Please do not give solution in image format ? And Fast Answering Please ? For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows:Balance SheetCurrent AssetsCashAccounts receivableInventoryPrepaid expensesCapital AssetsPlant and equipment (gross)Less: Accumulated amortizationNet plant and equipmentTotal assetsShow Transcribed TextShow Transcribed Text(Click to select)(Click to select)(Click to select)(Click to select)(Click to select)(Click to select)$10,50017,00025, 20015,000(Click to select)$300,00052,800(Click to select)247,200(Click to select)(Click to select)$314,9003va. Prepare an income statement for 20XY. (Input all answers as positive values.)Gardner CorporationIncome StatementFor the Year Ending December 31, 20XYVAccounts payableNotes payableBonds payableSales for 20XY were $255,000, with cost of goods sold being 60 percent of sales. Amortization expense was 16 percent ofplant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 18 percent, while interest onthe notes payable was 12 percent. These are based on December 31, 20XX, balances. Selling and administrative expenseswere $29,800, and the tax rate averaged 18 percent.VDuring 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventoryeach increased by 14 percent, and accounts payable increased by 33 percent. A new machine was purchased on December 31,20XY, at a cost of $42,500. A cash dividend of $8,900 was paid to common shareholders at the end of 20XY. Also, notespayable increased by $7,780 and bonds payable decreased by 10.570. The common stock account did not change.a. Prepare an income statement for 20XY. (Input all answers as positive values.)3Common stockRetained earningsLiabilitiesShareholders' EquityCTotal liabilities and shareholders' equityHelp$Save & Exit$$13,10024,70055,000$75,000147,100$314,900Submitaccount and Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values. Be sure to list the assets andbilities in order of their liquidity.)Current Assets:(Click to select)(Click to select)(Click to select)(Click to select)tal current assetsCapital assets(Click to select)(Click to select)Vet plant and equipmentTotal assetsShow Transcribed TextOperating Activities:(Click to select)✔Add items not requiring an outlay of cash:(Click to select)Cash flow from operationsChanges in non-cash working capital:(Click to select)(Click to select)(Click to select)(Click to select)Show Transcribed TextGardner CorporationBalance SheetFor the Year Ended December 31, 20XYLiabilities:Net Change in non-cash working capitalCash (Click to select) operating activitiesPrepare a statement of cash flows for the year ending December 31, 20XY. (Record the change in the notes payable undere operating activity of Cash flow. Do not leave any empty spaces; input a 0 wherever it is required. Amounts to beducted should be indicated with a minus sign. Omit $ sign in your response.)Gardner CorporationStatement of Cash FlowsFor the Year Ended December 31, 20XYNet Change in non-cash working capital.Cash (Click to select) operating activitiesInvesting activities:(Click to select)(Click to select)Cash, beginning of yearCash, end of yearCash (Click to select) Investing activitiesFinancing activities:(Click to select)(Click to select)Cash (Click to select) financing activities$V3Ĉ3(Click to select)(Click to select)(Click to select)ĈTotal liabilitiesShareholders' equity(Click to select)(Click to select)Total liabilities and shareholders' equity $$$

An income statement is prepared, in which the purpose of the company is to check the profit or loss…

Answered: Prepare an income statement for 20XY.…

Business

Accounting

Prepare an income statement for 20XY. (Input all answers as positive values.)

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 14E

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27. Subject :- Accounting
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
Following are the current asset and current liability sections of the balance sheets for Freedom Incorporated at January 31, 2023 and 2022 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities Req A January 31, 2023 $12 8 7 $ 27 Req B and C Working capital Current ratio 4 3 $ 11 January 31, 2022 Required: a. Calculate the working capital and current ratio at each balance sheet date. b. Evaluate the firm's liquidity at each balance sheet date. c. Assume that the firm operated at a loss during the year ended January 31, 2023. How could cash have increased during the year? $ 9 11 11 $ 31 Complete this question by entering your answers in the tabs below. 1 3 01/31/2023 01/31/2022 $8 Calculate the working capital and current ratio at each balance sheet date. Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10).…
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Required: Based on the preceding information, prepare a correct December 31, 2022 statement of financial position for E Company with accounts properly classified.
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