Sage Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $848,000 Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment $628,000 61,000 26,000 715,000 Income before income taxes 133,000 Income tax expense 40,000 Net income $93,000 Sage's balance sheet contained the following comparative data at December 31. 2020 $37,000 2019 $52,000 Accounts receivable Accounts payable 39,000 32,000 Income taxes payable 4,000 8,400 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method.
Q: Dex Lukes at December 31, 2020, the end of its first year of operations has the following details:…
A: Income from operations = Sales revenue - Cost of goods sold - Selling and administrative expenses
Q: (a) Income from operation, (b) net income, (c) net income attributed to controlling shareholders,
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: In its income statement for the year ended December 31, 2022, Bramble Corp. reported the following…
A: Comprehensive income: It is the statement of income which has a detail of all the revenues that the…
Q: Sheffield Company’s income statement for the year ended December 31, 2020, contained the following…
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…
Q: Harold Corporation Income Statement For the Year Ended 31 December 2020 Revenue Cost of goods sold…
A: In cash flow statement using indirect method, the cash flow starts with computation of cash flow…
Q: The following information was extracted from the 2020 financial statements of Max Company: Income…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: Statement of cash flows is a financial statement which shows all cash inflows and cash outflows of…
Q: Sarasota Corp.’s income statement contained the condensed information below. Sarasota Corp. Income…
A: Cash flow statement: This is the statement that shows the cash inflow and outflow. This statement is…
Q: Zumbrunn Company’s income statement contained the following condensed information. ZUMBRUNN…
A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…
Q: In its income statement for the year ended December 31, 2022, Novak Corp. reported the following…
A: Multi Step Income statement is a form of financial statement which shows all incomes and all…
Q: The table below contains data on Fincorp Inc. The balance sheet items correspond to values at…
A: earning per share is calculated by taking the net profit of company and then dividing it by number…
Q: The comparative statements of Wahlberg Company are presented here. Wahlberg Company Income…
A: Ratio analysis is the technique used to analyze the financial health of the company. Different…
Q: Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa…
A: The Income Statement for the year ended 31st December 2020 are given. Required Prepare Cash Flow…
Q: The following data are taken from the income statement and balance sheet of Freeman Machinery, Inc.…
A: Cash flow Statement: This statement showing the inflows and outflows of cash and cash equivalents…
Q: Prepare a multiple-step income statement for the Reed Company for 2021, showing 2020 information in…
A: Given:
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: Net Income of the business means difference of total revenues and total expenses of the business.…
Q: Selected information about income statement accounts for the Reed Company is presented below (the…
A: The main purpose of the income statement is to show how much profit or loss an organization…
Q: The following data pertains to JKL Company for the year ended December 31, 2020. Net Sales 90,000…
A: Ratio analysis is a method of measuring the financial position of the organization with different…
Q: Selected information about income statement accounts for the Reed Company is presented below (the…
A: A statement that shows the profitability and the performance of the company is known as the income…
Q: In its income statement for the year ended December 31, 2019, Cullumber Company reported the…
A: Multi Step Income statement of the busines shows all income and expenses of the business and at the…
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: The cash flow statement is one of the financial statements of the business which keeps the record…
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: Statement of cash flows is one of the financial statement which shows all cash inflows and cash…
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: Income from continuing operations means income generated after deducting all the operating expenses…
Q: The comparative statement of financial position for Cullumber Corporation shows the following…
A: Introduction: Statement of cash flows: All cash in and out flows are recorded in statement of cash…
Q: What is the income from continuing operations for 2020?
