BOOST PLUS, INC.Income StatementYear Ended September 30, 2018Net Sales RevenueP 231,000Cost of Goods Sold94,000Gross Profit137,000Operating Expenses:Salaries ExpenseP54,000Depreciation Expense – Plant Assets27,000Total Operating Expense81,000Net Income before Income Taxes56,000Income Tax Expense3,000P 53,000Net Income Additional data follow:A. Acquisition of plant assets is P124,000. Of this amount, P108,000 is paid in cash and P16,000 bysigning a note payable.B. Cash receipt from sale of land totals P20,000. There was no gain or loss.C. Cash receipts from issuance of common stock total P36,000.D. Payment of notes payable is P15,000.E. Payment of dividends is P5,000.F. From the balance sheet:September 3020182017CashP 39,000P 13,000Accounts Receivable46,00061,000Merchandise Inventory94,00088,000Land82,000102,000Plant Assets214,00090,000Accumulated Depreciation(61,000)(34,000)Accounts Payable32,00015,000Accrued Liabilities12,00020,000Notes Payable (long-term)16,00015,000Common Stock, no par40,0004,000Retained Earnings314,000266,000Prepare Boost Plus's statement of cash flows for the year ended September 30, 2018, using theindirect method. Include a separate section for non-cash investing and financing activities.

Statement of Cash Flows: Statement of Cash Flow is one of the main four financial statements,…

2018 2017 Cash P 39,000 P 13,000 Accounts Receivable 46,000 61,000 Merchandise Inventory 94,000 88,000 Land 82,000 102,000 Plant Assets 214,000 90,000 Accumulated Depreciation Accounts Payable (61,000) 32,000 (34,000) 15,000 Accrued Liabilities 12,000 20,000 Notes Payable (long-term) Common Stock, no par 16,000 15,000 40,000 4,000 Retained Earnings 314,000 266,000 Prepare Boost Plus's statement of cash flows for the year ended September 30, 2018, using the indirect method. Include a separate section for non-cash investing and financing activities.

2018 2017 Cash P 39,000 P 13,000 Accounts Receivable 46,000 61,000 Merchandise Inventory 94,000 88,000 Land 82,000 102,000 Plant Assets 214,000 90,000 Accumulated Depreciation Accounts Payable (61,000) 32,000 (34,000) 15,000 Accrued Liabilities 12,000 20,000 Notes Payable (long-term) Common Stock, no par 16,000 15,000 40,000 4,000 Retained Earnings 314,000 266,000 Prepare Boost Plus's statement of cash flows for the year ended September 30, 2018, using the indirect method. Include a separate section for non-cash investing and financing activities.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: FFT Corporation Comparative Statements of Financial Position 31-Dec-20 Assets 2020 2019 Cash $…

A: The problem likely requires the calculation of cash flows from operating, investing, and financing…

Q: What is the operating cash flow for 2018?

A: We can determine the Operating Cash Flow using the formula below:Operating Cash flow = Net income +…

Q: Long-Term Debt 2,000 2564 Notes Payable 1,000 820 Dividends Paid 410 410 Cash 800 Income Statement…

A: To answer the questions related to SinCo's financials, we need more information typically found in…

Q: Priscoll Company Balance Sheets December 31 Assets 2022 2021 Cash $70,000 $65,000 Debt investments…

A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…

Q: What is the firm’s 2018 current ratio? Round your answer to two decimal places. The 2018 current…

A: Rosnan Industries 2018 Ratio Analysis A - Current Asset Ratio is 1.95 times (770/395) B - Total…

Q: 2018 2017 Assets Cash 90,800 48,400 Accounts receivable 92,800 33,000 Inventories…

A: Statement of cash flows is one of the financial statement of the business. It shows all cash inflows…

Q: 4. - 5 Bren provided the following selected information Cash in bank, net of bank overdraft of…

A: Current liabilities are obligations that are expected to be settled within one year or within the…

Q: Current Liabilities and Ratios Several accounts that appeared on Snow's 2017 balance sheet are as…

A: Current liabilities are the obligations of the entity which are to be paid within one year by using…

Q: What is Declan's Designs' 2022 total "Common Stock Issuance" to be reported on its Statement of Cash…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Company X reported the following information for the last fiscal year. COMPANY X Assets As of…

A: Given, The sales are USD 800000 Cost of goods sold 380000

Q: Convert these comparative balance sheets to common size statements. Using the common size…

A: Balance sheets of Ithaca Inc. for the 2 years 2016 & 2017 are given to us. When comparing the…

Q: Preparing the Cash Flow from Financing Activities Section Gomez Corp. reported the following items…

A: Cash flow from Financing Activities is the net measure of subsidizing an organization produces in a…

Q: Based on the information in the table below, the change in cash for 2022 is December 2021 December…

A: Change in cash is calculated using the concept of indirect method of statement of cash flow which…

Q: Cash Accounts receivable (net) Inventories Plant assets (net) Accounts payable Income taxes payable…

A: The return on common stockholders' equity is calculated as the net income divided by the average…

