3) Mahogany Company provided the following financial statement for the month of July, 2020. Thestore was opened July 1, 2020 and he wanted you to help him in preparing Cash Flow Statementfor the first month of operation. A Statement of Financial Position, Income Statement and CashLedger have shown the information below.Mahogany CompanyStatement of Financial PositionAs of December 31, 2020ASSETSLIABILITIES AND OWNER'S EQUITYCurrent Assets:Current Liabilities:CashP44,535Accounts PayableP8,110Accounts Receivable575Salaries Payable1,000Inventories15,345Utilities Payable4,000Prepaid rent5,000P65,455Unearned Income1,395P14,505Non-current Assets:Non-current liabilitiesProperty, Plant & EquipmentAccumulated depreciation30,000Long-term Note payable23,00050029,500Total Liabilities37,505Owner's EquityMahogany, Capital57,450Total AssetsP94,955Total liabilities & equityP94,955 Mahogany CompanyIncome StatementFor the year ended Dec 31, 2020Net SalesP111,348Cost of goods sold45,398Gross Profit65,950Less: ExpensesSalaries expenseP14,000Rent expense10,000Utilities expense4,000Depreciation expense50028,500Net IncomeP37,450Account Name: CASHAccount No. 1000ParticularsDebitCreditBalanceOwner's contribution30,00030,000Rent payment15,00015,000Collection from customers110,773125,773Purchase of fixture30,00095,773Payment of salaries13,00082,773Owner's contribution5,00087,773Payment to suppliers52,63335,140Owner's withdrawal15,00020,140Proceeds from bank loan23,00043,140Customer deposit1,39544,535Required: Prepare a Cash Flow Statement using Direct and Indirect Method.Show supporting solutions in your cash flow statement.

Cash flow statement is a statement which records inflow & outflow of cash from the three main…

Answered: Mahogany Company Income Statement For…

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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Sales Revenues Cost of goods sold Fixed costs 48 16 Selling, general, and administrative expenses 22 Depreciation EBIT |laxes| 19 pastor Profit illa ESINOPATI 7 *** Tax rate Dividends paid ASSETS Current Assets Lish Accounts receivable Inventories Total current assets Cross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets TOTAL ASSETS 40% $10 Partial Balance Sheet 12 31 2019 $4 6 LIABILITIES Current Liabilities Accruals Accounts payable 5 Total current liabilities Long-term debt Total Liabilities 70 OWNERS EQUITY 10 Retained earnings Common stock 0 total owner's equity |IOTAL LIABILITES & OWNERS SQUITY These are surtulative reliános szarnings haut textsenck strapl, calkat nainsi sum ASSETS LIABILITIES Total current assets Gros Fned assets Accumulated depreciation Intangbleaxeets Meninis prade Toral current liabilities 105 Toral liabilities OWNERS EQ L
Memphis Co. reported the following information for 2021: Sales revenue: $780,000 Interest revenue on note receivable: $4,500 Cost of goods sold: $525,000 Operating expenses: $82,500 Gain on sale of equipment: $105,000 On a multiple-step income statement, Memphis would report other income of: Question 14 options: $109,500 $277,500 $4,500 $105,000 Super Ltd. reported the following select account balances in its trial balance as at December 31, 2020: Accounts receivable $ 150,000 Accounts payable 65,000 Accumulated depreciation 125,000 Cash 30,000 Equipment 250,000 Income tax payable 5,000 Inventory 95,000 Mortgage payable (in 5 years) 175,000 Common shares 200,000 What is Super Ltd.'s current ratio on December 31? Question 15 options: 3.93 1.63 4.23 1.46
Sales Revenue Less: Cost of Goods Sold Gross Profits Less: Operating Expenses Operating Profits Less: Interest Expense Net Profits Before Taxes Less: Taxes (40%) Net Profits After Taxes Assets Cash Income Statement Pulp, Paper and Paperboard, Inc. For the Year Ended December 31, 2019 Accounts receivable Inventories Total current assets Gross fixed assets Less: Accumulated depreciation Net fixed assets Total assets Liabilities and stockholders' equity Current liabilities Balance Sheet Pulp, Paper and Paperboard, Inc. December 31, 2019 Accounts payable Notes payable Accruals Total current liabilities Long-term debts Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Calculate the following: NP, GP $2,080,976 1,701,000 $ 379,976 273,846 $ 106,130 19,296 S 86,834 34,810 S 52,024 Current Ratio - Quick Ratio Receivable days - Payable days $ 95,000 237,000 243.000 $ 575,000 500,000 75.000 $ 425,000…
Cost of Goods Sold $ 164,000 Income Tax Expense Merchandise Sales (gross revenue) for Cash 238,000 Merchandise Sales (gross revenue) on Credit 41,600 17,470 Office Expenses 18,900 Sales Returns and Allowances 6,990 Salaries and Wages Expense 39,800 E6-17 Part 2 1.2-a. What was the amount of gross profit? 2.2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) By Using Cash Method,
Please help me with show all calculation thanku
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Question: Use the information given below. Accounts Payable $125,000 Accounts Receivable $175,000 Accrued Expenses $80,000 Cash $50,000 Common Stock $20,000 Cost of Goods Sold $400,000 Depreciation Expense $30,000 Gross PPE $700,000 Inventory $250,000 Long Term Debt $150,000 Net PPE $250,000 Note Payable $30,000 Operating Expenses $200,000 Sales Tax Expense Total Equity $950,000 $25,000 $340,000 What is the value of total assets?
prepare a balance sheet and income statement from the following information: Cash $625.00 Revenue $21,000.00 Note Payable $5,000.00 Retained Earnings $10,600.00 Expenses $7,000.00 Issued Capital Stock $500.00 Accounts Receivable $2,500.00 Inventory $6,900.00 Accounts Payable $1,000.00 Cost of Goods Sold $10,500.00 Accrued Sales Tax $1,425.00 Prepaid Insurance $12,000.00 Plz answer fast without plagiarism i give up vote
2020 Revenue $432,000 Returns, allowances, discounts ($21,600) Cost of goods sold ($280,800) Operating expenses ($45,000) Net Income $84,600 Use the above information to calculated the gross margin/profit ratio.
Use the following information to answer this question: Net sales Windswept, Incorporated 2021 Income Statement Cost of goods sold Depreciation ($ in millions) Earnings before interest and taxes Interest paid Taxable income Taxes Net income $ 9,050 7,540 430 $ 1,080 96 $ 984 344 $ 640 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 Cash $ 180 2021 $ 210 2020 Accounts payable $ 1,190 Accounts received Inventory 900 1,670 800 1,610 Long-term debt Common stock 1,070 3,280 2021 $ 1,335 1,285 2,970 Total $ 2,750 $ 2,620 Retained earnings 560 810 Net fixed assets. Total assets 3,350 $6,100 3,780 $6,400 Total liabilities & equity $ 6,100 $ 6,400 What is the days' sales in receivables for 2021?
Assume a merchandising company had credit sales of $380,000, cost of goods sold of $187,000, and net income of $60,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 39,000 $ 44,000 Income taxes payable $ 13,000 $ 10,000 If the company purchases its merchandise inventory on account, then based solely on the information provided, the company’s cash paid for inventory purchases would be: Garrison 17e Rechecks 2020-10-02 Multiple Choice $189,000. $185,000. $195,000. $179,000.

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