11th Edition

ISBN: 9781259535314

Author: David Marshall, Wayne William McManus, Daniel Viele

Publisher: McGraw-Hill Education

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Textbook Question

Chapter 9, Problem 9.2ME

Mini-Exercise 9.2

LO 5

Calculate operating income and net income Selling, general, and administrative expenses were $66,000; net sales were $300,000; interest expense was $7,100; research and development expenses were $31,500; net cash provided by operating activities was $79,200; net income was $16,800; income tax expense was $7,600; cost of goods sold was $165,000.

Required:

Calculate operating income for the period.
Calculate net income for the period.

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Chapter 9, Problem 9.1ME

Chapter 9, Problem 9.3ME

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Question 1181 28 Current Attempt in Progress Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows-indirect method. MIGITSU COMPANY Comparative Balance Sheets December 31 Assets 2020 2019 Cash $73,000 $22,000 Accounts receivable 87,000 76.000 Inventory 170,000 191.000 Land 72,000 100.000 Equipment 260,000 200.000 Accumulated depreciation - equipment (66,000) (32.000) Total $596,000 $557,000 Liabilities and Stockholders' Equity Accounts payable $37,000 $47.000 Bonds payable 150,000 210,000 Common stock ($1 par) 216.000 174,000 Retained earnings 193,000 126.000 Total $596,000 $557,000 Additional information: 1 Net income for 2020 was $100,000. N Cash dividends of $33,000 were declared and paid. 3. Bonds payable amounting to $60,000 were redeemed for cash $60,000. -18 4. Common stock was issued for $42,000 cash. 5. Equipment that cost $50,000 and had a book value of $30,000 was sold for $36,000 during 2020; land was sold at cost.

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Chapter 9 Solutions

Accounting: What the Numbers Mean

Ch. 9 - Prob. 9.1ME Ch. 9 - Mini-Exercise 9.2 LO 5 Calculate operating income...Ch. 9 - Mini-Exercise 9.3 LO 6 Calculate basic EPS Net...Ch. 9 - Mini-Exercise 9.4 LO 10 Calculate cash flows from...Ch. 9 - Exercise 9.5 LO 1 Calculate earned revenues Big...Ch. 9 - Exercise 9.6 LO 1 Calculate earned revenues...Ch. 9 - Exercise 9.7 LO 2 Effects of inventory error If...Ch. 9 - Exercise 9.8 LO 2 Effects of inventory error...Ch. 9 - Prob. 9.9E Ch. 9 - Prob. 9.10E

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