Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $990,000 500,000 44,000 34,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $96,000 46,600 69,000 2,400 39,000 4,400 2023 $82,000 52,000 52,000 3,800 34,000 7,000 $1,650,000 1,568,000 $82,000 Increase (I) or Decrease (D) $14,000 (I) 5,400 (D) 17,000 (I) 1,400 (D) 5,000 (I) 2,600 (D)

Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $990,000 500,000 44,000 34,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $96,000 46,600 69,000 2,400 39,000 4,400 2023 $82,000 52,000 52,000 3,800 34,000 7,000 $1,650,000 1,568,000 $82,000 Increase (I) or Decrease (D) $14,000 (I) 5,400 (D) 17,000 (I) 1,400 (D) 5,000 (I) 2,600 (D)

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

The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales $8,840,000 Cost of goods sold 5,420,000 Gross profit 3,420,000 Expenses: Operating expenses $1,570,000 Depreciation expense 204,000 Interest expense 44,000 Income tax expense 354,000 Total expenses 2,172,000 Net income $1,248,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 Assets Current assets: Cash $158,000 $208,000 Accounts receivable 760,000 780,000 Inventory 1,375,000 1,045,000 Supplies 104,000 79,000 Long-term assets: Equipment 1,120,000 1,120,000 Less: Accumulated depreciation (408,000) (204,000) Total assets $3,109,000 $3,028,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $109,000 $85,000 Interest payable 0 4,400 Income tax payable…
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $1,100,000 610,000 55,000 45,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $107,000 45,500 80,000 3,500 50,000 5,500 2023 $87,500 51,500 57,500 6,000 39,500 12,500 $1,925,000 1,810,000 $115,000 Increase (I) or Decrease (D) $19,500 (I) (D) 6,000 22,500 (I 2,500 (D) 10,500 (I) 7,000 (D)
Don't give answer in image
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
jj
Income statements for Franklin Company for Year 3 and Year 4 follow: FRANKLIN COMPANY Income Statements Year 4 Year 3 Sales $ 201,300 $181, 300 Cost of goods sold 143, 600 121,600 Selling expenses 20,100 18, 100 Administrative expenses 12,500 14,500 Interest expense 3, 900 5,900 Total expenses 180, 100 160, 100 Income before taxes 21, 200 21,200 Income taxes expense 6, 400 3,600 Net income $ 14,800 $ 17,600 Required Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income
Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below. Selected Balance Sheet Accounts Accounts Receivable Prior Year Current Year $ 24,000 $ 16,000 Inventory 32,000 35,200 Prepaid Rent 1,600 0 Accounts Payable 17,600 22,400 Salaries and Wages 3,200 4,800 Payable 04:23 Depreciation Expense Salaries Expense Income Statement Sales Revenue $ 480,000 Expenses: Cost of Goods Sold 288,000 32,000 48,000 19,200 19,200 17,600 16,000 $ 40,000 Rent Expense Insurance Expense Interest Expense Utilities Expense Net Income Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Enter any deductions and cash outflows as a negative value.) Pioneer Industries Cash Flows from Operating Activities Adjustments to reconcile net income to net cash provided by operating activities: Changes in current assets and current liabilities: $ 0
The following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…
At the fiscal year ended June 30, 2020, the following information is available for Shein Company: Cost of goods sold. . .$167,400 Sales returns and allowances... 4,000 Sales revenue. 243,200 Interest expense... 5,000 Operating expenses... 88,700 Shein's net income/(net loss) for the period is Select one: a. Net income of $21,900 O b. Net income of $11,900 O c. Net loss of $11,900 O d. Net loss of $21,900
I need help with this
Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income $ 549,000 357,600 191,400 128,500 49,000 13,900 8,100 $ 5,800 MOSS COMPANY Selected Balance Sheet Information At December 31 2021 2020 Current assets Cash $ 91,150 $ 33,300 Accounts receivable 31,500 45,000 66,500 55,400 Current liabilities 43,400 32,200 2,700 3,500 Inventory Accounts payable Income taxes payable 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: 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 $ 49,000 49,000 $ 49,000