Interest expensePaid-in capitalAccumulated depreciationNotes payable (long-term)Rent expenseMerchandise inventoryAccounts receivableDepreciation expenseLandRetained earningsCashCost of goods soldEquipmentIncome tax expenseAccounts payableNet sales$ 5,40017,2004,80053,00011,700124,00041,5002,40037,000152,50028,000238,00028,00057,00031,000400,000Required:a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2022.b. Calculate the total assets at December 31, 2022.c. Calculate the earnings from operations (operating income) for the year ended December 31, 2022.d. Calculate the net income (or loss) for the year ended December 31, 2022.e. What was the average income tax rate for Gary's TV for 2022?f. If $27,500 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?

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Answered: Interest expense Paid-in capital…

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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ASSETS Cash Accounts receivable Inventory Net plant and equipment Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Accrued expenses Long-term debt Common stock Paid-in capital Retained earnings Total liabilities and stockholders' equity Sales (all on credit) Cost of goods sold Gross profit Sales and administrative expenses Depreciation Operating profit Interest expense Profit before taxes Taxes (30%) Net income Multiple Choice O Refer to the tables above. What Is Megaframe Computer's total asset turnover? O MEGAFRAME COMPUTER COMPANY Balance Sheet As of December 31 MEGAFRAME COMPUTER COMPANY Income Statement For the year ended December 31 O 7.58x 3.6x 2x 1.94x $ 875,000 600,000 $ 275,000 30,000 55,000 $ 190,000 25,000 $ 165,000 49,500 $ 115,500 $ 50,000 70,000 110,000 220,000 $ 450,000 $ 70,000 50,000 130,000 70,000 40,000 90,000 $ 450,000
Calculate the operating cash flow for Initech. (Assume that depreciation is tax deductible.) Initech Corp. Income Statement ($000's) Revenue Cost of Goods Sold SG&A Depreciation Expense. EBIT Interest Expense Income Before Taxes Taxes Net Income: $100,000 64,798 16,202 4,739 14,260 7,230 7,030 2,108 $4,922
Question Content Area The following information relates to the Maxwell Company for 2020: Gain on sale of land $800 Bond payable premium amortization 300 Decrease in accounts payable 700 Increase in prepaid expenses 100 Net income 9,400 Purchased equipment 15,000 Increase in salaries payable 400 Proceeds from sale of land 7,000 Decrease in inventories 2,100 Payment of dividends 1,600 Depreciation expense 1,000 Required: Compute net cash provided by operating activities for the Maxwell Company for 2020. Net cash provided by operating activities
Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $ 2,134,000 1,045,660 1,088,340 $ 292,358 51,216 57,618 6,402 23,474 431,068 657,272 8,536 $ 665,808 Accounts receivable Inventory $ 47,650 increase Accounts payable 34,400 increase Salaries payable $ 8,025 decrease 2,550 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities es Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities + ก
Bauer Industries is an automobile manufacturer. Management is currently evaluating a proposal to build a plant that will manufacture lightweight trucks. Bauer plans to use a cost of capital of 12.3% to evaluate this project. Based on extensive research, it has prepared the following incremental free cash flow projections (in millions of dollars): 1. a. For this base-case scenario, what is the NPV of the plant to manufacture lightweight trucks? b. Based on input from the marketing department, Bauer is uncertain about its revenue forecast. In particular, management would like to examine the sensitivity of the NPV to the revenue assumptions. What is the NPV of this project if revenues are 10% higher than forecast? What is the NPV if revenues are 10% lower than forecast? c. Rather than assuming that cash flows for this project are constant, management would like to explore the sensitivity of its analysis to possible growth in revenues and operating expenses. Specifically, management would…
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Assets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…
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Decrease in plant and equipment $ Decrease in deferred tax asset $ Increase in accounts receivable $ Net Loss $ 122,865 587,458 15,487 65,892 109,520 215,877 Increase in inventory $ Decrease in short-term debt $ Net cash from financing activities Net cash from investing activities Net cash from operating activities
Assets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…

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