The following information was taken from the 20X1 financial statements of Eiger Corporation, a maker of equipment for mountain and rock climbers: Net income Depreciation Increase (decrease) in Accounts receivable Inventories Prepaid expenses Accounts payable Salaries payable Other current liabilities $ 100,000 30,000 110,000 (50,000) 15,000 (150,000) 15,000 (70,000) Required: 1. Calculate Eiger's cash flow from operating activities for 20X1. (If the cash flow amount is negative, enter your answer with a minus sign.)
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- kingbird, inc.had the following transactions. 1.sold land(cost$8320) for $10400.2. Issued common stock at par for $22900. 3.record depreciation on buildings for $12100.4.paid salaries of $6500.5. Issued $1000 of $1 par value common stock for equipment worth $9700.6. Sold equipment (cost $13400,accumulate depreciation $9380) for $1608 (a) for each transaction above, prepare the journal entryDash (Pty) Ltd provided the following information that was extracted from the financial records for the year ended 31 December 2021. Relevant financial information are shown below. Information from the statement of financial position as at 31 December: 2021 R 2020 R Land and buildings at cost 620 000 520 000 Equipment at carrying amount 268 000 343 000 -Cost 354 000 441 000 -Accumulated depreciation (86 000) (98 000) Fixed deposits 70 000 100 000 Inventory 66 000 100 00 Debtors control 64 000 70 000 Bank – favourable (debit) balance 86 000 ----- Prepaid expense – Rent ----- 6 000 Creditors control 26 000 48 000 Bank overdraft – credit balance ----- 6 000 SARS - tax payable 22 000 18 000 Shareholders – dividends payable 30 000 75 000 Interest payable 10 000 12 000 Ordinary share capital 850 000 750 000 Retained earnings 96 000 30 000 Long term borrowings 140 000 200 000 Extract of items shown on the statement of profit and loss and other…Ana Inc. provided the following information for the current year: Current asserts, January 1 P500,000 Property, plant and equipment, January 1 P3,000,000 Noncurrent liabilities, January 1 P1,000,000 Property, pant and equipment, December 31 P4,000,000 Current liabilities, December 31 P300,000 All assets and liabilities are reported at year end. Working capital of P600,000 remain unchanged. Net income for the current year is P400,000. No dividends were declared during the current year. What is the shareholders' equity on December 31?A. 1,800,000B. 4,800,000C. 3,800,000D. 2,800,000
- The following balance sheets have been prepared on December 31, Year 13 for Albert Corp. and Becky Inc.Balance Sheets Albert & Becky Cash $30,000 & $50,000Accounts Receivable $180,000 & $100,000Inventory $70,000 & $30,000Investment in Becky $100,000Property, Plant and Equipment* $600,000 & $140,000Accumulated Depreciation ($280,000) & ($40,000)Total Assets $700,000 & $280,000 * Includes landCurrent Liabilities $120,000 & $30,000Long-Term Debt $400,000 & $20,000Common shares $90,000 & $40,000Retained Earnings $90,000 & $190,000Liabilities and Equity $700,000 & $280,000Additional Information: Albert uses the cost method to account for its 50% interest in Becky, which it acquired on January 1, Year 10 for $100,000. On that date, Becky's retained earnings were $20,000 and common shares $40,000. The acquisition differential was fully amortized by the end of Year 13. Albert sold Land to Becky during Year 12 and recorded a $15,000 gain on the…The comparative statement of financial position for Moose Jaw Ltd. is as follows:Moose Jaw Ltd.Comparative Statement of Financial PositionAs at December 312021 2020Cash $20,500 $12,500Accounts receivable 34,000 25,500Inventories 20,000 30,000Prepaid insurance 2,500 2,000Equipment 102,000 90,000Accumulated depreciation - equipment (22,500) (12,500)Total assets $156,500 $147,500Accounts payable $23,000 $20,000Interest payable 2,000 3,000Wages payable 4,000 2,000Income taxes payable 4,000 5,000Long-term note payable 30,000 34,500Common shares 65,000 65,000Retained earnings 28,500 18,000Total liabilities and equity $156,500 $147,500More information about Moose Jaw’s operations for 2021:• A machine which the company paid $10,000 for was sold for a gain of$1,000. The equipment’s accumulated depreciation was $7,000.• The company had net income for of $13,500.RequiredConstruct the operating activities section of Moose Jaw Ltd.’s statement of cashflows using the indirect method. Use proper…The following data has been taken from the Shine Machinery Inc., income statement and balance sheet: Dec. 31, Jan. Jan. 1,2013 “Income statement: Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . .$375,000 Depreciation Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 115,000 Amortization of Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,000 Gain on Sale of Plant Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ….. 91,000 Loss on Sale of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . …. . 34,000 Balance sheet: Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...$345,000…
