
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Use the following excerpts from Victrolia Company’s financial information.
2018 Income Statment | |||
Sales | $475,000 | ||
Cost of Goods Sold | (221,500) | ||
Operating Expenses, other than |
(60,600) | ||
Depreciation Expense | (21,000) | ||
Gain on Sale of Plant Assets | 23,500 | ||
Net Income | $195,400 | ||
Dec. 31,2018 | |||
Cash | $347,450 | ||
39,750 | |||
Inventory | 33,000 | ||
Accounts Payable | 17,550 | ||
Accured Liabilities | 3,500 | ||
Dec. 31, 2017 | |||
Cash | $133,500 | ||
Accounts Receivable | 36,500 | ||
Inventory | 35,000 | ||
Accounts Payable | 19,550 | ||
Accured Liabilities | 2,200 | ||
Additional Information: | |||
Plant assets were sold for $45,000; book value $16,500 | |||
Dividends of $22,000 were declared and paid |
Prepare a statement of
Victrolia CompanyStatement of Cash Flows (Direct Method)For the Year Ended December 31, 2018
Cash Flow from Operating Activities: | ||
|
$- Select - | |
Cash Payments: | ||
|
$- Select - | |
|
- Select - | - Select - |
Net cash flows from operating activities | $fill in the blank 8 | |
Cash Flow from Investing Activities: | ||
|
$- Select - | |
Net Cash Flow from Investing Activities | fill in the blank 11 | |
Cash Flow from Financing Activities: | ||
|
$- Select - | |
Net Cash Flow from Financing Activities | fill in the blank 14 | |
|
$- Select - | |
Cash Balance, December 31, 2017 | fill in the blank 17 | |
Cash Balance, December 31, 2018 |
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps with 2 images

