Please help create a statement of cash flows using the direct method with the attached pictures! Gross profit.$185,000Operating expensesWagesConsulting.InsuranceUtilities11,8501,200RentDepreciation2,400Total operating expenses14,4003,250Income from operationsInterest expense.51,100Income tax expense006Net income$ 21,600KATE'S CARDSBalance SheetAs of August 31, 2019AssetsCurrent assetsCash.Accounts receivable$17,400Inventory.Prepaid insurance.000ʻ000'000'Total current assets45,400EquipmentAccumulated depreciation17,500(3,250)Total assets$59,650LiabilitiesCurrent liabilitiesAccounts payableUnaarned revenue$ 6,2001,250Other current liabilitiesTotal current liabilities.ote payable006'9,350Total liabilities24,350Stockholders' equityCommon stock..Additional paid-in-capital000' s20,300Preferred stock.Retained earnings..Total stockholders' equity35,300Total liabilities and stockholders' equity$59,650..... (PE NAME AND GRADmbridge PublishersDA FORM 1594, NOV 196Chapter 12 Statement of Cash FlcKATE'S CARDSIncome StatementYear Ended August 31, 2019$185,000Sales revenue.Cost of goods soldGross profit..000'6.. ...Operating expensesWagesConsulting.000'811,8501,2002,40014,4003,250InsuranceDepreciation.51,100Total operating expensesIncome from operations006Interest expense.Income before income tax$ 21,600Income tax expenseNet incomeKATE'S CARDSBalance SheetAs of August 31, 2019Assets$17,400

A cash flow statement is a statement which shows cash inflows and outflows segregated into cash…

$185,000 Operating expenses 000'901 Wages Consulting. 79,000 Insurance 000' 11,850 Utilities Rent 1,200 Depreciation. Total operating expenses 00D 14,400 3,250 Income from operations Interest expense. 51,100 Income before income tax Income tax expense 006'27 006 000'2 00D's Net income $ 21,600 KATE'S CARDS Balance Sheet As of August 31, 2019 Assets Current assets Cash... Accounts receivable Inventory. Prepaid insurance. $17,400 000'LL 000' 000'L 45,400 17,500 Total current assets Equipment Accumulated depreciation (3,250) Total assets $59,650 Liabilities Current liabilities Accounts payable. Unearned revenue Cther current liabilities $ 6,200 1,250 ral current liabilities. Nate payable 006 9,350 Tatal liabilities 24,350 Stockholders' equity Common stock Additional paid-in-capital Preferred stock. Retained earnings 009'6 20,300 Total stockholders' equity 35,300 $59,650 Total liabilities and stockholders' equity

$185,000 Operating expenses 000'901 Wages Consulting. 79,000 Insurance 000' 11,850 Utilities Rent 1,200 Depreciation. Total operating expenses 00D 14,400 3,250 Income from operations Interest expense. 51,100 Income before income tax Income tax expense 006'27 006 000'2 00D's Net income $ 21,600 KATE'S CARDS Balance Sheet As of August 31, 2019 Assets Current assets Cash... Accounts receivable Inventory. Prepaid insurance. $17,400 000'LL 000' 000'L 45,400 17,500 Total current assets Equipment Accumulated depreciation (3,250) Total assets $59,650 Liabilities Current liabilities Accounts payable. Unearned revenue Cther current liabilities $ 6,200 1,250 ral current liabilities. Nate payable 006 9,350 Tatal liabilities 24,350 Stockholders' equity Common stock Additional paid-in-capital Preferred stock. Retained earnings 009'6 20,300 Total stockholders' equity 35,300 $59,650 Total liabilities and stockholders' equity

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 40P

See similar textbooks

Similar questions

Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Days’ sale in receivable
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 callable
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. $_____________
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Return on total assets
Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Accounts receivable turnover
Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $30,000. ( Note: Assume a periodic inventory system.) b. Year-end wages of $10,000 were incurred, but not paid. Related federal income taxes of $1,200, Social Security of $620 (employee portion), and Medicare taxes of $145 were with-held from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,262, including state sales taxes of S48. ( Note: Assume a periodic inventory system.) e. Employers share of Social Security and Medicare taxes for the period were $620 and $145, respectively. f. Borrowed cash under a 90-day, 9%, $25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently).
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
THE ATHLETIC ATTICIncome StatementFor the Year Ended December 31, 2024Net sales $8,900,000Cost of goods sold 5,450,000Gross profit 3,450,000Expenses: Operating expenses $1,600,000 Depreciation expense 210,000 Interest expense 50,000 Income tax expense 360,000 Total expenses 2,220,000Net income $1,230,000 THE ATHLETIC ATTICBalance SheetsDecember 31 2024 2023Assets Current assets: Cash $164,000 Accounts receivable 790,000 Inventory 1,405,000 Supplies 110,000Long-term assets: Equipment 1,150,000 Less: Accumulated depreciation (420,000) Total assets $3,199,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $115,000 Interest payable 0 Income tax payable 40,000 Long-term liabilities: Notes payable 600,000 Stockholders' equity: Common stock 700,000…
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…
Income Statement for the years ending 31 August: 2020 2019 £ £Revenue 950,000 975,000Cost of sales 455,000 460,000Gross profit 495,000 515,000Total expenses 320,000 310,000Net profit 175,000 205,000 Statement of financial position as at 31 August:- 2020 2019£ £Non-current assets 70,000 65,000Current assetsCash at bank…