Homework Answers
7.
Cash receipts from sales = Sales - Accounts receivable increase
= 750,000 - 52,000
= $698,000
Correct option is (c)
8.
Cash payment for inventory purchase = Cost of goods sold + Inventory increase - Account payable increase
= 530,000 + 17,000 - 12,000
= $535,000
Correct option is (b)
9.
Cash payment for operating expenses = Operating expenses - Prepaid expense decrease + Accrued liabilities decrease - Depreciation increase
= 130,000 - 1,000 + 9,000 - 43,000
= $95,000
Correct option is (d)
10.
Cash payment for taxes = Taxes + Taxes payable decrease
= 15,000 + 4,000
= $19,000
Correct option is (b)
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The following Income Statement and account balance changes apply to questions 7-10: Income Statement for the...
Prothers 583 PRACTICE PROBLEMS 1. The income statement for the December Bomenyertains the following condensed information...
Prothers 583 PRACTICE PROBLEMS 1. The income statement for the December Bomenyertains the following condensed information 2017. for Kesik Manc ing KOSINSKI MANUFACTURING COMPANY Income Statement For the Year Ended December 31, 2017 56,583.000 Operating expenses (excluding depreciation) Depreciation so $4,920,000 5,000,000 353.000 $430,000 Net Income Included in operating expenses is a $24,000 loss resulting from the sale of equipment for $270,000 cash. Equipement was purchased at a cost of $750,000. The following balances are reported on Kosinski's comparative balance...
Sunland Corporation had the following activities in 2017. Concord Company’s income statement for the year ended...
Sunland Corporation had the following activities in
2017.
Concord Company’s income
statement for the year ended December 31, 2017, contained the
following condensed information.
Service revenue
$843,000
Operating expenses (excluding
depreciation)
$622,000
Depreciation expense
60,000
Loss on sale of
equipment
26,000
708,000
Income before income
taxes
135,000
Income tax expense
40,000
Net income
$95,000
Concord’s balance sheet contained the following comparative data at
December 31.
2017
2016
Accounts receivable
$36,000
$55,000
Accounts payable
43,000
33,000
Income taxes payable
4,200
8,200...
Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year:...
Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year: Depreciation expense $46,000 26,830 Gain on disposal of equipment 287,600 Net income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $7,160 (4,080) Inventory Prepaid insurance (1,530) (4,860) Accounts payable Income taxes payable 1,530 Dividends payable 1,070 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the...
Check my work 6 The following income statement along with additional year-end information about changes in...
Check my work 6 The following income statement along with additional year-end information about changes in noncash current assets and current liabilities are reported. eBook SONAD COMPANY Income Statement For Year Ended December 31 Sales Coat of goods sold Gross profit Operating expenses Salaries expense $222,625 Depreciation expense 39,000 Rent expense 43,875 Amortization expenses-Patents 4,875 Utilities expense 17,875 $1,625,000 796,250 828,750 Gain on sale of equipment Net income 328,250 500,500 6,500 $ 507,000 Additional Year-End Balance Sheet Data Accounts receivable...
Cash Flows from Operating Activities,Indirect Method The income statement disclosed the following items for the year:...
Cash Flows from Operating Activities,Indirect Method The income statement disclosed the following items for the year: Depreciation expense $57,600 Gain on disposal of equipment 33,600 Net income 508,000 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable Inventory Prepaid insurance $8,960 (5,120) (1,920) (6,080) 1,410 Accounts payable Income taxes payable Dividends payable 2,200 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the...
The net income reported on the income statement for the current year was $318,700. Depreciation recorded...
The net income reported on the income statement for the current year was $318,700. Depreciation recorded on equipment and a building amounted to $93,980 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $90,370 $95,280 Accounts receivable (net) 111,660 118,570 Inventories 232,780 203,250 Prepaid expenses 12,000 15,310 Accounts payable (merchandise creditors) 96,420 104,940 Salaries payable 15,310 13,420 Required: A....
New Vision Company completed its income statement and balance sheet and provided the following information: $67,700...
New Vision Company completed its income statement and balance sheet and provided the following information: $67,700 Service Revenue Expenses: Salaries and Wages Depreciation Utilities office $43,700 7,470 6,850 1,870 59,890 7,810 Net Income $13,700 5,850 9,850 4,675 Decrease in Accounts Receivable Paid cash for equipment Increase in Salaries and Wages Payable Decrease in Accounts Payable Required: 1. Present the operating activities section of the statement of cash flows for New Vision Company using the direct method. Assume that Accounts Payable...
The following income statement and information about changes in noncash current assets and current liabilities are...
The following income statement and information about changes in noncash current assets and current liabilities are reported. SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales $2,047,000 Cost of goods sold 1,003,030 Gross profit 1,043,970 Operating expenses Salaries expense $280,439 Depreciation expense 49,128 Rent expense 55,269 Amortization expenses–Patents 6,141 Utilities expense 22,517 413,494 630,476 Gain on sale of equipment 8,188 Net income $638,664 Changes in current asset and current liability accounts for the year that relate to operations...