A:
Q: Zumbrunn Company's income statement contained the following condensed information. ZUMBRUNN CcOMPANY…
A: CFO stands for Cash flow from the operating activities which states the amount of money that the…
Q: Presented below is information related to Crane Company at December 31, 2020, the end of its first…
A: Multi-step Income Statement: A multi-step income statement is an income statement that segregates…
Q: In its income statement for the year ended December 31, 2022, Crane Company reported the following…
A: Multi step income statement: A multiple step income statement refers to the income statement that…
Q: Oriole Company's income statement contained the following condensed information. ORIOLE COMPANY…
A: CFO stands for Cash flow from the operating activities which states the amount of money that the…
Q: KM Manufacturing Company The income statement for the year ended December 31, 2020, for KM…
A: A cash flow statement (CFS) is used to distribute the flow of cash in three categories, operating,…
Q: For the Year Ended December 31, 2X20 Sales revenue P6,583,000 Cost of goods sold P2,810,000…
A: Cash flow analysis is important for the business since it allows the business to assess the amount…
Q: In its income statement for the year ended December 31, 2022, Wildhorse Co. reported the following…
A:
Q: The comparative statements of Waterway Company are presented here. Waterway Company Income…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: Adventure Place Inc. had the following accounting income for the year ended December 31, 2019:…
A: Taxable Income refers to the base upon which income tax system imposes tax. Taxable income…
Q: wing income statement and balance sheets for Laser World are provided: LASER WORLD Income…
A: We need to calculate the given ratios.
Q: Following are selected balance sheet accounts of Allman Bros. Corp. at December 31, 2020 and 2019,…
A: Determine the category (operating, investing, or financing) and the amount that should be reported…
Q: An entity reported the following information for the year ended December 31, 2020:
A: Solution: In simple terms, net income is the income that comes after deducting all expenses from the…
Q: Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest…
A: Introduction: The balance sheet, also known as the statement of financial position, is the third…
Q: Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the…
A: Gross Profit Ratio = Gross Profit/Net Sales Profit Margin = Net Profit/ Net Sales
Q: The following is information for Novak Corp. for the year ended December 31, 2020: Sales revenue…
A: Net Income - It the balance remain after deducting the amount earned by the company from the expense…
Q: Selected information about income statement accounts for the Reed Company is presented below (the…
A:
Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…
A: In simple terms, net income is the income that comes after deducting all expenses from the total…
Q: Wildhorse Company’s income statement for the year ended December 31, 2020, contained the following…
A: Solution: Computation of cash received from customers Particulars Amount Beginning accounts…
Q: Inits income statement for the year ended December 31, 2020, Pina Company reported the following…
A: Income statement forms a part of financial statement of an entity and is prepared with a view to…
Q: The following comprehensive assessment is based on a continuing case study of Insignia Corporation…
A: Formula to compute retuen on equity using Du Point Identity is as follows: Return on equity =Profit…
Q: The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company…
A: Statement of cash flows is one of the financial statement which shows all cash inflows and cash…
Q: Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa…
A: The Income Statement and account balances are given for the year ended 31st December 2X20.
Q: Malkiya Company gathered the following condensed data for the year ended December 31, 2020: Cost of…
A: NOTE: This set contains 2 questions and nothing has been mentioned regarding which question needs to…
Q: Presented below is information related to Blossom Company at December 31, 2020, the end of its first…
A: Income from operations or operating income or earnings before income and taxes refers to the total…
Q: Presented below is information related to Viel Company at December 31, 2020, the end of its first…
A: a.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.Oriole Company's income statement contained the following condensed information ORIOLE COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624.500 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 $74,400 40.300 Oriole's balance sheets contained the comparative data at December 31, shown below. 12.900 2021 54,600 $61000 27.000 6.400 24.100 $972,000 703,200 268,800 40,100 $228.700 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15.000 or in parenthesis e.g. (15.000))The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
- Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income P6,583,000 P2,810,000 2,086,000 880,000 24.000 5,800.000 783,000 353,000 P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 442,035 $ 338,635 266,105 214,695 123,940 46,732 29,800 76,532 47,408 9,719 Sales Cost of goods sold Gross profit! Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Plant assets, net Total assets 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 Liabilities and…The statement of income for Pembina Ltd. is shown below: Sales Cost of goods sold Gross profit PEMBINA LTD. Statement of Income Year Ended December 31 (in millions) Operating expenses Income from operations Interest expense Income before income tax Income tax expense Net income 2021 $1,610 908 702 525 177 80 97 25 $72 2020 $1,410 744 PEMBINA LTD. Horizontal Analysis of Statement of Income (% of base-year amount) Year Ended December 31 666 407 259 50 209 52 $157 2019 $1,194 598 596 397 199 40 159 40 $119 Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2019 is the base year. (Round answers to 1 decimal place, e.g. 5.2%. Enter negative amounts using either a negative sign preceding the number e.g. -45.1% or parentheses e.g. (45.1)%.)
- Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 33,964 43,558 21,356 112,283 80,341 14,943 $ 65,398 $ 41,856 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 $ 57,843 0 51,166 32,628 83,794 52,649 10,793 $ 23,890 66,000 $ 20,253 Common stock 66,000 Other paid-in capital 8,250 Retained earnings 41,423 Total liabilities and equity $…Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31. 2020 $ 487,179 $ 373,219 2021 293,282 236,621 193,897 69,179 43,846 113,025 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 84,347 80,872 52,251 15,042 10,711 $ 65,830 $ 41,540 KORBIN COMPANY Comparative Balance Sheets December 31 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings Total liabilities and equity 136,598 51,504 32,843 2021 2020 2019 $ 259,000 165,760 93,240 34,188 21,497 55,685 37,555 7,624 $ 29,931 $ 64,678 116,492 0 $ 43,289 900 106,308 $ 181,170 $ 150,497 $ 26,451 66,000 8,250 80,469 $ 22,424 66,000 8,250 53,823 $ 181,170 $ 150,497 2019 $ 57,867 4,860 61,960 $ 124,687 $ 21,820 48,000 5,333 49,534 $ 124,687Here are the comparative income statements of Cullumber Corporation. CULLUMBER CORPORATIONComparative Income StatementFor the Years Ended December 31 2022 2021 Net sales $639,400 $578,200 Cost of goods sold 464,800 433,400 Gross Profit 174,600 144,800 Operating expenses 70,500 43,000 Net income $ 104,100 $ 101,800 (a)Prepare a horizontal analysis of the income statement data for Cullumber Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CULLUMBER CORPORATIONComparative Income Statementchoose the accounting period For the Years Ended December 31For the Month Ended December 31December 31 Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net…
- Tamarisk Company’s income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $848,000 Operating expenses (excluding depreciation) $622,000 Depreciation expense 59,000 Loss on sale of equipment 25,000 706,000 Income before income taxes 142,000 Income tax expense 40,000 Net income $102,000 Tamarisk’s balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $38,000 $53,000 Accounts payable 41,000 31,000 Income taxes payable 3,800 8,500 (Accounts payable pertains to operating expenses.)Prepare the operating activities section of the statement of cash flows using the indirect methodSelected comparative financial Statements of Kordin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses KORBIN COMPANY Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330, 310 263,974 186,688 156,366 105,012 58,007 38,504 36,990 24,211 94,997 61,369 12,581 $ 48,788 Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 $74,141 December 31 2021 $ 62,574 0 114,438 $177,012 $ 25,844 65,000 8,125 78,043…Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises.TIGER ENTERPRISESIncome StatementFor the Year Ended December 31, 2018($ in thousands)Sales revenue $7,000Operating expenses:Cost of goods sold $3,360Depreciation 240Insurance 100Administrative and other 1,800Total operating expenses 5,500Income before income taxes 1,500Income tax expense 600Net income $ 900Balance Sheet Information ($ in thousands) Dec. 31, 2018 Dec. 31, 2017Assets:Cash $ 300 $ 200Accounts receivable 750 830Inventory 640 600Prepaid insurance 50 20Plant and equipment 2,100 1,800Less: Accumulated depreciation (840) (600)Total assets $3,000 $2,850Liabilities and Shareholders’ Equity:Accounts payable $ 300 $360Payables for administrative and other expenses 300 400Income taxes payable 200 150Note payable (due 12/31/2019) 800 600Common stock 900 800Retained earnings 500 540Total liabilities and shareholders’ equity $3,000 $2,850Required:Prepare Tiger’s statement of…