Ivanhoe Ltd. reported the following for the fiscal year 2021:SalesCost of goods soldGross profitOperating expensesDepreciation expenseGain on sale of landProfit before income taxIncome tax expenseProfitIVANHOE LTD.Income StatementYear Ended September 30, 2021Additional information:1.2.$ 100,00025,000(35,000 )$574,000329,000245,00090,000155,00038,750$116,250Accounts receivable decreased by $15.400 during the year.Inventory increased by $6900 duri Additional information:1. Accounts receivable decreased by $15,400 during the year.Inventory increased by $6.900 during the year.Prepaid expenses decreased by $4,900 during the year.Accounts payable to suppliers increased by $10,400 during the year.Accrued expenses payable increased by $4.400 during the year.Income tax payable decreased by $6.200 during the year.2.3.4.5.6.Prepare the operating activities section of the cash flow statement using the direct method. (Show amounts that decrease cash feither a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)IVANHOE LTD.Cash Flow Statement (Partial)-Direct Method

Cash flows statement is one of the financial statement which shows all cash inflows and cash…

Answered: 1. 2. 3. 4. 5. 6. Accounts receivable…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cost of goods sold reported on the income statement was $153,920. The accounts payable balance increased $6,260, and the inventory balance increased by $8,680 over the year. Determine the amount of cash paid for merchandise.
3
A company had the following information taken from various accounts at the end of the year: Sales discounts Deferred revenues $ 41,000 Total revenues Purchase discounts Sales allowances Accounts receivable 32,000 459,000 15,000 35,000 205,000 What was the company's net revenues for the year?
Alberto Co. reported the following for its most recent fiscal year: Net income, - $200,000; Depreciation expense – $50,000; Increase in accounts receivable – $10,000; Decrease in merchandise inventory -$2,000; Increase in prepaid expenses – $1,000; Decrease in accounts payable – $9,000; Increase in wages payable – $3,000; Decrease in bonds payable – $5,000; Loss on sale of machinery – $1,000. What is the net cash flows from Operating Activities?
Times Interest Earned Sprout Company reported the following on the company's income statement in two recent years: Current Year Prior Year Interest expense $467,000 $560,400 Income before income tax expense 6,911,600 7,733,520 a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place. cutent Year Prior Year b. Is the times interest earned ratio improving or declining?
XYZ Pawnshop Corp. reported the following information in preparation of its quarterly percentage tax return: Source of Income Amount Gross receipts on interest from pawning 5,000,000 Gross receipts on interest from lending (1 year) 10,000,000 How much is the quarterly gross receipts tax? Answer:
AoA Company reported the following for its most recent fiscal year: Net income, - $20,000; Depreciation expense – $5,000; Increase in accounts receivable – $1,000; Decrease in merchandise inventory -$200; Increase in prepaid expenses – $100; Decrease in accounts payable – $900; Increase in wages payable – $300; Decrease in bonds payable – $500; Loss on sale of machinery – $100. What is the net cash flows from Operating Activities?
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Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,214,000 and sales for the year total $13,760,000. a. The allowance account before adjustment has a credit balance of $16,400. Bad debt expense is estimated at 1/4 of 1% of sales. b. The allowance account before adjustment has a credit balance of $16,400. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $52,500. c. The allowance account before adjustment has a debit balance of $9,100. Bad debt expense is estimated at 1/2 of 1% of sales. d. The allowance account before adjustment has a debit balance of $9,100. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $75,500. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. а. $ b. $ c. $ d. $
Imagine that you are the financial analyst for XYZ Company. The organization is trying to determine why the collection of accounts receivable accounts has decreased by 30% over the last three months of this year. Would you utilize horizontal or vertical analysis to determine the decrease in account receivable collection? Explain your answer
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,058,000 and sales for the year total $12,000,000. The allowance account before adjustment has a debit balance of $14,300. Bad debt expense is estimated at 1/4 of 1% of sales. The allowance account before adjustment has a debit balance of $14,300. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $45,800. The allowance account before adjustment has a credit balance of $9,200. Bad debt expense is estimated at 1/2 of 1% of sales. The allowance account before adjustment has a credit balance of $9,200. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $76,400. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.
A consumer products company reported a 20 percent increase in sales from last year to this year. Sales last year were $220,000. This year, the company reported Cost of Goods Sold in the amount of $157,872. What was the gross profit percentage this year? Numerator Denominator Gross Profit Percentage

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