Use the income statement and the list of changes to answer the question.Dansko IntegratedIncome StatementJanuary 1 to December 31, 2018(amounts in thousands)RevenueCost of Goods Sold (COGS)Gross Income8,5002,5505,950Sales, General, & Administrative Expenses (SG&A) 1,700Depreciation Expense800Other Expenses500Earnings Before Interest & Taxes (EBIT)2,950Interest90Pre-Tax Income2,860Income Taxes1,144Net Income1,716Between January 1 and December 31, 2018:1. Accounts Receivable decrease by $400,0002. Accounts Payable increase by $900,0003. Gross Property, Plant, & Equipment increase by $6,700,0004. Long Term Debt decreases by $200,000Assume no other changesWhat is the Net Cash Flow?Please specify your answer in the same units as the income statement.

Computation of net cash flow as follows:Cash Flow StatementCash flow from operating activities Net…

Answered: Use the income statement and the list…

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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Lancer Company's preliminary income statement for 2021 and its reported income statement for 2020 are given below. 2021 2020 1,350,000 (648,0001 702,000 (172,500) (162.000 367.500 Sales Revenues 1,320,000 (630.000 690,000 Cost of Goods Sold Gross Profit Depreciation Other Expenses (172,500) (153.000 364.500 Net Income Lancer's records reveal the following information: (1) Lancer neglected to record S8,000 of supplies expense at the end of 2020, so the supplies inventory was overstated at the end of 2020. Consequently, the supplies expense computed for 2021 included the additional amount of supplies used in 2020. (2) On 1/1/19, Lancer purchased a machine for $120,000. Although the machine was expected to have an eight-year life, it was erroneously expensed in recording the purchase. The appropriate depreciation method for this machine is double-declining-balance with no residual. (3) At the end of 2021, Lancer decided to change its inventory costing method from the FIFO costing method…
K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
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%.
Use the income statement and the list of changes to answer the question. Torche Corporation Income Statement January 1 to December 31, 2022 (amounts in thousands) Revenue Cost of Goods Sold (COGS) Gross Income 6,370 Sales, General, & Administrative Expenses (SG&A) 910 500 Depreciation Expense Other Expenses Earnings Before Interest & Taxes (EBIT) Interest 9,100 2,730 Pre-Tax Income Income Taxes Net Income 600 4,360 180 4,180 1,672 2,508 Between January 1 and December 31, 2022: 1. Accounts Receivable increase by $800,000 2. Accounts Payable decrease by $400,000 3. Gross Property, Plant, & Equipment increase by $5,400,000 4. Long Term Debt increases by $100,000 Assume no other changes What is the Net Cash Flow?
Selected information from Bigg Company's financial statements follows: Fiscal Year Ended December 31 2019 2018(in thousands) 2017 Gross sales $2,004,719 $1,937,021 $1,835,987 Less: Sales discounts 4,811 4,649 4,406 Less: Sales returns and allowances 2,406 2,324 2,203 Net sales $1,997,502 $1,930,048 $1,829,378 Cost of goods sold 621,463 619,847 660,955 Gross profit $1,376,039 $1,310,201 $1,168,423 Operating expenses 577,369 595,226 583,555 Operating income $798,670 $714,975 $584,868 Other income (expenses) 15,973 (6,140) (8,773) Net income $814,643 $708,835 $576,095 At December 31 2019 2018(in thousands) 2017 Accounts receivable $201,290 $195,427 $182,642 Less: Allowance for doubtful accounts 2,516 2,736 2,192 Net accounts receivable $198,774 $192,691 $180,450 Required: 1. Calculate the following ratios for 2018 and 2019. Round your answers…
Use the income statement and the list of changes to answer the question. Lightspeed Industries Income Statement Revenue Cost of Goods Sold (COGS) Gross Income Sales, General, & Administrative Expenses (SG&A) Depreciation Expense Other Expenses Earnings Before Interest & Taxes (EBIT) Interest January 1 to December 31, 2022 (amounts in thousands) Pre-Tax Income Income Taxes Net Income 9,800 1,960 7,840 980 800 400 5,660 170 5,490 2,196 3,294 Between January 1 and December 31, 2022: 1. Accounts Receivable increase by $500,000 2. Accounts Payable increase by $700,000 3. Gross Property, Plant, & Equipment increase by $9,400,000 4. Long Term Debt decreases by $400,000 Assume no other changes What is the Net Cash Flow? Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars. Please specify your answer in the same units as the financial statements (i.e., enter the number from your completed statement of cash flows).
Use the following information to answer this question: Net sales Windswept, Incorporated 2021 Income Statement Cost of goods sold Depreciation ($ in millions) Earnings before interest and taxes Interest paid Taxable income Taxes Net income $ 9,050 7,540 430 $ 1,080 96 $ 984 344 $ 640 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 Cash $ 180 2021 $ 210 2020 Accounts payable $ 1,190 Accounts received Inventory 900 1,670 800 1,610 Long-term debt Common stock 1,070 3,280 2021 $ 1,335 1,285 2,970 Total $ 2,750 $ 2,620 Retained earnings 560 810 Net fixed assets. Total assets 3,350 $6,100 3,780 $6,400 Total liabilities & equity $ 6,100 $ 6,400 What is the days' sales in receivables for 2021?
Comparative Income Statements Consider the following income statement data from the Mono Company: Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense 2019 2018 $600,000 $450,000 336,000 279,000 105,000 99,000 60,000 50,000 4,000 3,000 Prepare a contparative income statement, showing increases, and decreases in dollars and in percentages. Note: Round "Percent Change" answers to one decimal place (ex: 0.2345 = 23.5%). Sales Revenue Cost of Goods Sold MONO COMPANY Comparative Income Statements ♦ Selling Expenses Administrative Expenses Total Income before Income Taxes ◆ → $ $ 2019 0 $ 0 0 0 0 oooo 0 0 $ 2018 Increase (Decrease) 0 $ 0 0 0 0 0 0 0 0 $ 0 0 0 0 0 0 0 0 0 Percent Change 0% 0% 0% 0% 0% 0% 0% 0% 0 %
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Operating data for Joshua Corporation are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense 2022 Net income $800,000 520,000 120,000 60,000 30,000 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) 70,000 Amount $800,000 520,000 280,000 120,000 60,000 180,000 100,000 30,000 2021 $70,000 $600,000 408,000 72,000 48,000 24,000 48,000 JOSHUA CORPORATION Condensed Income Statement 2022 Percent % % % % % % % % % Amount $600,000 408,000 192,000 72,000 48,000 120,000 72,000 24,000 $48,000 2021 Percent % % % % % % % % % SUPPOI

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