Consider the following information from Practel Corporation’s
consolidated financial statements for 2020:
Net income
$25,000,000
Net...
Consider the following information from Practel Corporation’s
consolidated financial statements for 2020:
Net income
$25,000,000
Net income attributable to Practel
24,600,000
Depreciation expense
8,000,000
Amortization expense
2,000,000
Loss on sale of plant assets
500,000
Equity method investment income
200,000
Cash dividends received from equity method investment
80,000
Increase in receivables
600,000
Decrease in inventory
900,000
Decrease in current operating liabilities
100,000
Required
Use the above data to prepare the operating cash flow section of
Practel’s consolidated statement of cash flows...
Income statement and balance sheet data for The Sports Shack are
provided below.
The Sports Shack...
Income statement and balance sheet data for The Sports Shack are
provided below.
The Sports Shack
Income Statements
For the years ended December 31
2019
2018
Sales revenue
$8,200,000
$6,600,000
Cost of goods sold
6,100,000
4,700,000
Gross profit
2,100,000
1,900,000
Expenses:
Operating
expenses
1,450,000
1,400,000
Depreciation
expense
90,000
100,000
Interest
expense
25,000
50,000
Income
tax expense
95,000
80,000
Total
expenses
1,660,000
1,630,000
Net income
$440,000
$270,000
The Sports Shack
Balance Sheets
December 31
Assets
2019
2018
2017
Current assets:
Cash...
Hampton Industries had $52,000 in cash at year-end 2018 and
$19,000 in cash at year-end 2019....
Hampton Industries had $52,000 in cash at year-end 2018 and
$19,000 in cash at year-end 2019. The firm invested in property,
plant, and equipment totaling $240,000 — the majority having a
useful life greater than 20 years and falling under the alternative
depreciation system. Cash flow from financing activities totaled
+$220,000. Round your answers to the nearest dollar, if
necessary.
What was the cash flow from operating activities? Cash outflow,
if any, should be indicated by a minus sign.
$ ...
Smith and Associates had $65,000 in cash at year-end 2012 and
$35,000 in cash at year-end...
Smith and Associates had $65,000 in cash at year-end 2012 and
$35,000 in cash at year-end 2013. Cash flow from long-term
investing activities totaled $–290,000, and cash flow from
financing activities totaled $170,000. What was the cash flow from
operating activities?
a) $150,000
b) $90,000
c) $-150,000
d) $-20,000
e) $-90,000
In 2012, Hoosier Sports Co. had net income of $–40,000. If
accruals increased by $30,000, receivables and inventories rose by
$150,000, and depreciation and amortization totaled $10,000, what
was...
Stanley Department Stores reported net income of $900,000 for
the year ended December 31, 2018.
Additional...
Stanley Department Stores reported net income of $900,000 for
the year ended December 31, 2018.
Additional Information:
Common shares outstanding at Jan. 1, 2018
130,000
Incentive stock options (vested in 2017) outstanding throughout
2018
36,000
(Each option is exercisable for one common share at an exercise
price of $27.00)
During the year, the market price of Stanley’s common stock
averaged $32.4 per share.
On Aug. 30 Stanley sold 15,000 common shares.
Stanley’s only debt consisted of $44,000 of 10% short...
The following income statement and additional year-end
information is provided. SONAD COMPANY Income Statement For Year...
The following income statement and additional year-end
information is provided. SONAD COMPANY Income Statement For Year
Ended December 31 Sales $ 2,465,000 Cost of goods sold 1,207,850
Gross profit 1,257,150 Operating expenses Salaries expense $
337,705 Depreciation expense 59,160 Rent expense 66,555
Amortization expenses—Patents 7,395 Utilities expense 27,115
497,930 759,220 Gain on sale of equipment 9,860 Net income $
769,080 Accounts receivable $ 22,550 increase Accounts payable $
12,275 decrease Inventory 29,750 increase Salaries payable 2,200
decrease Prepare the operating...
The Comparative Balance Sheet for SOX Company showed the
following information. Additional information concerning
transactions and...
The Comparative Balance Sheet for SOX Company showed the
following information. Additional information concerning
transactions and events during 2018 are presented below.
SOX Company
Balance Sheet
October 31
Change
2018
2017
Cash and cash equivalents
$35,900
$10,200
Accounts receivable
48,300
20,300
Inventory
33,000
40,500
Prepaid expenses
2,000
1,500
Long-term investments
0
15,000
Property, plant & equipment
236,500
150,000
Accumulated depreciation
(37,700)
(25,000)
Net Property, plant & equipment
198,800
125,000
Total Assets
$318,000
$212,500
Accounts payable
$10,000
$26,500
Accrued liabilities...
The following income statement and additional year-end
information is provided. SONAD COMPANY Income Statement For Year...
The following income statement and additional year-end
information is provided. SONAD COMPANY Income Statement For Year
Ended December 31 Sales $ 1,735,000 Cost of goods sold 850,150
Gross profit 884,850 Operating expenses Salaries expense $ 237,695
Depreciation expense 41,640 Rent expense 46,845 Amortization
expenses—Patents 5,205 Utilities expense 19,085 350,470 534,380
Gain on sale of equipment 6,940 Net income $ 541,320 Accounts
receivable $ 32,400 increase Accounts payable $ 10,650 decrease
Inventory 24,100 increase Salaries payable 5,100 decrease Prepare
the operating...
Using the following income statement and additional year-end
information.
SONAD COMPANY
Income Statement
For Year Ended...
Using the following income statement and additional year-end
information.
SONAD COMPANY
Income Statement
For Year Ended December 31
Sales
$
1,516,000
Cost of goods sold
742,840
Gross profit
773,160
Operating expenses
Salaries expense
$
207,692
Depreciation expense
36,384
Rent expense
40,932
Amortization expenses—Patents
4,548
Utilities expense
16,676
306,232
466,928
Gain on sale of equipment
6,064
Net income
$
472,992
Accounts receivable
$
31,050
increase
Accounts payable
$
8,625
decrease
Inventory
24,225
increase
Salaries payable
4,700
decrease
Prepare the operating activities...
Comparative balance sheets for 2018 and 2017, a statement of
income for 2018, and additional information...
Comparative balance sheets for 2018 and 2017, a statement of
income for 2018, and additional information from the accounting
records of Red, Inc., are provided below.
RED, INC.
Comparative Balance Sheets
December 31, 2018 and 2017 ($ in millions)
2018
2017
Assets
Cash
$
24
$
110
Accounts receivable
178
132
Prepaid insurance
7
3
Inventory
285
175
Buildings and equipment
400
350
Less: Accumulated
depreciation
(119
)
(240
)
$
775
$
530
Liabilities
Accounts payable
$
87
$...