Red Garnet CompanyStatement of Financial PositionAs of December 31YearYear20X420X3Cash and Cash EquivalentsP 470,310P 519,860Accounts Receivable, net660,110?Inventory653,060555,480Prepaid Expenses173,740228,810Total Current Assets?1,869,320Property, Plant, and Equipment, net5,910,5305,501,660Intangible Assets745,200Total AssetsP8,612,950 P8,092,890Current LiabilitiesP?P1,123,700Long-term Liabilities577,580541,540Total Liabilities?1,665,240Red Garnet, Capital6.762,3206,427,650Total Liabilities and Owner's Equity P8,612,950Red Garnet CompanyStatement of Comprehensive IncomeFor the years ended December 3120X420X3P5,385,860 P4,921,8501,374,790Sales RevenueCost of Goods Sold?Gross Profit?3,666,990Selling and Administrative ExpensesOperating Income3,406,4603,127,150?539,840Interest Expense11,82023,040Net IncomeP_592,790P?Required:1. Compute for the missing amounts.2. Prepare a financial analysis as follows:a. Vertical analysisb. Horizontal analysisс.Financial ratios

Financial statements are those statements which state the net profit, performance of the company…

Answered: 20X4 20X3 Cash and Cash Equivalents P…

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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Required Information Exercise 12-12 (Static) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets 2021 2020 $ 87,500 65,000 $ 44,000 51,000 86,500 At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold IKIBAN INCORPORATED Income Statement 63,800 4,400 5,400 220,700 186,900 124,000 (27,000) $ 317,700 $ 25,000 115,000 (9,000) $292,900 $ 30,000 15,000 3,800 6,000 3,400 34,400 48,800 30,000 60,000 64,400 108,800 220,000 160,000 33,300 $317,700 24,100…
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QUESTION 17 Claculate Delta Airlines' Cash COnversion Cycle based on the following information: Sales 279,852 COGS 164,821 Accounts Receivable 36,266 Inventory 5,171 Accounts Payable 56,060
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Exercise 21-24 (Static) Cash flows from operating activities (indirect method) [LO21-4] Portions of the financial statements for Myriad Products are provided below: MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2024 ($ in millions) Sales $ 660 Cost of goods sold 250 Gross margin 410 Salaries expense $ 110 Depreciation expense 90 Amortization expense 5 Interest expense 20 Loss on sale of land 3 228 Income before taxes 182 Income tax expense 91 Net Income $ 91 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) Year Change 2024 2023 Cash $ 102 $ 100 $ 2 Accounts receivable 220 232 (12) Inventory 440 450 (10) Accounts payable 140 134 6 Salaries payable 80 86 (6) Interest payable 25 20 5 Income tax payable 15 10 5 Required: Prepare the cash flows from the operating activities section of the statement of cash flows…
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P12-5 LO12-2, 12-4, 12-6 Chapter Supplement B) Preparing a Statement of Cash Flows with Gain on Sale of Equipment (Indirect Method) (AP12-5) XS Supply Company is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation Accounts payable Wages payable Note payable, long-term Common stock and additional paid-in capital Retained earnings Income statement for current year Sales Gain on sale of equipment Cost of goods sold Other expenses Net income Additional Data: Current Year 2. Evaluate the statement of cash flows. $ 34,000 35,000 41,000 121,000 (30,000) $201,000 $ 36,000 1,200 38,000 88,600 37,200 $201,000 $120,000 1,000 (70,000) (38,800) $ 12,200 Prior Year $ 29,000 28,000 38,000 100,000…
QS 12-7 (Algo) Indirect: Computing cash from operations LO P2 A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities. Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit 2021 $ 72,900 31,300 65,600 4,000 173,800 80,600 (12,500) $ 241,900 $ 11,400 6,800 1,200 19,400 24,800 44,200 170,300. 27,400 $ 241,900 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income Required: 2020 $ 18,100 38,400 72,100 3,300 131,900 93,500…

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