Master Pogi Company's statement of comprehensive income for the year ended December 31, 2021, reported a net income of 360,000. The financial statements also disclosed the following information: Increase in Amortization P20,000 salaries P28,000 payable Depreciation 60,000 Dividends paid 120,000 Increase in Purchase of accounts 20,000 150,000 equipment receivable Increase in Increase in 48,000 long-term 300,000 inventory note payable Decrease in Increase in accounts 76,000 common stock 35,000 payable outstanding Net cash provided by operating activities for 2021 should be reported as
Q: Wildhorse Corporation has retained earnings of $677,100 at January 1, 2020. Net income during 2020…
A: The retained earnings are referred to as the profits of the company that is kept in the company for…
Q: For the year just completed, Hanna Company had net income of $65,500. Balances in the company's…
A: Cash flow statement provided information about the cash inflows and cash outflows of the company.…
Q: The net income for the year ended on January 31, 2020 for SC Corporation was $139,000. Additional…
A: The statement of cash flows records all the sources and uses of cash in the business during a…
Q: The following income statement and selected balance sheet account data are available for Satelllite…
A: The management of the companies is required to prepared books of records, one of them is a cash flow…
Q: Preparing the Operating Activities Section The data below were provided by the accounting records…
A: The cash flow statement is prepared using the cash accounting method only. As it does not follow…
Q: lossom Limited reported the following selected information for the year ended March 31, 2021:…
A: In this question, we have to calculate Income Statement and statement of Comprehensive Income
Q: The information below was taken from the records of the Piper Company for the year ended December…
A: Statement of cash flows is a statement which shows all cash inflows and cash outflows of the…
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: Net Income of the business means difference of total revenues and total expenses of the business.…
Q: Cornhusker Company provides the following information at the end of 2021.Cash remaining $ 4,800Rent…
A: Income Statement: An Income Statement is one of the three major financial statements that report the…
Q: These financial statement items are for B. Snyder Company at year-end, July 31, 2010. Salaries…
A: Formulas:
Q: The following information is available from the financial statements of Hornets Corporation for the…
A: Cash flow statement contains three parts :- Cash flow from Operating activities i.e activities…
Q: Elliott Corp.'s transactions for the year ended December 31, 2020 included the following: Purchased…
A: Formulas: Cash used by investing activities = sale investments-Purchased equipment-Real estate…
Q: Ryan Company's income statement for the year ended December 31, 2015, reported net income of…
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…
Q: During the current year, Delaware Company reported total operating expenses of P3,200,000,…
A: Introduction: Operating Expenses: An operating expense is a cost incurred by a company as part of…
Q: Empress Company provided the following data for the current year: Retained earnings, January 1…
A: Income Statement - This statement shows the income earned and loss incurred by the organization in…
Q: Lemon Company provided the following account balances at year-end which had been adjusted except for…
A: Earnings from long term contracts. 6680000 Less: cost and expenses. (5180000) less:…
Q: The following information is for Muscat Company: Muscat Company Balance Sheet December 31, 2020…
A: The following computations are done for Muscat Company to evaluate the total liabilities of the…
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: Income from continuing operations means income generated after deducting all the operating expenses…
Q: Several amounts from Kamogelo Company at December 31, 2020, are listed below. Service revenue…
A: Net income of the business can be calculated by deducting all the expenses from the total income of…
Q: Grant Wood Corporation’s balance sheet at the end of 2019 included the following items. Current…
A: a.
Q: The income statement of Price Ltd for the year ended 31 December 2020, reported the following…
A: Revenue=600000 Opening receivable=45000 Closing rec=50000
Q: Zebra Company has determined the 2021 net income to be P 5,000,000. Revenue received in advance in…
A: The unearned revenue is the revenue received in advance from customers but the services are not…
Q: Dietrich Corp. disclosed the following information for 2021. The firm issued $65,000 new equity and…
A: The sum of all cash flows related to a company's assets is referred to as cash flow from assets.…
Q: Flint Corporation reported net income of $47,200 in 2020. Depreciation expense was $17,000. The…
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…
Q: Snyder Company's transactions for the year ended December 31, 2020 included the following: •…
A: Financing activities: Financing activities includes cash inflows and outflows from issuance of…
Q: The following trial balance of Robertson Co. at December 31, 2020 has been adjusted except for…
A: Lets start with basic understanding of term current asset. Current asset are assets which are…
Q: The balance sheet of Simpson Ltd at 30 June 2021 was as follows: Simpson Ltd Balance Sheet as at 30…
A: Property, Plant, and Equipment or PP&E is a classification shown on a balance sheet. It normally…
Q: The Statement of Financial Position of Oliver Ltd as at 30 June 2021 showed the following assets and…
A: Deferred tax: Deferred tax is the effect of timing or temporary differences. The difference between…
Q: The net income for the year ended on September 30, 2020 for TC Corporation was $111,000. Additional…
A:
Q: Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and…
A: Balance Sheet: Balance Sheet summarizes the assets, the liabilities, and the Shareholder's equity…
Q: ssom Limited reported the following selected information for the year ended March 31, 2021:…
A: The income statement explains the financial performance of the company for a particular period of…
Q: These financial statement items are for Pharoah Company at year-end, July 31, 2020. Salaries and…
A: Formula: Net income = Total Revenues -Total expenses
Q: 1. What amount should be reported as net income after the current year? a. 2,000,000 b. 2,500,000…
