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Trinity Company Income Statement Year Ended December 31,2018 Sales 238,000 COGS (153,000) 85,000 Operating Expenses Insurance Expenses (14,400) Interest Expenses (3,500) Salaries Expenses (12,000) Other Operating Expenses (42,600) Miscellaneous Expenses (11,100) (83,600) Operating Income 1,400 Other Income Gain on sales of Land 4,800 Profit before Tax (PBIT) 6,200 Income Tax Expenses (1,860) Net Income 4,340 Additional Information: 1. Trinity Company sold land with an original cost of Rs. 10,000, for Rs. 14,800 cash. 2. A new parcel of land was purchased for Rs. 20,000, in exchange for a note payable. 3. Plant assets were purchased for Rs. 40,000 cash. 4. Trinity declared and paid a Rs. 440 cash dividend to shareholders. 5. Trinity issued common stock in exchange for Rs. 45,000 cash. Required Prepare the Cashflow statement by using indirect method.

Trinity Company Income Statement Year Ended December 31,2018 Sales 238,000 COGS (153,000) 85,000 Operating Expenses Insurance Expenses (14,400) Interest Expenses (3,500) Salaries Expenses (12,000) Other Operating Expenses (42,600) Miscellaneous Expenses (11,100) (83,600) Operating Income 1,400 Other Income Gain on sales of Land 4,800 Profit before Tax (PBIT) 6,200 Income Tax Expenses (1,860) Net Income 4,340 Additional Information: 1. Trinity Company sold land with an original cost of Rs. 10,000, for Rs. 14,800 cash. 2. A new parcel of land was purchased for Rs. 20,000, in exchange for a note payable. 3. Plant assets were purchased for Rs. 40,000 cash. 4. Trinity declared and paid a Rs. 440 cash dividend to shareholders. 5. Trinity issued common stock in exchange for Rs. 45,000 cash. Required Prepare the Cashflow statement by using indirect method.

FINANCIAL ACCOUNTING
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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The account balances of the Elegant Industries Limited at the end of 2020 and 2021 are as follows: Trinity Company Comparative Financial position Sheet Change 2021 2020 Increase/ Decrease 47,500 24,300 23,200 Assets 21,500 26,000 (4,500) Cash 2,500 1,800 700 Accounts Receivable 48,000 45,500 2,500 Prepaid Insurance 20,000 10,000 10,000 Inventory 230,000 190,000 40,000 Land (85,500) (71,100) (14,400) Plant Assets Accumulated depreciation Total Assets 284,000 226,500 57,500 Liabilities and Equity 17,200 19,000 (1,800) Liabilities 1,900 1,500 400 Accounts Payable Salaries Payable Notes Payable 85,000 75,000 10,000 Total Liabilities 104,100 95,500 8,600 115,000 70,000 45,000 Equity 64,900 61,000 3,900 Common Stock Retained Earnings Total Equity 179,900 131,000 48,900 Total Liabilities and Equities 284,000 226,500 57,500
Transcribed Image Text:The account balances of the Elegant Industries Limited at the end of 2020 and 2021 are as follows: Trinity Company Comparative Financial position Sheet Change 2021 2020 Increase/ Decrease 47,500 24,300 23,200 Assets 21,500 26,000 (4,500) Cash 2,500 1,800 700 Accounts Receivable 48,000 45,500 2,500 Prepaid Insurance 20,000 10,000 10,000 Inventory 230,000 190,000 40,000 Land (85,500) (71,100) (14,400) Plant Assets Accumulated depreciation Total Assets 284,000 226,500 57,500 Liabilities and Equity 17,200 19,000 (1,800) Liabilities 1,900 1,500 400 Accounts Payable Salaries Payable Notes Payable 85,000 75,000 10,000 Total Liabilities 104,100 95,500 8,600 115,000 70,000 45,000 Equity 64,900 61,000 3,900 Common Stock Retained Earnings Total Equity 179,900 131,000 48,900 Total Liabilities and Equities 284,000 226,500 57,500
Trinity Company Income Statement Year Ended December 31,2018 Sales 238,000 COGS (153,000) 85,000 Operating Expenses Insurance Expenses (14,400) Interest Expenses (3,500) Salaries Expenses (12,000) Other Operating Expenses (42,600) Miscellaneous Expenses (11,100) (83,600) Operating Income 1,400 Other Income Gain on sales of Land 4,800 Profit before Tax (PBIT) 6,200 Income Tax Expenses (1,860) Net Income 4,340 Additional Information: 1. Trinity Company sold land with an original cost of Rs. 10,000, for Rs. 14,800 cash. 2. A new parcel of land was purchased for Rs. 20,000, in exchange for a note payable. 3. Plant assets were purchased for Rs. 40,000 cash. 4. Trinity declared and paid a Rs. 440 cash dividend to shareholders. 5. Trinity issued common stock in exchange for Rs. 45,000 cash. Required Prepare the Cashflow statement by using indirect method.
Transcribed Image Text:Trinity Company Income Statement Year Ended December 31,2018 Sales 238,000 COGS (153,000) 85,000 Operating Expenses Insurance Expenses (14,400) Interest Expenses (3,500) Salaries Expenses (12,000) Other Operating Expenses (42,600) Miscellaneous Expenses (11,100) (83,600) Operating Income 1,400 Other Income Gain on sales of Land 4,800 Profit before Tax (PBIT) 6,200 Income Tax Expenses (1,860) Net Income 4,340 Additional Information: 1. Trinity Company sold land with an original cost of Rs. 10,000, for Rs. 14,800 cash. 2. A new parcel of land was purchased for Rs. 20,000, in exchange for a note payable. 3. Plant assets were purchased for Rs. 40,000 cash. 4. Trinity declared and paid a Rs. 440 cash dividend to shareholders. 5. Trinity issued common stock in exchange for Rs. 45,000 cash. Required Prepare the Cashflow statement by using indirect method.
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