The income statement for Stallion Company for the current year ended June 30 and balances of selected accounts at the beginning and end of the year are as follows:**Income Statement:**- **Sales:** $235,050- **Cost of Merchandise Sold:** $81,110- **Gross Profit:** $153,940**Operating Expenses:**- **Depreciation Expense:** $20,300- **Other Operating Expenses:** $60,960- **Total Operating Expenses:** $81,260**Income Before Income Tax:** $72,680**Income Tax Expense:** $21,020**Net Income:** $51,660**Balances of Selected Accounts:**| Account | End of Year | Beginning of Year ||------------------------------------------|-------------|-------------------|| Accounts Receivable (net) | $18,960 | $16,500 || Inventories | $48,610 | $42,290 || Prepaid Expenses | $7,650 | $8,420 || Accounts Payable (Merchandise Creditors) | $35,650 | $33,080 || Accrued Expenses Payable (Operating Expenses) | $10,070 | $10,980 || Income Tax Payable | $1,910 | $1,910 |**Instructions:**Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the direct method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.**Stallion Company: Cash Flows from Operating Activities Section for the Year Ended on June 30:**- Cash Flows from (used for) Operating Activities: - [Input Field 1] - [Input Field 2] - [Input Field 3] - [Input Field 4] - [Input Field 5] **Net Cash Flow from Operating Activities:**- [Input Field]

The cash flow statement shows the company's cash inflow and cash outflow during the period. It has…

Answered: The income statement for Stallion…

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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Net income *?
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A partial list of a common-size percentage for ABC Co. Ltd is given. Details December Current year December Previous year % % Sales 100 100 Cost of goods sold ? ? Gross profit on sales 40 ? Operating expense and income tax 20 25 Net income 20 10 a) Determine the missing common-size percentages b) Compute the net income for the current year Notes: Previous year net income is $20,000 Sales of current year is 120% of previous sales
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The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which P31,200 in credit. Lawson’s inventory turnover ratio for the year was Mr. Plengpong, the controller, had gathered the following accounting data regarding Lawson Inc.
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