Question 3 of 5The comparative unclassified statement of financial position for Ivanhoe Ltd. follows:AssetsCashIVANHOE LTD.Statement of Financial PositionDecember 31Accounts receivableInventoryEstimated inventory returnsLong-term investmentsEquipmentAccumulated depreciationTotal assetsLiabilities and Shareholders' EquityAccounts payableRefund liabilityBank loan payable (noncurrent)Common sharesRetained earningsTotal liabilities and shareholders' equity2021$58,00083,000176,0005,00073,000260,000(79,000 )$576,000$26,0009,000107,000217.000217,000$576,0002020$23,00073,500186,0003,000130,000160,000(38,000)$537,500$42.0006,000185,500174,000130,000$537,500 Additional information pertaining to 2021:1.2.3.4.5.6.7.8.9.10.11.Net income was $115,900.Sales were $996,000.Cost of goods sold was $756,000.Operating expenses were $49,000, exclusive of depreciation expense.Depreciation expense was $41,000.Interest expense was $13,000.Income tax expense was $27,000.Long-term investments were sold at a gain of $5,900.No equipment was sold during the year.$78,500 of the bank loan was repaid during the year.Common shares were issued for $43,000,Prepare a statement of cash flows using the direct method.BiA

The cash flow statement is prepared at the end of the period to know the cash position. It reflects…

Additional information pertaining to 2021: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Net income was $115,900. Sales were $996,000. Cost of goods sold was $756,000. Operating expenses were $49,000, exclusive of depreciation expense. Depreciation expense was $41,000. Interest expense was $13,000. Income tax expense was $27,000. Long-term investments were sold at a gain of $5,900. No equipment was sold during the year. $78,500 of the bank loan was repaid during the year. Common shares were issued for $43,000. Prepare a statement of cash flows using the direct method. A

Additional information pertaining to 2021: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Net income was $115,900. Sales were $996,000. Cost of goods sold was $756,000. Operating expenses were $49,000, exclusive of depreciation expense. Depreciation expense was $41,000. Interest expense was $13,000. Income tax expense was $27,000. Long-term investments were sold at a gain of $5,900. No equipment was sold during the year. $78,500 of the bank loan was repaid during the year. Common shares were issued for $43,000. Prepare a statement of cash flows using the direct method. A

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A company's tax rate is 33% and its interest expense is $18,500. In addition, its cost of goods sold is 61% of sales and its depreciation and amortization expenses are $35,800. What must the company's revenue be for it to have earnings of $150,000? 1) $603,238 2) $641,914 3) $681,271 4) $713,284 5) $703,211
At year-end 2002, Yung.com had notes payable of $1200, accounts payable of $2400, and long-term debt of $6000. Corresponding entries for 2003 are $1600, $2000, and $6000. Asset values are below. During 2003, Yung.com had sales of $5000, cost of goods sold of $ 400, depreciation of $100, and interest paid of $150. The (average) tax rate is 21 %, and all taxes are paid currently. The company has 100 shares of common stock outstanding with a stock price of $15 at the end of 2003. Total dividends paid is $120 in 2003. Current Asset 2002 2003 Cash $800 $500 Marketable securities 400 300 Accounts receivable 900 800 Inventory 1800 2000 Fixed Assets Net Fixed Asset ( Plant&Equipment) $6000 $2000 In 2003, the Market - value - to - Book - value ratio is %
a piece of machinery cost $500.tax depreciation to date has amounted to $200 and depreciation charged in the financial statements to date is $100 the rate of tax is 30% ? what is the deferred tax liability in relation to this asset?
1. LaLa Land has sales of $687,000 with total other costs of $492,000. Interest expense is $26,000 and depreciation is $42,000. The tax rate is 35 percent. What is the net income?
During 2021, Raines Umbrella Corporation had sales of $760,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $550,000, $90,000, and $95,000, respectively. In addition, the company had an interest expense of $94,000 and a tax rate of 21 percent. (Ignore any tax loss carryforward provisions and assume that interest is fully deductible.) a. What is the company's net income for 2021? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations.) b. What is its operating cash flow? (Do not round intermediate calculations.)
Received rent from ruck in 2019 $87,000 Municipal bond income $111,000 Depreciation for tax purposes in excess of book depreciation $51,000 Installment sales profit to be taxed in 2019 $153,000 Tubom had pre tax accounting income of $1,800,000 and a tax rate of 30% in 2018, its first year of operations. For 2018, what is the amount of income taxes payable?
The web Corp has sales of $143489, cost of goods sold and other expenses (excluding depreciation) of $55491, depreciation of $16870, and a debt of $8000 on which it has to pay 4% interest. It's tax rate is 35%. Calculate its net income
302. Subject : - finance
Give answer with full explanation
Hedepeth fne net income for the most recent year was S15,185, The tax rate was 34 percent The mm paid $3,806 in total interest expense and deducted $2,485 in depreciation expense. a) What is the company's Earnings Before Taxes (EBT) b) What is the company's Earnings Before Interest and Taxes (EBIT) c) What is the company's Earnings Before Interest, Taxes, and Depreciation (EBITD) d) What was the cash coverage ratio for the year and how do you interpret your answer?
Please show work in Excel.
vi.8