Income Statement
Sales
$ 15,000
Operating expenses
COGS
$ 11,000
Depreciation
Income Statement
Sales
$ 15,000
Operating expenses
COGS
$ 11,000
Depreciation
800
Admin expenses
1,500
Total operating
expense
13,300
Operating income
1,700
Interest revenue
200
Gain on disposal of
equipment
400
Income before
taxes
2,300
Income tax
920
Net income
$ 1,380
Balance sheet
Assets
This year
Last year
Cash
$ 3,000
$ 1,100
A/R
500
530
Inventory
850
820
Prepaid Ins
150
200
Equipment...
Joyner Company’s income
statement for Year 2 follows:
Sales
$
705,000
Cost of goods
sold
58,000 ...
Joyner Company’s income
statement for Year 2 follows:
Sales
$
705,000
Cost of goods
sold
58,000
Gross margin
647,000
Selling and
administrative expenses
217,000
Net operating
income
430,000
Gain on sale of
equipment
6,000
Income before
taxes
436,000
Income taxes
174,400
Net income
$
261,600
Its balance sheet amounts at the
end of Years 1 and 2 are as follows:
Year 2
Year 1
Assets
Cash
$
205,000
$
85,700
Accounts
receivable
259,000
141,000
Inventory...
JSW Corp. reported net income on the income statement for the
current year of $59,000. Depreciation...
JSW Corp. reported net income on the income statement for the
current year of $59,000. Depreciation recorded on fixed assets for
the year was $24,000. Balances of the current asset and current
liability accounts at the end and beginning of the year are listed
below. Prepare the cash flows from operating activities section of
a statement of cash flows using the indirect
method.
End
Beginning
Cash
$65,000
$ 70,000
Accounts receivable (net)
70,000
57,000
Inventories
86,000
102,000
Prepaid expenses
4,000
4,500...
Joyner Company’s income statement for Year 2 follows: Sales $
708,000 Cost of goods sold 126,000...
Joyner Company’s income statement for Year 2 follows: Sales $
708,000 Cost of goods sold 126,000 Gross margin 582,000 Selling and
administrative expenses 217,000 Net operating income 365,000 Gain
on sale of equipment 9,000 Income before taxes 374,000 Income taxes
112,200 Net income $ 261,800 Its balance sheet amounts at the end
of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash $
211,800 $ 99,400 Accounts receivable 262,000 112,000 Inventory
320,000 281,000 Prepaid expenses 9,500...
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 ...
Income Statement
For the year ended December 31, 2019
Sales Revenue
$347,000
Cost of Goods Sold...
Income Statement
For the year ended December 31, 2019
Sales Revenue
$347,000
Cost of Goods Sold
(78,000)
Gross Profit
$269,000
Selling and Administrative Expenses
(43,900)
Operating Income
225,100
Gain on Sale of Equipment
5,500
Net Income
$230,600
All of the company’s sales are made on account. At the
beginning of the year, the Accounts Receivable balance was
$53,500. The balance had decreased to $50,200 by year-end.
All of the company’s inventory purchases are made on account.
Accounts Payable consists solely...
The income statement and a partial balance sheet for Jefferson
Company is presented below. Prepare the...
The income statement and a partial balance sheet for Jefferson
Company is presented below. Prepare the operating
activities section of the statement of cash flows using
the indirect method.
Jefferson Company
Income Statement
For the Year Ended December 31, 2006
Sales
$500,000
Cost of goods
sold
390,000
Gross
profit
$110,000
Operating expenses:
Salaries
$70,000
Depreciation
expense
20,000
Miscellaneous
10,000
100,000
Net
income
$10,000
Jefferson Company
Partial Balance Sheet
December 31,...
Cash Flows from Operating Activities—Indirect Method
The net income reported on the income statement for the...
Cash Flows from Operating Activities—Indirect Method
The net income reported on the income statement for the current
year was $244,900. Depreciation recorded on equipment and a
building amounted to $73,200 for the year. Balances of the current
asset and current liability accounts at the beginning and end of
the year are as follows:
End of Year
Beginning of Year
Cash
$64,900
$68,790
Accounts receivable (net)
82,290
84,890
Inventories
162,250
146,250
Prepaid expenses
9,020
9,700
Accounts payable (merchandise creditors)
72,490
76,770...
The net income reported on the income statement for the current
year was $250,300. Depreciation recorded...
The net income reported on the income statement for the current
year was $250,300. Depreciation recorded on equipment and a
building amounted to $74,800 for the year. Balances of the current
asset and current liability accounts at the beginning and end of
the year are as follows:
End of Year
Beginning of Year
Cash
$66,580
$69,240
Accounts receivable (net)
84,420
85,440
Inventories
166,450
147,200
Prepaid expenses
9,250
9,760
Accounts payable (merchandise creditors)
74,370
77,270
Salaries payable
10,720
9,620
a. Prepare...
LEARNING OUTCOME
# 5 - Part B
Prepare the
Operating Activities section of the Statement of...
LEARNING OUTCOME
# 5 - Part B
Prepare the
Operating Activities section of the Statement of Cash Flows for
Acorn Technologies using the indirect method from the data below.
All yellow cells require text or dollars for the solution to be
complete.
Acorn Technologies
Comparative Balance Sheets
December 31,
2017
2016
Current assets:
Cash and cash
equivalents
$
67,200
$
12,800
Accounts receivable
54,700
50,000
Inventories
53,400
45,000
Prepaid expenses
2,400
6,000
Plant...