Lansing Company's current-year income statement andselected balance sheet data at December 31 of the currentand prior years follow.LANSING COMPANYIncome StatementFor Current Year Ended December 31Sales revenue$ 121,200ExpensesCost of goods sold.Depreciation expenseSalaries expenseRent expenseInsurance expenseInterest expenseUtilities expenseNet incomeAt December 31Accounts receivableInventoryAccounts payableSalaries payableUtilities payablePrepaid insurancePrepaid rentLANSING COMPANYSelected Balance Sheet AccountsCash flows from operating activities:50,00016,0004,6004,4003,600$ 6,800Current Year$ 6,4002,7805,2001,04026,0009,800380340380Changes in current assets and current liabilitiesNet cash provided by financing activitiesPrior Year$ 7,4001,9406,200Required:Prepare the operating activities section of the statement ofcash flows using the indirect method for the current year.(Amounts to be deducted should be indicated with a minussign.)780240LANSING COMPANYCash Flows from Operating Activities-Indirect MethodFor Current Year Ended December 31440260Adjustments to reconcile net income to net cash provided by operations:Income statement items not affecting cash$|u₂||$ [The following information applies to the questionsdisplayed below.]Lansing Company's current-year income statement andselected balance sheet data at December 31 of the currentand prior years follow.LANSING COMPANYIncome StatementFor Current Year Ended December 31Sales revenueExpensesCost of goods soldDepreciation expenseSalaries expenseRent expenseInsurance expenseInterest expenseUtilities expenseNet incomeAt December 31Accounts receivableInventoryAccounts payableSalaries payableUtilities payable.Prepaid insurancePrepaid rent$ 121,200LANSING COMPANYSelected Balance Sheet AccountsCash flows from operating activities:50,00016,00026,0009,8004,6004,4003,600$ 6,800Current Year$ 6,4002,7805,2001,040380340380Changes in current assets and current liabilitiesPrior Year$ 7,4001,9406,200780240Required:Prepare the operating activities section of the statement ofcash flows using the indirect method for the current year.(Amounts to be deducted should be indicated with a minussign.)440260LANSING COMPANYCash Flows from Operating Activities-Indirect MethodFor Current Year Ended December 31Adjustments to reconcile net income to net cash provided by operations:Income statement items not affecting cash

The cash flow statement is one of the financial statement of the business. Under indirect method,…

Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. For Current Year Ended December 31 Sales revenue $ 121,200 Expenses LANSING COMPANY Income Statement Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense lot 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6.800

Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. For Current Year Ended December 31 Sales revenue $ 121,200 Expenses LANSING COMPANY Income Statement Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense lot 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6.800

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...

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The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 33,964 43,558 21,356 112,283 80,341 14,943 $ 65,398 $ 41,856 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 $ 57,843 0 51,166 32,628 83,794 52,649 10,793 $ 23,890 66,000 $ 20,253 Common stock 66,000 Other paid-in capital 8,250 Retained earnings 41,423 Total liabilities and equity $…
You have been provided with Leonard Corporation's partial Statement of Financial Position and the Statement of Comprehensive Income for the year ended December 31, 2021. Leonard Corporation Partial Statement of Financial Position For the Year Ended December 31, 2021 Accounts receivable -net Prepaid expenses Inventory Property, Plant & Equipment Accumulated Depreciation Accounts payable Income taxes payable Deferred revenue 2021 Sales....... Cost of goods sold.. Gross Margin. Selling, general and admin Depreciation expense $440,000 482,000 45,000 31,000 825,000 810,000 2,475,000 2,105,000 2020 (866,000) (823,000) 184,000 197,000 38,000 35,000 47,000 42,000 Leonard Corporation Statement of Comprehensive Income For the Year Ended December 31, 2021 Interest expense..... Gain on sale of PPE Net income before taxes Income Tax Expense Net income and comprehensive income... $3,560,000 1,950,000 1,610,000 (595,000) (320,000) (115,300) 55,400 635,100 95,300 .$539,800 Additional information:…
Selected comparative financial Statements of Kordin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses KORBIN COMPANY Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330, 310 263,974 186,688 156,366 105,012 58,007 38,504 36,990 24,211 94,997 61,369 12,581 $ 48,788 Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 $74,141 December 31 2021 $ 62,574 0 114,438 $177,012 $ 25,844 65,000 8,125 78,043…
[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets 2020 2021 $548,688 $ 420,340 330,310 263,974 218,378 156,366 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income December 31 2021 $ 62,574 % 0 % $ 41,881 $ 55,985 1,200 3,920 114,438 103,962 61,920 $177,012 $ 147,043 $ 121,825 $ 25,844 65,000 8,125…
Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 124,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 51,000 16,500 27,000 9,900 4,700 4,500 3,700 $ 6,900 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 6,500 2,880 5,300 1,060 400 350 400 Prior Year $ 7,600 1,990 6,400 790 250 460 270
Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity Current Year For Year Ended December 31 Sales Cost of goods sold Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 26,605 89, 200 114,500 8,568 221, 258 $ 460,131 $ 112,281 84,775 162,500 100,575 1 Year Ago 2 Years Ago 31,099 62,900 85,000 8,163 209,503 $ 396,665 $364,884 185,433 10, 169 7,776 $ 65,696 89,408 162,500 79,061 $ 460, 131 $ 396,665 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: Current Year $ 598,170 $ 32,725 50, 800 568, 262 $ 29,908 $ 1.84…
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities. 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 51,166 43,558 32,628 112,283 83,794 80,341 52,649 14,943 10,793 $ 65,398 $ 41,856 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 S % $ 57,843 0 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021…
Required information [The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $ 121,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Current Year $ 6,400 2,780 5,200 1,040 Cash flows from operating activities 380 340 380 Prior Year $ 7,400 LANSING COMPANY Cash Flows from Operating Activities-Direct Method For Current Year Ended December 31 1,940 6,200 780 240 Required: Prepare the operating activities section of the statement of cash flows…
[The following information applies to the questions displayed below.] The following data were selected from the records of Sykes Company for the year ended December 31, Current Year. Balances January 1, Current Year Accounts receivable (various. customers) Allowance for doubtful accounts $120,000 7,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 3/10, n/30 (assume a unit sales price of $800 in all transactions). Transactions during current year a. Sold merchandise for cash, $272,000. b. Sold merchandise to R. Smith; invoice price, $11,500. c. Sold merchandise to K. Miller; invoice price, $48,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $30,000. f. R. Smith paid his account in full within the discount period. g. Collected $91,000 cash from customer sales on credit in prior year, all within the…
Required information [The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income At December 31 $ 115,200 LANSING COMPANY Selected Balance Sheet Accounts Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 48,000 15,000 24,000 9,600 4,400 4,200 3,400 $ 6,600 Current Year $ 6,200 2,580 5,000 1,000 340 320 340 Prior Year $ 7,000 1,840 5,800 760 220 400 240
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 481,724 $369,040 289,998 191,726 68,405 43,355 111,760 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 233,233 135,807 50,928 32,476 83,404 2021 2020 $ 56,542 0…