Income StatementFor the year Ended December 31, 2020SalesCost of Goods Sold$ 390,000235,000Gross ProfitS 155,000Wages ExpensesDepreciation ExpenseOther Operating ExpensesIncome Tax ExpenseS6100014,00026,00017,000120,000Net Income$35000Terry CompanyBalance SheetsDec. 31,2020Dec. 1LAssets2019$ 30,00035,00084,0008,000130,000(62.000)CashAccounts Receivable (net)InventoryPrepaid ExpensePlant AssetsAccumulated DepreciationS16.00028,000110,00012,000178,000(76,000)Total Assets$ 268,000$ 225,000ILiabilities and Stockholders' EquityAccounts PayableWages PayableIncome Tax PayableCommon StockRetained Earnings$ 27.0006,0003,000135,00097,000S 14,0002,5004,500125,00079,000Total Liabilities andS 268,000$ 225,000Stockholders' EquityCash dividends of $17,000 were declared and paid during 2020 Plant assets of $48,000 werepurchased for cash, and later in the year, an additional $10,000 common stock was issued for cashREQUIREDPrepare only the Cash Flows from Operations section of the Cash Flow Statement using theindirect method.

Cash flow from operating activities (CFO) indicates the amount of money a company brings in from its…

Income Statement For the year Ended December 31, 2020 Sales $ 390,000 235,000 Cost of Goods Sold Gross Profit S 155,000 Wages Expenses Depreciation Expense Other Operating Expenses Income Tax Expense 14,000 26,000 17,000 120,000 Net Income $15000 Tery Company Balance Sheets Dec. 31, 2020 Dec. 31 2019 Assets Cash Accounts Receivable (net) Inventory Prepaid Expense Plant Assets Accumulated Depreciation S16.000 28,000 110,000 12,000 178,000 26.000 $ 30,000 35,000 84,000 8,000 130,000 2.000) Total Assets $ 268,000 $ 225,000 Liabilities and Stockholders' Equity S 14,000 Accounts Payable Wages Payable Income Tax Payable Common Stock Retained Earmings 22.000 6,000 3,000 135,000 97,000 2,500 4500 125,000 79,000 ILiabilities and 8,000 225,000 Stockholders' Equity Cash dividends of $17,000 were declared and paid during 2020 Plant assets of $48,000 were purchased for cash, and later in the year, an additional $10,000 common stock was ind for cash REQUIRED Prepare only the Cash Flows from Operation section of the Cash Flow Stutement using the indirect method.

Income Statement For the year Ended December 31, 2020 Sales $ 390,000 235,000 Cost of Goods Sold Gross Profit S 155,000 Wages Expenses Depreciation Expense Other Operating Expenses Income Tax Expense 14,000 26,000 17,000 120,000 Net Income $15000 Tery Company Balance Sheets Dec. 31, 2020 Dec. 31 2019 Assets Cash Accounts Receivable (net) Inventory Prepaid Expense Plant Assets Accumulated Depreciation S16.000 28,000 110,000 12,000 178,000 26.000 $ 30,000 35,000 84,000 8,000 130,000 2.000) Total Assets $ 268,000 $ 225,000 Liabilities and Stockholders' Equity S 14,000 Accounts Payable Wages Payable Income Tax Payable Common Stock Retained Earmings 22.000 6,000 3,000 135,000 97,000 2,500 4500 125,000 79,000 ILiabilities and 8,000 225,000 Stockholders' Equity Cash dividends of $17,000 were declared and paid during 2020 Plant assets of $48,000 were purchased for cash, and later in the year, an additional $10,000 common stock was ind for cash REQUIRED Prepare only the Cash Flows from Operation section of the Cash Flow Stutement using the indirect method.

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

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