The following comparative information is available for LIFO FIFO Sales revenue $87,000 $87,000 Cost of goods sold 41,000 34,100 Operating expenses (including depreciation) 28,000 28,000 Depreciation 9,000 9,000 Cash paid for inventory purchases 32,990 32,990 e net cash provided by operating activities under each approach. Assume that all sales were on a cas ther than depreciation were on a cash basis

The following comparative information is available for LIFO FIFO Sales revenue $87,000 $87,000 Cost of goods sold 41,000 34,100 Operating expenses (including depreciation) 28,000 28,000 Depreciation 9,000 9,000 Cash paid for inventory purchases 32,990 32,990 e net cash provided by operating activities under each approach. Assume that all sales were on a cas ther than depreciation were on a cash basis

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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it is about constructing cash flow statement using indirect method, how is it get the 45? And please explain the calculation.
Freeman Company's accounting records include the following information: Payments to suppliers Collections on accounts receivable Cash sales Income taxes paid Equipment purchased What is the amount of net cash provided by operating activities indicated by these transactions? Multiple Choice O O $164,500 $43,500 $53,500 $ 48,000 99,000 22,000 $68,500 4,500 15,000
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The following information of La Vie Limited and its competitor Mikie Limited is given below: Income Statements for the year ended 31 December 2023 La Vie Limited Mikie Limited $000 80,000 (40,000) Sales Cost of goods sold Gross profit Less: Operating expenses Net Profit $000 100,000 (55,000) 45,000 (18,000) 27,000 Closing Inventory Trade receivables Cash Extract of the assets of both the companies are provided as at 31 December 2023 40,000 (12,000) 28,000 La Vie Limited Mikie Limited $000 $000 19,000 6,000 8,920 3,280 i. Gross Profit Margin. ii. Net Profit Margin. iii. Inventory Turnover Period. iv. Trade Receivables Collection Period. Required: a. Calculate the following ratios for both the companies: 4,300 1,015 b. From the results of the ratios calculated in part (a) comment on the overall efficiency of the La Vie Limited and its competitor Mikie Limited.
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Use the following information to answer this question: Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Windswept, Incorporated 2021 Income Statement ($ in millions) Total Net fixed assets Total assets 2020 $ 290 What is the fixed asset turnover for 2021? 1, 170 2, 090 $ 3,550 3, 590 $ 7,140 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2021 $ 13, 850 8, 100 510 $ 5, 240 106 $5, 134 1,078 $4, 056 $ 320 1, 070 1, 780 $ 3, 170 4, 160 $ 7,330 Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2020 $ 1,940 1, 100 3, 420 680 $ 7,140 2021 $ 1,910 1, 420 3, 070 930 $ 7,330
Se.104.
Oo.25. Subject :- Account
Provide the Correct answer of what is the Correct
Use the following information to answer this question: Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Windswept, Incorporated 2021 Income Statement ($ in millions) Total Net fixed assets Total assets 2020 $ 270 1, 090 1, 760 $ 3, 120 3, 460 $ 6, 580 2021 $ 290 $ 9,950 7,900 365 990 1, 650 $ 1,685 98 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) $ 1,587 333 $ 1,254 Accounts payable Long-term debt Common stock Retained earnings $ 2,930 4, 040 $ 6,970 Total liabilities & equity 2020 $ 1,540 1, 060 3, 340 640 $ 6, 580 2021 $ 1,812 1, 248 3, 020 890 $ 6,970 Windswept, Incorporated, has 540 million shares of stock outstanding. Its price-earnings ratio for 2021 is 15. What is the market price per share of stock?
TB MC Qu. 11-161 (Algo) A company purchases its inventory from... A company purchases its inventory from suppliers on account. During the year, its inventory account increased by $18 million and its accounts payable to suppliers decreased by $2 million. If cost of goods sold was $460 million, its cash outflows to inventory suppliers totaled: Multiple Choice $480 million. $440 million. $476 million. $444 million.
What effect would each method have on the Balance Sheet? What is the difference in the current ratio, if current libilities was $120,000 and current assets above inventory was $200,000 (no other assets are below inventory), when using the FIFO method vs. the average cost method?