Use ihe Iollowing limancial statement imiomalion forlefm 13!Comparative Balance Sheet12/31/20X312/31/20X2Cash408,000$ 192,000Accounts receivable360,000216.000InventoryProperty, plant, and equipmentAccumulated depreciation384,000480,000608,000960,000(320,000)(304,000)$1,544,000Total Assets$1.440,000Accounts payableIncome taxes payableBonds payable$ 176,0002$96,000352,000392,000360.000600,00Common stock216,000216,000Retained earnings336,000240,000$1,544,000Total Liabilities and Equity$1.440,000Income Statement for the Year ended Dec 31, 20X3Sales revenue$8,400,000Cost of salesGross profitDepreciation expenseOther operating expensesIncome from operationsInterest expense7,152,0001,248,000$ 80,000712.000792,000456,00072,000Income before taxes384,000Income taxes96,000Net income$ 288,000Cash dividends for the year 20X3 were $192,000.> During the year, equipment was sold for $240,000. This equipment cost $352,000 originally and had abook value of $288,000 at the time of sale.13) Based on the F/S above, net cash provided by OPERATING activities is:a) $408,000.b) $288,000.c) $240,000.d) $352,000.

The cash flow statement is helpful for the stakeholders that they can identify the organization's…

Ing Comparative Balance Sheet 12/31/20X3 $ 408,000 12/31/20X2 $ 192,000 Cash Accounts receivable 360,000 216,000 384,000 608,000 480,000 Inventory Property, plant, and equipment Accumulated depreciation 960,000 (320,000) $1,440,000 (304,000) $1,544,000 Total Assets $ 176,000 352,000 360,000 216,000 $ 96,000 Accounts payable Income taxes payable Bonds payable 392,000 600,00 Common stock 216,000 Retained earnings Total Liabilities and Equity 336.000 $1,440,000 240,000 $1,544,000 Income Statement for the Year ended Dec 31, 20X3 $8,400,000 7,152,000 Sales revenue Cost of sales Gross profit Depreciation expense Other operating expenses Income from operations Interest expense Income before taxes 1,248,000 $ 80,000 712.000 792,000 456,000 72,000 384,000 Income taxes 96,000 $ 288,000 Net income Cash dividends for the year 20X3 were $192,000. - During the year, equipment was sold for $240,000. This equipment cost $352,000 originally ar book value of $288,000 at the time of sale. 13) Based on the F/S above, net cash provided by OPERATING activities is: a) $408,000. b) $288,000. c) $240,000. d) $352,000.

Ing Comparative Balance Sheet 12/31/20X3 $ 408,000 12/31/20X2 $ 192,000 Cash Accounts receivable 360,000 216,000 384,000 608,000 480,000 Inventory Property, plant, and equipment Accumulated depreciation 960,000 (320,000) $1,440,000 (304,000) $1,544,000 Total Assets $ 176,000 352,000 360,000 216,000 $ 96,000 Accounts payable Income taxes payable Bonds payable 392,000 600,00 Common stock 216,000 Retained earnings Total Liabilities and Equity 336.000 $1,440,000 240,000 $1,544,000 Income Statement for the Year ended Dec 31, 20X3 $8,400,000 7,152,000 Sales revenue Cost of sales Gross profit Depreciation expense Other operating expenses Income from operations Interest expense Income before taxes 1,248,000 $ 80,000 712.000 792,000 456,000 72,000 384,000 Income taxes 96,000 $ 288,000 Net income Cash dividends for the year 20X3 were $192,000. - During the year, equipment was sold for $240,000. This equipment cost $352,000 originally ar book value of $288,000 at the time of sale. 13) Based on the F/S above, net cash provided by OPERATING activities is: a) $408,000. b) $288,000. c) $240,000. d) $352,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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