The controller of Infinity Stone
Corporation has provided you with the following information:
Infinity Stone
Corporation...
The controller of Infinity Stone
Corporation has provided you with the following information:
Infinity Stone
Corporation
Income
Statement
For the Year Ended December
31, 2018
Net sales
$620,000
Operating expenses
410,000
Income from operations
210,000
Other revenues and expenses
Gain on sale of
equipment
$30,000
Interest
expense
8,000
$22,000
Income before income
taxes
232,000
Net income
...
The current sections of Blossom Rentals balance sheets at
December 31, 2021, and 2020, are presented...
The current sections of Blossom Rentals balance sheets at
December 31, 2021, and 2020, are presented here. Blossom’ profit
for 2021 was $146,880. Depreciation expense was $23,040. 2021 2020
Current assets Cash $100,800 $95,040 Accounts receivable 105,600
85,440 Inventory 151,680 165,120 Prepaid expenses 25,920 21,120
Total current assets $384,000 $366,720 Current liabilities Accrued
expenses payable $14,400 $4,800 Accounts payable 81,600 88,320
Total current liabilities $96,000 $93,120 Prepare the net cash
provided by operating activities section of the company’s statement
of...
Required information
Use the following information for the Problems below.
Forten Company, a merchandiser, recently completed...
Required information
Use the following information for the Problems below.
Forten Company, a merchandiser, recently completed its
calendar-year 2017 operations. For the year, (1) all sales are
credit sales, (2) all credits to Accounts Receivable reflect cash
receipts from customers, (3) all purchases of inventory are on
credit, (4) all debits to Accounts Payable reflect cash payments
for inventory, and (5) Other Expenses are paid in advance and are
initially debited to Prepaid Expenses. The company’s income
statement and balance...
Income Statement
Sales revenues
760,500
cost of goods sold
225,000
Operating expenses (excluding depreciation)
166,500
Depreciation...
Income Statement
Sales revenues
760,500
cost of goods sold
225,000
Operating expenses (excluding depreciation)
166,500
Depreciation expenses
13,500
Loss on disposal of equipment
4,500
Interest expenses
63,000
Total operating expenses
(472,500)
income before taxes
288,000
income tax expense
(70,500)
net income
217,500
Statement of financial Positions
31/12/2019
31/12/2018
Assets
Cash
82,500
49,500
accounts receivables
30,000
45,000
inventory
22,500
15,000
prepaid insurance
7,500
1,500
Land
195,000
30,000
Building
240,000
60,000
less: accumulated depreciation- Building
(16,500)
(7,500)
Equipment
40,500
15,000
less: accumulated...
For the just completed year, Hanna Company had net income of
$70,500. Balances in the company’s...
For the just completed year, Hanna Company had net income of
$70,500. Balances in the company’s current asset and current
liability accounts at the beginning and end of the year were as
follows:
December 31
End of Year
Beginning of Year
Current assets:
Cash and cash equivalents
$
59,000
$
76,000
Accounts receivable
$
168,000
$
196,000
Inventory
$
451,000
$
367,000
Prepaid expenses
$
11,500
$
13,500
Current liabilities:
Accounts payable
$
352,000
$
384,000
Accrued liabilities
$
7,500...
Cash Flows from Operating Activities—Indirect Method
The income statement disclosed the following items for the
year:...
Cash Flows from Operating Activities—Indirect Method
The income statement disclosed the following items for the
year:
Depreciation expense
$56,100
Gain on disposal of equipment
32,750
Net income
460,500
The changes in the current asset and liability accounts for the
year are as follows:
Increase (Decrease)
Accounts receivable
$8,740
Inventory
(4,980)
Prepaid insurance
(1,870)
Accounts payable
(5,930)
Income taxes payable
1,870
Dividends payable
1,310
a. Prepare the Cash Flows from Operating
Activities section of the statement of cash flows, using the...
Golden Corp., a merchandiser, recently completed its 2017
operations. For the year, (1) all sales are...
Golden Corp., a merchandiser, recently completed its 2017
operations. For the year, (1) all sales are credit sales, (2) all
credits to Accounts Receivable reflect cash receipts from
customers, (3) all purchases of inventory are on credit, (4) all
debits to Accounts Payable reflect cash payments for inventory, (5)
Other Expenses are all cash expenses, and (6) any change in Income
Taxes Payable reflects the accrual and cash payment of taxes. The
company’s balance sheets and income statement follow.
GOLDEN...
Required information
[The following information applies to the questions displayed
below.]
Golden Corp., a merchandiser, recently...
Required information
[The following information applies to the questions displayed
below.]
Golden Corp., a merchandiser, recently completed its 2017
operations. For the year, (1) all sales are credit sales, (2) all
credits to Accounts Receivable reflect cash receipts from
customers, (3) all purchases of inventory are on credit, (4) all
debits to Accounts Payable reflect cash payments for inventory, (5)
Other Expenses are all cash expenses, and (6) any change in Income
Taxes Payable reflects the accrual and cash payment...
On the basis of the following data for Breach Co. for the
current and preceding years...
On the basis of the following data for Breach Co. for the
current and preceding years ended December 31, prepare a statement
of cash flows using the indirect method. Assume that equipment
costing $25,000 was purchased for cash and no long-term assets were
sold during the period.
Stock was issued for cash-3,200 shares at par.
Net income for the current year was $76,000.
Cash dividends declared and paid were $13,000.
Current Year
Prior Year
Assets
Cash
$ 170,000
$74,000
Accounts...