Homework Answers
Answer
| Cash Flow from Operating Activities | ||
| Net Income | $ 430,000 | |
| Loss on sale of equipment | $ 24,000 | |
| Depreciaton | $ 880,000 | |
| Increase in Account receivable | $ (165,000) | |
| Decrease in Inventory | $ 33,000 | |
| Increase in Account payable | $ 20,000 | |
| $ 1,222,000 | ||
| Cash Flow from Investing Activities | ||
| Equipment sold | $ 270,000 | |
| Equipment purchased | $ (750,000) | $ (480,000) |
| Cash Flow from Financing Activities | ||
| Dividend paid | $ (200,000) | |
| $ (200,000) | ||
| Total cash Flows | $ 542,000 | |
| Add: Opening Cash | $ 130,000 | |
| Closing Cash | $ 672,000 |
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Prothers 583 PRACTICE PROBLEMS 1. The income statement for the December Bomenyertains the following condensed information...
584 13 Statement of Cash Flows (480,0000 Cash flows from investing activities Sale of equipment Purchase...
584 13 Statement of Cash Flows (480,0000 Cash flows from investing activities Sale of equipment Purchase of equipment Net cash used by investing activities Cash flows from financing activities Payment of cash dividende Net Increase in cash Cash at beginning of period Cash end of period (200,000) Prepare almeno flowing directed LO4) 2. The income statement for Kosinski Manufacturing Company contains the following condensed information KOSINSKI MANUFACTURING COMPANY Income Statement For the Year Ended December 31, 2017 $6,583.000 $4.920,000 880.000...
Vaughn Company's income statement for the year ended December 31, 2017, contained the following condensed informati...
Vaughn Company's income statement for the year ended December 31, 2017, contained the following condensed information Service revenue $847,000 Operating expenses (excluding depreciation) $629,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 715,000 Income before income taxes 132,000 Income tax expense 41,000 $91,000 Net income Vaughn's balance sheet contained the following comparative data at December 31 2017 2016 Accounts receivable $35,000 $53,000 Accounts payable 42,000 30,000 Income taxes payable 4,100 8,800 (Accounts payable pertains to operating expenses.) Prepare the...
Blue Company’s income statement for the year ended December 31, 2017, contained the following condensed information....
Blue Company’s income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $846,000 Operating expenses (excluding depreciation) $630,000 Depreciation expense 61,000 Loss on sale of equipment 27,000 718,000 Income before income taxes 128,000 Income tax expense 40,000 Net income $88,000 Blue’s balance sheet contained the following comparative data at December 31. 2017 2016 Accounts receivable $35,000 $57,000 Accounts payable 42,000 30,000 Income taxes payable 3,900 8,700 (Accounts payable pertains to operating expenses.) Prepare the...
Waterway Company's income statement for the year ended December 31, 2017, contained the following condensed information...
Waterway Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $839,000 $624,000 Operating expenses (excluding depreciation) Depreciation expense 60,000 Loss on sale of equipment 26,000 710,000 Income before income taxes 129,000 Income tax expense 39,000 $90,000 Net income Waterway's balance sheet contained the following comparative data at December 31 2017 2016 $39,000 $53,000 Accounts receivable Accounts payable 40,000 32,000 Income taxes payable 4,200 8,300 (Accounts payable pertains to operating expenses.) Prepare the...
Whispering Winds Corp.'s income statement contained the condensed information below. Whispering Winds Corp. Income Statement For...
Whispering Winds Corp.'s income statement contained the condensed information below. Whispering Winds Corp. Income Statement For the Year Ended December 31, 2017 Service revenue $2,104,900 Operating expenses, excluding depreciation $1,332,380 Depreciation expense 119,350 Loss on disposal of plant assets 34,720 1,486,450 Income before income taxes 618,450 Income tax expense 121,520 Net income $496,930 Whispering Winds Corp.'s balance sheet contained the comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2017 2016 $151,900 $130,200 88,970 69,440 28,210 15,190...
Zumbrunn Company’s income statement contained the condensed information below. ZUMBRUNN COMPANY Income Statement For the Year...
Zumbrunn Company’s income statement contained the condensed
information below.
ZUMBRUNN COMPANY
Income Statement
For the Year Ended December 31, 2017
Service revenue
$970,700
Operating expenses, excluding depreciation
$624,000
Depreciation expense
56,000
Loss on disposal of equipment
25,800
705,800
Income before income taxes
264,900
Income tax expense
39,000
Net income
$225,900
Zumbrunn’s balance sheet contained the comparative data at December
31, shown below.
2017
2016
Accounts receivable
$74,300
$59,700
Accounts payable
40,100
27,900
Income taxes payable
12,300
6,500
Accounts payable pertain...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year Ended December 31, 2017 $1,775,100 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,123,620 100,650 29,280 1,253,550 521,550 102,480 $419,070 Shamrock, Inc.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $128,100 75,030 23,790 $109,800 58,560 12,810 Accounts payable pertain...
Question 1 The income statement for the year ended December 31, 2017, for Metlock Manufacturing Company...
Question 1
The income statement for the year ended December 31, 2017, for
Metlock Manufacturing Company contains the following condensed
information.
METLOCK CO.
INCOME STATEMENT
Revenues
$
6,565,000
Operating expenses (excluding depreciation)
$4,902,000
Depreciation expense
852,000
5,754,000
Income before income tax
811,000
Income tax expense
364,950
Net income
$
446,050
Included in operating expenses is a $13,000 loss resulting from the
sale of machinery for $252,000 cash. The company purchased
machinery at a cost of $722,000.
