Required informationA company provided the following summary financial statement information:Comparative Balance Sheets (partial)December 31, 2021 and 2020Accounts ReceivableInventorySales RevenueCost of Goods SoldSalaries ExpenseInsurance ExpensePrepaid InsuranceAccounts PayableSalaries PayableDeferred Tax LiabilityBond DiscountInterest Expense (for bond)Income Tax ExpenseNet IncomeWhat is cash paid for income taxes?✓ (Click to select)$51,000$53,000$67,000$74,000$2,0002021 2020$65,000 $69,000$79,000 $71,000$24,000 $7,000$45,000 $50,000$9,000 $13,000$51,000 $58,000$10,000 $12,000Income Statement (partial)For the year December 31, 2021$570,000296,00032,00048,000120,00060,000$14,000

Cash Payments for Income Taxes = Income Taxes + Decrease (or - increase) in Income Taxes Payable

Required A company provided the following summary financial statement information: Comparative Balance Sheets (partial) December 31, 2021 and 2020 2021 2020 $65,000 $69,000 Accounts Receivable Inventory $79,000 $71,000 Prepaid Insurance Accounts Payable $24,000 $7,000 $45,000 $50,000 $9,000 $13,000 Salaries Payable Deferred Tax Liability Bond Discount $51,000 $58,000 $10,000 $12,000 What is cash paid for income taxes? Income Statement (partial) For the year December 31, 2021 Sales Revenue Cost of Goods Sold Salaries Expense Insurance Expense Interest Expense (for bond) Income Tax Expense Net Income $570,000 296,000 32,000 48,000 120,000 60,000 $14,000

Required A company provided the following summary financial statement information: Comparative Balance Sheets (partial) December 31, 2021 and 2020 2021 2020 $65,000 $69,000 Accounts Receivable Inventory $79,000 $71,000 Prepaid Insurance Accounts Payable $24,000 $7,000 $45,000 $50,000 $9,000 $13,000 Salaries Payable Deferred Tax Liability Bond Discount $51,000 $58,000 $10,000 $12,000 What is cash paid for income taxes? Income Statement (partial) For the year December 31, 2021 Sales Revenue Cost of Goods Sold Salaries Expense Insurance Expense Interest Expense (for bond) Income Tax Expense Net Income $570,000 296,000 32,000 48,000 120,000 60,000 $14,000

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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Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable $82,000 $81,000 Inventory 90,000 73,000 Net sales 420,000 375,000 Cost of goods sold 260,000 221,000 Total assets 825,000 760,000 Total stockholders' equity 490,000 450,000 Net income 78,000 58,000 TPX Company's 2021 gross profit ratio is: (Round your answer to one decimal place.) Multiple Choice 61.9%. 43.1%. 47.1%. 38.1%.
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Using Financial Statements for 2020, current ratio for the year 2020 is 1.62.
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 510,880 $ 391,376 $ 271,600 Cost of goods sold 307,550 248,524 173,824 Gross profit 203,330 142,852 97,776 Selling expenses 72,545 54,010 35,851 Administrative expenses 45,979 34,441 22,543 Total expenses 118,524 88,451 58,394 Income before taxes 84,806 54,401 39,382 Income tax expense 15,774 11,152 7,995 Net income $ 69,032 $ 43,249 $ 31,387 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 53,905 $ 36,079 $ 48,229 Long-term investments 0 500 3,040 Plant assets, net 101,665 92,652 55,799 Total assets $ 155,570 $ 129,231 $ 107,068 Liabilities and Equity Current liabilities $ 22,713 $ 19,255 $ 18,737 Common stock 68,000 68,000 50,000 Other paid-in capital 8,500 8,500 5,556 Retained earnings 56,357 33,476…
Computing Financial Statement Measures The following pretax amounts are taken from the adjusted trial balance of Mastery Inc. on December 31, 2020, its annual year-end. Assume that the income tax rate for all items is 25%. The average number of common shares outstanding during the year was 20,000. Balance, retained earnings, December 31, 2019 $ 45,000 Sales revenue 300,000 Cost of goods sold 105,000 Selling expenses 36,000 Administrative expenses 34,000 Gain on sale of investments 10,000 Unrealized holding gain on debt investments, net of tax 4,250 Prior period adjustment, understatement of depreciation from prior period (2019) 20,000 Dividends declared and paid 16,000 Required Compute the following amounts for the year-end financial statements of 2020. Do not use negative signs with any of your answers. Round the per share amount to two decimal places. Item Amount a. Gross profit (2020). b. Operating income (2020). c. Net…
K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
CALCULATE THE EBITDA For the year ended December 31, Notes 2020 2019 Revenue ₱ 10,775,731.00 ₱ 11,334,976.00 Cost of Sales 7,175,540.00 7,552,700.00 Gross profit 3,600,191.00 3,782,276.00 General and Administrative expenses 3,278,202.00 3,417,740.00 Finance Cost Or Interest Expense 48,000.00 16,000.00 Net Income before Tax 273,989.00 348,536.00 Provision for Income Tax 82,197.00 104,561.00 NET INCOME AFTER TAX ₱ 191,792.00 ₱ 243,975.00 (See Notes to Financial Statement)
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What is Naboo Manufacturing's 2019 Current Ratio?
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BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets 2021 2022 Liabilities and Shareholders' Equity 2021 2022 Current assets $ 102 $ 200 Current liabilities $ 74 $ 96 Net fixed assets 920 1,020 Long-term debt 660 870 INCOME STATEMENT, 2022 (Figures in $ millions) Revenue $ 2,010 Cost of goods sold 1,090 Depreciation 410 Interest expense 252 g. Net fixed assets increased from $920 million to $1,020 million during 2022. What must have been South Sea’s gross investment in fixed assets during 2022?........... (M1)