Depreciation expenseother expensesIncome before taxes$35,00083,000118,00044, 10016,000Income taxes expenseNet income$ 28,100Required:Use the indirect method to prepare the operating activities section of the statement of cash flows. (Amounts to be deducted shouldbe indicated with a minus sign.)Cash flows from operating activitiesAdjustments to reconcile net income to operating cash flowIncome statement items not affecting cashChanges in current operating assets and liabilities< Prev1 of 5Next > Comparative Balance SheetsDecember 31, 201920192018AssetsCashAccounts receivable, netInventoryPrepaid expenses$ 89,00038,20080,0004,900$ 22,10046,90088,0004,000Total current assets212,100161,000Furniture98,800(15,300)$295,600113,300(8,600)$265,700Accum. depreciation-FurnitureTotal assetsLiabilities and EquityAccounts payableWages payableIncome taxes payableTotal current liabilitiesNotes payable (long-term)Total liabilitiesEquityCommon stock, $5 par valueRetained earnings$ 19,600$ 13,9008, 2001,40023,50028,90052,4004,6002,60026,80069,00095,800215,00028,200169,100800Total liabilities and equity$295,600$265,700CRUZ, INC.Income StatementFor Year Ended December 31, 2019$454,900292,800162,100SalesCost of goods soldGross profitOnoratina ovnoncos< Prev1 of 5Next >

Cash flow statement includes: Cash flows from Operating activities Cash flows from Investing…

Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses 89,000 38,200 80,000 4,900 212,100 98,800 (15,300) $295,600 $ 22,100 46,900 88,000 4,000 161,000 113,300 (8,600) Total current assets Furniture Accum. depreciation-Furniture Total assets $265,700 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities $ 13,900 8,200 1,400 23,500 28,900 52,400 $ 19,600 4,600 2,600 26,800 69,000 95,800 Equity Common stock, $5 par value Retained earnings 215,000 28,200 $295,600 169, 100 800 Total liabilities and equity $265,700 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit $454,900 292,800 162,100

Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses 89,000 38,200 80,000 4,900 212,100 98,800 (15,300) $295,600 $ 22,100 46,900 88,000 4,000 161,000 113,300 (8,600) Total current assets Furniture Accum. depreciation-Furniture Total assets $265,700 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities $ 13,900 8,200 1,400 23,500 28,900 52,400 $ 19,600 4,600 2,600 26,800 69,000 95,800 Equity Common stock, $5 par value Retained earnings 215,000 28,200 $295,600 169, 100 800 Total liabilities and equity $265,700 CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Gross profit $454,900 292,800 162,100

