GOLDEN CORPORATIONIncone StatementFor Current Year Ended Decenber 31Sales$1,857,0001,099,000758,000Cost of goods soldGross profitOperating expensesDepreciation expenseOther expenses$ 54,e00507,e00561,000197,000Income before taxesIncome taxes expense40,200$ 156,880Net incomeAdditional Information on Current Year Transactionsa. Purchased equipment for $58,000 cash.b. Issued 13,300 shares of common stock for $5 cash per share.c. Declared and pald $102,000 In cash dividends.Required:Prepare a complete statement of cash flows using the Indirect method for the current year. (Amounts to be deducted should beIndicated with a minus sign.)GOLDEN CORPORATIONStatement of Cash FlowsFor Current Year Ended December 31Cash flows from operating activitiesAdjustments to reconcile net income to net cash provided by operations:Cash flows from investing activitiesCash flows from financing activities:Net increase (decrease) in cashCash balance at December 31, prior yearCash balance at December 31, current year Required information[The following information applies to the questions displayed below.]Golden Corp's curent year income statement, comparative balance sheets, and additional information follow. For theyear, (1) all sales are credit sales, (2) all credits to Accounts Recelvable reflect cash recelpts from customers, (3) allpurchases of Inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for Inventory. (5) OtherExpenses are all cash expenses, and (6) any change In Income Taxes Payable reflects the accrual and cash payment oftaxes.GOLDEN CORPORATIONComparative Balance SheetsDecember 31Current YearPrior YearAssets$ 177,000102,5e0620,5e09ee,000370,000$ 121,30084,00eCashAccounts receivableInventory539,000744,300Total current assetsEquipmentAccum. depreciation-Equipment312,00e(11e,500)$ 945,800(164,500)Total assets$1,185,500Liabilities and EquityAccounts payableIncome taxes payableTotal current liabilitiesEquityConnon stock, $2 par valuePaid-in capital in excess of par value, common stockRetained earnings$ 113,00e41,000$ 84, 80031,6ee115, 6ee154,000607,6ee219,400124,5ee581,000179, 5ee69,70eTotal liabilities and equity$1,105,500$ 945,800GOLDEN CORPORATIONIncone StatementFor Current Year Ended Decenber 31Sales$1,857,000Cost of goods soldGross profitOperating expensesDepreciation expenseOther expenses1,099,000758,000$ 54,000507,800561,000197.00040, 200$ 156,800Income before taxesIncome taxes expenseNet incomeAdditional Information on Current Year Transactionsa. Purchased equlpment for $58,000 cash.b. Issued 13.300 shares of common stock for $5 cash per share.c. Declared and pald $102,000 in cash dividends.Required:Prepare a complete statement of cash flows uslng the Indirect method for the current year. (Amounts to be deducted should beIndicated with a minus sign.)

Name: GOLDEN CORPORATIONIncone StatementFor Current Year Ended Decenber 31S
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Description: GOLDEN CORPORATIONIncone StatementFor Current Year Ended Decenber 31Sales$1,857,0001,099,000758,000Cost of goods soldGross profitOperating expensesDepreciation expenseOther expenses$ 54,e00507,e00561,000197,000Income before taxesIncome taxes expense

Cashflow statement gives detailed information of the cash used and generated in the business .…

Business

Accounting

ost of goods sold ross profit perating expenses Depreciation expense Other expenses ncome before taxes 1,899,000 758,000 $ 54, 000 507,000 561,000 197,800 40, 200 $ 156,800 mcome taxes expense et income ditional Information on Current Year Transactions

ost of goods sold ross profit perating expenses Depreciation expense Other expenses ncome before taxes 1,899,000 758,000 $ 54, 000 507,000 561,000 197,800 40, 200 $ 156,800 mcome taxes expense et income ditional Information on Current Year Transactions

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 Sales Revenue Less Net Sales Cost of Goods Sold Gross Profit Operating Expenses Salaries and Wages Expense Sales Discounts Depreciation Expense Utilities Expense Total Operating Expenses Income From Operations Other Revenues and Gains Interest Revenue Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes Income Tax Expense Net Income /(Loss) A V V V CULLUMBER COMPANY Income Statement For the Year Ended December 31, 2025 $ 1,856,400 -134,400 i 390,600 i 260,400 i 92,400 i -59,640 -54,600 i $ 1,722,000 -792,120 929,880 -743,400 i 186,480 54,600 -114,240 126,840 -25,200 i 101,640
What is the income from operations and the net income?
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
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…
Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 450,600 298,350 152,250 99,300 4,500 Cost of goods sold Gross profit Operating expenses Interest expense. Income before taxes Income tax expense Net income $ 10,000 Accounts payable Accrued wages payable 9,200 31,400 Income taxes payable 30,150 Long-term note payable, secured by mortgage on plant assets 3,050 Common stock 152,300 Retained earnings $ 236,100 Total liabilities and equity CABOT CORPORATION Balance Sheet December 31 of current year Liabilities and Equity 48,450 19,518 $ 28,932 $ 17,500 3,800 4,700 69,400 88,000 52,700 $ 236,100 Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total…
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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
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You are provided with the following information for Crane Company, effective as of its April 30, 2025, year-end. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Goodwill Income tax expense Income taxes payable Insurance expense Interest expense Inventory Investment in land Land $ 838 (21) 910 560 1,330 16,800 1,050 Mortgage payable (long-term) Notes payable (short-term) Prepaid insurance Retained earnings (beginning) Salaries and wages expense Salaries and wages payable 375 310 2,490 1,800 160 130 380 550 950 13,925 3,000 Sales revenue Stock investments (short-term) 4,100 62 50 2,000 800 290 5,000 1,700
66. Subject :- Accounting
The following information is from Lacy's Inc. $ millions Prior Fiscal Year Current Fiscal Year Net Year-End Assets Revenue Income $21,330 14,403 $18,955 $1,070 a. Compute the asset turnover ratio for the current fiscal year. b. Compute the return on assets ratio for the current fiscal year. Numerator a. Asset Turnover Ratio $ Check b. Return on Assets Ratio $ Numerator Denominator / $ Denominator / $ || Result Result
Net Sales COGS Depreciation EBIT Interest Taxable Income Taxes Net Income 2019 Income Statement Dividends Additions to Retained Earnings 147 647.74 3,456 1,895 235 1,326 320 1,006 211.26 794.74