- Sarasota Corp.’s income statement contained the condensed information below. Sarasota Corp.Income StatementFor the Year Ended December 31, 2022 Service revenue $2,231,000 Operating expenses, excluding depreciation $1,412,200 Depreciation expense 126,500 Loss on disposal of plant assets 36,800 1,575,500 Income before income taxes 655,500 Income tax expense 128,800 Net income $526,700 Sarasota Corp.’s balance sheets contained the following comparative data at December 31. 2022 2021 Accounts receivable $161,000 $138,000 Accounts payable 94,300 73,600 Income taxes payable 29,900 16,100 Accounts payable pertain to operating expenses.Prepare the operating activities section of the statement of cash flows using the direct method.The following balances were extracted from the books of Billion Precision for the year ended 31 December 2020. Dr (RM) Cr (RM) Land 500000 Building 200000 Motor vehicles 120000 Plant and machinery 70000 Profit b/f as at 01.01.2020 237650 Capital 438000 Acc depreciation as at 1.1.2020 : Dr (RM) Cr (RM) Building 60 000 Motor vehicles 69250 Plant and machinery 40000 Returns 3600 4100 Revenue 800000 Purchases 400000 Discounts 5000 Carriage Inwards 7700 Opening Inventory 52000 Provision for bad debts 2000 Trade receivables / Trade payable 66000 43200 Advertising 18000 Staff training course 4000 Bad Debts 12500 Motor Expenses 27000 Rental 90000 Bank 7600 Wages & Salaries 126000 1701800 1701800 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 cost.-Plant and machinery 20% on…Prepare an income statement with the information listed below: Accumulated Depreciation $ 35,000Accounts Payable $ 65,000Advertising Expense $ 20,625Prepaid Advertising $ 61,875Common Stock $ 50,000Depreciation Expense $ 12,500Dividend Payable $ 50,000Dividends $ 100,000Income Tax expense $ 48,000Income Tax Payable $ 35,000Interest Expense $ 3,750Interest Revenue $ 500Loss on Disposal of Assets $ 10,000Prepaid Rent $ 56,250Rent Expense $ 18,750Retained Earnings $ 836,875Sales Revenue $ 300,000Utilities Expense $ 8,750Utilities Payable $ 7,000Wage Expense $ 41,250Wages Payable $ 10,125
- The Income Statement and additional data of Crawford Properties, Inc., follows:CRAWFORD PROPERTIES Inc.Income StatementFor Year Ended June 30, 20X6Revenues:Sales revenue $237,000Expenses:Cost of goods sold $103,000Salary expense 58,000Depreciation expense 29,000Income taxes expense 9,000 199,000Net Income $38,000Additional data:a) Acquisition of plant assets is $116,000. Of this amount $101,000 is paid in cash and$15,000 by signing a note payable.b) Proceeds from sale of land total $24,000c) Proceeds from issuance of common stock total $30,000d) Payment of long-term note payable is $15,000e) Payment of dividends is $11,000f) From the balance sheet30/6/X 6 30/6/X 5Current Assets:Cash & cash equivalents $27,000 $20,000Accounts receivable 43,000 58,000Inventories 92,000 85,000Current Liabilities:Accounts payable $35,000 $22,000Accrued liabilities 13,000 21,000Required:Prepare Crawford Properties, Inc.’s statement of cash flows for the year endedJune 30, 20X6, using the indirect…Air Company reported the following data for the current year:Income from continuing operations 700,000Net income 500,000Selling and administrative expenses 2,250,000Income before income tax 1,000,000 What amount should be reported as income or loss from discontinued operations?The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Please see the attachment for details: Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:a. Net income, $190,000.b. Depreciation reported on the income statement, $115,000.c. Equipment was purchased at a cost of $395,000, and fully depreciated equipment costing $75,000 was discarded, with no salvage realized.d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.e. 40,000 shares of common stock were issued at $15 for cash.f. Cash dividends declared and paid, $50,000. InstructionsPrepare a statement of cash flows, using the indirect method.