Staley Inc. reported the following data: Net income $406,700 Depreciation expense 60,700 Loss on disposal of equipment 39,500 Increase in accounts receivable 26,800 Increase in accounts payable 11,100 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cas out flows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities
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Q: Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the…
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A:
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- You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.
- please dont provide answer in image format thank you Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December 31in (000)'s 20X5 20X4Cash $ 5,100 $ 4,800 Accounts Receivable $ 9,010 $ 6,100 Inventory $ 10,400 $ 14,000 Prepaid Expenses $ 1,950 $ 1,020 Equipment $ 58,500 $ 59,900 Accumulated Depreciation - equipment $ (33,100 ) $ (32,000 )Total Assets $ 51,860 $ 53,820 Account Payable $ 7,000 $ 11,400 Interest Payable $ 350 $ 110 Income taxes payable $ 650 $ 500 Dividends Payable $ 2,400 $ 3,200 Long-term Notes Payable $ 17,500 $ 17,000 Common shares $ 22,000 $ 20,000 Retained Earnings $ 1,960 $ 1,610 Total Liabilities &…Question 5The following balances were extracted from the books of Billion Precision for the year ended 31 December 2020. Dr (RM) Cr (RM) Land 500 000 Building 200 000 Motor Vehicles 120 000 Plant & machinery 70 000 Profit b/f as at 01.01.2020 237 650 Capital 438 000 Acc depreciation as at 1.1.2020 Building 60 000 Motor Vehicles 69 250 Plant & machinery 40 000 Returns 3 600 4 100 Revenue 800 000 Purchases 400 000 Discounts 5 000 Carriage inwards 7 700 Opening inventory 52 000 Provision for bad debts 2 000 Trade receivable / Trade payable 66 000 43 200 Advertising 18 000 Staff training cost 4 000 Bad debts 12 500 Motor expenses 27 000 Rental 90 000 Bank 7 600 Wages & Salaries 126 000 Grand Total 1 701 800 1 701 800 Additional information:i. The provision for bad debts should be 4% of trade receivables. ii. Depreciation is to be charged as follows:-Buildings 2% on…Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: With regard to depreciation methods: a. What depreciation method does Under Armour use? What depreciation method does Columbia use? b. What are the typical useful lives of each companys operating assets? c. What effect will the useful lives have on the companys financial statements?
- QUESTION 1The following trial balance relates to Golden Ltd at 30th September 2018 GHS'000 GHS'000Sales (a) 760,000Material purchases (b) 128,000Production labour (b) 248,000Factory overheads (b) 160,000Distribution costs 28,400Administrative expenses (c) 92,800Finance costs 700Investment income 1,600Leased property - at cost (b) 100,000Plant and equipment - at cost (b) 89,000Accumulated amortisation/depreciation at 1/10/2017- leased property 20,000- plant and equipment…Question I need help with this problem. I need to get the answers to the four questions at the bottom under the statement table. Oakdale Fashions, Inc.’s, 2021 income statement is reported below. Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) $ 565,000 Less: Cost of goods sold 215,000 Gross profits $ 350,000 Less: Other operating expenses 90,000 EBITDA $ 260,000 Less: Depreciation and amortization 15,000 EBIT $ 245,000 Less: Interest 80,000 EBT $ 165,000 what is the answer to these two questions to answer the bottom 4 Less: Taxes Net income $ Determine what the firm's 2021 tax liability is. (Round your answer to the nearest dollar amount.) Determine what the firm's 2021 net income is. (Round your answer to the nearest dollar amount.)please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Presented below is information related to Ivan Calderon Corp. for the year 2025. Net sales $1,560,000 Cost of goods sold 936,000 Selling expenses 78,000 Administrative expenses 57,600 Dividend revenue 24,000 Interest revenue 8400 Write-off of inventory due to obsolescence $96,000 Depreciation expense omitted by accident in 2024 66000 Casualty loss 60,000 Cash dividends declared 54,000 Retained earnings at December 31, 2024 1,176,000 Effective tax rate of all items 20% Instructions Prepare a multiple-step income statement for 2025. Assume that 72960 shares of common stock are outstanding for the entire year. Prepare a separate retained earnings statement for 2025.
- Locate and download Gap Inc.’s 2020 Annual Report (for fiscal year 2/2/20-1/30/21) https://investors.gapinc.com/financial-information/default.aspx Current Assets What is the amount of Current Assets at 1/30/21? What is the amount of Inventories at 1/30/21? What valuation principle does Gap use to value these inventories? Which cost flow assumption does Gap use to determine the cost of inventories? Noncurrent Assets What is the amount of Noncurrent Assets at 1/30/21? What is the amount of Property and Equipment (net) held by Gap at 1/30/21? How much depreciation has been recorded on these assets at 1/30/21? What method does Gap use to calculate depreciation? 3. What is the amount of Furniture and Equipment held by Gap at 1/30/21?Whencash 5000, net sales 185000, general utilities OR 2100, Rent expense OR 190, cash OR 2750, furniture OR 4500 , gross profit OR 42500 and general income OR 3260.The net profit is: Select one: a. 49720 b. 46970 c. 39210 d. The correct answer not availableBasil Partnership has the following information and transactions during 2021. 1) Class 1 (4%) building, opening UCC balance $660,000. This building was originally acquired in 2014 at a cost of $870,000. It was sold during the year for $585,000. There is no other property in this class. 2) Class 8 (20%) furniture, opening UCC balance $30,000. New office furniture was purchased for $10,000 to replace damaged items sold earlier in the year for $6,000 (original cost $9,000). 3) A new passenger vehicle (class 10.1 – 30%) was purchased during the year for $50,000. Following the above information, calculate the maximum CCA for 2021 with respect to each class. Provide details of all calculations.