he curent sections of Saasota CorpS balance sheets at December 31, 2016 and 2017, are presented here. Sarasota Corp.'s net income for 2017 wras $154,071. Depreriation expense was $27, 89.20172016Curvent assesCash$105,735$ 99,693Accounts receivable80,56089,623Bventory169,176173,204Propaid expenses27,18922,154Total current assets$382,660$384,674Current labilitiesaeed sasuadbo pan$ 15,105$ 5,03585,59592,644Total current liabilities$100,700$ 97,679Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash low swith either aSarasota Corp.Partial Statement of Cash FlowsFor the Year Ended December 31, 2017Net Cash used by Operating ActivitiesNet Income154071Adjustments to reconcile net income toTet Cash Provided by Operating Activities YDepreciation Expense27189Decrease in Accounts Receivable(89623)DecreaseInventory173204Decrease in Prepaid Expenses(22154)15105horesse Acerued Expenses Payable(85595)Accounts Payable586074740145Cash Floves from Operating ActivitiesClick if you would like to Show Work for this question: 20<. The cureent sections of Satsola Corp balance sheets at December 31, 2016 and 2017, are presented bese. Sarasota Corp.s net income for 2017 was $154,071. Depeecialion expe20172016Cuvent acsebs$105,735$99,693Accounts eceivable80,56089,623ventory169,176173,204Propaid experses27,18922,154Total current assets$382,660$384,674Current BabiditiesAccrued expeses payable$ 15,105$ 5,035Accounts payable85,59592,644Total current liabilities$100,700$ 97,679Prepare the net cash provided (used) by operating activities section of the company's statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show ansounts that decreae cads eSarasota Corp.Partial Statement of Cash FlowsFor the Year Ended December 31, 2017Net Cash used by Operating Activities154071Net IncomeAdjustments to reconcile net income toet Cash Provided by Operating Activities v27189Depreciation ExpenseDecrease in Acrounts Receivable(89623)173204Decrease inInventory(22154)Decrease in Prepaid Expenses15105re ActdErpenses Payable V(85595)s Peyable546074Cosh tous frgim Operting Antvek it you weuld like to Shorw Work for this questiont A

Name: he curent sections of Saasota CorpS balance sheets at December 31, 20
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: he curent sections of Saasota CorpS balance sheets at December 31, 2016 and 2017, are presented here. Sarasota Corp.'s net income for 2017 wras $154,071. Depreriation expense was $27, 89.20172016Curvent assesCash$105,735$ 99,693Accounts receivable80

Cash flow from operating activities is a section in Cash Flow Statememt which shows all cash inflows…

Business

Accounting

the caprent sectioves of Saasola CorpS hallance sheels alt December 31, 2016 and 2017, are presevted here. Sarasota Corp.s net income for 2017 was $154,071. Depreriation espeme as 27, 2017 2016 Curvent anses Cne $10s,735 $99,693 Accoonts receivable 80,560 89,623 Iwentory 169,176 173,204 Prepaid expenses 27,189 22,154 Total current assets $382,660 $384,674 Carvent Babilities Accrued expenses payable $ 15,105 $ 5,035 Accounts payable 85,595 92,644 Total current labilities $100,700 $ 97,679 Prepare the net cash provided (used) by operating activities section of the company's statement of cash flovs for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash ith cther Sarasota Corp. Partial Statement of Cash Flows For the Year Ended December 31, 2017 Net Cash used by Operating Activities Net Income 154071 Adjustments to reconcile net income to t Cash Provided by Operating Activities V Depreciation Expense 27189 Decrease in Accounts Receivable (89623) 10 Dhecnesse 173204 Inventory Decrease in Prepaid Expenses (22154) 15105 ncressein Aconued penses PayableY (85595 Der c s Pble 386074 740145 Cash Pows froen Opereting Actives Click f you would ike to Shoow Work for this question:

the caprent sectioves of Saasola CorpS hallance sheels alt December 31, 2016 and 2017, are presevted here. Sarasota Corp.s net income for 2017 was $154,071. Depreriation espeme as 27, 2017 2016 Curvent anses Cne $10s,735 $99,693 Accoonts receivable 80,560 89,623 Iwentory 169,176 173,204 Prepaid expenses 27,189 22,154 Total current assets $382,660 $384,674 Carvent Babilities Accrued expenses payable $ 15,105 $ 5,035 Accounts payable 85,595 92,644 Total current labilities $100,700 $ 97,679 Prepare the net cash provided (used) by operating activities section of the company's statement of cash flovs for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash ith cther Sarasota Corp. Partial Statement of Cash Flows For the Year Ended December 31, 2017 Net Cash used by Operating Activities Net Income 154071 Adjustments to reconcile net income to t Cash Provided by Operating Activities V Depreciation Expense 27189 Decrease in Accounts Receivable (89623) 10 Dhecnesse 173204 Inventory Decrease in Prepaid Expenses (22154) 15105 ncressein Aconued penses PayableY (85595 Der c s Pble 386074 740145 Cash Pows froen Opereting Actives Click f you would ike to Shoow Work for this question:

