Loss on sale of land Cost of goods sold $5,000 130,000 Sales (net) Operating expenses $198,000 45,000 Twelve thousand shares of common stock were outstanding the entire year.
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The following are selected items derived from Dibb Company’s adjusted
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- Balance sheets for Brierwold Corporation follow: Additional transactions were as follows: a. Purchased equipment costing 50,000. b. Sold equipment costing 60,000, with a book value of 25,000, for 40,000. c. Retired preferred stock at a cost of 110,000. (The premium is debited to Retained Earnings.) d. Issued 10,000 shares of common stock (par value, 4) for 10 per share. e. Reported a loss of 15,000 for the year. f. Purchased land for 50,000. Required: Prepare a statement of cash flows using the worksheet approach. Use the indirect method to prepare the statement.Balance sheets for Brierwold Corporation follow: Additional transactions were as follows: a. Purchased equipment costing 50,000. b. Sold equipment costing 60,000, with a book value of 25,000, for 40,000. c. Retired preferred stock at a cost of 110,000. (The premium is debited to Retained Earnings.) d. Issued 10,000 shares of common stock (par value, 4) for 10 per share. e. Reported a loss of 15,000 for the year. f. Purchased land for 50,000. Required: Prepare a statement of cash flows using the indirect method.Breanna Inc. Accounts receivable$10,700Accumulated depreciation 50,800Cost of goods sold 123,000Income tax expense 8,000Cash 62,000Net sales 201,000Equipment 128,000Selling, general, and administrative expenses 32,000Common stock (8,700 shares) 90,000Accounts payable 14,300Retained earnings, 1/1/19 30,000Interest expense 5,600Merchandise inventory 38,600Long-term debt 38,000Dividends declared and paid during 2019 16,200 Item1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 Item 1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,800 Cost of goods sold 123,000 Income tax expense 8,000 Cash 62,000 Net sales 201,000 Equipment 128,000 Selling, general, and administrative expenses 32,000 Common stock (8,700 shares) 90,000 Accounts payable 14,300 Retained earnings, 1/1/19…
- Problem BPeter Senen Corporation provided the following account balances as of September 30, 2020: CashP112,000 Accumulated depreciationP 36,000Accounts Receivable64,000Accounts payable 40,000Finished Goods48,000Income tax payable9,000Work in process 36,000 Share Capital500,000Raw materials 52,000 Retained Earnings207,000Property and Equipment480,000The following transactions occurred during October:1. Materials purchased on account, P150,0002. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000.3. Payroll for the month of October 2020 consisted of the following (also paid during the month):Direct labor P62,000Administrative salariesP16,000Indirect Labor 20,000Sales salaries 30,000Payroll deductions were as follows:Withholding taxes P19,800Phil health contributions P2,000SSS contributions 7,100HDMF contributions 2,0004. Employer contributions for the month were accrued:FactorySellingAdministrativeSSS contributionsP5,700P2,000P1,100Philhealth…Line Item Description 20X1 20X2 Current assets: Accounts receivable $750,000 $582,500 Inventories 300,000 320,000 Current liabilities: Wages payable 700,000 515,000 Davis CompanyIncome StatementFor the Year Ended December 31, 20X2 Line Item Description Amount Amount Revenues $3,000,000 Cost of goods sold 1,920,000 Gross margin $1,080,000 Operating expenses Depreciation 270,000 Operating income $ 810,000 Other revenues and expenses Gain on sale of equipment 100,000 Interest expense 10,000 90,000 Net income $ 900,000 Required: Compute operating cash flows using the indirect method.Additional information: * All purchases of inventories are on credit * The selling and administrative expenses include depreciation of R320 000 * Property, plant and equipment were purchased during the year but there were no disposals * The total dividends for the year ended 31 December 2021 amounted to R360 000 * The issued share capital consisted of 100 000 ordinary shares * The market price of the shares on 31 December 2021 was R35
- Peter Senen Corporation provided the following account balances as of September 30, 2020:Cash P112,000 Accumulated depreciation P 36,000Accounts Receivable 64,000 Accounts payable 40,000Finished Goods 48,000 Income tax payable 9,000Work in process 36,000 Share Capital 500,000Raw materials 52,000 Retained Earnings 207,000Property and Equipment 480,000The following transactions occurred during October:1. Materials purchased on account, P150,0002. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000.3. Payroll for the month of October 2020 consisted of the following (also paid during the month):Direct labor P62,000 Administrative salaries P16,000Indirect Labor 20,000Sales salaries 30,000Payroll deductions were as follows:Withholding taxes P19,800 Phil health contributions P2,000SSS contributions 7,100 HDMF contributions 2,0004. Employer contributions for the month were accrued:Factory Selling AdministrativeSSS contributions P5,700 P2,000 P1,100Philhealth…On 1/1/2021 Shack Co. purchased Mansion Co. for $5,000,000. The following is the balance sheet of Mansion Co on 1/1/2021: Cash $800,000 Receivables $960,000 Inventories $818,000 PPE, net $1,000,000 Total Assets $3,578,000 Accounts Payable $600,000 Notes Payable $500,000 Capital Stock $1,000,000 Retained Earnings $1478,000 Total Liabilities and OE $3,578,000 The fair market values of Mansion Co.’s assets and liabilities resemble their book values at the time of acquisition, with the following exceptions: the book value of Mansion’s inventories was overvalued by $18,000, and the book value of Mansion’s PPE was undervalued by $100,000. Further, the fair market value of Mansion Co.’s trade name, which was internally developed, was $900,000. ______________________________ The journal entry Shack Co. will record when it purchases Mansion Co. will contain a.... Question 11 options:…Assume a company had net income of $62,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 41,000 $ 46,000 Inventory $ 57,000 $ 53,000 Current liabilities: Accounts payable $ 42,000 $ 49,000 Income taxes payable $ 14,000 $ 14,000 The company sold a piece of equipment for cash proceeds of $25,000. The original cost of the asset was $85,000 and its accumulated depreciation at the time of sale was $65,000. The company’s accumulated depreciation account has beginning and ending balances of $320,000 and $280,000, respectively. Based solely on the information provided, the net cash provided by operating activities would be: Multiple Choice $71,000. $73,000. $83,000. $76,000.
- a)Maroon inc Statement of income For the period ending Jan 31(amt in millions) Sales $1,220,000,000 Cost of goods sold ($735,000,000) Gross profit $485,000,000 Operating exp Selling and admin exp (345,000,000) Operating profit $140,000,000 Non-operating income/exp Other revenues 3,000,000 Intreset exp (3,000,000) Dividend paid(21,000,000) Income tax expense(45,000,000) Net income74,000,000 b) gross profit % =. Gross profit/COGSConsider the following financial information and answer the questionsthat follow:Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000 Calculate change in NWCA company had net income of $248160. Depreciation expense is $22880. During the year, accounts receivable and inventory increased $13200 and $35200, respectively. Prepaid expenses and accounts payable decreased $1760 and $12320, respectively. There was also a loss on the sale of equipment of $14960. How much cash was provided by operating activities? $212080. $298320. $227040. $279840.
