Crane Company's income statement for the year ended December 31, 2025, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) $621,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $849,000 60,000 27,000 708,000 141,000 40,000 $101,000 Crane's balance sheet contained the following comparative data at December 31. 2025 2024 Accounts receivable $36,000 $52,000 Accounts payable 43,000 32,000 Income taxes payable 4,100 8.200 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. CRANE COMPANY Partial Statement of Cash Flows

Crane Company's income statement for the year ended December 31, 2025, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) $621,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $849,000 60,000 27,000 708,000 141,000 40,000 $101,000 Crane's balance sheet contained the following comparative data at December 31. 2025 2024 Accounts receivable $36,000 $52,000 Accounts payable 43,000 32,000 Income taxes payable 4,100 8.200 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. CRANE COMPANY Partial Statement of Cash Flows

Name: Crane Company's income statement for the year ended December 31, 2025
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Description: Crane Company's income statement for the year ended December 31, 2025, contained the following condensed information.Service revenueOperating expenses (excluding depreciation) $621,000Depreciation expenseLoss on sale of equipmentIncome before income

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 19BEA

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Oriole Company's income statement contained the following condensed information ORIOLE COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624.500 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 $74,400 40.300 Oriole's balance sheets contained the comparative data at December 31, shown below. 12.900 2021 54,600 $61000 27.000 6.400 24.100 $972,000 703,200 268,800 40,100 $228.700 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15.000 or in parenthesis e.g. (15.000))
Sage Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $848,000 Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment Income before income taxes $628,000 61,000 26,000 715,000 133,000 Income tax expense 40,000 $93.000 Net income Sage's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $37.00 $52,000 Accounts payable 39.000 32,000 Income taxes payable 4,000 8.400 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. SAGE COMPANY Statement of Cash Flows (Partial) 24 %24 >
Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company 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 Income tax expense Net income P6,583,000 P2,810,000 2,086,000 880,000 24.000 5,800.000 783,000 353,000 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 Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…
The statement of income for Pembina Ltd. is shown below: Sales Cost of goods sold Gross profit PEMBINA LTD. Statement of Income Year Ended December 31 (in millions) Operating expenses Income from operations Interest expense Income before income tax Income tax expense Net income 2021 $1,610 908 702 525 177 80 97 25 $72 2020 $1,410 744 PEMBINA LTD. Horizontal Analysis of Statement of Income (% of base-year amount) Year Ended December 31 666 407 259 50 209 52 $157 2019 $1,194 598 596 397 199 40 159 40 $119 Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2019 is the base year. (Round answers to 1 decimal place, e.g. 5.2%. Enter negative amounts using either a negative sign preceding the number e.g. -45.1% or parentheses e.g. (45.1)%.)
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 $…
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Here are the comparative income statements of Cullumber Corporation. CULLUMBER CORPORATIONComparative Income StatementFor the Years Ended December 31 2022 2021 Net sales $639,400 $578,200 Cost of goods sold 464,800 433,400 Gross Profit 174,600 144,800 Operating expenses 70,500 43,000 Net income $ 104,100 $ 101,800 (a)Prepare a horizontal analysis of the income statement data for Cullumber Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CULLUMBER CORPORATIONComparative Income Statementchoose the accounting period For the Years Ended December 31For the Month Ended December 31December 31 Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net…
The income statement, balance sheets, and additional information for Great Adventures, Inc, are provided below. GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net revenues: Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses $198,830 $40,100 70,920 19,650 10,775 16,100 157,545 $ 40,485 Net income GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Increase (I) or Decrease (D) 2022 2021 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumu lated depreciation Total assets $ 302,742 50, 480 10, 200 1,220 $ 248,802 (I) 50,480 (I) 10,200 (I) 4,560 (D) $ 53,940 5,780 820,000 896,000 94,960 (28,450) $2,147,152 $117,800 820,eee (I) 896, e00 (I) 38,960 (I) 19,650 (I) 56,000 (8,800) Liabilities and Stockholders Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current…
Tamarisk Company’s income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue $848,000 Operating expenses (excluding depreciation) $622,000 Depreciation expense 59,000 Loss on sale of equipment 25,000 706,000 Income before income taxes 142,000 Income tax expense 40,000 Net income $102,000 Tamarisk’s balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $38,000 $53,000 Accounts payable 41,000 31,000 Income taxes payable 3,800 8,500 (Accounts payable pertains to operating expenses.)Prepare the operating activities section of the statement of cash flows using the indirect method
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 442,035 $ 338,635 266,105 214,695 123,940 46,732 29,800 76,532 47,408 9,719 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 Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets 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 Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Plant assets, net Total assets 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 Liabilities and…
[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…
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