$ 18,200Net incomeUse the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deductedshould be indicated by a minus sign.)Cash flows from operating activities:Adjustments to reconcile net income to operating cash flow< Prev6 of 14Next > MOSS COMPANYSelected Balance Sheet InformationDecember 31, 2019 and 201820192018Current assets$84,65025,00060, 000$26,80032,00054,100CashAccounts receivableedInventoryCurrent liabilitiesAccounts payableIncome taxes payable25,7002,20030,4002,e5eMOSS COMPANYIncome StatementFor Year Ended December 31, 2019cesSales$ 515,000331,6ее183,400Cost of goods soldGross profitOperating expensesDepreciation expenseOther expensesIncome before taxes$ 36,000121,500157, 50025,9007,700$ 18,200Income taxes expenseNet income< Prev6 of 14Next >*.................. l

Name: $ 18,200Net incomeUse the information above to calculate cash flows f
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Description: $ 18,200Net incomeUse the information above to calculate cash flows from operating activities using the indirect method. (Amounts to be deductedshould be indicated by a minus sign.)Cash flows from operating activities:Adjustments to reconcile net in

Solution: There are two method to report cash flow from operating activities: 1. Direct Method 2.…

Business

Accounting

MOSS COMPANY Selected Balance Sheet Information December 31, 2019 and 2018 2019 2018 Current assets $84,650 25, e00 60, e00 $26,800 Cash Accounts receivable Inventory Current liabilities 32, еее 54,100 Accounts payable Income taxes payable зе, 4 25,700 2,200 2,e5e MOSS COMPANY Income Statement For Year Ended December 31, 2019 Sales $ 515,000 331,600 183,400 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes $ 36,000 121,500 157,500 25,900 Income taxes expense 7,700 $ 18,200 Net income

MOSS COMPANY Selected Balance Sheet Information December 31, 2019 and 2018 2019 2018 Current assets $84,650 25, e00 60, e00 $26,800 Cash Accounts receivable Inventory Current liabilities 32, еее 54,100 Accounts payable Income taxes payable зе, 4 25,700 2,200 2,e5e MOSS COMPANY Income Statement For Year Ended December 31, 2019 Sales $ 515,000 331,600 183,400 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes $ 36,000 121,500 157,500 25,900 Income taxes expense 7,700 $ 18,200 Net income

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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es MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 85,650 26,000 61,000 Cash flows from operating activities: Net income 32,400 2,150 2020 $ 525,000 335,600 189,400 123,000 38,000 28,400 9,500 $ 18,900 Changes in current operating assets and liabilities $ 27,800 34,000 54,300 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. 26,700 2,400 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 38,000 $ $ 18,300 38,000 56,300
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Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities Net income 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 $ 42,000 S 42.000 42.000
Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $82,000 $81,000 Inventory 90,000 73,000 Net sales 420,000 375,000 Cost of goods sold 260,000 221,000 Total assets 825,000 760,000 Total stockholders' equity 490,000 450,000 Net income 78,000 58,000 TPX Company's 2021 gross profit ratio is: (Round your answer to one decimal place.) Multiple Choice 61.9%. 43.1%. 47.1%. 38.1%.
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What are the firm’s net profit margins for 2018 and 2019? Income Statements ($ in millions) Balance Sheets ($ in millions) 2018 2019 Assets 2018 2019 Sales Revenue $2,580 $2,865 Cash $70 $50 Less: Cost of goods sold $1,060 $1,500 Short-Term investments $35 $9 Less: Operating Expenses $105 $162 Accounts rec. 400 460 Less: Depreciation $85 $80 Inventory 490 556 Earnings before interest and taxes $1,330 $1,123 Total Current Assets $995 $1,075 Less: Interest paid $350 $380 Net fixed assets 1890 1,910 Taxable Income $980 $743 Less: Taxes (40%) $392 $297 Total assets $2,885 2,985 Net income $588 $446 Liabilities and Owner's Equity Dividends (45%) $265 $201 2018 2019 Additions to Retained Earnings $323 $245 Accounts payable $240 $210 Accruals $20 $20 Notes payable 65 74 Total Current…
What are the firm's days' sales outstanding for 2018 and 2019? Income Statements ($ in millions) Balance Sheets ($ in millions) 2018 2019 Assets 2018 2019 $1,265 | Cash $780 Short-Term investments $92 | Accounts rec. Sales Revenue $1,180 $35 $20 $660 $20 $5 Less: Cost of goods sold Less: Operating Expenses Less: Depreciation Earnings before interest and taxes Less: Interest paid $75 190 235 $50 Inventory $343 Total Current Assets $40 250 300 $405 $495 $560 $170 $150 | Net fixed assets 990 1,105 Taxable Income $235 $193 Less: Taxes (40%) $94 $77 Total assets $1,485 1,665 Net income $141 $116 Liabilities and Owner's Equity Dividends (45%) Additions to Retained Earnings $63 $52 2018 2019 $78 $64 Accounts payable $125 $100 Accruals $10 $10 Notes payable 35 40 Total Current Liabilities $170 $150 Long-term debt 598 790 Total Liabilities $768 $940 Common stock 554 498 Retained earnings Total Equity Total liab.& equity 163 $227 717 $725 $1,485 $1,665
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Excerpts from Hulkster Company's December 31, 2024 and 2023, financial statements are presented below: 2024 2023 Accounts receivable $ 62,000 $ 47,000 Merchandise inventory 39,000 57,000 Net sales 261,600 251,000 Cost of goods sold 136,000 119,000 Total assets 447,000 416,000 Total shareholders' equity 262,000 236,000 Net income 49,000 39,000 Hulkster's 2024 average collection period is:
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