Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and...
Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and 2017 follows.
Prepare a cash flow statement using the indirect method. Properly
title the statement.
2018
2017
Cash balance
$113,500
$37,500
Net income
142,500
162,000
Depreciation Expense
42,000
35,000
Purchase of Plant Assets
135,000
125,000
Disposal of Plant Assets
40,000
50,000
Gain (Loss) on Disposal of Plant Assets
(10,000)
5,000
Accounts Receivable Balance
64,500
58,000
Accounts Payable Balance
42,000
39,000
Interest Expense
8,000
6,000...
Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and...
Selected financial information for the Adelphi Company
for the fiscal years ended December 31, 2018 and 2017 follows.
Prepare a cash flow statement using the indirect method. Properly
title the statement.
2018
2017
Cash balance
$113,500
$37,500
Net income
142,500
162,000
Depreciation Expense
42,000
35,000
Purchase of Plant Assets
135,000
125,000
Disposal of Plant Assets
40,000
50,000
Gain (Loss) on Disposal of Plant Assets
(10,000)
5,000
Accounts Receivable Balance
64,500
58,000
Accounts Payable Balance
42,000
39,000
Interest Expense
8,000
6,000...
Selected financial information for the Microsoft Company for the
fiscal years ended December 31, 2018 and...
Selected financial information for the Microsoft Company for the
fiscal years ended December 31, 2018 and 2017 follows. Prepare a
cash flow statement using the indirect method. Properly title the
statement.
2018 2017
Cash balance $113,500 $37,500
Net income 142,500 162,000
Depreciation Expense 42,000 35,000
Purchase of Plant Assets 135,000 125,000
Disposal of Plant Assets 40,000 50,000
Gain (Loss) on Disposal of Plant Assets (10,000) 5,000
Accounts Receivable Balance 64,500 58,000
Accounts Payable Balance 42,000 39,000
Interest Expense 8,000 6,000...
Selected financial information for the Bravo-Zulu Company for
the fiscal year ended December 31, 2016 is...
Selected financial information for the Bravo-Zulu Company for
the fiscal year ended December 31, 2016 is as follows: Net Income
$122,500 Depreciation Expense 50,000 Purchases of plant assets
125,000 Proceeds on disposals of plant assets 25,000 Loss on
Disposal of plant assets 7,500 Accounts receivable decreased 2,500
Accounts payable increased 4,000 Interest expense 5,000 Income tax
expense 2,500 Additionally, Bravo-Zulu issued stock in exchange for
an outstanding note payable of $72,500. The cash balance on January
1, 2016 was $27,000....
1. Terry company's 2017 income statement and comparative balance
sheets at December 31 of 2016 and...
1. Terry company's 2017 income statement and comparative balance
sheets at December 31 of 2016 and 2017are shown.
Terry Company
Income
Statement
For the year Ended December
31, 2017
Sales
$
390,000
Cost of Goods Sold
235,000
_______
Gross Profit
$
155,000
Wages Expenses
$
63,000
Depreciation Expense
14,000
Other Operating Expenses
26,000
Income Tax Expense
17,000
120,000
______
________
Net Income
$
35,000
...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and
the income statement for the year ended December 31, 2018, for
Rocket Company follows.
Rocket Company
Balance Sheet
December 31, 2018 and 2017
2018
2017
Assets
Cash
$ 25,000
$ 20,000
Accounts receivable, net
60,000
70,000
Inventory
80,000
100,000
Land
50,000
50,000
Building and equipment
130,000*
115,000
Accumulated depreciation
(85,000)
(70,000)
Total assets
$260,000
$285,000
Liabilities and Stockholders' Equity
Accounts payable
$ 30,000
$ 35,000
Income taxes payable
4,000 ...
The following is selected financial
information of Katy Inc. for the year ended December 31, 2018....
The following is selected financial
information of Katy Inc. for the year ended December 31, 2018.
Cash assets
$ 84,000
Operating cash flows
78,000
Sales
163,600
Stockholders’ equity
169,400
Cost of goods sold
104,000
Financing cash flows
(10,800)
Total liabilities
64,000
Noncash assets
149,400
Investing cash flows
(4,800)
Other expenses
40,000
Net income
19,600
Cash at beginning of the
year
21,600
Prepare an income statement, balance
sheet and statement of cash flows for Katy Inc. at December 31,
2018.
Traynor Exerise Equipment, INC. reported the following financial
statements for 2018:
Traynor Exercise Equipment, INC.
Income...
Traynor Exerise Equipment, INC. reported the following financial
statements for 2018:
Traynor Exercise Equipment, INC.
Income Statement
Year Ended December 31, 2018
Net Sales Revenue : $716000
Cost of Good Sold: $348000
Gross Profit: $368000
Operating Expenses:
Depreciation Expense: $52000
Other Operating Expenses: $185000
Total Operating Expenses: $237000
Net Income: $131000
1.
Compute the amount of Traynor ?Exercise's acquisition of plant
assets. Assume the acquisition was for cash.Traynor Exercise
disposed of plant assets at book value. The cost and accumulated...
Following is the income statement for Masters Corporation for
the year ended December 31, 2018:
Masters...
Following is the income statement for Masters Corporation for
the year ended December 31, 2018:
Masters Corporation
Income Statement
For the Year Ended December 31, 2018
Net sales $570,000
Expenses:
Cost of goods sold 278,500
Selling expenses 35,000
General expenses 39,300
Interest expense 42,000
Income tax expense 35,000
Total expenses 429,800
Net Income $140,200
Prepare a vertical analysis of the income statement
showing appropriate percentages for each item listed
above.
LOGIC COMPANY
Comparative Income Statement
For Years Ended December 31, 2016 and 2017
2017
2016
Gross...
LOGIC COMPANY
Comparative Income Statement
For Years Ended December 31, 2016 and 2017
2017
2016
Gross sales
$
19,000
$
15,000
Sales returns and
allowances
1,000
100
Net sales
$
18,000
$
14,900
Cost of merchandise (goods)
sold
12,000
9,000
Gross profit
$
6,000
$
5,900
Operating expenses:
Depreciation
$
700
$
600
Selling and administrative
2,200
2,000
Research
550
500
Miscellaneous
360
300
Total operating expenses
$
3,810
$
3,400
Income before interest and
taxes
$
2,190
$
2,500...