A: The question provides us with the summary of account balances for the year end of Empress Company.…
Q: Max, Inc. reported net income of $80,000 for the year ended December 31, 2021. Included in net…
A: Investing activities is an important section of cash flow statement which shows all cash inflows and…
Q: Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest…
A: Introduction: The balance sheet, also known as the statement of financial position, is the third…
Q: For the year just completed, Hanna Company had net income of $84,500. Balances in the company's…
A: The cash flow statement is helpful for the stakeholders as they can identify the organization's…
Q: Kruber corp as at December 31, 2021, the end of its first year of operations has the following…
A: Total Sales=RM317,050 Total Revenue= 317,050 + 28,090 =RM345,140 Operating expenses=144,760+49,700…
Q: Prepare Sally's statement of cash flows for the year ended December 31, 2020 using the indirect…
A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…
Q: Gutierrez Company reported net income of $191,900 for 2020. Gutierrez also reported depreciation…
A: Introduction: Statement of cash flows: All cash in and out flows are shown in statement of cash…
Q: FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000…
A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…
Q: 1. The following is a data transaction from PT Colorpop's records as the basis for making a…
A: Comprehensive Income: Comprehensive income for a corporation is the combination of the following…
Q: Dietrich Corp. disclosed the following information for 2021. The firm issued $65,000 new equity and…
A: a] Cash Flow from Assets = Operating Cash Flow – Net Capital Spending - Change in Net Working…
Q: ABC Corporation reported the following income and expenses from business for year 2018: Cash…
A: Advance from customers and prepayments are not considered in calculating taxable income for the…
Q: Metlock Corporation has retained earnings of $681,500 at January 1, 2020. Net income during 2020 was…
A: Step 1 Retained earnings are the amount, which is left after the distribution of dividends and…
Q: These financial statement items are for Sunland Corporation at year end, July 31, 2021: Operating…
A: Statement of changes in equity is the one which is prepared to determine the ending balance of…
Q: Presented below are a number of balance sheet items for Montoya, Inc. for the current year, 2020.…
A: Balance Sheet: Balance Sheet is one of the financial statements which summarize the assets, the…
Q: Below is the information as at the end of accounting year of December 2020: Details RM Debtors…
A: Cash budget: It is the plan of expected cash receipts and payment during the year. It is used to…
Q: For the just completed year, Hanna Company had net income of $91,000. Balances in the company's…
A: The cash flow statement is part of the financial statements of the company. It indicates cash inflow…
Q: Presented below is information related to Viel Company at December 31, 2020, the end of its first…
A: a.
Step by step
Solved in 2 steps
- Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000
- Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
- Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as follows: During 2019, the following events and transactions occurred: 1. JR recognized sales revenues of 108,000. It incurred cost of goods sold of 62,000 and operating expenses of 12,000, 2. JR issued 1,000 shares of its 5 par common stock for 14 per share. 3. JR invested 30,000 in available-for-sale securities. At the end of the year, the securities had a fair value of 35,000. 4. JR paid dividends of 6,000. The income tax rate on all items of income is 30%. Required: 1. Prepare a 2019 income statement for JR which includes net income and comprehensive income ignore earnings per share). 2. For 2016 prepare a separate (a) income statement (ignore earnings per share) and (b) statement of comprehensive income.Athenian Venues Inc. just reported the following selected portion of its financial statements for the end of 2020. Your assistant has already calculated the 2020 end-of-year net operating working capital (NOWC) from the full set of financial statements (not shown here), which is 13 million. The total net operating capital for 2019 was 50 million. What was the 2020 net investment in operating capital? Athenian Venues Inc.: Selected Balance Sheet Information as of December 31 (Millions of Dollars)
- Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callableRoseau Company is preparing its annual earnings per share amounts to be disclosed on its 2019 income statement. It has collected the following information at the end of 2019: 1. Net income: 120,400. Included in the net income is income from continuing operations of 130,400 and a loss from discontinued operations (net of income taxes) of 10,000. Corporate income tax rate: 30%. 2. Common stock outstanding on January 1, 2019: 20,000 shares. 3. Common stock issuances during 2019: July 6, 4,000 shares; August 24, 3,000 shares. 4. Stock dividend: On October 19, 2019, the company declared a 10% stock dividend that resulted in 2,700 additional outstanding shares of common stock. 5. Common stock prices: 2019 average market price, 30 per share; 2019 ending market price, 27 per share. 6. 7% preferred stock outstanding on January 1, 2019: 1,000 shares. Terms: 100 par, nonconvertible. Current dividends have been paid. No preferred stock issued during 2019. 7. 8% convertible preferred stock outstanding on January 1, 2019: 800 shares. The stock was issued in 2018 at 130 per share. Each 100 par preferred stock is currently convertible into 1.7 shares of common stock. Current dividends have been paid. To date, no preferred stock has been converted. 8. Bonds payable outstanding on January 1, 2019: 100,000 face value. These bonds were issued several years ago at 97 and pay annual interest of 9.6%. The discount is being amortized in the amount of 300 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 9. Compensatory share options outstanding: Key executives may currently acquire 3,000 shares of common stock at 20 per share. The options were granted in 2018. To date, none have been exercised. The unrecognized compensation cost (net of tax) related to the options is 4 per share. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Show how Roseau would report these earnings per share figures on its 2019 income statement. Include an explanatory note to the financial statements.Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectively