Total Inc.Income StatementYear Ended December 31, 20X6SaleCost of goods soldGross ProfitOperating ExpensesProfit from OperationsIncome Tax ExpenseProfit$50,000$30,000$20,000$15,000$ 5,000$3,000$ 2,000Total Inc. comparative balance sheet at December 31CashAccounts ReceivableInventoryEquipmentAccumulated Depreciation - equipmentTotal AssetsAccount PayableLong-term Notes PayableCommon sharesRetained EarningsTotal Liabilities & Shareholders' Equity20X6$ 1,200$ 300$ 5,00020X5$ 1,000$ 1,500$ 3,000$12,000$ 8,000$(4,000) $(2,000)$14,500 $11,500$1,000$ 2,000$10,000$ 1,500$14,500$ 3,500$$ 8,000$$11,500 Additional Information:1. Operating expenses include depreciation expense of $2,5002. Accounts Payable related to the purchase of inventory3. Equipment that cost $2,000 was sold for $1,500 cash4. New equipment was purchased during the year for $5,0005. Common shares were sold for $2,000 cashRound answers to fit 2 decimal places in all questions (in % questions a 0.12 is presented as 12%, so a 0.124 is rounded as 12% and 0.127 is rounded as13%)The current ratio at December 20X5 was:

Name: Total Inc.Income StatementYear Ended December 31, 20X6SaleCost of goo
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Description: Total Inc.Income StatementYear Ended December 31, 20X6SaleCost of goods soldGross ProfitOperating ExpensesProfit from OperationsIncome Tax ExpenseProfit$50,000$30,000$20,000$15,000$ 5,000$3,000$ 2,000Total Inc. comparative balance sheet at December

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Income Statement Year Ended December 31, 20X6 ale ost of goods sold ross Profit perating Expenses ofit from Operations ncome Tax Expense rofit $50,000 $30,000 $20,000 $15,000 $ 5,000 $ 3,000 $ 2,000 I Inc. comparative balance sheet at December 31

Income Statement Year Ended December 31, 20X6 ale ost of goods sold ross Profit perating Expenses ofit from Operations ncome Tax Expense rofit $50,000 $30,000 $20,000 $15,000 $ 5,000 $ 3,000 $ 2,000 I Inc. comparative balance sheet at December 31

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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Prepare Operating income part Selling, general, and administrative expenses Accounts payable Research and development expenses Loss from discontinued operations, net of tax savings of $6,000 Provision for income taxes Net sales Interest expense Net cash provided by operations Cost of goods sold $ 61,200 102,000 44,400 19,200 88,800 694,800 76,800 177,600 326,400
Question 5The Income Statement and additional data of Crawford Properties, Inc., follows:CRAWFORD PROPERTIES Inc.Income StatementFor Year Ended June 30, 20X6Revenues:Sales revenue $237,000Expenses:Cost of goods sold $103,000Salary expense 58,000Depreciation expense 29,000Income taxes expense 9,000 199,000Net Income $38,000Additional data:a) Acquisition of plant assets is $116,000. Of this amount $101,000 is paid in cash and$15,000 by signing a note payable.b) Proceeds from sale of land total $24,000c) Proceeds from issuance of common stock total $30,000d) Payment of long-term note payable is $15,000e) Payment of dividends is $11,000f) From the balance sheet30/6/X 6 30/6/X 5Current Assets:Cash & cash equivalents $27,000 $20,000Accounts receivable 43,000 58,000Inventories 92,000 85,000Current Liabilities:Accounts payable $35,000 $22,000Accrued liabilities 13,000 21,000Required:Prepare Crawford Properties, Inc.’s statement of cash flows for the year ended June 30, 20X6, using the…
Seaforce Manufacturing Inc. Income Statement Year Ended December 31, 20X5 Sale Cost of goods sold Gross Profit Operating Expenses Loss on Sale of equipment Profit from Operations Other expenses Interest Expense Profit before Income Tax Income Tax Expense Profit Additional Information: $55,000 $ 2,500 $340,000 $250, 100 $ 89,900 $57,500 $ 32,400 $ 3,500 $ 28,900 $ 12,000 $ 16,900 1. Operating expenses include depreciation expense of $10,000 2. Accounts Payable related to the purchase of inventory 3. Equipment that cost $12,500 was sold at a loss of $2,500 4. New equipment was purchased during the year for $8,500 5. Dividends declared and paid in 20X5 totaled $3,000 6. Common shares were sold for $12,000 cash 7. Interest payable in 20X5 was $800 greater than interest payable in 20X4 8. The company uses IFRS and do not treat dividends as part of operations Seaforce Manufacturing Inc. comparative balance sheet at December 31 20X5
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Required information For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 411, 225 209,550 12, 100 9,525 $ 673,500 642, 400 $31,100 $ 1.90 :. -. - == ....... 9 US Sa M
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