481,000
Operating expenses
1,112,800
Net income
$1,368,200
Additional information:
1.
Accounts receivable increased $204,100 during the year, and
inventory decreased $548,200.
2.
Prepaid expenses increased $166,800 during the year.
3.
Accounts payable to suppliers of merchandise decreased $346,900
during the year.
4.
Accrued expenses payable decreased $109,600 during...
Based on the following information for XYZ, Inc., prepare the operating section of the statement of...
Based on the following information for XYZ, Inc., prepare the operating section of the statement of cash flows for 2021: 2021 2020 $ $ 8,836,351 16,918,496 1,475,769 7,520,299 24,789,005 1,545,308 17.50% + 31.75% - 4.50% - Revenues Gain / (loss) on sales of assets Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Total expenses Net Income $ 104,558,367 Current assets (275,660) Accounts receivable 104,282,707 Inventory Prepaid expenses 54,370,351 21,957,257 Current liabilities 9,410,253 Accounts payable 85,737,861 Accrued liabilities...
he income statement of Booker T Industries Inc. for the current year ended June 30 is...
he income statement of Booker T Industries Inc. for the current year ended June 30 is as follows: 1 Sales $513,000.00 2 Cost of goods sold 295,400.00 3 Gross profit $217,600.00 4 Operating expenses: 5 Depreciation expense $39,730.00 6 Other operating expenses 105,620.00 7 Total operating expenses 145,350.00 8 Income before income tax $72,250.00 9 Income tax expense 21,900.00 10 Net income $50,350.00 Changes in the balances of selected accounts from the beginning to the end of the current year...
1. Based on the following infomation for XYZ, Inc., prepare the operating section of the statement...
1. Based on the following infomation for XYZ, Inc., prepare the operating section of the statement of cash flows for 2021: Increase in accounts payable Decrease in accounts payable Increase in accounts receivable 2021 2020 $ 104,558,367 Current assets Revenues Gain/(loss) on sales of assets Accounts receivable 8,836,351 Decrease in accounts receivable (275,660) 7,520,299 17.50% + Total revenues Inventory -31.75% - 104,282,707 16,918,496 24,789,005 Increase in accrued liabilities Prepaid expenses 1,475,769 Decrease in accrued liabilities -4.50% - Expenses: 1,545,308 Amortization...
From the problem below, identify which ones are operating assets, operating liabilities, operating revenues and operating...
From the problem below, identify which ones are operating assets, operating liabilities, operating revenues and operating expenses. Income Statement 2018 2017 Sales Revenue $180,000 $165,000 Cost of Goods Sold 110,000 100,000 Gross Profit 70,000 65,000 Operating expenses 53,300 50,400 Interest expense 2,700 2,600 Income before income tax 14,000 12,000 Income tax expense 4,000 3,000 Net Income $10,000 $9,000 Balance Sheet 2018 2017 Cash $22,000 $16,000 Accounts Receivable (net) 19,000 17,000 Investments (short-term) 3,000 5,000 Inventory 34,000 30,000 Prepaid Expenses 2,000...
Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash...
Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $65,000 130,000 104,000 702,000 273,000 26,000 19,500 52,000 39,000 117,000 Compute net income for 2020. Net income $ e Textbook and Media Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings...
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 $...
Cash Flows from Operating Activities-Direct Method The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: $445,500 154,000 $291,500 Sales Cost of merchandise sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses Income before income tax Income tax expense $38,500 153,780 $137.720 39,600 Net Income $98,120 End of Year Beginning of Year Accounts receivable (net) $36,300...
Cash Flows from Operating Activities–Direct Method The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: $445,500 (154,000) $291,500 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other operating expenses Total operating expenses $38,500 115,280 Income before income tax (153,780) $137,720 (39,600) $98,120 Income tax expense Net income End of Year Beginning of Year Accounts receivable (net)...
Cash flows from operating activities-direct method Instructions Amount Descriptions Statement of Cash Flows-Operating Activities Instructions Sales $445,100.00 2 Cost of merchandise sold 157,900.00 5 Gross profit $287,200.00 Operating expenses: Depreciation expense $38,300.00 116,190.00 Other operating expenses Total operating expenses 154,490.00 Income before income tax $132,710.00 Income tax expense 40,590.00 $92,120.00 10 Net income Instructions Amount Descriptions Statement of Cash Flows-Operating Activities Instructions The balances of selected accounts at the beginning and the end of the current year are as follows:...
HELP ME SOLVE THIS
Sales revenue
$7,522,100
Cost of goods sold
Beginning inventory
$1,869,400
Purchases
4,492,900
Goods available for sale
6,362,300
Ending inventory
1,321,200
Total cost of goods sold
5,041,100
Gross profit
2,481,000
Operating expenses
1,112,800
Net income
$1,368,200
Additional information:
1.
Accounts receivable increased $204,100 during the year, and
inventory decreased $548,200.
2.
Prepaid expenses increased $166,800 during the year.
3.
Accounts payable to suppliers of merchandise decreased $346,900
during the year.
4.
Accrued expenses payable decreased $109,600 during...
Based on the following information for XYZ, Inc., prepare the operating section of the statement of cash flows for 2021: 2021 2020 $ $ 8,836,351 16,918,496 1,475,769 7,520,299 24,789,005 1,545,308 17.50% + 31.75% - 4.50% - Revenues Gain / (loss) on sales of assets Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Total expenses Net Income $ 104,558,367 Current assets (275,660) Accounts receivable 104,282,707 Inventory Prepaid expenses 54,370,351 21,957,257 Current liabilities 9,410,253 Accounts payable 85,737,861 Accrued liabilities...
1. Based on the following infomation for XYZ, Inc., prepare the operating section of the statement of cash flows for 2021: Increase in accounts payable Decrease in accounts payable Increase in accounts receivable 2021 2020 $ 104,558,367 Current assets Revenues Gain/(loss) on sales of assets Accounts receivable 8,836,351 Decrease in accounts receivable (275,660) 7,520,299 17.50% + Total revenues Inventory -31.75% - 104,282,707 16,918,496 24,789,005 Increase in accrued liabilities Prepaid expenses 1,475,769 Decrease in accrued liabilities -4.50% - Expenses: 1,545,308 Amortization...
Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $65,000 130,000 104,000 702,000 273,000 26,000 19,500 52,000 39,000 117,000 Compute net income for 2020. Net income $ e Textbook and Media Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings...
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 $...
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