Blue Company's income statement for the year ended December 31, 2025, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable $628,000 2025 2024 $37,000 $56,000 43,000 29,000 4,000 8,100 60,000 26,000 $844,000 Blue's balance sheet contained the following comparative data at December 31. 714,000 130,000 40,000 $90,000 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) BLUE COMPANY Partial Statement of Cash Flows

Blue Company's income statement for the year ended December 31, 2025, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable $628,000 2025 2024 $37,000 $56,000 43,000 29,000 4,000 8,100 60,000 26,000 $844,000 Blue's balance sheet contained the following comparative data at December 31. 714,000 130,000 40,000 $90,000 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) BLUE COMPANY Partial Statement of Cash Flows

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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K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
How much net income did Wolf Enterprises earn during 2021? Net income for 2021 was Cost of services sold Accumulated depreciation Selling, general, and administrative expenses Retained earnings, December 31, 2020 $ 14,500 Service revenue 40,800 Depreciation expense Other revenue 6,100 Dividends declared Income tax expense 2,700 Income tax payable 32,400 4,200 700 700 500 1,100
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The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income $ 517 13 130 660 250 218 48 516 $144 $ 14.40 Earnings per share Additional information: 1. Selling and administrative expense includes $35 million in restructuring costs. 2. Included in other income is $124 million in income from a discontinued operation. This consists of $90 million in operating income and a $34 million gain on disposal. The remaining $6 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $4 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material. Required: Prepare a revised…
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Master Pogi Company's statement of comprehensive income for the year ended December 31, 2021, reported a net income of 360,000. The financial statements also disclosed the following information: Increase in Amortization P20,000 salaries P28,000 payable Depreciation 60,000 Dividends paid 120,000 Increase in Purchase of accounts 20,000 150,000 equipment receivable Increase in Increase in 48,000 long-term 300,000 inventory note payable Decrease in Increase in accounts 76,000 common stock 35,000 payable outstanding Net cash provided by operating activities for 2021 should be reported as
For its fiscal year ending October 31, 2022, Pina Colada Corp. reports the following partial data shown below. Income before income taxes Income tax expense (20% x $382,200) Income from continuing operations Loss on discontinued operations Net income $491,400 76,440 414,960 109,200 $305,760 The loss on discontinued operations was comprised of a $45,500 loss from operations and a $63,700 loss from disposal. The income tax rate is 20% on all items. Prepare a correct statement of comprehensive income, beginning with income before income taxes. PINA COLADA CORP. Partial Statement of Comprehensive Income V V V >
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