14. Below is a recent income statement for Mountain Media Services, Inc.:Mountain Media Services, IncIncome Statement (S000s)For the Year Ended December 31, 2020Net SalesCost of Goods SoldGross Profit$1,100Net Income(290)Operating Expenses(330)Depreciation Expense(75)Earnings Before Interest and Taxes 315Interest Expense(75)Earnings Before TaxTax @ 20%720$263,500.$420,100.$202,000.$171,000.(48)$ 192Calculate Mountain Media Services' free cash flow in this year assuming it spent $72 on capital expenditures and increased working capital by $53. (All figures in $000s.)Formula:240Free Cash Flow =EBIT(1-Tax Rate) + Depreciation - Fixed Asset Investment - Investment in Working CapitalGroup of answer choices

FREE CASH FLOWFree cash flow means cash generated from operating activities after the payment of…

14. Below is a recent income statement for Mountain Media Services, Inc.: Mountain Media Services, Inc Income Statement ($000s) For the Year Ended December 31, 2020 Net Sales Cost of Goods Sold Gross Profit $1,100 Operating Expenses Depreciation Expense (290) 720 (330) (75) Earnings Before Interest and Taxes 315 Interest Expense (75) Earnings Before Tax 240 Tax @ 20% (48) Net Income $ 192 Calculate Mountain Media Services' free cash flow in this year assuming it spent $72 on capital expenditures and increased working capital by $53. (All figures in S000s.) Formula: Free Cash Flow = EBIT(1-Tax Rate) + Depreciation - Fixed Asset Investment - Investment in Working Capital Group of answer choices $263,500. $420,100. $202,000. $171,000.

14. Below is a recent income statement for Mountain Media Services, Inc.: Mountain Media Services, Inc Income Statement ($000s) For the Year Ended December 31, 2020 Net Sales Cost of Goods Sold Gross Profit $1,100 Operating Expenses Depreciation Expense (290) 720 (330) (75) Earnings Before Interest and Taxes 315 Interest Expense (75) Earnings Before Tax 240 Tax @ 20% (48) Net Income $ 192 Calculate Mountain Media Services' free cash flow in this year assuming it spent $72 on capital expenditures and increased working capital by $53. (All figures in S000s.) Formula: Free Cash Flow = EBIT(1-Tax Rate) + Depreciation - Fixed Asset Investment - Investment in Working Capital Group of answer choices $263,500. $420,100. $202,000. $171,000.

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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The following are financial statements of Carla Vista Co.. Carla Vista Co.Income StatementFor the Year Ended December 31, 2022 Net sales $2,247,500 Cost of goods sold 1,018,500 Selling and administrative expenses 901,000 Interest expense 82,000 Income tax expense 75,000 Net income $ 171,000 Carla Vista Co.Balance SheetDecember 31, 2022 Assets Current assets Cash $ 56,300 Debt investments 81,000 Accounts receivable (net) 169,500 Inventory 118,900 Total current assets 425,700 Plant assets (net) 574,000 Total assets $ 999,700 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 161,000 Income taxes payable 37,000 Total current liabilities 198,000 Bonds payable 201,880 Total liabilities 399,880 Stockholders’ equity Common stock 355,000 Retained earnings 244,820…
Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 42,000 S 42.000 42.000
Sales Revenue Less: Cost of Goods Sold Gross Profits Less: Operating Expenses Operating Profits Less: Interest Expense Net Profits Before Taxes Less: Taxes (40%) Net Profits After Taxes Assets Cash Income Statement Pulp, Paper and Paperboard, Inc. For the Year Ended December 31, 2019 Accounts receivable Inventories Total current assets Gross fixed assets Less: Accumulated depreciation Net fixed assets Total assets Liabilities and stockholders' equity Current liabilities Balance Sheet Pulp, Paper and Paperboard, Inc. December 31, 2019 Accounts payable Notes payable Accruals Total current liabilities Long-term debts Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Calculate the following: NP, GP $2,080,976 1,701,000 $ 379,976 273,846 $ 106,130 19,296 S 86,834 34,810 S 52,024 Current Ratio - Quick Ratio Receivable days - Payable days $ 95,000 237,000 243.000 $ 575,000 500,000 75.000 $ 425,000…
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Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash COMPARATIVE BALANCE SHEETS Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 12/31/25 $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000
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66. Subject :- Accounting
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The following information is available for Skysong Corp. for the year ended December 31, 2025. Other revenues and gains $21,600 Other expenses and losses 3,000 Cost of goods sold 281,000 Sales discounts 3,200 Sales revenue 746,000 Operating expenses 210,000 Sales returns and allowances 8,800 Prepare a multiple-step income statement for Skysong Corp. The company has a tax rate of 25%.
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