Demers Inc reported the following data Net income Demers Inc. reported the following data: Net income………………………………………..$490,000 Depreciation expense………………………………..52,000 Gain on disposal of equipment………………………26,500 Decrease in accounts receivable…………………….32,400 Decrease in accounts payable………………………12,350 Prepare the Cash flows from operating activities section of the statement of cash flows, using the indirect method. Demers Inc reported the following data Net income
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Demers Inc reported the following data Net income
Demers Inc. reported the following data:
Net income………………………………………..$490,000
Depreciation expense………………………………..52,000
Gain on disposal of equipment………………………26,500
Decrease in accounts receivable…………………….32,400
Decrease in accounts payable………………………12,350
Prepare the Cash flows from operating activities section of the statement of cash flows, using the indirect method.
Demers Inc reported the following data Net income
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- 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 &…Line Item Description 20X1 20X2 Current assets: Accounts receivable $750,000 $582,500 Inventories 300,000 320,000 Current liabilities: Wages payable 700,000 515,000 Davis CompanyIncome StatementFor the Year Ended December 31, 20X2 Line Item Description Amount Amount Revenues $3,000,000 Cost of goods sold 1,920,000 Gross margin $1,080,000 Operating expenses Depreciation 270,000 Operating income $ 810,000 Other revenues and expenses Gain on sale of equipment 100,000 Interest expense 10,000 90,000 Net income $ 900,000 Required: Compute operating cash flows using the indirect method.
- Hw.131. Sheridan Corporation reported net sales of $284,700, cost of goods sold of $156,585, operating expenses of $43,800, net income of $28,470, beginning total assets of $537,100 and ending total assets of $604,200 (a1) Calculate profit margin and gross profit rate. (Round answers to 1 decimal place, eg10.2%)Q. Calculate the current assets and current liabilities from the data given below. Current ratio. 1.8 Quick ratio. 1.2 Inventory turnover ( on c.g.s). 12 Gross profit rate. 25% Credit period. 1month Working capital. 640000Consider a firm with a 2010 revenue of S60 million and cost of goods sold of $25 million lf the balance shert amount show $4million of inventory and $1.5 million ofproperty, plant & equipment how many weeks of suppiy does the fim bolat(2 weeksinoneyear)(use 2 decimals)Select oneO a.8.33O b.6.25Oc 13.75O d. 400Oe 12.50
- An entity reported operating expenses other than interest expense for the year at 40% of cost of goods sold butonly 20% of sales. Interest expense is 5% of sales. The amount purchased is 120% of cost of goods sold. Endinginventory is twice as much as the beginning inventory. The net income for the year is P2,100,000. The incometax is 30%.Question 1: What is the amount of sales for the year?a. 10,000,000 c. 18,000,000b. 15,000,000 d. 12,000,000Question 2: What is the amount of purchases?a. 6,000,000 c. 3,000,000b. 7,200,000 d.3,600,000Brick & StoneIncome Statement for the year ended 31 December 2016 Notes $ $Sales 2,500,000Cost of Sales 1 1,100,000Gross Profit 1,400,000ExpensesSalaries & Wages 2 760,000Employer NIS Contribution 2,400Rent and Rates 3 240,000Insurance 50,000Maintenance 120,000Depreciation 4…Question Content Area The income statement comparison for Forklift Material Handling shows the income statement for the current and prior year. FORKLIFT MATERIAL HANDLINGIncome statement Comparison Current Year Prior Year (Amounts in thousands) Sales $33,800 $24,700 Cost of goods sold 21,970 16,796 Gross profit $11,830 $7,904 Expenses: Wages $8,800 $6,187 Utilities 700 300 Repairs 168 300 Selling 506 200 Total Expenses $10,174 $6,987 Operating income ? ? Operating income % ? ? Total assets (investment base) $4,500 $1,600 Return on investment ? ? Residual income (8% cost of capital) ? ? A. Determine the operating income (loss) (dollars) for each year. If required round final answers to two decimal places. Current Year Prior Year Operating income (loss) $fill in the blank 1 $fill in the blank 2 B. Determine the operating income (loss) (percentage) for each year. If required round…
- Selling & administrative expenses 20,200 Loss on sale of plant assets 11,700 Gross profit 90,500 Interest expense 8,000 Income tax 10,000 Rent revenue 10,200 If this information was used to prepare an income statement, Income from Operations should be: Select one: a. 68,800 b. 70,300 c. 78,800 d. 110,700 e. 58,600Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…