prepare an income statement for wildhorse inc. for the year ended december 31 2025Current Attempt in ProgressThe following items and amounts were taken from Wildhorse Inc.'s 2025 income statement and balance sheet.CashRetained earningsCost of goods soldSalaries and wages expensePrepaid insuranceInventory$ 88,000122,500436,300117,0008,10064,300Accounts receivableSales revenueNotes payableAccounts payableService revenueInterest expense$ 90,500581,7006,30055,5005,5001,830

The objective of this question is to prepare an income statement for Wildhorse Inc. for the year…

Answered: prepare an income statement for…

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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IKIBAN INCORPORATED Comparative Balance Sheets 2021 At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation Equipment Total assets Notes payable (long term) Total liabilities. Equity Common stock, $5 par value Retained earnings. Total liabilities and. equity Liabilities and Equity) Accounts payable Wages payable Income taxes payable. Total current liabilities 39,200 Sales Cost of goods sold. Gross profit $ 105,100 71,000 67,800 4,800 248,700 128,000 (29,000) $ 347,700 Cash flows from operating activities $ 29,000 6,400 3,800 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense: Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Cash flows from investing activities 228,000 46,500 $ 347,700 Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end…
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 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $106,000 45,400 79,000 3,400 $1,090,000 600,000 54,000 44,000 49,000 5,400 2023 $87,000 51,000 57,000 5,800 39,000 12,000 $1,900,000 1,788,000 $112,000 Increase (I) or Decrease (D) $19,000 (I) 5,600 (D) 22,000 (I) 2,400 (D) 10,000 (I) 6,600 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
The financial statements of Simon Co. include the following items (amounts in thousands): For the Year Ended December 31, 2020 $840 Income Statement Net income Depreciation and amortization expense 640 At December 31 Balance Sheets 2020 2019 Accounts receivable $250 $340 340 300 Inventory Accounts payable Income taxes payable 160 180 100 30 Required: a. Calculate the net cash flow provided by operations for Simon Co. for the year ended December 31, 2020. (Enter your answer in thousands. (i.e., 20,000 should be entered as 20)) Net cash provided (used) by operating activities b. Net income and cash flows provided by operations may differ because of the timing of cash receipts and payments versus the timing of recognition on the income statement. O True O False
Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2020. Cost of goods sold General and administrative expenses Net cash provided by financing activities Dividends paid Income tax expense Other selling expenses Net sales Advertising expense Accounts payable $ 234,000 96,000 138,000 32,000 22,000 52,000 556,000 78,000 66,000
At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 31,880 88,776 116, 174 9,763 283, 158 $ 529,751 $ 127,951 100,589 162,500 138,711 $529,751 For both the current year and one year ago, compute the following ratios: $ 420,092 213,490 11,707 8,953 Current Year 1 Year Ago The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: $ 688,676 $36,900 63,296 86,176 9,686 260,624 $ 456,682 654,242 $34,434 $ 2.12 2 Years Ago $36,930 50,235 $ 75,636 105, 037 163,500 $ 49,240 81,607 162,500 83,453 112,509 $ 456,682 $ 376,800 54, 576 4,186 230,873 $…
Perform a liquidity and profitability analysis on your company utilizing the ratios listed below. Quick Ratio, Receivable Turnover, Days sales uncollected, inventory turnover, Days inventory on hand, payable turnover, days payable, asset turnover, return on assets, and return on equity. statement of operations 12 Months Ended Jul. 31, 2020 Jul. 31, 2019 Revenues: Revenues $ 1,497,826,000 $ 1,684,392,000 Costs and expenses: Operating expense - personnel, vehicle, plant and other 493,055,000 468,868,000 Operating expense - equipment lease expense 33,017,000 Equipment lease expense, preadoption 33,073,000 Depreciation and amortization expense 80,481,000 78,846,000 General and administrative expense 45,752,000 59,994,000 Non-cash employee stock ownership plan compensation charge 2,871,000 5,693,000 Asset impairments 0 0 Loss on asset sales and disposals 7,924,000 10,968,000 Operating income 148,670,000 113,028,000 Interest expense…
Question 1 The following are financial statements of Crane Company. Crane CompanyIncome StatementFor the Year Ended December 31, 2022 Net sales $2,192,500 Cost of goods sold 1,010,500 Selling and administrative expenses 900,500 Interest expense 78,000 Income tax expense 62,500 Net income $ 141,000 Crane CompanyBalance SheetDecember 31, 2022 Assets Current assets Cash $ 55,100 Debt investments 89,000 Accounts receivable (net) 168,400 Inventory 236,500 Total current assets 549,000 Plant assets (net) 572,500 Total assets $ 1,121,500 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 152,000 Income taxes payable 31,000 Total current liabilities 183,000 Bonds payable 220,740 Total liabilities 403,740 Stockholders’ equity Common stock 345,000 Retained earnings 372,760…
A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash Accounts receivable, net $ 62,800 27,000 $ 15,700 33,300 Inventory Prepaid expenses Total current assets Furniture Accumulated depreciation-Furniture Total assets Liabilities and Equity Wages payable Accounts payable Income taxes payable 56,600 62,500 3,500 2,900 149,900 114,400 Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings $ 209,500 $ 9,900 $ 14,000 5,900 3,300 1,000 1,800 16,800 19,100 20,700 47,800 37,500 66,900 150,000 22,000 121,000 2,500 $ 209,500 $ 190,400 70,500 (10,900) 82,200 (6,200) $ 190,400 Total liabilities and equity CRUZ, INCORPORATED Income Statement Sales For Year Ended December 31, 2021 $ 326,000 209,800 116,200 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes.…
Single-Step Income Statement The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30, 20Y8: Cash $187,875 Retained Earnings $ 571,050 Accounts Receivable 337,500 Dividends 281,250 Inventory 855,000 Sales 8,025,750 Estimated Returns Inventory 78,750 Cost of Goods Sold 4,893,750 Office Supplies 33,750 Sales Salaries Expense 874,800 Prepaid Insurance 27,000 Advertising Expense 103,275 Office Equipment 259,200 Depreciation Expense— Store Equipment 18,675 Accumulated Depreciation— Office Equipment 111,375 Miscellaneous Selling Expense 4,500 Store Equipment 1,150,875 Office Salaries Expense 174,150 Accumulated Depreciation— Store Equipment 420,075 Rent Expense 89,775 Accounts Payable 109,350 Insurance Expense 51,638 Customer Refunds Payable 78,750 Depreciation Expense— Office Equipment 36,450…

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