Sales = 317,050 Cost of goods sold= 144,760 Selling and administrative expenses =49,700 Gain on sale of plant assets =28,090 Unrealized gain on available for sale debt investments =9,890 Interest expense= 6,250 Loss on discontinued operations= 12,880 Dividends paid= 4,760 (a) Income from operations (b) Net income (c) Comprehensive income

Sales = 317,050 Cost of goods sold= 144,760 Selling and administrative expenses =49,700 Gain on sale of plant assets =28,090 Unrealized gain on available for sale debt investments =9,890 Interest expense= 6,250 Loss on discontinued operations= 12,880 Dividends paid= 4,760 (a) Income from operations (b) Net income (c) Comprehensive income

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Description: Sales = 317,050Cost of goods sold= 144,760Selling and administrative expenses =49,700Gain on sale of plant assets =28,090Unrealized gain on available for sale debt investments =9,890Interest expense= 6,250Loss on discontinued operations= 12,880Divid

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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Global Corp. expects sales to grow by 8% next year. Using the percent of sales method and the data provided in the given tables 9. forecast: a. Costs except depreciation b. Depreciation c. Net income d. Cash e. Accounts receivable f. Inventory g. Property, plant, and equipment h. Accounts payable (Note: Interest expense will not change with a change in sales. Tax rate is 25%.) The Tax Cuts and Jobs Act of 2017 temporarily allows 100% bonus depreciation (effectively expensing capital expenditures). However, we will still include depreciation forecasting in this chapter and in these problems in anticipation of the return of standard depreciation practices during your career. a. Costs except depreciation The forecasted costs except depreciation will be S million. (Round to one decimal place and enter all numbers as a positive.) b. Depreciation The forecasted depreciation will be S million. (Round to one decimal place and enter all numbers as a positive.) c. Net income The forecasted net…
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Corporation.Gross income $25,240,000Total sales 24,324,000Total credit sales 18,785,000Net income 2,975,000Cost of goods sold 12,600,000Total assets 10,550,000Average inventory 2,875,000Average receivables 3,445,000a. Compute the receivable turnover ratio.b. Compute the inventory turnover ratio.c. Compute the asset turnover ratio.
Sales revenue €450,000Cost of good sold 210,000Selling and administrative expenses 75,000Gain on sale of plant assets 45,000Unrealized gain on -of sale financial assets 15,000Financial costs 10,000Loss on discontinued operations 20,000Allocation to non-controlling interest 60,000Dividends declared and paid 8,000Diminta untuk menghitung :(a )Income From Operations (Laba Operasi),(b) Net Income (laba Bersih Sesudah Pajak,)(c) Net Income Attributable to Watt Company Shareholders (Laba Bersih yang DiberikanKepada Pemegang Saham) ,(d) Comprehensive Income (Laba Komprehensive), and(e) Retained Earnings balance at December 31, 2019. (Saldo Laba Ditahan per 31 Desember2019)
The following are financial data taken from the annual report of Foundotos Company: Year 2 $134,448 51,981 37,154 57,504 Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Foundotos? Year 1 $130,060 47,744 34,180 36,276
The Income Statement and additional data of Crawford Properties, Inc., follows:CRAWFORD PROPERTIES Inc.Income StatementFor Year Ended June 30, 20X6Revenues:Sales revenue $237,000Expenses:Cost of goods sold $103,000Salary expense 58,000Depreciation expense 29,000Income taxes expense 9,000 199,000Net Income $38,000Additional data:a) Acquisition of plant assets is $116,000. Of this amount $101,000 is paid in cash and$15,000 by signing a note payable.b) Proceeds from sale of land total $24,000c) Proceeds from issuance of common stock total $30,000d) Payment of long-term note payable is $15,000e) Payment of dividends is $11,000f) From the balance sheet30/6/X 6 30/6/X 5Current Assets:Cash & cash equivalents $27,000 $20,000Accounts receivable 43,000 58,000Inventories 92,000 85,000Current Liabilities:Accounts payable $35,000 $22,000Accrued liabilities 13,000 21,000Required:Prepare Crawford Properties, Inc.’s statement of cash flows for the year endedJune 30, 20X6, using the indirect…
Prepare Operating income part Selling, general, and administrative expenses Accounts payable Research and development expenses Loss from discontinued operations, net of tax savings of $6,000 Provision for income taxes Net sales Interest expense Net cash provided by operations Cost of goods sold $ 61,200 102,000 44,400 19,200 88,800 694,800 76,800 177,600 326,400
Given, Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000 i) Calculate the operating cash flow ii) Calculate the cash flow to creditors
Dundee Company reported the following for the current year: Net sales Cost of goods sold Beginning balance of total assets Ending balance of total assets $ 87,200 69,000 124,000 94,000 Compute total asset turnover. Numerator: Average total assets Cost of goods sold Net sales Total Asset Turnover Denominator: = Total Asset Turnover = Total asset turnover = times
Income Statement Format The following information from Buchanan Company’s current operations is available: Administrative expenses $73,000 Cost of goods sold 470,000 Sales revenue 772,000 Selling expenses 87,000 Interest expense 10,000 Loss from operations of discontinued segment 60,000 Gain on disposal of discontinued segment 40,000 Income taxes: Amount applicable to ordinary operations 40,000 Reduction applicable to loss from operations of discontinued segment 14,000 Amount applicable to gain on disposal of discontinued segment 8,000 Requireda. Prepare a multiple-step income statement. (Disregard earnings per share.)b. Prepare a single-step income statement. (Disregard earnings per share.)Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. BUCHANAN COMPANYMultiple-Step Income StatementFor Year Ended Sales Revenue Selling Expenses Administrative Expenses Operating Income…
Income Statement Format The following information from Buchanan Company’s current operations is available: Administrative expenses $73,000 Cost of goods sold 470,000 Sales revenue 772,000 Selling expenses 87,000 Interest expense 10,000 Loss from operations of discontinued segment 60,000 Gain on disposal of discontinued segment 40,000 Income taxes: Amount applicable to ordinary operations 40,000 Reduction applicable to loss from operations of discontinued segment 14,000 Amount applicable to gain on disposal of discontinued segment 8,000 Requireda. Prepare a multiple-step income statement. (Disregard earnings per share.)b. Prepare a single-step income statement. (Disregard earnings per share.)Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. BUCHANAN COMPANYMultiple-Step Income StatementFor Year Ended Sales Revenue Answer Answer Answer Answer Answer Selling Expenses Answer…
An entity reported the following data for the current year. What amount should be reported as income from continuing operations? Net Sales $ 9.500,000 Cost of Goods Sold 4.000.000 Selling Expenses 1,000,000 Administrative Expenses 1,200.000 Interest Expense 700.000 Gain from expropriation of Land 500.000 Income Tax 800.000 Income from Discontinued Operations 600,000 Unrealized Gain on Equity Investment at FVOCI 900,000 Unrealized Loss on future contracts designated as Cash Flow Hedge 400.000 Increase in projected benefit obligation due to actuarial assumptions 300,000 Foreign Translation Adjustment – Debit 100,000 Revaluation Surplus 2.500.000