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

JUBILEE’s trial balance from the general ledger at 31 December 2012 showed the following balances:GH¢’mGH¢’mRevenue 2,648Loan note interest paid3Purchases1,669Distribution costs514Administrative expenses345Interim dividend paid6Inventories at 1 January 2012444Trade receivables545Trade payables434Cash and cash equivalents2850Gp ordinary shares100Capital surplus814Retained earnings at 1 January 20123494% loan note repayable 2018 (issued 2010)150Land and buildings: Cost (including GH¢60m land) 380 Accumulated depreciation at 1/1/201264Plant and equipment: Cost 258 Accumulated depreciation at 1/1/2012126Investment property at 1 January 2012548Rental income48Proceeds from sale of equipment7,4,7404,740Further information to be taken into account:i. Closing inventories were counted and amounted to GH¢388m at cost. However, shortly after the year end out-of-date inventories with a cost of GH15m were sold for GH¢8m.ii. The company decided to change its accounting policy with respect to its 10…
swer questions Income Statement Items 2019 2016 (000'Rands) (000'Rands) Sales Depreciation and ammortisation Interest expense Operating expense Gross Profit Margin 000 480 40% %0% Tax rate 30% 30% 2019 2016 Balance Sheet (000'Rands) (000'Rands) Accounts Payable 1,500 Accounts Receivable Accumulated /Retained Profits to 00 to 00 Cash to 00 0o 00 to 00 to 00 0o 00 Inventory Long term loans Ordinary Shares Property, Plant and Equipment Short term loans to 00 0o 00 00 00
Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.
From the Trial Balance, Prepare the statement of comprehensive income for the year ended 31 December 2020.
Please assist Should Plant World agree to deduct R500 from the invoice amount, how will this (2)
Operating and Nonoperating Items in Boston Scientific's Income Statement EXHIBIT 3.6 For Year Ended December 31, S mllllons 2018 2017 2016 Net sale . Cost of products sold $9,823 $9,048 2,593 $8,386 2,424 2,813 Gross profit. Operating expenses Selllng, general and admlnIstratlve expenses. Research and development expenses Royalty expense Amortlzatlon expense Intanglble asset Impalrment charges ContIngent conslderatlon expense (beneflt) . RestructurIng charges. LItigatlon-related charges 7,010 6,455 5,962 3,569 1,113 3,294 3,099 997 920 70 68 79 599 565 545 35 4 11 (21) (80) 29 36 37 28 103 285 804 Operating expenses - 5,504 5,170 5,515 Operating income . Other expense (income) Interest expense 1,506 1,285 447 241 229 233 Other expense (income), net. (156) 124 37 Income before income taxes 1,422 932 177 Income tax expense (benefit) . (249) 828 (170) Net income. $1,671 $ 104 $ 347 Calculate the operating expense margin ratio for 2016
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…
Purple Co showed the following balances as of Dec 31, 2021 · Account receivable P2,000,000 · All for doubtful accounts (60,000) The ff transactions transpired during the year a. On May 1, received a P300,000 six months 12 int note from MN in settlement of the account b. On June 30 factored P400,000 of its accounts receivable in a finance com. The finance co charged a factoring fee of 5 pct of the accounts and withheld 20 pct of the amount factored c. On Aug 1 Purple discounted the MN note at the bank at 15 pct d. On Nov 1 MN defaulted on the P300,000 note and Purple paid the bank the total amount plus a P12,000 protest fee and charges e. On Dec 31, Purple assigned P600k of its account sreceivable to a bank under a non notification basis. The bank advanced 80 pct less service fee of 5 pct of the accounts assigned. Purple signed a promissory note for the loan f. On dec 31 Purple collected fromMN in full incuding interest on otal amount de at 12 pct since default date g. On Dec 31…
Account Accounts payable Accounts receivable Accumulated depreciation 12/31/2021 Balances 12/31/2022 Balances 27,000 19,000 51,000 46,000 95,000 125,000 Notes Paya ble 22,000 22,000 Cash Common stock Depreciation expense Equipment Income tax expense 48,000 31.000 150,000 150,000 30,000 205,000 285,000 21% of pre-tax income Inventory Rent Expense 11,000 40,000 22,000 Cost of goods sold Prepaid rent Retained earnings 233.000 10,000 16,000 22,000 ?? Revenues 385,000 Dividends of 11,000 were declared during the year Income tax expense is 21% of income before taxes а. Create an income statement for the year ended 12/31/2022 Create i (Ctrl) - sheet as of 12/31/2022 (you will need to determine ending retained earnings) b.
Debt to Equity Total Debt Ratio Times Interest Earned
Use the following information for A-C On February 1, 2021, Blue Hour Company factored receivables with a a carrying amount of Php2,000,000 to Sweet Night Corporation. Blue Hour assess a finance charge of 3% of the receivables and retains 5% of the receivables. A. Determine the amount of loss on sale to be reported in the income statement of Blue Hour relative to this transaction for February. a. None b. Php60,000 c. Php100,000 d. Php160,000 B. Assume that Blue Hour factors the receivables on a recourse basis,. The recourse obligation has a fair value of Php30,000. The loss to be reported should be a. Php60,000 b. Php90,000 c. Php120,000 d. Php150,000 C. Assume that Blue Hour Company retained significant amount of risks and rewards of ownership on the factored financial asset, what amount of loss from factoring should the company recognize? a. None b. Php60,000 c. Php100,000 d. Php160,000
Calculate Earning before interest Tax