Use the following income statement and information about changes in non-cash current assets and current liabilities...
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (Indicate any loss, cash outflow or deduction in cash with a minus sign.) Kelly Gold Inc. Income Statement For Year Ended May 31, 2017 Sales Cost of goods sold $2,700 1,364 $1,336 Gross profit Operating expenses: Depreciation expense Other expenses $ 214 1,070 1,284 Total operating expenses Loss on sale of long-term...
The income statement disclosed the following items for the year: depreciation expense $55500 gain on disposal...
The income statement disclosed the following items for the
year:
depreciation expense $55500
gain on disposal of equipment 32390
net income 423000
Ch. 16 Interactive HW+video eBook Show Me How Calculator Print Net Income 423,000 The changes in the current asset and ability accounts for the year are as follows: Increase (Decrease) Accounts receivable 58,650 Inventory (4,920) Prepaid insurance (1,850) Accounts payable (5.860) Income taxes payable 1.850 Dividends payable 1,300 a. Prepare the Cash Flows from Operating Activities section of...
Prothers 583 PRACTICE PROBLEMS 1. The income statement for the December Bomenyertains the following condensed information 2017. for Kesik Manc ing KOSINSKI MANUFACTURING COMPANY Income Statement For the Year Ended December 31, 2017 56,583.000 Operating expenses (excluding depreciation) Depreciation so $4,920,000 5,000,000 353.000 $430,000 Net Income Included in operating expenses is a $24,000 loss resulting from the sale of equipment for $270,000 cash. Equipement was purchased at a cost of $750,000. The following balances are reported on Kosinski's comparative balance...
Sunland Corporation had the following activities in
2017.
Concord Company’s income
statement for the year ended December 31, 2017, contained the
following condensed information.
Service revenue
$843,000
Operating expenses (excluding
depreciation)
$622,000
Depreciation expense
60,000
Loss on sale of
equipment
26,000
708,000
Income before income
taxes
135,000
Income tax expense
40,000
Net income
$95,000
Concord’s balance sheet contained the following comparative data at
December 31.
2017
2016
Accounts receivable
$36,000
$55,000
Accounts payable
43,000
33,000
Income taxes payable
4,200
8,200...
Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following items for the year: Depreciation expense $46,000 26,830 Gain on disposal of equipment 287,600 Net income The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $7,160 (4,080) Inventory Prepaid insurance (1,530) (4,860) Accounts payable Income taxes payable 1,530 Dividends payable 1,070 a. Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the...
Check my work 6 The following income statement along with additional year-end information about changes in noncash current assets and current liabilities are reported. eBook SONAD COMPANY Income Statement For Year Ended December 31 Sales Coat of goods sold Gross profit Operating expenses Salaries expense $222,625 Depreciation expense 39,000 Rent expense 43,875 Amortization expenses-Patents 4,875 Utilities expense 17,875 $1,625,000 796,250 828,750 Gain on sale of equipment Net income 328,250 500,500 6,500 $ 507,000 Additional Year-End Balance Sheet Data Accounts receivable...
Cash Flows from Operating Activities,Indirect Method The income statement disclosed the following items for the year: Depreciation expense $57,600 Gain on disposal of equipment 33,600 Net income 508,000 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable Inventory Prepaid insurance $8,960 (5,120) (1,920) (6,080) 1,410 Accounts payable Income taxes payable Dividends payable 2,200 a. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the...
New Vision Company completed its income statement and balance sheet and provided the following information: $67,700 Service Revenue Expenses: Salaries and Wages Depreciation Utilities office $43,700 7,470 6,850 1,870 59,890 7,810 Net Income $13,700 5,850 9,850 4,675 Decrease in Accounts Receivable Paid cash for equipment Increase in Salaries and Wages Payable Decrease in Accounts Payable Required: 1. Present the operating activities section of the statement of cash flows for New Vision Company using the direct method. Assume that Accounts Payable...
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (Indicate any loss, cash outflow or deduction in cash with a minus sign.) Kelly Gold Inc. Income Statement For Year Ended May 31, 2017 Sales Cost of goods sold $2,700 1,364 $1,336 Gross profit Operating expenses: Depreciation expense Other expenses $ 214 1,070 1,284 Total operating expenses Loss on sale of long-term...
The income statement disclosed the following items for the
year:
depreciation expense $55500
gain on disposal of equipment 32390
net income 423000
Ch. 16 Interactive HW+video eBook Show Me How Calculator Print Net Income 423,000 The changes in the current asset and ability accounts for the year are as follows: Increase (Decrease) Accounts receivable 58,650 Inventory (4,920) Prepaid insurance (1,850) Accounts payable (5.860) Income taxes payable 1.850 Dividends payable 1,300 a. Prepare the Cash Flows from Operating Activities section of...
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