The following data relate to Masuerte Corporation for the year nded December 31, 2018. Assume an income tax rate of 30%. 9. Sales Purchases Purchase Returns and Allowances Sales Returns and Allowances Sales Salaries and Commissions Office Salaries Advertising Utilities Taxes and Licenses' Delivery Expense Depreciation Expense - Store Equipment Depreciation Expense - Office Equipment Insurance Expense Repairs and Maintenance Uncollectible Accounts Expense Miscellaneous Selling Expenses Miscellaneous Administrative Expenses Interest Expense Gain on Sale of Equipment Additional information: P3,348,000 2,150,000 70,000 95,000 185,000 202,000 78,000 56,000 44,000 35,000 30,000 36,000 12,000 14,000 23,000 16,000 5,000 46,000 30,000 Inventories from the beginning of the year to the end of the year increased by P80,000. а. Required: (a) Show computations for the following: (1) Cost of goods sold (2) Gross profit (3) Total selling expenses (4) Total administrative expenses (5) Profit before income tax y there were 40,000 weighted average shares outstanding during the year, what is the earnings per share? (b) in its

The following data relate to Masuerte Corporation for the year nded December 31, 2018. Assume an income tax rate of 30%. 9. Sales Purchases Purchase Returns and Allowances Sales Returns and Allowances Sales Salaries and Commissions Office Salaries Advertising Utilities Taxes and Licenses' Delivery Expense Depreciation Expense - Store Equipment Depreciation Expense - Office Equipment Insurance Expense Repairs and Maintenance Uncollectible Accounts Expense Miscellaneous Selling Expenses Miscellaneous Administrative Expenses Interest Expense Gain on Sale of Equipment Additional information: P3,348,000 2,150,000 70,000 95,000 185,000 202,000 78,000 56,000 44,000 35,000 30,000 36,000 12,000 14,000 23,000 16,000 5,000 46,000 30,000 Inventories from the beginning of the year to the end of the year increased by P80,000. а. Required: (a) Show computations for the following: (1) Cost of goods sold (2) Gross profit (3) Total selling expenses (4) Total administrative expenses (5) Profit before income tax y there were 40,000 weighted average shares outstanding during the year, what is the earnings per share? (b) in its

Name: StatementsThe following data relate to Masuerte Corporation for the y
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Description: StatementsThe following data relate to Masuerte Corporation for the yearended December 31, 2018. Assume an income tax rate of 30%.9.SalesPurchasesPurchase Returns and AllowancesSales Returns and AllowancesSales Salaries and CommissionsOffice Salarie

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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Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense $365,000 $215,000 66,000 16,600 25,000 322,600 $ 42,400 Total expenses Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 $ 6,600 13,600 9,600 5,600 8,600 22,400 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable Required: Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)
Portions of the financial statements for Peach Computer are provided below. Net sales Expenses: PEACH COMPUTER Income Statement For the year ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $106,000 45,400 79,000 3,400 $1,090,000 600,000 54,000 44,000 49,000 5,400 2023 $87,000 51,000 57,000 5,800 39,000 12,000 $1,900,000 1,788,000 $112,000 Increase (I) or Decrease (D) $19,000 (I) 5,600 (D) 22,000 (I) 2,400 (D) 10,000 (I) 6,600 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
Use the following information for Ingersoll, Incorporated. Assume the tax rate is 22 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends Current assets 2020 2021 $18,573 $17,136 1,876 4,847 894 996 1,801 4,679 1,016 865 Assets 6,277 8,180 1,310 6,886 9,847 1,287 20,740 24,986 51,196 54,693 4,608 5,064 14,521 15,428 1,650 1,758 Prepare a balance sheet for this company for 2020 Ind 2021. (Do not round intermediate calculations.) INGERSOLL, INCORPORATED Balance Sheet as of December 31 2020 2021
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 $ $81,000 31,000 30,000 9,100 Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis. 38,000 FIFO LIFO Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, eg. 5.15.) FIFO FIFO
The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income $ 517 13 130 660 250 218 48 516 $144 $ 14.40 Earnings per share Additional information: 1. Selling and administrative expense includes $35 million in restructuring costs. 2. Included in other income is $124 million in income from a discontinued operation. This consists of $90 million in operating income and a $34 million gain on disposal. The remaining $6 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $4 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material. Required: Prepare a revised…
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Beasley, Inc., reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $320,000 Income tax expense 13,000 32,000 Advertising expense 44,000 $ 32,000 124,000 21,000 Cost of goods sold Prepare a multiple-step income statement. BEASLEY INC., Multiple-Step Income Statement For the year ended December 31, 2021 Total operating expenses Income before income taxes
Financial statements for Asklew Industries for 2021 are shown below (in thousands) 2021 Income Statement Net sales $ 8,900 Cost of goods sold (6,225) Gross profit 2,675 Operating expenses (2,025) Interest expense (170) Income tax expense (192) Net Income $ 288 Comparative Balance Sheets Dec. 31…
Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2020. Cost of goods sold General and administrative expenses Net cash provided by financing activities Dividends paid Income tax expense Other selling expenses Net sales Advertising expense Accounts payable $ 234,000 96,000 138,000 32,000 22,000 52,000 556,000 78,000 66,000
The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2019 and December 31, 2022: Accounts receivable Inventory Sales revenue Cost of goods sold January 1 $126,000 $163,000 The following information was taken from Buckeye Company's 2022 income statement: Salaries expense Income tax expense Net income December 31 $139,000 131,000 $967,250 $429, 240 $211,390 $ 97,986 $228,634 Calculate the average number of days that elapse between Buckeye Company buying their inventory from suppliers and then selling the inventory to customers.
[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…
Operating data for Sheridan Corporation are presented as follows. Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense $ 2027 Prepare a schedule showing a vertical analysis for 2027 and 2026. (Round percentages to 1 decimal place, e.g. 12.1%.) Net income $ $842,800 530,964 126,420 80,066 37,926 67,424 2026 Amount $645,500 413,120 77,460 50,349 25,820 78,751 2027 SHERIDAN CORPORATION Condensed Income Statements For the Years Ended December 31 Percent % % % % % % % % $ % $ Amount 2026 Percent Ih SUPP