Winterfell Products manufactures electrical switches for the aerospace industry. For the year ending 2019, they reported these revenues and expenses. Use this information to construct an income statement for the year 2019

Winterfell Products manufactures electrical switches for the aerospace industry. For the year ending 2019, they reported these revenues and expenses. Use this information to construct an income statement for the year 2019

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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Cardi B reported the following data for her company in 2019: Net Operating Income $61,000 Beginning Operating Assets ??? Ending Operating Assets $540,000 Return on Investment 0.11 Based on the information above, what was the beginning balance of Operating Assets for 2019? Round your answer to the nearest dollar.
Prescott Football Manufacturing had the following operating results for 2019: sales = $30,074; cost of goods sold = $21,704; depreciation expense = $3,498; interest expense = $534; dividends paid = $841. At the beginning of the year, n fixed assets were $19,988, current assets were $3,205, and current liabilities were $3,554. At the end of the year, net fixed assets were $23,047, current assets were $4,425, and current liabilities were $3,045. The tax rate for 2019 was 24 percent. A. What is net income for 2019? B. What is the operating cash flow for 2019? C. What is the cash flow from assets for 2019? D. Assume no new debt was issued during the year. What is the cash flow to creditors for 2019? F. Assume no new debt was issued during the year. What is the cash flow to
Do parts a to d Accounting for Income Taxes Yoda Company is in the process of accounting for its income taxes for the year ended December 31, 2020. The following information came from Yoda's accounting and taxation records: Accounting income before income taxes for 2020 $ 98,967 Depreciation expense for property, plant, and equipment for 2020 $ 222,227 Capital cost allowance to be claimed on Yoda's 2020 income tax return $ 244,450 Book value of property, plant, and equipment at December 31, 2019 $ 1,399,268 Undepreciated capital cost of property, plant, and equipment at December 31, 2019 $ 1,203,370 Assume that there were no additions or disposals of property, plant, and equipment during 2020. In 2020, Yoda began offering a 1-year warranty on all merchandise sold. Following are details pertaining to this warranty: Warranty expense for 2020 for accounting purposes $ 38,860…
Schultz Company prepares interim financial statements at the end of each quarter. The income statement presented at the end of the first quarter of 2019 is as follows: 1. Prepare a 10-column worksheet to develop the Schultz financial statements for the first 6 months of 2019. (Refer to Chapter 3 for a worksheet illustration, if necessary.) 2. Prepare the income statement for (a)the first 6 months of 2019 and ( b) the second quarter of 2019. 3. Prepare a retained earnings statement for the first 6 months of 2019. 4. Prepare the June 30, 2019, balance sheet.
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You are looking into the accounts of a company that has presented using LIFO for inventory. You see in the notes the LIFO Reserve in 2019 and 2020 were 160,000 and 240,000 respectively. The company pays tax at 30% in both years. Show the relevant adjustments you would have to make to the Balance Sheet and income statement to convert the company to a FIFO basis. Describe the effect that this conversion would have on net profit margin, gross profit margin, debt to equity, inventory turnover and current ratio in 2020. Another company has written down some inventory. Explain why a company would need to write down inventory and the effects this would have on the company accounts.
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Hello, Please assist with below accounting question, requesting note for financial statements???? Prepare the following note to the financial statements as at 28 February 2020: Property, plant and equipment Information as per belowThe following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year: Vehicles 300 000 Accumulated depreciation on vehicles 140 000 Equipment 130 000 Accumulated depreciation on equipment 75 000 Additional information 1) A new vehicle, cost price R160 000, was purchased on credit on 01 December 2019. 2) Equipment with a cost price of R10 000, was sold for cash on 31 August 2019 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2019. 3) Depreciation is calculated on equipment at 10% per annum on cost. 4) Depreciation is calculated on vehicles at 20% per annum on the diminishing balance.
In its income statement for the year ended December 31, 2020, Cheyenne Corp. reported the following condensed data. Operating expenses Cost of goods sold Interest expense (a) $753,390 1,293,700 72,600 V V > M Interest revenue eTextbook and Media Loss on disposal of plant assets Net sales Other comprehensive income Prepare a multiple-step income statement. (List other revenues before other expenses. If there is a net loss then enter the amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cheyenne Corp. Income Statement For the Year Ended December 31, 2020 $ 30,920 $ 16,420 2.404.800 6.970 $
1.32. Creating Balance Sheets and Income Statements. Using the information in the below table, prepare a classified balance sheet for Erie Company as of December 31, 2019 and December 31, 2020, along with multi-step income statements for the years then ended
Richardson’s Flower Depot uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2020, the following information was obtained from the inventory records: 2018 2019 2020 Ending inventory, FIFO $78,650 $82,785 $93,678 Ending inventory, LIFO 68,500 75,640 84,675 Beginning inventory, FIFO 67,535 78,650 82,785 Beginning inventory, LIFO 74,565 68,500 75,640 Required: 1. Prepare the necessary entry to convert to LIFO at the end of 2020. 2. How much would Richardson’s cost of goods sold differ in 2020 if it used FIFO for external reporting?