Sales revenueINCOME STATEMENTFor the Year Ended December 31, 2022Cost of salesGross profitSelling expensesAdministrative expensesIncome from operationsInterest expenseIncome before taxesIncome taxesNet incomeThe following additional data were provided:1.$598000193000$8400000Under the direct method, the cash received from customers is715200012480007910004570007400038300095750Dividends for the year 2022 were $191000.2. During the year, equipment was sold for $240000. This equipment cost $350000 originally and had a book value of$291000 at the time of sale. The loss on sale was incorrectly charged to cost of sales.3. All depreciation expense is in the selling expense category.$287250 Vaughn Manufacturing has recently decided to go public and has hired you as an independent CPA. One statement that the enterpriseis anxious to have prepared is a statement of cash flows. Financial statements of Vaughn Manufacturing for 2022 and 2021 areprovided below.CashAccounts receivableInventoryProperty, plant and equipmentLess accumulated depreciationAccounts payableIncome taxes payableBonds payableCommon stockRetained earningsBALANCE SHEETS$609000(318000)12/31/22$407000361000383000291000$1442000$ 175000353000360000221750332250$1442000$962000(306000)12/31/21$191000218000478000656000$1543000$98000394000600000215000236000$1543000

Cash received from customers means the total amount of money received from the customers for the…

Sales revenue INCOME STATEMENT For the Year Ended December 31, 2022 Cost of sales Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income befor Income taxes Net income The following additional data were provided: 1. $598000 193000 $8400000 Under the direct method, the cash received from customers is 7152000 1248000 791000 457000 74000 383000 95750 Dividends for the year 2022 were $191000. 2. During the year, equipment was sold for $240000. This equipment cost $350000 originally and had a book value of $291000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. $287250

Sales revenue INCOME STATEMENT For the Year Ended December 31, 2022 Cost of sales Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income befor Income taxes Net income The following additional data were provided: 1. $598000 193000 $8400000 Under the direct method, the cash received from customers is 7152000 1248000 791000 457000 74000 383000 95750 Dividends for the year 2022 were $191000. 2. During the year, equipment was sold for $240000. This equipment cost $350000 originally and had a book value of $291000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. $287250

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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The comparative statements of Wildhorse Co. are presented here: WILDHORSE CO.Income StatementsFor the Years Ended December 31 2022 2021 Net sales $1,892,340 $1,752,300 Cost of goods sold 1,060,340 1,007,800 Gross profit 832,000 744,500 Selling and administrative expenses 501,800 480,800 Income from operations 330,200 263,700 Other expenses and losses Interest expense 23,700 21,700 Income before income taxes 306,500 242,000 Income tax expense 93,700 74,700 Net income $212,800 $167,300 WILDHORSE CO.Balance SheetsDecember 31 Assets 2022 2021 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable (net) 119,600 104,600 Inventory 127,700 117,200 Total current assets 381,400 336,000 Plant assets (net) 663,000 534,300…
Skysong Inc., a greeting card company, had the following statements prepared as of December 31, 2020. SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $6.900 Accounts receivable 61.900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4.000 Equipment 155,500 131,200 Accumulated depreciation-equipment (34,800 ) (25,300 ) Copyrights 45,700 50.200 Total assets $314,000 $295,500 Accounts payable $46,200 $39,700 Income taxes payable 4,000 6,100 Salaries and wages payable 7,900 4,000 Short-term loans payable 7,900 10,000 Long-term loans payable 59.800 68,600 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 58,200 37,100 Total liabilities & stockholders' equity $314,000 $295,500
Provided below are the financial statements for J Ltd.: Income statement Balance Sheet Net sales $984 2021 2020 Assets Cost of goods sold $752 Current assets $452 $354 Depreciation $27 Long-term assets $389 $374 EBIT $205 Total assets $841 $728 Interest expense $25 Liabilities and shareholders' equity Current liabilities $247 $164 Income before taxes $180 Long-term debt $157 $145 Taxes $27 Shareholders' equity $437 $419 Net income $153 Total liabilities and shareholders' equity $841 $728 Calculate economic value added (EVA), assuming cost of capital is 7.5%. (Round all the intermediate calculations and the final answer to 2 decimal places) $131.95 $135.70 $98.40 $129.70
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Below are the Income Statement and Balance Sheet for Palmer Corporation for the years ended 2020 and 2021. Calculate the liquidity ratios in the table to the right for the year ended 2021. Palmer Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $5,750,900 $4,894,800 Cost of goods sold 3,646,700 3,195,600 Gross profit 2,104,200 1,699,200 Selling expenses 775,500 688,700 Administrative expenses 863,900 815,200 Total operating expenses 1,639,400 1,503,900 Income from operations 464,800 195,300 Other income 102,500 84,600 Income before income tax 567,300 279,900 Income tax expense 200,600 101,200 Net income $366,700 $178,700 Palmer Corporation…
Excerpts from Sydner Corporation's most recent balance sheet appear below: Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Total current liabilities Year 2 Year 1 $ 140 $ 160 210 230 240 200 10 10 $ 600 $ 600 $360 $ 330 Sales on account in Year 2 amounted to $1,390 and the cost of goods sold was $900. The accounts receivable turnover for Year 2 is closest to:
The following are financial statements of Carla Vista Co.. Carla Vista Co.Income StatementFor the Year Ended December 31, 2022 Net sales $2,247,500 Cost of goods sold 1,018,500 Selling and administrative expenses 901,000 Interest expense 82,000 Income tax expense 75,000 Net income $ 171,000 Carla Vista Co.Balance SheetDecember 31, 2022 Assets Current assets Cash $ 56,300 Debt investments 81,000 Accounts receivable (net) 169,500 Inventory 118,900 Total current assets 425,700 Plant assets (net) 574,000 Total assets $ 999,700 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 161,000 Income taxes payable 37,000 Total current liabilities 198,000 Bonds payable 201,880 Total liabilities 399,880 Stockholders’ equity Common stock 355,000 Retained earnings 244,820…