Sales Cost of goods sold Gross profit Operating expenses Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $ 215,775 37,800 42,525 Show Transcribed Text 4,725 17,325 $ 1,575,000 771,750 803,250 318,150 485,100 6,300 $ 491,400 $ 30,850 increase Accounts payable 27,800 increase alaries 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. Statement of Cash Flows (partial) Changes in current operating assets and liabilities Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 9,250 decrease 4,500 decrease

Sales Cost of goods sold Gross profit Operating expenses Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $ 215,775 37,800 42,525 Show Transcribed Text 4,725 17,325 $ 1,575,000 771,750 803,250 318,150 485,100 6,300 $ 491,400 $ 30,850 increase Accounts payable 27,800 increase alaries 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. Statement of Cash Flows (partial) Changes in current operating assets and liabilities Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 9,250 decrease 4,500 decrease

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. MUNSUN COMPANY Income Statement For the Year Ended November 30, 2022 2. 3. 4. 5. $1,900,000 4,400,000 6,300,000 1,600,000 450,000 700,000 $7,600,000 4,700,000 2,900,000 1,150,000 $1,750,000 Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of inventory decreased $350,000 during the year. Accrued expenses payable decreased $100,000 during the year. Administrative expenses include depreciation expense of $110,000.
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Exercise ER The Income statement of Vince Gill Company Is shown below. VINCE GILL COMPANY INCOME STATENENT FOR THE YEAR ENDED DECENBER 31, 2020 $6,900,000 Sales revenue Cost of goods sold Purchases uauanur Bபrப்பம்Sg: 000 0000 Goods available for sale 6,300,000 Ending Inventory Cost of goods sold 4,700,000 Gross profit Operating expenses Selling expenses Administratve expenses ఈ50,000 700,000 1,150,000 $1,050,000 Net Income. Additional Information: 1. Accounts recelvable decreased $360,000 durIng the year. 2. Prepald expenses Increased S170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased S275,000 during the year. 4. Accrued expenses payable decreased $100,000 durIng the year. 5. Administrative expenses Include depredatlon expense of $60,000. Prepare the operating activities secton of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the Indirect method parenthesis e.g. (15,000 VINCE GILL COMPANY Statement of…
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solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
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