Q: Assets 2022 2021 Cash $55,760 $18,040 Accounts receivable 69,700 62,320…

A: The question is related to Cash Flow Statement. Cash Flow Statement is summary of cash receipts and…

Q: resented below are data taken from the records of Shamrock Company. December 31, 2020…

A: The question is based on the concept of Cash flow statement. Cash flow statement is the statement…

Q: Assets Liabilities and Owners' Equity 2020 2021 2020 2021 Current Assets…

Q: Computron's Balance Sheets (Millions of Dollars) 2019 2020 Assets Cash and equivalents $…

A: Calculate the 2019 NOPAT as follows: NOPAT = EBIT*(1-tax rate) NOPAT = $560 *(1-25%) NOPAT = $420

Q: Vockery Market Co. Balance Sheet 2018 2017 Cash 20,000 24,000 ST Investments…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: Culver Corporation reported net income of $50,300 in 2020. Depreciation expense was $15,600. The…

A: A cash flow statement seems to be an accounting report that shows how a company spends its money.…

Question

BOOST PLUS, INC.
Income Statement
Year Ended September 30, 2018
Net Sales Revenue
P 231,000
Cost of Goods Sold
94,000
Gross Profit
137,000
Operating Expenses:
Salaries Expense
P54,000
Depreciation Expense – Plant Assets
27,000
Total Operating Expense
81,000
Net Income before Income Taxes
56,000
Income Tax Expense
3,000
P 53,000
Net Income

