financial accounting ix Question:A company's income statement showed the following:Net incomeDepreciation expense$124,000$35,000Gain on sale of plant assets $9,000An examination of the company's current assets and current liabilities showed the followingchanges as a result of operating activities:Accounts receivable decreased $10,400Merchandise inventory increased $23,000Prepaid expenses increasedAccounts payable increased$7,200$4,400Calculate the net cash provided or used by operating activities.

Step 1: Introduction to cash flow statementCash flow statement refers to a financial statement…

Answered: Question: A company's income statement…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 19P

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Question: A company reports the following: Sales $4,400,000 Average total assets (excluding long-term investments) 2,000,000 Determine the asset turnover ratio.
Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $ 391,000 Accounts receivable decrease $ 27,200 Depreciation expense 44,200 Inventory decrease 46,000 Amortization expense 8,000 Prepaid expenses increase 6,400 Gain on sale of plant assets 7,100 Accounts payable decrease 8,200 Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign.
Assume a company had net income of $61,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 46,000 $ 46,000 Inventory $ 53,000 $ 53,000 Current liabilities: Accounts payable $ 44,000 $ 49,000 Income taxes payable $ 10,000 $ 14,000 If the company did not sell any noncurrent assets during the period and its depreciation charges for the period were $21,000, then based solely on the information provided, the net cash provided by operating activities would be: Multiple Choice $49,000. $31,000. $73,000. $91,000.
Question Content Area Income Statement An analysis of the transactions of Rutherford Company for the year ended December 31, yields the following information: sales revenue, $149, 700; insurance expense, S4, 300; interest income, 58, 500; cost of goods sold, $64, 800; salaries expense, $22, 500; income taxes expense, $2, 400; and loss on disposal of property, plant, and equipment, $1, 200. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Required: Prepare a single - step income statement. Rutherford Company Income Statement For the year ending December 31 Revenues and gains: Sfill in the blank 3 fill in the blank 5 Total revenues Sfill in the blank 6 Expenses and losses: Sfill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 fill in the blank 16 Total expenses and losses fill in the blank 17 Sfill in the blank 19
Assume a company had net income of $79,000 that included a gain on the sale of equipment of $4,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 38,000 $ 44,000 Accrued liabilities $ 18,000 $ 15,000 Income taxes payable $ 13,000 $ 10,000 If the credits to the company’s accumulated depreciation account were $21,000, then based solely on the information provided, the company’s net cash provided by (used in) operating activities would be: Multiple Choice $63,000. $55,000. $105,000. $97,000.
SONAD COMPANY Income Statement For Year Ended December 31 Sales $1,828,000 Cost of goods sold 991,000 Gross profit 837,000 Operating expenses Salaries expense $245,535 Depreciation expense 44,200 Rent expense 49,600 Amortization expenses—Patents 4,200 Utilities expense 18,125 361,660 475,340 Gain on sale of equipment 6,200 Net income $481,540 Accounts receivable $ 30,500 increase Accounts payable $ 12,500 decrease Inventory 25,000 increase Salaries payable 3,500 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
Return on Assets Ratio and Asset Turnover Ratio Northern Systems reported the following financial data (in millions) in its annual report: Previous Year Current Year Net Income $9,050 $7,500 Net Sales 52,350 37,200 Total Assets 58,734 68,128 If the company’s total assets are $55,676 at the beginning of the previous year, calculate the company’s: (a) return on assets (round answers to one decimal place - ex: 10.7%) (b) asset turnover for both years (round answers to two decimal places) Previous Year Current Year a. Return on Assets Ratio Answer Answer b. Asset Turnover Ratio Answer Answer
A company recorded the following expenses at the end of the current year: Decrease in inventory P300,000Transportation out 40,000Depreciation 170,000Purchases 800,000Finance cost 20,000Salaries 130,000Freight in 30,000Purchase discount 140,000Sales 2,500,000Loss on sale of equipment 10,000Gain on sale of investment 30,000 14. What amount should be reported as cost of goods sold of the company?a. P690,000b. P990,000c. P390,000d. P970,000 15. What amount should be reported as income by the company?a. P1,170,000b. P1,190,000c. P1,770,000d. P1,470,000
Avatar Company Income Statement Year Ended December 31, 2024 Sales Revenue $291,300 Interest Revenue 1,000 Gain on Sale of Plant Assets 6,000 Total Revenues and Gains $298,300 Cost of Goods Sold I 145,000 Salaries and Wages Expense 49,000 Depreciation Expense-Plant Assets 16,000 Other Operating Expense 25,000 Interest Expense 3,500 Income Tax Expense 7,800 Total expenses 246,300 Net Income $52,000
Problem: Remesh Corporation prepared the following income statement and statement of retained earnings for the year ended December 31, 2021. Remesh Corporation December 31, 2021 Expense and Profit Statement Dollars in thousands Sales (net) $206,000 Less: Selling Expenses (20,600) Net Sales $185,400 Add: Interest Revenue 2,400 Add: Gain on sale of equipment 3,600 Gross Sales Revenue $191,400 Less: Cost of operations: Cost of Goods Sold $126,100 Correction of overstatement in last years income because of error $5,500 (net of tax credit) $3850 Dividend cost ($0.50 per share for 8k common shares) $4000 Unusual loss due to a hurricane, $6,400 (net of tax credit) $1,920 ($135,870) Taxable Revenues $55,530 Less: Income tax on income from continuing operations $16,659 Net income $38871 Miscellaneous Deductions Loss from operations of…
Asset turnover A company reports the following: Sales $858,000Average total assets (excluding long-term investments) 572,000Determine the asset turnover ratio. If required, round your answer to one decimal place.fill in the blank 1

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