The Weymire Corporation provides you with the following information for the year ended 12/3120: Sales revenue 450,000 |Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense 72,750 28,500 Other expense 38,250 Interest expense 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238.500 91.500 Net Income 12/31/19 12/31/20 Cash 24,000 54,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 Accumulated Depreciation (9.000) (10,500) Total 342.000 363.000 Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 45,000 6,000 Notes Payable, long term Accrued Pension Liability 3,000 Deferred Tax Liability Common Stock, no par 21,000 27,000 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363,000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment. Required: Prepare a Statement of Cash Flows for Weymire Corporation for 2020 using the direct method. (You must prepare all supplementary schedules that would be required disclosures under the direct method.)

The Weymire Corporation provides you with the following information for the year ended 12/3120: Sales revenue 450,000 |Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense 72,750 28,500 Other expense 38,250 Interest expense 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238.500 91.500 Net Income 12/31/19 12/31/20 Cash 24,000 54,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 Accumulated Depreciation (9.000) (10,500) Total 342.000 363.000 Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 45,000 6,000 Notes Payable, long term Accrued Pension Liability 3,000 Deferred Tax Liability Common Stock, no par 21,000 27,000 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363,000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment. Required: Prepare a Statement of Cash Flows for Weymire Corporation for 2020 using the direct method. (You must prepare all supplementary schedules that would be required disclosures under the direct method.)

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

Crane Ltd. reported the following for the fiscal year 2021: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of land Profit before income tax Income tax expense Profit Additional information: 1. 2. CRANE LTD. Income Statement Year Ended September 30, 2021 3. 4. 5. 6. $ 109,000 34,000 (44,000) $583,000 338,000 245,000 99,000 146,000 36,500 $109,500 Accounts receivable decreased by $16,300 during the year. Inventory increased by $7,800 during the year. Prepaid expenses decreased by $5,800 during the year. Accounts payable to suppliers increased by $11,300 during the year. Accrued expenses payable increased by $5,300 during the year. Income tax payable decreased by $7,100 during the year.
Everybody’s Fitness's 2021 income statement is reported below (in millions of dollars) (Use corporate tax rate of 21 percent for your calculations.) Everybody’s Fitness Income Statement for 2021(in millions of dollars) Net sales (all credit) $ 1,385 Less: Cost of goods sold 540 Gross profits $ 845 Less: Other operating expenses 315 EBITDA $ 530 Less: Depreciation and amortization 152 EBIT $ 378 Less: Interest 175 EBT $ 203 Less: Taxes Net income $ Determine the firm’s 2021 tax liability. Tax Liability = ________ Determine the firm’s 2021 net income. Net Income = ________ Determine the firm’s 2021 average tax rate. (Round your answer to 2 decimal places.) Average Tax Rate = __________% Determine the firm’s 2021 marginal tax rate. Marginal Tax Rate = __________%
The following information is available for Cane Mill River Company for the year 2024: Cost of goods sold $60,000 Dividend revenue 2,500 Income tax expense 6,000 Operating expenses 23,000 Sales revenue 100,000 Cane Mill River's multi-step income statement will report gross profit of Select one: $40,000. $42,500. $0 because this is not a subtotal reported on a multi-step income statement. $13,500.
The following information is available for Tamarisk Corp. for the year ended December 31, 2022. Other revenues and gains $23,800 Other expenses and losses 4,000 Cost of goods sold 292,000 Sales discounts 4,600 Sales revenue 760,000 Operating expenses 221,000 Sales returns and allowances 10,800 Prepare a multiple-step income statement for Tamarisk Corp. The company has a tax rate of 25%.
Wayman Corporation reports the following amounts in its December 31, 2024, income statement. $460,000 Income tax expense Cost of goods sold Advertising expense Sales revenue Interest expense Salaries expense Utilities expense 30,000 50,000 60,000 Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-Step Income Statement For the Year Ended December 31, 2024 Total operating expenses Operating income $60,000 140,000 40,000
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
Oakdale Fashions, Inc.’s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) $ 595,000 Less: Cost of goods sold 227,000 Gross profits $ 368,000 Less: Other operating expenses 102,000 EBITDA $ 266,000 Less: Depreciation and amortization 16,200 EBIT $ 249,800 Less: Interest 83,000 EBT $ 166,800 Less: Taxes Net income $ Determine the firm's 2021 tax liability. Determine the firm's 2021 net income. Determine the firm's 2021 average tax rate. (Round your answer to 2 decimal places.) Determine the firm's 2021 marginal tax rate.
Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 9,250 Cost of goods sold 7,550 Depreciation 330 Earnings before interest and taxes $ 1,370 Interest paid 82 Taxable income $ 1,288 Taxes 270 Net income $ 1,018 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 200 $ 215 Accounts payable $ 1,380 $ 1,587 Accounts received 950 850 Long-term debt 1,000 1,178 Inventory 1,620 1,580 Common stock 3,200 2,950 Total $ 2,770 $ 2,645 Retained earnings 510 760 Net fixed assets 3,320 3,830 Total assets $ 6,090 $ 6,475 Total liabilities & equity $ 6,090 $ 6,475 Windswept, Incorporated, has 350 million shares of stock outstanding. Its price-earnings ratio for 2021 is 12. What is the market price per share of stock?
Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 9,400 Cost of goods sold 7,650 Depreciation 440 Earnings before interest and taxes $ 1,310 Interest paid 88 Taxable income $ 1,222 Taxes 257 Net income $ 965 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 220 $ 255 Accounts payable $ 1,490 $ 1,595 Accounts received 990 890 Long-term debt 1,010 1,335 Inventory 1,660 1,655 Common stock 3,240 2,970 Total $ 2,870 $ 2,800 Retained earnings 530 780 Net fixed assets 3,400 3,880 Total assets $ 6,270 $ 6,680 Total liabilities & equity $ 6,270 $ 6,680 What is the return on equity for 2021?
The following information was taken from the financial statements of Sunland Company: 2021 2020 Gross profit on sales $678,600 $760,000 Income before income taxes 205,400 225,000 Net income 260,000 225,000 Net income as a percentage of net sales 10% 9% Please show steps to finding answer Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%) 2021 2020 Cost of goods sold in dollars $enter a dollar amount $enter a dollar amount Cost of goods sold as a percentage of net sales nter percentages rounded to 1 decimal place % nter percentages rounded to 1 decimal place %
In the following problem I am asked to compute Net Income. I am having a difficult time . Net Income is computed after Income Tax Expense. I am not sure of which amount the 20% tax rate is supposed to be taken from Presented below are selected ledger accounts of Waterway Corporation as of December 31, 2020. Cash $58,000Administrative expenses 116,000Selling expenses 92,800Net sales 626,400Cost of goods sold 243,600Cash dividends declared (2020) 23,200Cash dividends paid (2020) 17,400Discontinued operations (loss before income taxes) 46,400Depreciation expense, not recorded in 2019 34,800Retained earnings, December 31, 2019 104,400Effective tax rate 20% Compute Net Income for 2020
Oakdale Fashions, Inc.’s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all credit) $ 580,000 Less: Cost of goods sold 221,000 Gross profits $ 359,000 Less: Other operating expenses 96,000 EBITDA $ 263,000 Less: Depreciation and amortization 15,600 EBIT $ 247,400 Less: Interest 81,500 EBT $ 165,900 Less: Taxes Net income $ Determine the firm's 2021 tax liability. Tax liability