Shelley Company has the following: Revenue $49,000 Losses $13,000 Expenses $14,000 Gains $4,000 What is net income?
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Shelley Company has the following:
Revenue $49,000
Losses $13,000
Expenses $14,000
Gains $4,000
What is net income?
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- In its income statement for the year ended December 31, 2022, Blossom Company reported the following condensed data. Operating expenses $731,000 Interest revenue $ 44,000 Cost of goods sold 1,267,000 Loss on disposal of plant assets 27,000 Interest expense 82,000 Net sales 2,210,000 Income tax expense 56,000 Other comprehensive income (net of $1,200 tax) 9,400 Prepare a multiple-step income statement. Blossom Company Income Statement For the Month Ended December 31, 2022 Net Sales Cost of Goods Sold Gross Profit Operating Expenses %24 eTextbook and Media %24 %24A company has the following income statement. What is its net operating profit after taxes (NOPAT)? Round it to a whole dollar. Sales $ 1,200 Costs 600 Depreciation 170 EBIT $ ? Interest expense 50 EBT $ ? Taxes (20%) ? Net income $ ?Presented below is the income statement of Coming Company: Sales Cost of goods sold Gross profit Operating expenses Income before income taxes $305,000 180,000 $125,000 68,000 57,000 21,400 $35,600 Income taxes Net income In addition, the following information related to net changes in working capital is presented: Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income tax payable Debit $9,600 10,000 $15,620 6,400 9,500 2,400 Credit The company also indicates that depreciation expense for the year was $12,360 and that the deferred tax liability account increased $3,080. Required: (a) Compute the net cash flow from operating activities that would be shown on a statement of cash flows using the indirect method. (b) Compute the net cash flow from operating activities that would be shown on a statement of cash flows using the direct method. P47 PPT (c) State the major difference between the two methods in handling statement of cash flows.
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