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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Loans and borrowings Deferred taxek liability 14,130 10,220- 1,010 960- 15,140 11,180 Current Liabilities Trade payable Current tax 1,260 1,140 1,040 920 payable Interest payable 980- 740k 3,280 40,190 2,800 32,960 Total Equity and Liabilities 2019 £'000 2018 £'000 Sales Cost of sales Distribution costse Administration expenses Gain on disposal of PPE 22,000 (11,800) (3,100) (1,630) 280 16,000 (8,200) (2,600) (1,420) Interest expensee a Тах еexpensee (1,140) (1,820) (760) (1,240) Net profit 2,790 1,780 1. The company disposal of PPE during the year with a book value of £1,000,000. 2. Depreciation of property, plant and equipment for the year was £650,000.4 The intangibles were acquired for cash towards the end of the year and were not sub ject to any amortisation in the current period.e 3. Prepare the statement of cash flows using the indirect method.
Cash Accounts receivable Inventory Land Building Accumulated depreciation Total Accounts payable Common stock ($5 par) Retained earnings Total (a) (b) (c) (d) (e) FLOUNDER CORPORATION Balance Sheets December 31 (f) (h) (i) (1) Current ratio Inventory turnover Days in inventory Profit margin Average collection period Asset turnover Return on assets 2022 $12,000 Flounder's 2022 income statement included net sales of $117,000, cost of goods sold of $77,000, and net income of $28,500. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to O decimal places, eg 18 or 25% and all other answers to 2 decimal places, e.g. 1.83. Use 365 days for calculation.) Earnings per share Accounts receivables turnover Payout ratio 17,900 12,700 33,700 75,700 (16,700) Debt to total assets ratio 135,300 19.000 73,500 42,800 135,300 Return on common stockholders' equity 2021 $5,600 26,100 9,700 29,700 75,700 (13,700) 133,100…
left numbers are 2025 right column is 2024. i need to figure out B. asset turnover C return on assets D. return on common stockholder equity.
KIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 2020 Assets Cash $ 81,500 $ 54,000 Accounts receivable, net 80,000 61,000 Inventory 73,800 101,500 Prepaid expenses 5,400 7,400 Total current assets 240,700 223,900 Equipment 134,000 125,000 Accumulated depreciation—Equipment (32,000) (14,000) Total assets $ 342,700 $ 334,900 Liabilities and Equity Accounts payable $ 35,000 $ 45,000 Wages payable 7,000 17,000 Income taxes payable 4,400 5,800 Total current liabilities 46,400 67,800 Notes payable (long term) 32,000 70,000 Total liabilities 78,400 137,800 Equity Common stock, $5 par value 240,000 170,000 Retained earnings 24,300 27,100 Total liabilities and equity $ 342,700 $ 334,900 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales $ 728,000 Cost of goods sold 421,000 Gross profit 307,000 Operating expenses (excluding depreciation) 77,000 Depreciation expense 68,600 161,400…
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By how much did Declan's Designs' Accumulated Depreciation decrease during 2022? Please do not provide the net change in Accumulated Depreciation, but instead provide the gross annual decrease to Accumulated Depreciation. Question 4 options: $1,000 $2,000 $4,000 $3,000
ASSESSMENT -- Multiple Choice Problem The financial statements of PalomerTrading Ltd. are given below: 2018 P 10,470 2019 Cash and Cash Equivalents P 12,250 Receivables 9,065 8,055 Inventory 6,620 5,300 Prepaid Expenses 8,545 10,600 Total Current Assets 36,480 34,425 Other Assets 78,685 P 128,980 P 113,110 92,500 Total Assets Total current liabilities 36,150 42,335 Long-term liabilities 23,990 18,960 Psalm Palomer, Capital 68,840 51,815 Total Liabilities and Equity P 128,980 P 113,110 2019 Net Sales P 104,705 Cost of Goods Sold 32,275 Gross Profit 69,430 Selling Expenses 35,325 Administrative Expenses 12,815 Operating Income 21,290 Interest Expense 1,050 Net Income Р 20,240 Required: Compute for the indicated financial ratios for Palomer Trading financial statements. Choose the correct answer in each of the following. 1. Which statement best describes Palomer Trading's acid-test ratio? a. greater than 1 b. equal to 1 c. less than 1 d. none of the ave 2. Palomer Trading's inventory…
King Limited Statement of Financial Position at 31 December 2020 2019 %24 Current Assets Cash %24 104,000 360,000 180,000 260,000 Accounts receivable Inventory Prepayments Total current assets 400,000 50.000 390.000 460.000 30000 954,000 Non-Current Assets Land Plant and eqguipment Accumulated depreciation - Plant and equipment Total non-current assets 1,500,000 1400,000 (500.000) 1,200,000 1,000,000 (400,000) 2400000 3,354,000 1800.000 2,690,000 Total assets Current Liabilities Accounts payable Accrued expenses Income taxes payable Total current liabilities 260,000 136,000 180,000 576,000 296,000 126,000 220.000 642.000 Non-Current Liabilities Long-term bank loan payable Total llabilities 700,000 1,276,000 600,000 1.242.000 Common Stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity B00,000 648,000 1448.000 2.690.000 1100,000 978,000 2.078,000 3,354.000 King Limited Statement of Profit or Loss For Year Ended 31 December 2020 Sales revenue Cost…
Vali COMPANY Comparative Balance Sheet 2019 Assets 2018 $61,000 $12,000 8,000 Cash. 4,000 11,000 Accounts receivable, 12,000 Inventory.. Prepaid expenses.. Equipment...- Accumulated depreciation-Equipment. 2,000 3,000 20,000 20,000 (3.000) (2.000) $95,000 $53,000 Total assets.. Liabilities and Stockholders' Equity Accounts payable. Long-term note payable. Common stock.. Retained earnings.. Total liabilities and stockholders' equity... $ 2,000 $ 4,000 16,000 14,000 18,000 32,000 45,000 $95.000 17.000 $53.000 Depreciation expense. 500 Net income.. $ 22,500 Cash dividends of $7,000 were paid during the year. The common stock was issued for cash A land was sold for $ 15,500, - balance value: $13000 - cash. Calculate the operating activity cash flows for the year ended December 31, 2019 using the indirect method.
Maples group Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Increase/(Decrease Assets Cash and cash equivalent 64,990 61,895 ? Accounts receivable 95,100 88,500 ? Inventories 72,500 79,855 ? Fixed Assets, net ? ? ? Total Assets 442,590 395,800 46,790 Liabilities Accounts payable 45,000 58,350 ? Accrued liabilities ? ? ? Long –term notes payable 99,500 128,550 ? Stockholder’ Equity: Common Stock 143,050 105,110 37,940 Retained earnings 43,540 24,290 19,250 Total liabilities and stockholders’ equity 442, 590 395, 800…
Balance Sheet for Bearcat Hathaway, 2022 2021 2022 Cash Accounts. Receivable $5,268,485 $10,268,485 Inventory $529,062 $696,685 Current Assets $8,371,777 $13,279,842 Less $2,574,230 $2,314,672 Gross Fixed Assets $16,251,665 $20,567,330 Accum.Depreciation Total Assets $7,460,897 $10,117,819 Accounts Payable Notes. Payable Current Liabilities Calculate the net working capital in 2022. Long Termi Debt Total Liabilities, None of these options are correct $10,572,740 $5,664,675 $8,854,338 $3,946,273 Total $17,162,545 $23,729,353 Liabilities and Equity Capital Surplus Retained. Earnings 2021 2022 $1,673,992 $2,438,271 Common Net Fixed Assets $8,790,768 $10,449,511 Stock ($0.50 $1,300,000 $1,600,000 par) $1,033,110 $1,987,233 $2,707,102 $4,425,504 $9,242,830 $11,468,302 $11,949,932 $15,893,806 $1,148,120 $1,800,969 $2,764,493 $4,434,578 $17,162,545 $23,729,353