Problem 12-197 (LO 12-2]Selected balance sheet Informatlon and the Income statement for Ploneer Industries for the current year are presentedbelow.Selected Balance Sheet AccountsPrior YearCurrent YearAccounts Receivable$26, 20036, e0e2,60020,6005,200$18,00039,600InventoriesPrepaid RentAccounts PayableSalaries and Wages Payable26, 8ee7,800Income StatementSales Revenue$540,000Expenses:Cost of Goods Sold308, 000Depreciation ExpenseSalaries Expense36, 00054, 00021,60021,60019,800Rent ExpenseInsurance ExpenseInterest ExpenseUtilities Expense18,e00Net Income$ 61, 000Required:Prepare the cash flows from operating activities section of the statement of cash flows using the Indirect method. (Enterany deductions and cash outflows as a negative value.)Pioneer IndustriesCash Flows from Operating ActivitiesAdjustments to reconcile net income to net cash provided by operating activities:Changes in current assets and current liabilities:

Given, Net profit = $ 61,000 Non-cash expense = Depreciation = $36000 Income after adjusting…

Problem 12-197 (LO 12-2] Selected balance sheet information and the Income statement for Ploneer Industries for the current year are presented below. Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable $26, 200 $18,eee 36,e0e 2,6ee 20,600 5,200 Inventories 39,600 Prepaid Rent Accounts Payable Salaries and Wages Payable 26,8ee 7,8ee Income Statement Sales Revenue $540,eee Expenses: Cost of Goods Sold 308, 000 36, eee 54, eee 21,6ee Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,600 19,8ee 18,000 Net Income $ 61,000 Required: Prepare the cash flows from operating activitles section of the statement of cash flows using the Indirect method. (Enter any deductions and cash outflows as a negative value.)

Problem 12-197 (LO 12-2] Selected balance sheet information and the Income statement for Ploneer Industries for the current year are presented below. Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable $26, 200 $18,eee 36,e0e 2,6ee 20,600 5,200 Inventories 39,600 Prepaid Rent Accounts Payable Salaries and Wages Payable 26,8ee 7,8ee Income Statement Sales Revenue $540,eee Expenses: Cost of Goods Sold 308, 000 36, eee 54, eee 21,6ee Depreciation Expense Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 21,600 19,8ee 18,000 Net Income $ 61,000 Required: Prepare the cash flows from operating activitles section of the statement of cash flows using the Indirect method. (Enter any deductions and cash outflows as a negative value.)

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

Give solution
f
Trend Analysis Critelli Company has provided the following comparative information: Year 5 Year 4 Year 3 Year 2 Year 1 Net income $940,300 $810,600 $681,200 $582,200 $493,400 Interest expense 319,700 291,800 252,000 192,100 153,000 Income tax expense 300,896 226,968 190,736 151,372 118,416 Average total assets 5,779,817 5,103,704 4,360,748 3,704,785 3,153,171 Average stockholders' equity 1,975,420 1,769,869 1,548,182 1,373,113 1,203,415 You have been asked to evaluate the historical performance of the company over the last five years. Selected industry ratios have remained relatively steady at the following levels for the last five years: Industry Ratios Return on total assets 21.5 % Return on stockholders’ equity 44.4 % Times interest earned 4.6 Instructions: Calculate three ratios for Year 1 through Year 5. Round to one decimal place. a. Return on total assets: Year 5…
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…
Question Content Area Hsu Company reported the following on its income statement: Income before income taxes $325,364 Income tax expense 97,609 Net income $227,755 Interest expense was $73,540. Hsu Company's times interest earned ratio (rounded to two decimal places) is a.4.42 times b.3.1 times c.2.1 times d.5.42 times
10 - T&T Company's selected financial statements items are given as following. Total net sales equals to 100.000 TL, COGS equals to 50.000 TL, operating expenses equals to 20.000 TL, interest expenses equals to 10.000 TL, tax expenses 5.000 TL, total depreciation & amortization expenses equals to 15.000 TL. Calculate the EBITDA/Interest Expense ratio of the company for the year 2020. a) 2,50 b) O 01374 3,00 c) O 4,50 d) 5,00
COTB MC Qu. 16-76 (Algo) Assume a company provided the... Assume a company provided the following information: Net operating income Net income before tax Net income Gross margin The times interest earned ratio is closest to: $ 184,000 $ 170,000 $ 119,000 $ 680,000
Provide correct solution