During 2022, Mastermind Corporation had: Revenue of $766,000 Cost of Goods Sold of $225,000 Operating expenses of $58,000 Interest expense of $3,500 Depreciation Expense of $13,000 During the year Mastermind Corporation paid: 40% of net income in dividends 21% in corporate taxes A. Prepare a multi-step income statement include the dividend and additions to Retained Earnings below the income statement. B. Calculate Mastermind’s Operating Cash Flow beneath the Income Statement.
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- During 2022, Mastermind Corporation had:
- Revenue of $766,000
- Cost of Goods Sold of $225,000
- Operating expenses of $58,000
- Interest expense of $3,500
Depreciation Expense of $13,000
During the year Mastermind Corporation paid:
- 40% of net income in dividends
- 21% in corporate taxes
A. Prepare a multi-step income statement include the dividend and additions to
B. Calculate Mastermind’s Operating Cash Flow beneath the Income Statement.
Net Income is the total of earnings acquired for a specific period less the cost of goods sold and other operating and non-operating expenses and operating cash flow determines the cash generated through normal business operation.
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- Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectively
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