$Adjustments to reconcile net income to2476°F A d) OType here to search Headland Corporation had the following 2020 income statement.Sales revenue$200,000Cost of goods sold119,000Gross profit81,000Operating expenses (includes depreciation of $23,000)47,000Net income$34,000The following accounts increased during 2020: Accounts Receivable $12,000, Inventory $10,000, Accounts Payable $12,000. Preparethe cash flows from operating activities section of Headland's 2020 statement of cash flows using the indirect method. (Show amountsthat decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)Headland CorporationStatement of Cash Flows-Indirect Method (Partial)10376°FA d0) O4/22P Type here to search

The cash flow statement shows the inflow and outflow of cash due to the operating, investing, and…

Answered: Sales revenue $200,000 Cost of goods…

Sales revenue $200,000 Cost of goods sold 119,000 Gross profit 81,000 Operating expenses (includes depreciation of $23,000) 47,000 Net income $34,000

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

Presented below is information related to Anderson Company for 2022. Sales revenue 25,000,000Cost of goods sold 16,000,000Interest expense 70,000Selling and administrative expenses 4,700,000Loss from write-off of goodwill. 820,000Gain on the sale of investments 110,000Loss due to flood damage 390,000Loss on the disposition of the wholesale division 8 00,000Loss on operations of the wholesale division 150,000Dividends declared on ordinary shares 250,000Dividends declared on…
A B C D E Sales revenue $40,400 $75,400 $573,700 $34,800 $54,100 Cost of goods sold 19,200 50,500 273,600 19,400 30,500 Operating expenses 9,800 39,800 230,700 11,800 17,900 Total expenses 29,000 90,300 504,300 31,200 48,400 Operating profit (loss) $11,400 $(14,900) $69,400 $3,600 $5,700 Identifiable assets $34,500 $80,000 $501,100 $64,700 $50,400 Sales of segments B and C included intersegment sales of $20,000 and $101,000, respectively. (a) Determine which of the segments are reportable based on the: 1. Revenue test. 2 Operating profit (loss) test. 3. Identifiable assets test. Reportable Segment
ABC Manufacturing Inc. Income Statement Year Ended December 31, 20X4 Sale $ 200,000 Cost of goods sold $ 120,000 Gross Profit $ 80,000 Operating Expenses $ 40,000 Loss on Sale of equipment $ 2,000 $ 42,000 Profit from Operations $ 38,000 Other expenses Interest Expense $ 2,000 Profit before Income Tax $ 36,000 Income Tax Expense $ 8,000 ABC Manufacturing Inc. comparative balance sheet at December 31 20X4 20X3 Cash $ 4,500 $ 4,300 Accounts Receivable $ 72,000 $ 6,500 Inventory $ 110,000 $ 140,000 Prepaid Expenses $ 1,550 $ 1,020 Equipment $ 98,000 $ 100,000 Accumulated Depreciation - equipment $ (50,000 ) $ (42,000 Total Assets $ 236,050 $ 209,820 Account Payable $ 15,330 $ 9,900 Interest Payable $ 510 $ 10 Income taxes payable $ 10,800 $ 9,500 Dividends Payable $ 1,800 $ 3,800 Long-term…
Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…
Gross Profit from Operations Tax Exempt Interest Capital gains Capital Loss carryforward Compensation expense Depreciation: Tax=$8,000/ E&P=$6,500 Other expenses Total Expense Book/ Taxable Income (1) Federal Income Tax (21%) Book Income $100,000 10,000 5,000 0 Total Income $115,000 $-12,000 30,000 6,000 10,000 46,000 (2) 69,000 M-1s 0 -10,000 0 -2000 0 2,000 0 2,000 -14,000 (3) Tax Income $100,000 0 5000 -2000 $103,000 30,000 8,000 10,000 48,000 55,000 0 After making your adjustments, what is ABC Corporation's current year E&P? (4) E&P Adjustment 0 0 n/a 0 0 n/a n/a
Selling & administrative expenses 20,200 Loss on sale of plant assets 11,700 Gross profit 90,500 Interest expense 8,000 Income tax 10,000 Rent revenue 10,200 If this information was used to prepare an income statement, Income from Operations should be: Select one: a. 68,800 b. 70,300 c. 78,800 d. 110,700 e. 58,600
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 You are required to:i) Calculate the operating cash flow ii) Calculate the cash flow to creditors iii) Calculate the cash flow to shareholders
Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost of merchandise sold of $100,000 and Operating expenses of $300,000. Acct 201's Gross profit is:
A list of financial statement items for Sunland Corporation includes the following accounts receivable 513,400; cash $16,400. inventory $8,400; supplies $2,500: prepaid insurance $3,100; accumulated depreciation-buildings $31.300; accumulated depreciation-equipment $24.400; buildings $111,500; equipment $69,300; and tand $65.400 Prepare the assets section of the statement of financial position. (List Current Assets in order of liquidity, List Property, Plant, and Equipment in order of Land, Bulldings and Equipment.) SUNLANDCORPORATION Statement of Financial Position (Partial) Assets
Breanna Inc. Accounts receivable$10,700Accumulated depreciation 50,800Cost of goods sold 123,000Income tax expense 8,000Cash 62,000Net sales 201,000Equipment 128,000Selling, general, and administrative expenses 32,000Common stock (8,700 shares) 90,000Accounts payable 14,300Retained earnings, 1/1/19 30,000Interest expense 5,600Merchandise inventory 38,600Long-term debt 38,000Dividends declared and paid during 2019 16,200 Item1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 Item 1 Time Remaining 2 hours 32 minutes 36 seconds 02:32:36 The information on the following page was obtained from the records of Breanna Inc.: Accounts receivable $ 10,700 Accumulated depreciation 50,800 Cost of goods sold 123,000 Income tax expense 8,000 Cash 62,000 Net sales 201,000 Equipment 128,000 Selling, general, and administrative expenses 32,000 Common stock (8,700 shares) 90,000 Accounts payable 14,300 Retained earnings, 1/1/19…
Seaforce Manufacturing Inc. Income Statement Year Ended December 31, 20X5 Sale $ 340,000 Cost of goods sold $ 250,100 Gross Profit $ 89,900 Operating Expenses $ 55,000 Loss on Sale of equipment $ 2,500 $ 57,500 Profit from Operations $ 32,400 Other expenses Interest Expense $ 3,500 Profit before Income Tax $ 28,900 Income Tax Expense $ 12,000 Profit $ 16,900 Additional Information: Operating expenses include depreciation expense of $10,000 Accounts Payable related to the purchase of inventory Equipment that cost $12,500 was sold at a loss of $2,500 New equipment was purchased during the year for $8,500 Dividends declared and paid in 20X5 totaled $3,000 Common shares were sold for $12,000 cash Interest payable in 20X5 was $800 greater than interest payable in 20X4 The company uses IFRS and do not treat dividends as part of operations Seaforce Manufacturing Inc. comparative balance sheet at December 31 20X5…
Given the following information, compute operating income - Cost of Goods Sold $2,000 Extraordinary Item -170 Income Taxes 350 Interest Expense 200 Operating Expenses 1,500 Sales 5,500