From the following information, calculate (i) Net profit before taxation andextraordinary items and (ii) cash from operating activities.2$8,000Surplus A/c on 1-1-2015Surplus A/c on 31-12-20155,50,000 Prepaid expenses on 1-1-20158,00,000 Accrued income on 31-12-2015Profit on sale of machinery15,0002,0001,000Amount transferred toGeneral Reserve50,000 Loss on sale of furnitureDividend pa.dIncome-tax provision made4,00050,00023,0002,00,000 Income on investments1,50,000 Depreciation provided10,000 Таx рaidDiscount on shares written offOutstanding expenses on 31-12-201525,000

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From the following information, calculate (i) Net profit before taxation and extraordinary items and (ii) cash from operating activities. 2$ 8,000 $ Surplus A/c on 1-1-2015 Surplus A/c on 31-12-2015 5,50,000 Prepaid expenses on 1-1-2015 8,00,000 Accrued income on 31-12-2015 Profit on sale of machinery 15,000 2,000 1,000 4,000 50,000 23,000 Amount transferred to General Reserve 50,000 Loss on sale of furniture Dividend pa.d Income-tax provision made 2,00,000 Income on investments 1,50,000 Depreciation provided 10,000 Tax paid 25,000 Discount on shares written off Outstanding expenses on 31-12-2015

From the following information, calculate (i) Net profit before taxation and extraordinary items and (ii) cash from operating activities. 2$ 8,000 $ Surplus A/c on 1-1-2015 Surplus A/c on 31-12-2015 5,50,000 Prepaid expenses on 1-1-2015 8,00,000 Accrued income on 31-12-2015 Profit on sale of machinery 15,000 2,000 1,000 4,000 50,000 23,000 Amount transferred to General Reserve 50,000 Loss on sale of furniture Dividend pa.d Income-tax provision made 2,00,000 Income on investments 1,50,000 Depreciation provided 10,000 Tax paid 25,000 Discount on shares written off Outstanding expenses on 31-12-2015

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 ATHLETIC ATTICIncome StatementFor the Year Ended December 31, 2024Net sales $8,900,000Cost of goods sold 5,450,000Gross profit 3,450,000Expenses: Operating expenses $1,600,000 Depreciation expense 210,000 Interest expense 50,000 Income tax expense 360,000 Total expenses 2,220,000Net income $1,230,000 THE ATHLETIC ATTICBalance SheetsDecember 31 2024 2023Assets Current assets: Cash $164,000 Accounts receivable 790,000 Inventory 1,405,000 Supplies 110,000Long-term assets: Equipment 1,150,000 Less: Accumulated depreciation (420,000) Total assets $3,199,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $115,000 Interest payable 0 Income tax payable 40,000 Long-term liabilities: Notes payable 600,000 Stockholders' equity: Common stock 700,000…
Q: Create a statement of cash flows for the year ended December 31, 2019 using the followings data.
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Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (21%) Net income Dividends Addition to retained earnings Current assets Cash CROSBY, INCORPORATED 2023 Income Statement Accounts receivable Inventory Total Total assets Assets Fixed assets Net plant and equipment EFN $ 21,340 44,280 98,960 $ 164,580 $ 430,000 $ 28,203 65,807 $ 594,580 $ 754,000 589,000 25,000 $ 140,000 21,000 CROSBY, INCORPORATED Balance Sheet as of December 31, 2023 $ 119,000 24,990 $ 94,010 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ 55,500 14,700 $ 70,200 $ 137,000 $ 118,000 269,380 $ 387,380 $ 594,580 If the firm is operating at full capacity and no new debt or equity is issued, what is the external financing needed to support the 25 percent growth rate in sales? Note: Do not round…