Additional data follow:
A. Acquisition of plant assets is P124,000. Of this amount, P108,000 is paid in cash and P16,000 by
signing a note payable.
B. Cash receipt from sale of land totals P20,000. There was no gain or loss.
C. Cash receipts from issuance of common stock total P36,000.
D. Payment of notes payable is P15,000.
E. Payment of dividends is P5,000.
F. From the balance sheet:
September 30
2018
2017
Cash
P 39,000
P 13,000
Accounts Receivable
46,000
61,000
Merchandise Inventory
94,000
88,000
Land
82,000
102,000
Plant Assets
214,000
90,000
Accumulated Depreciation
(61,000)
(34,000)
Accounts Payable
32,000
15,000
Accrued Liabilities
12,000
20,000
Notes Payable (long-term)
16,000
15,000
Common Stock, no par
40,000
4,000
Retained Earnings
314,000
266,000
Prepare Boost Plus's statement of cash flows for the year ended September 30, 2018, using the
indirect method. Include a separate section for non-cash investing and financing activities.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Balance Sheets 2019 2018 Assets Cash and equivalents $100 $85 Accounts receivable 275 300 Inventories 375 250 Total current assets $750 $635 Net plant and equipment 2,300 1,490 Total assets $3,050 $2,125 Liabilities and Equity Accounts payable $150 $85 Accruals 75 50 Notes payable 150 75 Total current liabilities $375 $210 Long-term debt 450 290 Total liabilities 825 500 Common stock 1,225 1,225 Retained earnings 1,000 400 Common equity 2,225 1,625 Total liabilities and equity $3,050 $2,125 Income Statements 2019 2018 Sales $2,065 $1,525 Operating costs excluding depreciation and amortization 1,250 1,000 EBITDA $815 $525 Depreciation and amortization 100 75 EBIT $715 $450 Interest 63 46 EBT $652 $404 Taxes (25%) 163 101 Net income $489 $303 Dividends paid $54 $48 Addition to…
BnB Construction Inc.Balance Sheet (Millions of Dollars) Assets 2021 Est 2020 2019 Liabilities 2021 Est 2020 2019 Cash and Cash Equivalents 15 10 15 Accounts payable 115 60 30 Short-Term Investments 10 0 65 Overdrafts 115 110 60 Accounts Receivable 420 375 315 Accruals 260 140 130 Inventories 700 615 415 Total Current Liabilities 490 310 220 Total Current Assets 1145 1000 810 Long -Term Bonds and New Loan 1300 754 580 Net Plant and Equipment 1884 1190 870 Total Debt 1790 1064 800 Preferred Stock 40 40 40 Common Stock 130 130 130 Retained Earnings 1069 956 710 Total Common Equity 1199 1086 840 Total Assets 3029 2190 1680 Total Liabilities and Equity 3,029 2,190 1,680 Included is the Income Statement. Requirements: 1. Calculate the EPS, DPS, and BVPS, and Cash…
None
Comparative statement of financial position of Alpha Sdn Bhd as at 31 December 2023 Cash at bank Accounts receivable fless: provision for doubtful Inventories Plant and equipment (NBV) Investment in government securities Total assets Ordinary shares 180 million 10% Preference shares. Retained earnings Accounts payable Tax payable Deferred taxation 10% Debentures Sales Less: Cost of sales Gross profit Operating expenses Operating profit Investment income Profit before tax Taxation Profit after tax Interim dividend paid Profit attributable to members Additional information: I. II. III. Required: b. 2023 BM million a. Prepare the cash flow statement for Alp Show the reconciliation of profit before # # # # 84.00 585.50 33.60 509.20 1.094.70 # Income statement for the year ended 31 December 2023 105.00 815.00 205.90 15.00 37.80 21.00 RM million 860.00 560.00 300.00 224.40 75.60 9.00 84.60 18.80 65.80 34.30 31.50 RM 279.70 258.70 1,094.70 802.20 50.40 219.00 134.40 (26 marks) (14 marks)…
The inventory decreased from year to year do you deduct or add for the cash flow statement. Please prepare cash flow statement so I can compare my answers
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:Accounts Debit CreditCash $ 42,700Accounts Receivable 44,500Supplies 7,500Equipment 64,000Accumulated Depreciation $ 9,000Accounts Payable 14,600Common Stock, $1 par value 10,000Additional Paid-in Capital 80,000Retained Earnings 45,100Totals $ 158,700 $ 158,700During January 2021, the following transactions occur:January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000.January 9 Provide services to customers on account, $14,300.January 10 Purchase…
The following data concern Tech Corporation for the 2022 financial year. Credit sales during the year $2 400 000 Accounts receivable 30 June 2022 410 000 Allowance for bad debts 30 June 2022 55 000 Bad debt expense for the year 70 000 What amount will Tech Corporation show on its year-end balance sheet for the net realisable value of its accounts receivable? a. 410 000 b. $285 000 c. $340 000 d. $ 355 000
2017 2016 Cash 5300 3700 Account Receivable 21200 23400 Inventory 9000 7000 Land 20000 26000 Building 70000 70000 Accumated depreciation-building -15000 -10000 Accounts payable 10370 31100 Common stocks 75000 69000 Retained earnings 25130 20000 XYZ Company 2017 Income statement included net sales of Php 120,000, cost of good sold of Php 70,000 and net income of Php 14,000. Compute the ratios for 2017 in terms of accounts receivable turnover. Choose... + Compute the ratios for 2017 in terms of inventory turn over. Choose... + Compute the ratios for 2017 in terms of acid-test ratio. Choose... + Compute the ratios for 2017 in terms of current ratio. Choose.. + Activate V Go to Settinc
Accounts Payable$ 46,000 Accounts Receivable23, 800Cash (balance on January 1, 2021)90, 400Cash ( balance on December 31, 2021)78,000Common Stock152, 500 Dividends0Equipment137, 700Income Tax Expense10, 200Interest Expense 29, 600Inventory 17, 300Notes Payable25,000Office Expense 14, 400Prepaid Rent7, 100 Retained Earnings (beginning)6, 800Salaries and Wages Expense35, 800Service Revenue139,800 Utilities Expense25, 200Salaries and Wages Payable9, 000 Other cash flow information: Cash from issuing common stock$ 22,000Cash paid to reacquire common stock24, 500Cash paid for income taxes11, 100Cash paid to purchase long-term assets53, 400Cash paid to suppliers and employees84, 400Cash received from customers139,000 Prepare a statement of retained earnings for 2021.
tyson Company's working capital accounts at December 31, 2018, are given below: Current Assets: Cash $100,000 Marketable Securities 50,000 Accounts Receivable $250,000 Less Allowance for Doubtful Accounts (20,000) 230,000 Inventory, Lifo 300,000 Prepaid 8,000 Total Current Assets $688,000 Current Liabilities: Accounts Payable $200,000 Notes Payable 50,000 Taxes Payable 10,000 Accrued Liabilities 30,000 Total Current Liabilities $290,000 During 2019, DeCort Company completed the following transactions: a. Purchased fixed assets for cash, $20,000. b. Exchanged DeCort Company common stock for land. Estimated value of transaction, $80,000. c. Payment of $40,000 on short-term notes payable. d. Sold marketable securities costing $20,000 for $25,000 cash. e.…
The financial information on Lazy Day, Inc. is as follows: 2019 2020 Cash $ 138 $ 97 Sales 10,204 11,317 Inventory 5,209 5,138 Depreciation 956 948 Cost of goods sold 4,207 4,618 Accounts payable 3,338 3,209 Long-term debt 4,200 3,800 Shareholders’ equity 9,229 9,906 Accounts receivable 2,780 2,960 Net fixed assets 8,640 8,720 Interest expense 350 320 Selling and administrative expenses 1,015 984 Taxes 1,250 1,512 What is the cash flow to creditors for 2020?
Cash $ 30,000 Marketable securities $ 25,000 Accounts Receivable Inventory Total current Assets Net Fixed Assets Total Assets Accounts Payable $ 120,000 Short-term Notes Payable Accrued Liabilities $ 20,000 Total Current Liabilities Long-Term Debt Total Debt Stockholder's Equity $ 600,000 Total Liabilites and Equity Assumptions: Sales = $1,825,000 Gross profit margin = 30% Inventory Turnover = 7.0 365 days per year DSO = 40 days Current ratio = 1.40 Total Asset Turnover = 1.25 Complete the Balance Sheet below based on the given information