Sales Cost of goods sold Gross profit SONAD COMPANY Income Statement For Year Ended December 31 Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory Cash flows from operating activities $ 341,541 59,832 67,311 7,479 27,423 $ 2,493,000 1,221,570 1,271,430 503, 586 767,844 9,972 $777,816 $ 15,950 increase Accounts payable 27,025 increase Salaries payable Prepare the operating activities section of the statement of cash flows using the Indirect method. Note: Amounts to be deducted should be Indicated with a minus sign. Changes in current operating assets and liabilities Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 12,050 decrease 4,550 decrease 10

Sales Cost of goods sold Gross profit SONAD COMPANY Income Statement For Year Ended December 31 Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory Cash flows from operating activities $ 341,541 59,832 67,311 7,479 27,423 $ 2,493,000 1,221,570 1,271,430 503, 586 767,844 9,972 $777,816 $ 15,950 increase Accounts payable 27,025 increase Salaries payable Prepare the operating activities section of the statement of cash flows using the Indirect method. Note: Amounts to be deducted should be Indicated with a minus sign. Changes in current operating assets and liabilities Statement of Cash Flows (partial) Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 12,050 decrease 4,550 decrease 10

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 28E

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Homework i os Me LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Plant and equipment: Building (net) Land Accounts receivable Merchandise inventory. Prepaid expenses Total current assets Total assets Total plant and equipment Assets Current liabilities: Accounts payable Salaries payable Total current liabilities Common stock Retained earnings Liabilities Long-term liabilities: Mortgage note payable Total liabilities. LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Stockholders' Equity Asset turnover ratio, Total stockholders' equity Total liabilities and stockholders' equity 2023 $ 19,600 1,000 2023 $ 18,600…
The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…
The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…
Current Asset Current Liabilities COGS Inventory Total Liabilities Total Assets Net Sales Operating Income Gross Profit EBIT EBT Cash Flow Operation Retained Earning Owner's Equity 2018 80,073,836 26,882,064 51,678,144 14,854,944 80,133,248 124,776,768 160,099,728 75,249,200 108,421,584 56,436,900 45,149,520 49,716,192 28,967,893 44,643,520 2017 54,919,520 13,083,840 35,379,840 9,575,808 64,875,200 100,945,824 98,157,888 32,775,808 62,778,048 24,581,856 19,665,485 26,781,248 29,361,440 36,070,624
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Sales Sales Revenue Less Net Sales Cost of Goods Sold Gross Profit Operating Expenses Salaries and Wages Expense Sales Discounts Depreciation Expense Utilities Expense Total Operating Expenses Income From Operations Other Revenues and Gains Interest Revenue Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes Income Tax Expense Net Income /(Loss) A V V V CULLUMBER COMPANY Income Statement For the Year Ended December 31, 2025 $ 1,856,400 -134,400 i 390,600 i 260,400 i 92,400 i -59,640 -54,600 i $ 1,722,000 -792,120 929,880 -743,400 i 186,480 54,600 -114,240 126,840 -25,200 i 101,640
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