Manahan Company for the year ended December 31, 2022: Net cash provided by financing activities S 131,000 Dividends paid 15,000 Loss from discontinued operations, net of tax savings of $31,000 93,000 Income tax expense 24,000 Other selling expenses 14,000 Net sales 725,000 Advertising expense 46,000 Accounts receivable 152,000 Cost of goods sold 464,000 General and administrative expenses 105,000 Required: Calculate the operating income for Manahan Company for the year ended December 31, 2022. Calculate the company's net income for 2022. what is the NET loss amount?

Manahan Company for the year ended December 31, 2022: Net cash provided by financing activities S 131,000 Dividends paid 15,000 Loss from discontinued operations, net of tax savings of $31,000 93,000 Income tax expense 24,000 Other selling expenses 14,000 Net sales 725,000 Advertising expense 46,000 Accounts receivable 152,000 Cost of goods sold 464,000 General and administrative expenses 105,000 Required: Calculate the operating income for Manahan Company for the year ended December 31, 2022. Calculate the company's net income for 2022. what is the NET loss amount?

Name: answer with must must explanation , computation for each parts and ste
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: answer with must must explanation , computation for each parts and steps answer in text form no copy from other answer Manahan Company for the year ended December 31, 2022: Net cash provided by financing activities $ 131,000 Dividends paid 15,000 Los

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 11MCQ: Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital...

See similar textbooks

Similar questions

Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectively
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
The following Information is available from the accounting records of Spenser Company for the year ended December 31, 2022: Selling, general, and administrative expenses $ 106,000 Accounts payable 170,000 Research and development expenses 77,000 Loss from discontinued operations, net of tax savings of $8,000 24,000 Provision for income taxes 35,000 Net sales 948,000 Interest expense 97,000 Net cash provided by operations 296,000 521,000 Cost of goods sold Required: a. Calculate the operating Income for Spenser Company for the year ended December 31, 2022. b. Calculate the company's net income for 2022. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the operating income for Spenser Company for the year ended December 31, 2022. SPENSER COMPANY Operating Income Statement For the year ended December 31, 2022 Expenses: Required B
The income statement of Tavis Corporation and selected additional data are presented below: Tavis Corporation Income Statement for the Year Ended December 31, 2020 Net sales $220,000 Cost of goods sold __109,000 Gross profit 111,000 Selling and general expenses _98,000 Income from operations 13,000 Interest expense __2,500 Income before income tax 10,500 Income tax expense __3,000 Net income $ 7,500 Additional data: Total assets $214,000 Common stockholders’ equity $116,000 Preferred dividends…
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations $ 30,000 Cost of goods sold 131,000 Selling, general, and administrative expenses 45,000 Accounts payable 36,000 Dividends paid 63,000 Research and development expenses 27,000 Merchandise inventory 44,000 Provision for income taxes 17,000 Net sales 367,000 Interest expense 41,000 Required:a. Calculate income from operations (operating income) for the year ended December 31, 2019. b. Calculate net income for the year ended December 31, 2019.
MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $91,150 31,500 66,500 Cash flows from operating activities: 43,400 2,700 $ 549,000 357,600 191,400 128,500 49,000 13,900 8,100 $ 5,800 2028 $ 33,300 45,000 55,400 32,200 3,500 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Adjustments to recor net come to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 49.000 $ 49,000 49,000
XYZ Corporation published the following information in its financial statements for its 2018 annual report: Income Statement Items: Sales $76,000 - Cost of goods sold 49,000 Gross profit 27,000 - Cash Operating expenses $9,000 - Depreciation 2,000 Total Operating Expenses 11,000 EBIT 16,000 - Interest expense 840 EBT 15,160 - Income tax expense 5,306 Net Income $9,854 Balance Sheet Items: Cash $9,000 Marketable securities 2,000 Accounts receivable 11,000 Inventories 7,000 Fixed Assets, net 24,000 Total Assets $53,000 Accounts payable $8,000 Accrued payables 3,000 Bonds payable 12,000 Common stock 16,000 Retained earnings 14,000…
The income statement of Blue Spruce Corporation is presented here. BLUE SPRUCE CORPORATIONIncome StatementYear Ended November 30, 2018 Sales $7,700,000 Cost of goods sold 4,550,000 Gross profit 3,150,000 Salaries expense 861,000 Operating expenses 213,000 Depreciation expense 89,000 Income before income tax 1,987,000 Income tax expense 247,000 Net income $1,740,000 Additional information: 1. Accounts receivable increased $390,000 during the year, and inventory decreased $530,000. 2. Prepaid expenses, which relate to administrative expenses, increased $110,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $420,000 during the year. 4. Accrued salaries payable decreased $140,000 during the year. 5. Income tax payable increased $80,000 during the year. (a)Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2018, for Blue Spruce…
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations $ 30,000 Cost of goods sold 131,000 Selling, general, and administrative expenses 45,000 Accounts payable 36,000 Dividends paid 63,000 Research and development expenses 27,000 Merchandise inventory 44,000 Provision for income taxes 17,000 Net sales 367,000 Interest expense 41,000 Required:a. Calculate income from operations (operating income) for the year ended December 31, 2019.
Presented below is the income statement of Lauren, Inc. for the year ended December 31, 2022: Sales $380,000 Cost of goods sold 225,000 Gross profit 155,000 Operating expenses 95,000 Income before income taxes 60,000 Income taxes 24,000 Net income $36,000 In addition, the following information related to current assets and liabilities is provided. 12/31/2022 12/31/2021 Cash 32,000 20,000 Accounts receivable (net) 65,000 55,000 Inventories 40,600 60,000 Salaries payable 15,000 23,000 Trade accounts payable 39,000 30,000 Income Tax Payable 15,000 18,000 The company also indicates that depreciation expense for the year was $12,500 (included in operating expenses). Required: Prepare a schedule computing the net cash flow from operating activities that would be shown on a statement of cash flows using the direct method. Prepare a schedule computing…
MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 86,150 26,500 61,500 Cash flows from operating activities: 33,400 2,200 2020 $530,000 337,600 192,400 123,500 39,000 Changes in current operating assets and liabilities 29,900 9,900 $ 20,000 $ 28,300 35,000 54,400 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. 27,200 2,500 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 39,000