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

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

FINANCIAL ACCOUNTING
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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For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Balance Sheet Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less: Accumulated amortization Net plant and equipment Total assets Show Transcribed Text Show Transcribed Text (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) $10,500 17,000 25, 200 15,000 (Click to select) $300,000 52,800 (Click to select) 247,200 (Click to select) (Click to select) $314,900 3 v a. Prepare an income statement for 20XY. (Input all answers as positive values.) Gardner Corporation Income Statement For the Year Ending December 31, 20XY V Accounts payable Notes payable Bonds payable Sales for 20XY were $255,000, with cost of goods sold being 60 percent of sales. Amortization expense was 16 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 18 percent, while interest on the notes payable was 12 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $29,800, and the tax rate averaged 18 percent. V During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each 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, notes payable 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.) 3 Common stock Retained earnings Liabilities Shareholders' Equity C Total liabilities and shareholders' equity Help $ Save & Exit $ $13,100 24,700 55,000 $75,000 147,100 $314,900 Submit account and
Transcribed Image Text:For December 31, 20XX, the balance sheet of the Gardner Corporation is as follows: Balance Sheet Current Assets Cash Accounts receivable Inventory Prepaid expenses Capital Assets Plant and equipment (gross) Less: Accumulated amortization Net plant and equipment Total assets Show Transcribed Text Show Transcribed Text (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) $10,500 17,000 25, 200 15,000 (Click to select) $300,000 52,800 (Click to select) 247,200 (Click to select) (Click to select) $314,900 3 v a. Prepare an income statement for 20XY. (Input all answers as positive values.) Gardner Corporation Income Statement For the Year Ending December 31, 20XY V Accounts payable Notes payable Bonds payable Sales for 20XY were $255,000, with cost of goods sold being 60 percent of sales. Amortization expense was 16 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 18 percent, while interest on the notes payable was 12 percent. These are based on December 31, 20XX, balances. Selling and administrative expenses were $29,800, and the tax rate averaged 18 percent. V During 20XY, the cash balance and prepaid expense balance were unchanged. Accounts receivable and inventory each 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, notes payable 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.) 3 Common stock Retained earnings Liabilities Shareholders' Equity C Total liabilities and shareholders' equity Help $ Save & Exit $ $13,100 24,700 55,000 $75,000 147,100 $314,900 Submit account and
Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values. Be sure to list the assets and bilities in order of their liquidity.) Current Assets: (Click to select) (Click to select) (Click to select) (Click to select) tal current assets Capital assets (Click to select) (Click to select) Vet plant and equipment Total assets Show Transcribed Text Operating Activities: (Click to select) ✔ Add items not requiring an outlay of cash: (Click to select) Cash flow from operations Changes in non-cash working capital: (Click to select) (Click to select) (Click to select) (Click to select) Show Transcribed Text Gardner Corporation Balance Sheet For the Year Ended December 31, 20XY Liabilities: Net Change in non-cash working capital Cash (Click to select) operating activities Prepare a statement of cash flows for the year ending December 31, 20XY. (Record the change in the notes payable under e operating activity of Cash flow. Do not leave any empty spaces; input a 0 wherever it is required. Amounts to be ducted should be indicated with a minus sign. Omit $ sign in your response.) Gardner Corporation Statement of Cash Flows For the Year Ended December 31, 20XY Net Change in non-cash working capital. Cash (Click to select) operating activities Investing activities: (Click to select) (Click to select) Cash, beginning of year Cash, end of year Cash (Click to select) Investing activities Financing activities: (Click to select) (Click to select) Cash (Click to select) financing activities $ V 3 Ĉ 3 (Click to select) (Click to select) (Click to select) Ĉ Total liabilities Shareholders' equity (Click to select) (Click to select) Total liabilities and shareholders' equity $ $ $
Transcribed Image Text:Prepare a balance sheet as of December 31, 20XY. (Input all answers as positive values. Be sure to list the assets and bilities in order of their liquidity.) Current Assets: (Click to select) (Click to select) (Click to select) (Click to select) tal current assets Capital assets (Click to select) (Click to select) Vet plant and equipment Total assets Show Transcribed Text Operating Activities: (Click to select) ✔ Add items not requiring an outlay of cash: (Click to select) Cash flow from operations Changes in non-cash working capital: (Click to select) (Click to select) (Click to select) (Click to select) Show Transcribed Text Gardner Corporation Balance Sheet For the Year Ended December 31, 20XY Liabilities: Net Change in non-cash working capital Cash (Click to select) operating activities Prepare a statement of cash flows for the year ending December 31, 20XY. (Record the change in the notes payable under e operating activity of Cash flow. Do not leave any empty spaces; input a 0 wherever it is required. Amounts to be ducted should be indicated with a minus sign. Omit $ sign in your response.) Gardner Corporation Statement of Cash Flows For the Year Ended December 31, 20XY Net Change in non-cash working capital. Cash (Click to select) operating activities Investing activities: (Click to select) (Click to select) Cash, beginning of year Cash, end of year Cash (Click to select) Investing activities Financing activities: (Click to select) (Click to select) Cash (Click to select) financing activities $ V 3 Ĉ 3 (Click to select) (Click to select) (Click to select) Ĉ Total liabilities Shareholders' equity (Click to select) (Click to select) Total liabilities and shareholders' equity $ $ $
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