Master Pogi Company's statement of comprehensive income for the year ended December 31, 2021, reported a net income of 360,000. The financial statements also disclosed the following information: Increase in Amortization P20,000 salaries P28,000 payable Depreciation 60,000 Dividends paid 120,000 Increase in Purchase of accounts 20,000 150,000 equipment receivable Increase in Increase in 48,000 long-term 300,000 inventory note payable Decrease in Increase in accounts 76,000 common stock 35,000 payable outstanding Net cash provided by operating activities for 2021 should be reported as

Master Pogi Company's statement of comprehensive income for the year ended December 31, 2021, reported a net income of 360,000. The financial statements also disclosed the following information: Increase in Amortization P20,000 salaries P28,000 payable Depreciation 60,000 Dividends paid 120,000 Increase in Purchase of accounts 20,000 150,000 equipment receivable Increase in Increase in 48,000 long-term 300,000 inventory note payable Decrease in Increase in accounts 76,000 common stock 35,000 payable outstanding Net cash provided by operating activities for 2021 should be reported as

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

Madsen Company reported the following information for :2020 Sales revenue Cost of goods sold Operating expenses O dividends 220,000 Unrealized holding gain on available-for-sale debt securities 180,000 Cash O $420,000 $2,040,000 1,400,000 $128,000 For 2020, Madsen would report other comprehensive income of 8,000 .a .b
The net changes in the balance sheet accounts of ESPN, Inc. for the year 2021 are shown below: Account Debit $ 100,600 Cash Accounts receivable Allowance for doubtful accounts Inventory 197,200 Prepaid expenses Long-term investments Land 405,000 Buildings 650,000 Machinery 100,000 Equipment 28,000 Accumulated depreciation: Buildings Machinery Equipment 20,000 $1,805,200 12,000 Accounts payable Accrued liabilities Dividends payable Premium on bonds Bonds payable Preferred stock ($50 par) Common stock ($10 par) Additional paid-in capital Retained earnings 24,000 Additional information: 20,000 Machinery $ 64,000 183,200 72,000 128,000 36,000 900,000 144,000 Credit 70,000 common 67,200 $1,805,200 10,000 156,000 223,200 1. Net income for 2021 $160,000 2. Cash dividends of $128,000 were declared December 15, 2021, payable January 15, 2022. A 5% stock dividend was issued March 31, 2021, when the market value was $22.00 per share. 3. The long-term investments were sold for $140,000. 4. A…
The accounting records of Uniontown Industries, Inc., provided the data below for the year endedDecember 31, 2020:Sales $1,000,000Cost of goods sold 500,000Depreciation expense 15,000Insurance expense 6,000Selling, general and administrative expenses 140,000Interest expense 20,000Income tax expense 125,000Net income 194,000Decrease in inventory 2,000Increase in accounts receivable 1,400Amortization of bond discount 5,000Decrease in prepaid insurance 300Cash dividends paid 20,000Required: In good form, prepare the operating activities section of the statement of cash flows for 2020using the direct method. Show all work for partial credit.
Swifty Co. reports the following information for 2020: sales revenue $768,300, cost of goods sold $516,000, operating expenses $85,000, and an unrealized holding loss on available-for-sale debt securities for 2020 of $60,700. It declared and paid a cash dividend of $12,070 in 2020.Swifty Co. has January 1, 2020, balances in common stock $358,200; accumulated other comprehensive income $88,500; and retained earnings $91,950. It issued no stock during 2020. (Ignore income taxes.)Prepare a statement of stockholders’ equity.
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
Current fiscal year Accounts receivable: 4,532 Inventory: 5,372 Property, plant, and equipment, net: 9,178 Accounts payable: 3,183 Long-term debt: 14,001 Depreciation and amortization expense: 1,831 Net income: 5,791 The next year's forecasted balances for above accounts Accounts Receivable: 4,351 Inventory: 5,050 Property, plant, and equipment, net: 9,637 Accounts payable: 4,584 Long-term debt: 18,341 Depreciation and amortization expense: 1,977 Net income: 4,922 1. Using only the information given abouve what is the forecasted amount for Cash Flows from Operating Activities?
The trial balance of Rollins Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Loss on sale of investments Loss on debt investments Gain on projected benefit obligation Cost of goods sold Selling expense Restructuring costs Interest expense General and administrative expense Debits $ 20,000 100,000 3,500,000 300,000 130,000 10,000 200,000 Credits $ 4,900,000 35,000 210,000 The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive ncome. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a 2024 multiple-step income statement for Rollins Incorporated with earnings per share disclosure. Note: Round Earnings per share answer to 2 decimal places.
The trial balance of Rollins Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Loss on sale of investments Loss on debt investments Gain on projected benefit obligation Cost of goods sold Selling expense Restructuring costs Interest expense General and administrative expense Debits $ 15,000 126,000 3,860,000 340,000 150,000 15,000 240,000 Credits $ 5,300,000 37,000 230,000 The loss on debt investments represents a decrease in the fair value of debt securities and is classified as part of other comprehensive income. Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. ROLLINS INCORPORATED Statement of Comprehensive Income Required: Prepare a 2024 single, continuous statement of comprehensive income for Rollins Incorporated. Use a multiple-step income statement format. Note: Round Earnings per share answer to 2 decimal places.
Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $ 391,000 Accounts receivable decrease $ 27,200 Depreciation expense 44,200 Inventory decrease 46,000 Amortization expense 8,000 Prepaid expenses increase 6,400 Gain on sale of plant assets 7,100 Accounts payable decrease 8,200 Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign.
The following is information for Concord Corp. for the year ended December 31, 2020: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,450,000 40,000 Concord Corp. Statement of Financial Performance 5,000 870,000 72,500 46,000 25,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of land Dividends declared The effective tax rate is 35% on all items. Concord prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. $76,000 25,000 53,000 980,000 58,000 43,000 Prepare a multiple-step statement of financial performance for 2020, showing expenses by function. Ignore calculation of EPS.
At January 1, 2020, Crane Company reported retained earnings of $1,938,000. In 2020, Crane discovered that 2019 depreciation expense was understated by $387,600. In 2020, net income was $822,000 and dividends declared were $205,000. The tax rate is 20%. Prepare a 2020 retained earnings statement for Crane Company. CRANE COMPANY Retained Earnings Statement
The 2021 income statement of Adrian Express reports sales of $15,960,000, cost of goods sold of $9,600,000, and net income of $1,600,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable $ 600,000 $ 760,000 1,400,000 1,800,000 4,800,000 $8,600,000 1,000,000 1,400,000 4,240,000 $7,400,000 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities $2,020,000 2,300,000 2,000,000 2,280,000 $8,600,000 $1,660,000 2,400,000 2,000,000 1,340,000 $7,400,000 Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following four risk ratios are as follows: Average collection period Average days in inventory Current ratio 25 days 60 days 2 to 1 50% Debt to equity ratio