Trinity Company Income Statement Year Ended December 31,2018 Sales 238,000 COGS (153,000) 85,000 Operating Expenses Insurance Expenses (14,400) Interest Expenses (3,500) Salaries Expenses (12,000) Other Operating Expenses (42,600) Miscellaneous Expenses (11,100) (83,600) Operating Income 1,400 Other Income Gain on sales of Land 4,800 Profit before Tax (PBIT) 6,200 Income Tax Expenses (1,860) Net Income 4,340 Additional Information: 1. Trinity Company sold land with an original cost of Rs. 10,000, for Rs. 14,800 cash. 2. A new parcel of land was purchased for Rs. 20,000, in exchange for a note payable. 3. Plant assets were purchased for Rs. 40,000 cash. 4. Trinity declared and paid a Rs. 440 cash dividend to shareholders. 5. Trinity issued common stock in exchange for Rs. 45,000 cash. Required Prepare the Cashflow statement by using indirect method.
Trinity Company Income Statement Year Ended December 31,2018 Sales 238,000 COGS (153,000) 85,000 Operating Expenses Insurance Expenses (14,400) Interest Expenses (3,500) Salaries Expenses (12,000) Other Operating Expenses (42,600) Miscellaneous Expenses (11,100) (83,600) Operating Income 1,400 Other Income Gain on sales of Land 4,800 Profit before Tax (PBIT) 6,200 Income Tax Expenses (1,860) Net Income 4,340 Additional Information: 1. Trinity Company sold land with an original cost of Rs. 10,000, for Rs. 14,800 cash. 2. A new parcel of land was purchased for Rs. 20,000, in exchange for a note payable. 3. Plant assets were purchased for Rs. 40,000 cash. 4. Trinity declared and paid a Rs. 440 cash dividend to shareholders. 5. Trinity issued common stock in exchange for Rs. 45,000 cash. Required Prepare the Cashflow statement by using indirect method.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...
Related questions
Question
ASAP!!
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Fundamentals Of Financial Management, Concise Edi…
Finance
ISBN:
9781337902571
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Fundamentals Of Financial Management, Concise Edi…
Finance
ISBN:
9781337902571
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning