On March 31, 20Y5, the balances of the accounts appearing in the ledger of Vibe Tribe Inc. are as follows: Administrative Expenses $ 166,400 Inventory $ 173,200 Accumulated Dep. - Building 136,640 Notes Payable 39,200 683,200 Office Supplies 14,000 150,000 Retained Earnings. 608,400 64,800 Sales 1,700,000 933,200 Selling Expenses 273,200 33,200 Store Supplies 10,400 10,000 Building Common Stock Cash Cost of Goods Sold Dividends Interest Expense a. Prepare a multiple-step income statement for the year ended March 31, 20Y5. Enter account decreases and cash outflows as negative amounts. Vibe Tribe Inc. Income Statement For the Year Ended March 31, 20Y5 Operating Expenses: Total operating expenses Other expense: b. Disadvantages of a single-step form of income statement includes all of the following except:

On March 31, 20Y5, the balances of the accounts appearing in the ledger of Vibe Tribe Inc. are as follows: Administrative Expenses $ 166,400 Inventory $ 173,200 Accumulated Dep. - Building 136,640 Notes Payable 39,200 683,200 Office Supplies 14,000 150,000 Retained Earnings. 608,400 64,800 Sales 1,700,000 933,200 Selling Expenses 273,200 33,200 Store Supplies 10,400 10,000 Building Common Stock Cash Cost of Goods Sold Dividends Interest Expense a. Prepare a multiple-step income statement for the year ended March 31, 20Y5. Enter account decreases and cash outflows as negative amounts. Vibe Tribe Inc. Income Statement For the Year Ended March 31, 20Y5 Operating Expenses: Total operating expenses Other expense: b. Disadvantages of a single-step form of income statement includes all of the following except:

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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The financial statements of New World, Incorporated, provide the following information for the current year: December 31 January 1 Accounts receivable $ 288,000 $ 391,500 Inventory $ 281,250 $ 267,000 Prepaid expenses $ 73,200 $ 70,500 Accounts payable (for merchandise) $ 259,800 $ 251,550 Accrued expenses payable $ 66,150 $ 79,950 Net sales $ 3,172,500 Cost of goods sold $ 1,672,500 Operating expenses (including depreciation of $64,000) $ 382,500 What is New World's net cash flow from operating activities for the current year?
General ledger accounts
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