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

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income
The income statement of Sunland Company is shown below. Sunland Company Income Statement For the Year Ended December 31, 2025 Sales revenue $6,930,000 Cost of goods sold Beginning inventory $1,890,000 Purchases 4,410,000 Goods available for sale 6,300,000 Ending inventory 1,590,000 Cost of goods sold 4,710,000 Gross profit 2,220,000 Operating expenses 450,000 Selling expenses 450,000 Administrative expenses 700,000 1,150,000 Net income $1,070,000 1.Accounts receivable decreased $370,000 during the year.2. Prepaid expenses increased $160,000 during the year.3. Accounts payable to suppliers of merchandise decreased $290,000 during the year.4. Accrued expenses payable decreased $90,000 during the year.5. Administrative expenses include depreciation expense of $50,000.Prepare the operating activities section of the statement of cash flows using the direct method.
Here are comparative financial statement data for Sandhill Company and Wildhorse Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. Sandhill Company Wildhorse Company 2022 2021 2022 2021 Net sales $1,872,000 $559,000 Cost of goods sold 1,100,736 297,388 Operating expenses 263,952 79,378 Interest expense 9,360 4,472 Income tax expense 54,288 6,149 Current assets 326,000 $314,500 83,500 $78,600 Plant assets (net) 519,600 497,900 141,000 125,100 Current liabilities 66,000 75,800 36,600 29,800 Long-term liabilities 107,800 91,600 30,400 25,600 Common stock, $10 par 498,000 498,000 122,500 122,500 Retained earnings 173,800 147,000 35,000 25,800 (a) Prepare a vertical analysis of the 2022 income statement data for Sandhill Company and Wildhorse Company. (Round percentages…
Provide answer please
Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below. Selected Balance Sheet Accounts Accounts Receivable Prior Year Current Year $ 24,000 $ 16,000 Inventory 32,000 35,200 Prepaid Rent 1,600 0 Accounts Payable 17,600 22,400 Salaries and Wages 3,200 4,800 Payable 04:23 Depreciation Expense Salaries Expense Income Statement Sales Revenue $ 480,000 Expenses: Cost of Goods Sold 288,000 32,000 48,000 19,200 19,200 17,600 16,000 $ 40,000 Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Enter any deductions and cash outflows as a negative value.) Pioneer Industries Cash Flows from Operating Activities Adjustments to reconcile net income to net cash provided by operating activities: Changes in current assets and current liabilities: $ 0
At the fiscal year ended June 30, 2020, the following information is available for Shein Company: Cost of goods sold. . .$167,400 Sales returns and allowances... 4,000 Sales revenue. 243,200 Interest expense... 5,000 Operating expenses... 88,700 Shein's net income/(net loss) for the period is Select one: a. Net income of $21,900 O b. Net income of $11,900 O c. Net loss of $11,900 O d. Net loss of $21,900
Edison Company reported the following for the current year: $ 84,000 59,000 21,080 63,000 77,080 Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets Compute (a) profit margin and (b) return on total assets. Complete this question by entering your answers in the tabs below. Profit Margin Ratio Compute the return on total assets. Return On Total Assets Numerator: 7 7 7 Return On Total Assets Denominator: = Return On Total Assets Return on total assets II =
Please help me with show all calculation thanku
Refer to the following selected financial information from Gomez Electronics. Compute the compa return on total assets for Year 2. Year 2 Net sales $478,000 $426,250 Cost of goods sold 276,300 250,120 Interest expense 9,700 10,700 Net income before tax 66,930 52,680 Net income after tax 45,410 39,900 Total assets 317,100 280,400 Total liabilities 190,260 167,300 Total equity 126,840 113,100 2.6%. 22.2%. 14.3%. Year 1
The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 155,000 Income Tax Expense 14,820 Merchandise Sales (gross revenue) for Cash 220,000 Merchandise Sales (gross revenue) on Credit 38,000 Office Expense 18,000 Sales Returns and Allowances 6,450 Salaries and Wages Expense 36,200 1. What was the gross profit percentage? (round your percentage to 1 decimal place)
The following information is available for Skysong Corp. for the year ended December 31, 2025. Other revenues and gains $21,600 Other expenses and losses 3,000 Cost of goods sold 281,000 Sales discounts 3,200 Sales revenue 746,000 Operating expenses 210,000 Sales returns and allowances 8,800 Prepare a multiple-step income statement for Skysong Corp. The company has a tax rate of 25%.
The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows: Sales $570,960 Cost of merchandise sold 324,190 Gross profit $246,770 Operating expenses: Depreciation expense $43,810 Other operating expenses 115,830 Total operating expenses 159,640 Income before income tax S87,130 Income tax expense 24,180 Net income $62,950 Changes in the balances of selected accounts from the beginning to the end of the current year are as follows: Increase Decrease Accounts receivable (net) S(12,650) Inventories 4,410 Prepaid expenses (4,220) Accounts payable (merchandise creditors) (9,000) Accrued expenses payable (operating expenses) 1,260 Income tax payable (3,020) a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the direct method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Booker T Industries Inc. Cash Flows from Operating Activities…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS