Following are the income statement and some additional information for Carolina Consulting Company. CarolinaConsulting Company Income Statement For the Year Ended December 31, 2024 Net sales $ 12,000 Cost of goods sold(1,900) Gross margin 10, 100 Operating expenses $2,400 Depreciation expense 1, 100 (3,500) Income before taxes6,600 Income taxes (2,000) Net income $ 4,600 All sales were on credit and accounts receivable decreased by $940 in2024 compared to 2023. Merchandise purchases were on credit with a decrease in accounts payable of $740 during theyear. Ending inventory was $540 larger than beginning inventory. Income taxes payable increased $340 during the year.All operating expenses were paid for in cash. Required: Prepare the cash flows from operating activities section of thestatement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.

Sales were on credit and accounts receivable decreased by $940 in 2024 compared to 2023. This means…

Answered: Following are the income statement and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $106,000 45,400 79,000 3,400 $1,090,000 600,000 54,000 44,000 49,000 5,400 2023 $87,000 51,000 57,000 5,800 39,000 12,000 $1,900,000 1,788,000 $112,000 Increase (I) or Decrease (D) $19,000 (I) 5,600 (D) 22,000 (I) 2,400 (D) 10,000 (I) 6,600 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
The income statement for Rhino Company for the current year ended June 30 is as follows: 1 Sales $450,000.00 2 Cost of merchandise sold 151,700.00 3 Gross profit $298,300.00 4 Operating expenses: 5 Depreciation expense $37,780.00 6 Other operating expenses 115,450.00 7 Total operating expenses 153,230.00 8 Income before income tax $145,070.00 9 Income tax expense 39,310.00 10 Net income $105,760.00 The balances of selected accounts at the beginning and the end of the current year are as follows: End Beginning of Year of Year Accounts receivable (net) $36,230 $31,850 Inventories 93,760 81,240 Prepaid expenses 14,670 15,660 Accounts payable (merchandise creditors) 67,950 63,470 Accrued expenses payable (operating expenses) 19,130 20,560 Income tax payable 4,390 4,390 Prepare the Cash Flows from Operating…
Carolina Consulting Company Income Statement For the Year Ended December 31, 2021 $19,000 (3,300) 15,700 Net sales Cost of goods sold Gross margin Operating expenses Depreciation expense Income before taxes $3,800 1,800 (5,600) 10,100 (3,400) $ 6,700 Income taxes Net income All sales were on credit and accounts receivable decreased by $1,080 in 2021 compared to 2020. Merchandise purchases were on credit with a decrease in accounts payable of $880 during the year. Ending inventory was $680 larger than beginning inventory. Income taxes payable increased $480 during the year. All operating expenses were paid for in cash. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities: Net cash flows from operating activities
Calculating the Times-Interest-Earned Ratio Beech Company provided the following income statement for last year: Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685 Operating income $4,140,050 Interest expense 470,015 Income before taxes $3,670,035 Income taxes 1,461,214 Net income $2,208,821 Required: Calculate the times-interest-earned ratio. Round the answer to one decimal place.times
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Calculating the Times-Interest-Earned Ratio Beech Company provided the following income statement for last year: Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685 Operating income $4,140,050 Interest expense 463,015 Income before taxes $3,677,035 Income taxes 1,461,214 Net income $2,215,821 Required: Calculate the times-interest-earned ratio. Round the answer to one decimal place.fill in the blank 1
Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,244. Ending inventory was $1,596. Note: Input all amounts as positive values. Sales $ 34,500 Sales returns and allowances 1,088 Sales discount 1,148 Purchases 10,312 Purchase discounts 536 Depreciation expense 111 Salary expense 5,000 Insurance expense 2,400 Utilities expense 206 Plumbing expense 246 Rent expense 176
Danby, Inc. provides the following data from its income statement for 2018: Net Sales $540,000 Cost of Goods Sold (190,000) Gross Profit $350,000 Calculate the gross profit percentage. (Round your answer to two decimal places.)
Coleman, Inc. provides the following data from its Income Statement for 2018: Net Sales $ 560,000.00 Cost of Goods Sold $ (160,000.00) Gross Profit $ 400,000.00 Calculate the gross profit percentage. (round your answer to two decimal places) A 71.43% B 25.00% C 100.00% D 28.57%
Use the following information from Eiffel Company's financial statements. 2018 Income Balance Statement Sheets Sales $309,000 Cost of Goods Sold (145,000) Operating Expenses, other than Depreciation Expense (27,000) Depreciation expense (15,000) Gain on Sale of Plant Assets 18,000 Net Income $140,000 Dec. 31,2018 Accounts Receivable $47,300 Inventory 1,600 Accounts Payable 24,500 Accured Liabilities 900 Dec. 31, 20O17 Accounts Receivable $23,250 Inventory 1,800 Accounts Payable 23,250 Accured Liabilities 1,150 Prepare the operating activities section of the statement of cash flows (indirect method) for tlte year 2018. U cash or cash payments. Eiffel Company

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