Sales revenue Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets Net income Additional information: 1. 2. 3. 4. GRANGER INC. Income Statement For the Year Ended December 31, 2022 5. 6. $135,460 12,410 46,500 27,280 4,730 7,500 $388,460 233,880 $154,580 New plant assets costing $100,000 were purchased for cash during the year. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,50 Bonds payable matured and were paid off at face value for cash. A cash dividend of $26,030 was declared and paid during the year. Common stock was issued at par for cash. There were no significant noncash transactions. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-s

Sales revenue Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets Net income Additional information: 1. 2. 3. 4. GRANGER INC. Income Statement For the Year Ended December 31, 2022 5. 6. $135,460 12,410 46,500 27,280 4,730 7,500 $388,460 233,880 $154,580 New plant assets costing $100,000 were purchased for cash during the year. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,50 Bonds payable matured and were paid off at face value for cash. A cash dividend of $26,030 was declared and paid during the year. Common stock was issued at par for cash. There were no significant noncash transactions. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-s

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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ll. Subject :- Accounting
Below are the Income Statement of ABC Company for two consecutive years. ABC Company Net Sales Cost of Goods Soldxs3 Year 1 P 5,000,000 880,000 Year 2 P 6,500,000 950,000
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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…
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2022 Income Statement: Sales revenue Cost of goods sold Fixed Costs 600,000 240,000 50,000 Selling, General, and Admin Expenses 30,000 Depreciation 50,000 2021 Balance Sheet: Assets Cash Accounts Receivable Inventories Fixed Assets Accumulated Depreciation Intangible Assets 2022 Balance Sheet: Assets Cash Accounts Receivable Inventories Fixed Assets Accumulated Depreciation, Intangible Assets 60,000 40,000 20,000 300,000 100,000 50,000 80,000 50,000 40,000 400,000 150,000 80,000 Liabilities Notes Payable Accounts Payable Long-Term Debt Owner's Equity Retained Earnings Common Stock Liabilities Notes Payable Accounts Payable Long-Term Debt Owner's Equity Retained Earnings Common Stock 30,000 40,000 150,000 60,000 120,000 50,000 40,000 180,000 ????? 150,000 What is net income for 2022? Total interest paid in 2022 is $70,000 and the tax rate is 25%.
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Question 1 ABC Ltd has the following land and buildings in its financial statements as of 30 June 2022: Residential land, at cost 2,305,483 Factory land, at valuation 2020 2,074,935 Buildings, at valuation 2020 1,844,386 Accumulated depreciation -230,548 On 30 June 2022, the balance of the revaluation surplus is $922 193, of which $691 645 relates to the factory land and $230 548 to the buildings. On this same date, independent valuations of the land and buildings are obtained. In relation to the above assets, the assessed fair values on 30 June 2022 are: Residential land, previously recorded at cost 2,536,031 Factory land, previously revalued in 2020 1,613,838 Buildings, previously revalued in 2020 2,074,935 Required: Provide the journal entries to account for the revaluation on 30 June 2022. ABC Ltd classifies residential…
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fill out the missing blank Billy’s BBQ reported sales of $750,000 and net income of $29,500. Billy’s also reported ending total assets of $497,000 and beginning total assets of $390,000. Required: Calculate the return on assets, the profit margin, and the asset turnover ratio for Billy's BBQ.