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Assets Cash Accounts receivable Inventory Prepaid operating expenses Long term investments Equipment Less: Accumulated depreciation Liabilities and Shareholders' Equity Accounts payable Income tax payable Bonds payable Common shares Retained earnings ross profit . As at September 30 perating expenses mcome from operations interest expense Gain on disposal of equipment Income before income tax Income tax expense Net income . ADDITIONAL INFORMATION: 2023 $94.750 106.450 111.650 25.250 Culver Corporation Income Statement For the year ended September 30, 2023 Sales revenue $892,500 Cost of goods sold 625.000 Gross profit 267,500 267,500 185,000 82.500 3,000 2,400 81,900 32.000 $49,900 251.150 2022 1419.100 1.321.100 (520,000) (450,000) $1,488.350 $1,450,950 $128.550 81.550 227,850 19.150 122.750 $82,150 14.550 900,100 950,100 200,950 140,550 291,600 263,600 $1,488,350 $1,450.950 $74,150 21,550 D Depreciation expense is included in "operating expenses" All accounts payable transactions were related to the purchase of inventory. During the year, a piece of equipment that originally cost $100,000 was sold for cash. The equipment was 60% depreciated at

Assets Cash Accounts receivable Inventory Prepaid operating expenses Long term investments Equipment Less: Accumulated depreciation Liabilities and Shareholders' Equity Accounts payable Income tax payable Bonds payable Common shares Retained earnings ross profit . As at September 30 perating expenses mcome from operations interest expense Gain on disposal of equipment Income before income tax Income tax expense Net income . ADDITIONAL INFORMATION: 2023 $94.750 106.450 111.650 25.250 Culver Corporation Income Statement For the year ended September 30, 2023 Sales revenue $892,500 Cost of goods sold 625.000 Gross profit 267,500 267,500 185,000 82.500 3,000 2,400 81,900 32.000 $49,900 251.150 2022 1419.100 1.321.100 (520,000) (450,000) $1,488.350 $1,450,950 $128.550 81.550 227,850 19.150 122.750 $82,150 14.550 900,100 950,100 200,950 140,550 291,600 263,600 $1,488,350 $1,450.950 $74,150 21,550 D Depreciation expense is included in "operating expenses" All accounts payable transactions were related to the purchase of inventory. During the year, a piece of equipment that originally cost $100,000 was sold for cash. The equipment was 60% depreciated at

FINANCIAL ACCOUNTING
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 is a comparative SFP position and income statement for Culver Corporation: Assets Cash . Culver Corporation Statement of Financial Position As at September 30 Accounts receivable Inventory Prepaid operating expenses Long term investments Equipment . Less: Accumulated depreciation Liabilities and Shareholders' Equity Accounts payable Income tax payable Bonds payable Common shares. Retained earnings Gross profit Operating expenses Income from operations Interest expense Gain on disposal of equipment Income before income tax Income tax expense Net income ADDITIONAL INFORMATION: Culver Corporation Income Statement For the year ended September 30, 2023 Sales revenue $892,500 Cost of goods sold 625,000 Gross profit 267,500 2023 $94.750 106.450 111.650 267,500 185,000 82.500 3,000 1419.100 (520,000) $1,488.350 $1,450,950 25,250 251.150 2.400 81,900 32.000 $49,900 2022 $128,550 81.550 227,850 19.150 122.750 1.321.100 (450,000) $74,150 $82,150 21,550 14,550 900,100 950,100 200,950 140,550 291,600 263,600 $1,488,350 $1,450,950 Depreciation expense is included in "operating expenses. All accounts payable transactions were related to the purchase of inventory. D During the year, a piece of equipment that originally cost $100,000 was sold for cash. The equipment was 60% depreciated at the time of the sale. Long-term investments were purchased for cash during the year. Prepare a statement of cash flows, in good form, for Culver Corporation, using the direct method. Culver Corporation follows ASPE (Show amounts that decrease cash flow with either a negative sign e.g.-15,000 or in parenthesis eg. (15,000)) Culver Corporation Statement of Cash Flows 4
Transcribed Image Text:The following is a comparative SFP position and income statement for Culver Corporation: Assets Cash . Culver Corporation Statement of Financial Position As at September 30 Accounts receivable Inventory Prepaid operating expenses Long term investments Equipment . Less: Accumulated depreciation Liabilities and Shareholders' Equity Accounts payable Income tax payable Bonds payable Common shares. Retained earnings Gross profit Operating expenses Income from operations Interest expense Gain on disposal of equipment Income before income tax Income tax expense Net income ADDITIONAL INFORMATION: Culver Corporation Income Statement For the year ended September 30, 2023 Sales revenue $892,500 Cost of goods sold 625,000 Gross profit 267,500 2023 $94.750 106.450 111.650 267,500 185,000 82.500 3,000 1419.100 (520,000) $1,488.350 $1,450,950 25,250 251.150 2.400 81,900 32.000 $49,900 2022 $128,550 81.550 227,850 19.150 122.750 1.321.100 (450,000) $74,150 $82,150 21,550 14,550 900,100 950,100 200,950 140,550 291,600 263,600 $1,488,350 $1,450,950 Depreciation expense is included in "operating expenses. All accounts payable transactions were related to the purchase of inventory. D During the year, a piece of equipment that originally cost $100,000 was sold for cash. The equipment was 60% depreciated at the time of the sale. Long-term investments were purchased for cash during the year. Prepare a statement of cash flows, in good form, for Culver Corporation, using the direct method. Culver Corporation follows ASPE (Show amounts that decrease cash flow with either a negative sign e.g.-15,000 or in parenthesis eg. (15,000)) Culver Corporation Statement of Cash Flows 4
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