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 86,150 26,500 61,500 Cash flows from operating activities: 33,400 2,200 2020 $530,000 337,600 192,400 123,500 39,000 Changes in current operating assets and liabilities 29,900 9,900 $ 20,000 $ 28,300 35,000 54,400 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. 27,200 2,500 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 39,000arrow_forwardTotal return on assets at December 2018 was: Equal or below 11% Between 12% and 24% Between 25% and 42% Equal or above 43% Not enough data provided to calculate itarrow_forwardUse the following excerpts from Victrolia Company’s financial information. 2018 Income Statment Balance Sheets Sales $475,000 Cost of Goods Sold (221,500) Operating Expenses, other thanDepreciation Expense (60,600) Depreciation Expense (21,000) Gain on Sale of Plant Assets 23,500 Net Income $195,400 Dec. 31,2018 Cash $347,450 Accounts Receivable 39,750 Inventory 33,000 Accounts Payable 17,550 Accured Liabilities 3,500 Dec. 31, 2017 Cash $133,500 Accounts Receivable 36,500 Inventory 35,000 Accounts Payable 19,550 Accured Liabilities 2,200 Additional Information: Plant assets were sold for $45,000; book value $16,500 Dividends of $22,000 were declared and paid Cash Flow from Financing Activities: $Dividends Paid I just need the answer on dividends answer box?arrow_forward
- sarrow_forwardForecast an Income StatementSeagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, $ millions Revenue $20,780 Cost of revenue 14,916 Product development 1982 Marketing and administrative 906 Amortization of intangibles 46 Restructuring and other, net (44) Total operating expenses 17,806 Income from operations 2,974 Interest income 168 Interest expense (448) Other, net 50 Other expense, net (230) Income before income taxes 2,744 (Benefit) provision for income taxes (1,280) Net income $4,024 Forecast Seagate’s 2020 income statement assuming the following income statement relations ($ millions). Revenue growth 5% Cost of revenue 71.8% of revenue Product development 9.5% of revenue Marketing and administrative 4.4% of revenue Amortization of intangibles No change Restructuring and other, net $0 Interest income No change…arrow_forwardOne Stop, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: Cash $26,800 $14,900 Accounts Receivable 26,700 25,500 Merchandise Inventory 79,900 91,900 Long-term Assets: Land 35,400 8,000 Plant Assets 117,550 109,150 Accumulated Depreciation—Plant Assets (19,650) (15,450) Total Assets $266,700 $234,000 Liabilities Current Liabilities: Accounts Payable $35,000 $30,700 Accrued Liabilities 28,600 30,200 Long-term Liabilities: Notes Payable 73,000 105,000 Total Liabilities 136,600 165,900 Stockholders' Equity Common Stock, no par 88,200 64,300 Retained Earnings 41,900 3,800 Total Stockholders' Equity 130,100 68,100 Total Liabilities and Stockholders' Equity $266,700 $234,000 One Stop, Inc. Income Statement Year Ended December 31,…arrow_forward
- es MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 85,650 26,000 61,000 Cash flows from operating activities: Net income 32,400 2,150 2020 $ 525,000 335,600 189,400 123,000 38,000 28,400 9,500 $ 18,900 Changes in current operating assets and liabilities $ 27,800 34,000 54,300 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. 26,700 2,400 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 38,000 $ $ 18,300 38,000 56,300arrow_forwardIncome Statement For the year Ended December 31, 2020 Sales Cost of Goods Sold $ 390,000 235,000 Gross Profit S 155,000 Wages Expenses Depreciation Expense Other Operating Expenses Income Tax Expense S61000 14,000 26,000 17,000 120,000 Net Income $35000 Terry Company Balance Sheets Dec. 31, 2020 Dec. 1L Assets 2019 $ 30,000 35,000 84,000 8,000 130,000 (62.000) Cash Accounts Receivable (net) Inventory Prepaid Expense Plant Assets Accumulated Depreciation S16.000 28,000 110,000 12,000 178,000 (76,000) Total Assets $ 268,000 $ 225,000 I Liabilities and Stockholders' Equity Accounts Payable Wages Payable Income Tax Payable Common Stock Retained Earnings $ 27.000 6,000 3,000 135,000 97,000 S 14,000 2,500 4,500 125,000 79,000 Total Liabilities and S 268,000 $ 225,000 Stockholders' Equity Cash dividends of $17,000 were declared and paid during 2020 Plant assets of $48,000 were purchased for cash, and later in the year, an additional $10,000 common stock was issued for cash REQUIRED Prepare…arrow_forwardKM Manufacturing Company The income statement for the year ended December 31, 2020, for KM Manufacturing Company contains the following condensed information. KM Manufacturing Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 24,000 5,800,000 783,000 353,000 P430,000 Income tax expense Net income The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on KM's comparative balance sheets at December 31. KM Manufacturing Company Comparative Balance Sheets 2X20 2X19 Cash Accounts receivable Inventory Accounts payable P672,000 775,000 834,000 521,000 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid in 2020…arrow_forward
- elected items from Lemus Enterprises 12-31-2019 and 12-31-2018, financial statements are presented below: 2019 2018 Accounts receivable $ 40,000 $ 36,000 Merchandise inventory $ 28,000 35,000 Net sales 190,000 186,000 Cost of goods sold 114,000 108,000 Total assets 425,000 405,000 Total shareholders' equity 240,000 225,000 Net income 32,500 28,000 Lemus's 2019 asset turnover is (rounded): Group of answer choices 3.73. 2.79. 2.24. 0.46.arrow_forwardDela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Company contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue P6,583,000 Cost of goods sold P2,810,000 Operating expenses (excluding depreciation) 2,086,000 Depreciation expense 880,000 Loss on disposal of plant assets 24,000 5,800,000 Income before income taxes 783,000 Income tax expense 353,000 Net income P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Delar Rosa’s comparative balance sheets at December 31. Dela Rosa Company Company Comparative Balance Sheets 2X20 2X19 Cash P672,000 P130,000 Accounts receivable 775,000 610,000…arrow_forwardIn its income statement for the year ended December 31, 2022, Wildhorse Co. reported the following condensed data. Operating expenses $ 726,000 Interest revenue $ 39,000 Cost of goods sold 1,262,000 Loss on disposal of plant assets 23,000 Interest expense 75,000 Net sales 2,205,000 Income tax expense 51,000 Other comprehensive income (net of $1,200 tax) 8,900 I have to find a Income statement as well as a Comprehensive income, statement is needed, and I am confused.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education


Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,

Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON

Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education