Metlock reports the following...
Metlock, Inc.’s income statement contained the condensed information below. Metlock, Inc. Income Statement For the Y...
Metlock, Inc.’s income statement contained the condensed information below. Metlock, Inc. Income Statement For the Year Ended December 31, 2017 Service revenue $1,949,700 Operating expenses, excluding depreciation $1,234,140 Depreciation expense 110,550 Loss on disposal of plant assets 32,160 1,376,850 Income before income taxes 572,850 Income tax expense 112,560 Net income $460,290 Metlock, Inc.’s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable $140,700 $120,600 Accounts payable 82,410 64,320 Income taxes payable 26,130 14,070 Accounts payable pertain...
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information....
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information. $848,000 Service revenue $628,000 Operating expenses (excluding depreciation) Depreciation expense 61,000 Loss on sale of equipment 715,000 26,000 Income before income taxes 133,000 Income tax expense 40,000 Net income $93,000 Cullumber's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37,000 $52000 Accounts payable 39,000 32,000 Income taxes payable 4,000 8,400 (Accounts payable pertains to operating expenses Prepare the...
584 13 Statement of Cash Flows (480,0000 Cash flows from investing activities Sale of equipment Purchase of equipment Net cash used by investing activities Cash flows from financing activities Payment of cash dividende Net Increase in cash Cash at beginning of period Cash end of period (200,000) Prepare almeno flowing directed LO4) 2. The income statement for Kosinski Manufacturing Company contains the following condensed information KOSINSKI MANUFACTURING COMPANY Income Statement For the Year Ended December 31, 2017 $6,583.000 $4.920,000 880.000...
Vaughn Company's income statement for the year ended December 31, 2017, contained the following condensed information Service revenue $847,000 Operating expenses (excluding depreciation) $629,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 715,000 Income before income taxes 132,000 Income tax expense 41,000 $91,000 Net income Vaughn's balance sheet contained the following comparative data at December 31 2017 2016 Accounts receivable $35,000 $53,000 Accounts payable 42,000 30,000 Income taxes payable 4,100 8,800 (Accounts payable pertains to operating expenses.) Prepare the...
Waterway Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue $839,000 $624,000 Operating expenses (excluding depreciation) Depreciation expense 60,000 Loss on sale of equipment 26,000 710,000 Income before income taxes 129,000 Income tax expense 39,000 $90,000 Net income Waterway's balance sheet contained the following comparative data at December 31 2017 2016 $39,000 $53,000 Accounts receivable Accounts payable 40,000 32,000 Income taxes payable 4,200 8,300 (Accounts payable pertains to operating expenses.) Prepare the...
Whispering Winds Corp.'s income statement contained the condensed information below. Whispering Winds Corp. Income Statement For the Year Ended December 31, 2017 Service revenue $2,104,900 Operating expenses, excluding depreciation $1,332,380 Depreciation expense 119,350 Loss on disposal of plant assets 34,720 1,486,450 Income before income taxes 618,450 Income tax expense 121,520 Net income $496,930 Whispering Winds Corp.'s balance sheet contained the comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2017 2016 $151,900 $130,200 88,970 69,440 28,210 15,190...
Zumbrunn Company’s income statement contained the condensed
information below.
ZUMBRUNN COMPANY
Income Statement
For the Year Ended December 31, 2017
Service revenue
$970,700
Operating expenses, excluding depreciation
$624,000
Depreciation expense
56,000
Loss on disposal of equipment
25,800
705,800
Income before income taxes
264,900
Income tax expense
39,000
Net income
$225,900
Zumbrunn’s balance sheet contained the comparative data at December
31, shown below.
2017
2016
Accounts receivable
$74,300
$59,700
Accounts payable
40,100
27,900
Income taxes payable
12,300
6,500
Accounts payable pertain...
Shamrock, Inc.'s income statement contained the condensed information below. Shamrock, Inc. Income Statement For the Year Ended December 31, 2017 $1,775,100 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,123,620 100,650 29,280 1,253,550 521,550 102,480 $419,070 Shamrock, Inc.'s balance sheet contained the comparative data at December 31. 2017 2016 Accounts receivable Accounts payable Income taxes payable $128,100 75,030 23,790 $109,800 58,560 12,810 Accounts payable pertain...
Question 1
The income statement for the year ended December 31, 2017, for
Metlock Manufacturing Company contains the following condensed
information.
METLOCK CO.
INCOME STATEMENT
Revenues
$
6,565,000
Operating expenses (excluding depreciation)
$4,902,000
Depreciation expense
852,000
5,754,000
Income before income tax
811,000
Income tax expense
364,950
Net income
$
446,050
Included in operating expenses is a $13,000 loss resulting from the
sale of machinery for $252,000 cash. The company purchased
machinery at a cost of $722,000.
Metlock reports the following...
Cullumber Company's income statement for the year ended December 31, 2020, contained the following condensed information. $848,000 Service revenue $628,000 Operating expenses (excluding depreciation) Depreciation expense 61,000 Loss on sale of equipment 715,000 26,000 Income before income taxes 133,000 Income tax expense 40,000 Net income $93,000 Cullumber's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37,000 $52000 Accounts payable 39,000 32,000 Income taxes payable 4,000 8,400 (Accounts payable pertains to operating expenses Prepare the...
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