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Assets: Cash Lincoln Corp. - Balance Sheet - December 31 20X4 Accounts Receivable Inventory Prepaid expenses Equipment Accumulated Depreciation Total Assets Liabilities & Shareholders' Equity Accounts Payable Operating expenses payable Income Taxes Payable Dividends Payable Long term notes Payable Common Shares Retained Earnings Total Liabilities & Shareholders' Equity Additional Information for Lincoln Corp: 1) Operating expenses for 20X4 included depreciation for $500 2) Accounts payable relate exclusively to the purchase of inventory 3) Machine with a historical cost of $200 was sold at a loss of $20 4) A new machine was purchased during the year for $1,200 5) Dividends were declared 6) Long term notes payable were issued $ 2,350 450 800 40 2,500 (1,350) $ 4,790 680 210 120 50 300 2,500 930 $ 4,790 20X3 $ 1,800 1,000 700 80 $ 1,500 (1,000) $ 4,080 350 100 0 100 70 2,500 960 $ 4,790 Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp for December 31, 20X4 and 20X3 Lincoln Corp. - Income Statement as of December 31st, 20X4 Revenue Cost of Goods Sold Gross Profit Operating expenses Operating Profit Loss on sale of equipment Income tax expense Profit for 2012 $5,000 $3,200 $1,800 $1,350 $ 450 $ 20 LA LA LA LA $ 180 $ 250

Assets: Cash Lincoln Corp. - Balance Sheet - December 31 20X4 Accounts Receivable Inventory Prepaid expenses Equipment Accumulated Depreciation Total Assets Liabilities & Shareholders' Equity Accounts Payable Operating expenses payable Income Taxes Payable Dividends Payable Long term notes Payable Common Shares Retained Earnings Total Liabilities & Shareholders' Equity Additional Information for Lincoln Corp: 1) Operating expenses for 20X4 included depreciation for $500 2) Accounts payable relate exclusively to the purchase of inventory 3) Machine with a historical cost of $200 was sold at a loss of $20 4) A new machine was purchased during the year for $1,200 5) Dividends were declared 6) Long term notes payable were issued $ 2,350 450 800 40 2,500 (1,350) $ 4,790 680 210 120 50 300 2,500 930 $ 4,790 20X3 $ 1,800 1,000 700 80 $ 1,500 (1,000) $ 4,080 350 100 0 100 70 2,500 960 $ 4,790 Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp for December 31, 20X4 and 20X3 Lincoln Corp. - Income Statement as of December 31st, 20X4 Revenue Cost of Goods Sold Gross Profit Operating expenses Operating Profit Loss on sale of equipment Income tax expense Profit for 2012 $5,000 $3,200 $1,800 $1,350 $ 450 $ 20 LA LA LA LA $ 180 $ 250

Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
15th Edition
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter4: Analysis Of Financial Statements
Section: Chapter Questions
Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...
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What is the total “Net Cash provided/used by Financing Activities” when using the direct method

Assets: Cash Lincoln Corp. - Balance Sheet - December 31 20X4 Accounts Receivable Inventory Prepaid expenses Equipment Accumulated Depreciation Total Assets Liabilities & Shareholders' Equity Accounts Payable Operating expenses payable Income Taxes Payable Dividends Payable Long term notes Payable Common Shares Retained Earnings Total Liabilities & Shareholders' Equity Additional Information for Lincoln Corp: 1) Operating expenses for 20X4 included depreciation for $500 2) Accounts payable relate exclusively to the purchase of inventory 3) Machine with a historical cost of $200 was sold at a loss of $20 4) A new machine was purchased during the year for $1,200 5) Dividends were declared 6) Long term notes payable were issued $ 2,350 450 800 40 2,500 (1,350) $ 4,790 680 210 120 50 300 2,500 930 $ 4,790 20X3 $ 1,800 1,000 700 80 $ 1,500 (1,000) $ 4,080 350 100 0 100 70 2,500 960 $ 4,790
Transcribed Image Text:Assets: Cash Lincoln Corp. - Balance Sheet - December 31 20X4 Accounts Receivable Inventory Prepaid expenses Equipment Accumulated Depreciation Total Assets Liabilities & Shareholders' Equity Accounts Payable Operating expenses payable Income Taxes Payable Dividends Payable Long term notes Payable Common Shares Retained Earnings Total Liabilities & Shareholders' Equity Additional Information for Lincoln Corp: 1) Operating expenses for 20X4 included depreciation for $500 2) Accounts payable relate exclusively to the purchase of inventory 3) Machine with a historical cost of $200 was sold at a loss of $20 4) A new machine was purchased during the year for $1,200 5) Dividends were declared 6) Long term notes payable were issued $ 2,350 450 800 40 2,500 (1,350) $ 4,790 680 210 120 50 300 2,500 930 $ 4,790 20X3 $ 1,800 1,000 700 80 $ 1,500 (1,000) $ 4,080 350 100 0 100 70 2,500 960 $ 4,790
Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp for December 31, 20X4 and 20X3 Lincoln Corp. - Income Statement as of December 31st, 20X4 Revenue Cost of Goods Sold Gross Profit Operating expenses Operating Profit Loss on sale of equipment Income tax expense Profit for 2012 $5,000 $3,200 $1,800 $1,350 $ 450 $ 20 LA LA LA LA $ 180 $ 250
Transcribed Image Text:Financial statements - Income statement for 20X4 and Comparative Balance Sheet for diving equipment manufacturer Lincoln Corp for December 31, 20X4 and 20X3 Lincoln Corp. - Income Statement as of December 31st, 20X4 Revenue Cost of Goods Sold Gross Profit Operating expenses Operating Profit Loss on sale of equipment Income tax expense Profit for 2012 $5,000 $3,200 $1,800 $1,350 $ 450 $ 20 LA LA LA LA $ 180 $ 250
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