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Liu Company Combined Statement of Comprehensive Income and Statement of Retained Earnings For the Year Ended December 31, 2018 $110,000 8,000 $118,000 Net sales revenue Other revenues Total revenues Expenses: Cost of goods sold Selling and administrative expenses Depreciation expense.. Interest expense $60,000 20,200 10,400 6,200 96,800 $ 21,200 9,360 $ 11,840 33,500 $ 45,340 4,000 $ 41,340 Total expenses. Income before income tax Income tax. . Net income. Retained earnings, January 1, 2018. Dividends declared and paid. Retained earnings, December 31, 2018. "Gain on sale of equipment (cost, $15,000; carrying amount, $2,000; sales price, $10,000). There is no other comprehensive income.

Liu Company Combined Statement of Comprehensive Income and Statement of Retained Earnings For the Year Ended December 31, 2018 $110,000 8,000 $118,000 Net sales revenue Other revenues Total revenues Expenses: Cost of goods sold Selling and administrative expenses Depreciation expense.. Interest expense $60,000 20,200 10,400 6,200 96,800 $ 21,200 9,360 $ 11,840 33,500 $ 45,340 4,000 $ 41,340 Total expenses. Income before income tax Income tax. . Net income. Retained earnings, January 1, 2018. Dividends declared and paid. Retained earnings, December 31, 2018. "Gain on sale of equipment (cost, $15,000; carrying amount, $2,000; sales price, $10,000). There is no other comprehensive income.

Fundamentals of Financial Management (MindTap Course List)
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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Using the direct method, compute the net cash flows from operations for Liu Company for 2018.

Liu Company Combined Statement of Comprehensive Income and Statement of Retained Earnings For the Year Ended December 31, 2018 $110,000 8,000 $118,000 Net sales revenue Other revenues. Total revenues Expenses: Cost of goods sold Selling and administrative expenses Depreciation expense. Interest expense $60,000 20,200 10,400 6,200 96,800 $ 21,200 9,360 $ 11,840 33,500 $ 45,340 4,000 $ 41,340 Total expenses. Income before income tax Income tax. Net income. Retained earnings, January 1, 2018 Dividends declared and paid. . Retained earnings, December 31, 2018. "Gain on sale of equipment (cost, $15,000; carrying amount, $2,000; sales price, $10,000). There is no other comprehensive income.
Transcribed Image Text:Liu Company Combined Statement of Comprehensive Income and Statement of Retained Earnings For the Year Ended December 31, 2018 $110,000 8,000 $118,000 Net sales revenue Other revenues. Total revenues Expenses: Cost of goods sold Selling and administrative expenses Depreciation expense. Interest expense $60,000 20,200 10,400 6,200 96,800 $ 21,200 9,360 $ 11,840 33,500 $ 45,340 4,000 $ 41,340 Total expenses. Income before income tax Income tax. Net income. Retained earnings, January 1, 2018 Dividends declared and paid. . Retained earnings, December 31, 2018. "Gain on sale of equipment (cost, $15,000; carrying amount, $2,000; sales price, $10,000). There is no other comprehensive income.
Beginning of Year End of Year $13,000 $14,300 18,800 2,950 9,200 2,750 4,200 Accounts receivable (net). Inventory Prepaid expenses Accounts payable Interest payable Income tax payable 20,000 3,100 9,000 3,000 4,500
Transcribed Image Text:Beginning of Year End of Year $13,000 $14,300 18,800 2,950 9,200 2,750 4,200 Accounts receivable (net). Inventory Prepaid expenses Accounts payable Interest payable Income tax payable 20,000 3,100 9,000 3,000 4,500
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