Given: 2021 2020 Net Sales 9,350,000 7,200,000 Cost of Sales Cost of Goods Sold 6,150,000 4,460,000 Factory Depreciation 350,000 325,000 Gross Income 2,850,000 2,415,000 SG&A 2,111,000 1,785,000 SG&A depreciation 75,000 70,000 Net Operating Income (NOI) 664,000 560,000 Other Income & Expenses Extraordinary Gain (Loss) 250,000 Interest Expense 120,000 105,000 Net Profit Before Taxes 544,000 705,000 Income Taxes 190,400 246,750 Net Income 353,600 458,250 Convert the above 2021 GAAP data to cash flow data.

Given: 2021 2020 Net Sales 9,350,000 7,200,000 Cost of Sales Cost of Goods Sold 6,150,000 4,460,000 Factory Depreciation 350,000 325,000 Gross Income 2,850,000 2,415,000 SG&A 2,111,000 1,785,000 SG&A depreciation 75,000 70,000 Net Operating Income (NOI) 664,000 560,000 Other Income & Expenses Extraordinary Gain (Loss) 250,000 Interest Expense 120,000 105,000 Net Profit Before Taxes 544,000 705,000 Income Taxes 190,400 246,750 Net Income 353,600 458,250 Convert the above 2021 GAAP data to cash flow data.

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter2: Financial Statements, Cash Flow, And Taxes

Section: Chapter Questions

Problem 14SP

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Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
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This is what I have but it is wrong can someone help guide me through this problem B) UNREALIZED NET GAIN $ 36,000 ORIGINAL COST $ 120,000 SALE OF EQUIPMENT $ 60,000 UNREALIZED GAIN 01/2019 $ 45,000 50000*90% ACCUMULATED DEPRECIATION (110,000) BV 01/2019 (10,000) DEPRECIATION ON GAIN $ (9,000) 50000/5*90% BOOK VALUE 10,000 GAIN ON SALE 50,000 UNREALIZED GAIN 01/2020 $ 36,000
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