Prepare cash flow statement using direct method.Please provide typed answer or excel The following data was taken trom the Balance Sheet and Income Statement of Milky YogurtCompany for the years ended 31 March 2007 and 31 March 2008.2008$785,000534,000251,00090,00060,00032,00026,0008,0007,0002007NS689,000470,000219,00057,00046,00018,00020,0006,000SalesCost of Goods SoldGross ProfitWages ExpenseRent expenseInterest expenseIncome tax expenseDepreciation expenseLoss on disposal of equipmentGain on sale of long-term investmentsDividendsProfitNon-Current Assets, at cost10,00063,000(12,000)13,00027,000LandPlant & EquipmentAccumulated DepreciationLong-term InvestmentsCurrent AssetsCash207,000215,00061.00033,000257,000198,00060,00025,00036,00028.00073,000114,00041.000Prepaid Asset- RentAccounts Receivable25,00049.000102.000InventoryCurrent LiabilitiesAccounts PayableInterest PayableIncome Tax PayableWages PayableNon-Current LiabilitiesLong-tem loanIssued Ordinary CapitalRetained Earnings41.00057.00020,50023.50025.00022.00020.00024,000250.000215.00081.000240.000205.00056.000Note Purchased land for NS50.000 cash. sold long-term nyestments costing NS8,000 fortasli NS20,000. and purchased plant during the year for NS5.000.Note. Land was Purchased for NS50.000 cash. sold long-term mvestments worth NS8000for NS20.000 cash, and bougla plant for NSS.000 durng the year.Required:Prepare a cuso tlow staterneHi usng the direal method

Cash flow statement is a statement which shows all cash inflows and cash outflows of the business…

Answered: Non-Current Liabilities Long-term loan…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter3: The Adjusting Process

Section: Chapter Questions

Problem 29E

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The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation: a. For Costco, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. Comment on the results of your horizontal analysis in part (a). c. Based upon Exercise 2-23, compare and comment on the operating results of Target and Costco for the recent year.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
The following data (in millions) are taken from recent financial statements of Nike Inc.: a. Determine the amount of change (in millions) and percent of change in net income for Year 2. Round to one decimal place. b. Determine the percentage relationship between net income and net sales (net income divided by net sales) for Year 2 and Year 1. Round to one decimal place. c. What conclusions can you draw from your analysis?
The following is an income statement from the financial records of Peace, Love and Joy Company for the year ended December 31, 2015: Income Statement Sales (net) $ 245,675 Cost of Goods Sold (67,500) Gross Profit $ 178,175 Operating expenses (125,000) Operating Income $ 53,175 Interest revenue 5,600 Interest expense (8,750) Income before taxes $ 50,025 Income tax expense (15,008) Net Income $ 35,017 Refer to Exhibit 5-2. Compute earnings-based interest coverage for Peace, Love, and Joy Company. 6.72 times 5.72 times 16.88 times 6.08 times
Following are data from the statements of two companies selling comparable products:Current Year-End Balance Sheets Nike Zing Company CompanyCash............................................................................................. 119.00 180.00Notes receivable ........................................................................... 77.00 32.00Accounts receivable, net ............................................................... 420.00 640.00Merchandise inventory ................................................................. 588.00 877.00Prepaid expenses…
Following are data from the statements of two companies selling comparable products:Current Year-End Balance Sheets Nike Zing Company CompanyCash............................................................................................. 119.00 180.00Notes receivable ........................................................................... 77.00 32.00Accounts receivable, net ............................................................... 420.00 640.00Merchandise inventory ................................................................. 588.00 877.00Prepaid expenses .......................................................................... 16.00 55.00Plant and…
The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT)…
Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold $254,000 Rent expense $36,000 Freight-out 7,500 Sales discounts 8,800 Insurance expense 5,000 Sales returns and allowances 11,000 Salaries and wages expense 75,000 Sales revenue 425,000 (a) Your Answer Correct Answer Partially correct answer iconYour answer is partially correct. Prepare a multiple-step income statement. OAKLEY COMPANYIncome Statement For the Year Ended March 31, 2016March 31, 2020For the Month Ended March 31, 2020 Owner's Capital, March 31Operating ExpensesNet Income / (Loss)RevenuesGross Profit / (Loss)InvestmentsOwner's Capital, March 1Net SalesTotal Operating ExpensesDrawings $…
Comparative statement data for Douglas Company and Maulder Company, two com-petitors, appear below. All balance sheet data are as of December 31, 2011, and December 31,2010.Douglas Company Maulder Company2011 2010 2011 2010Net sales $1,549,035 $339,038Cost of goods sold 1,080,490 241,000Operating expenses 302,275 79,000Interest expense 8,980 2,252Income tax expense 54,500 6,650Current assets 325,975 $312,410 83,336 $ 79,467Plant assets (net) 521,310 500,000 139,728 125,812Current liabilities 65,325 75,815 35,348 30,281Long-term liabilities 108,500 90,000 29,620 25,000Common stock, $10 par 500,000 500,000 120,000 120,000Retained earnings 173,460 146,595 38,096 29,998Instructions(a) Prepare a vertical analysis of the 2011 income statement data for Douglas Company andMaulder Company in columnar form.(b) Comment on the relative profitability of the companies by computing the returnon assets and the return on common stockholders’ equity ratios for both companies.
Using the “Statement of Income” worksheet, center the financial statement titles across the data below and bold the company name Thom-Pierre Consultants (TPC) Quarterly Schedule of Revenue For the year December 31, 2018 QTR1 QTR2 QTR3 QTR4 2018 Sales 290000 320000 320000 490000        1,420,000 Interest 102500 175000 180000 54000          511,500 Investment Income 13000 9500 10000 20000            52,500 Other 16000 25000 19500 29000            89,500 Total       421,500       529,500       529,500       593,000        2,073,500 Thom-Pierre Consultants (TPC) COMPARITIVE INCOME STATEMENT for years ended 31 December 2018 2019 Revenues and gains *Sales revenue *Interest revenue *Investment Income *Other revenue Total revenue and gains Expenses and losses **Cost of goods sold          460,000 **Selling…
Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $ 106,200 Expenses Cost of goods sold 45,000 Depreciation expense 13,500 Salaries expense 21,000 Rent expense 9,300 Insurance expense 4,100 Interest expense 3,900 Utilities expense 3,100 Net income $ 6,300    LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 5,900 $ 6,400 Inventory 2,280 1,690 Accounts payable 4,700 5,200 Salaries payable 940 730 Utilities payable 280 190 Prepaid insurance 290 340 Prepaid rent 280 210 Problem 16-2AB (Algo) Direct: Computing cash flows from operations LO P5 Required:Prepare the operating activities section of the statement of cash flows using the direct method for the current year. (Amounts to be deducted should be…
Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $ 106,200 Expenses Cost of goods sold 45,000 Depreciation expense 13,500 Salaries expense 21,000 Rent expense 9,300 Insurance expense 4,100 Interest expense 3,900 Utilities expense 3,100 Net income $ 6,300    LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 5,900 $ 6,400 Inventory 2,280 1,690 Accounts payable 4,700 5,200 Salaries payable 940 730 Utilities payable 280 190 Prepaid insurance 290 340 Prepaid rent 280 210 Problem 16-1A (Algo) Indirect: Computing cash flows from operations LO P2 Required:Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be…

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