The following comparative information is available for Blossom Company for 2025. Sales revenue Cost of goods sold Operating expenses (including depreciation) Depreciation Cash paid for inventory purchases Net income $ LIFO eTextbook and Media Net cash provided by operating activities $ LIFO $81,000 38,000 30,000 Quality of earnings ratio 9,100 Determine net income under each approach. Assume a 30 % tax rate. LIFO 38,000 FIFO $ $81,000 31,000 30,000 9,100 Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis. 38,000 FIFO LIFO Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, eg. 5.15.) FIFO FIFO

The following comparative information is available for Blossom Company for 2025. Sales revenue Cost of goods sold Operating expenses (including depreciation) Depreciation Cash paid for inventory purchases Net income $ LIFO eTextbook and Media Net cash provided by operating activities $ LIFO $81,000 38,000 30,000 Quality of earnings ratio 9,100 Determine net income under each approach. Assume a 30 % tax rate. LIFO 38,000 FIFO $ $81,000 31,000 30,000 9,100 Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis. 38,000 FIFO LIFO Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, eg. 5.15.) FIFO FIFO

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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Question

The following comparative information is available for Blossom Company for 2025.
Sales revenue
Cost of goods sold
Operating expenses (including depreciation)
Depreciation
Cash paid for inventory purchases
Net income $
LIFO
eTextbook and Media
Net cash provided by operating activities $
LIFO
$81,000
38,000
30,000
Quality of earnings ratio
9,100
LIFO
38,000
Determine net income under each approach. Assume a 30 % tax rate.
FIFO
$
$81,000
31,000
30,000
9,100
Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that
income taxes and operating expenses, other than depreciation, were on a cash basis.
38,000
FIFO
LIFO
Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, eg. 5.15.)
FIFO
FIFO

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