Please provide answer in text (Without image) The following is a comparative SFP position and income statement for Culver Corporation:AssetsCash.Culver CorporationStatement of Financial PositionAs at September 30Accounts receivableInventoryPrepaid operating expensesLong term investmentsEquipment.Less: Accumulated depreciationLiabilities and Shareholders' EquityAccounts payableIncome tax payableBonds payableCommon shares.Retained earningsGross profitOperating expensesIncome from operationsInterest expenseGain on disposal of equipmentIncome before income taxIncome tax expenseNet incomeADDITIONAL INFORMATION:Culver CorporationIncome StatementFor the year ended September 30, 2023Sales revenue$892,500Cost of goods sold625,000Gross profit267,5002023$94.750106.450111.650267,500185,00082.5003,0001419.100(520,000)$1,488.350 $1,450,95025,250251.1502.40081,90032.000$49,9002022$128,55081.550227,85019.150122.7501.321.100(450,000)$74,150$82,15021,55014,550900,100950,100200,950140,550291,600263,600$1,488,350 $1,450,950Depreciation expense is included in "operating expenses. All accounts payable transactions were related to the purchase ofinventory.DDuring the year, a piece of equipment that originally cost $100,000 was sold for cash. The equipment was 60% depreciated atthe time of the sale.Long-term investments were purchased for cash during the year.Prepare a statement of cash flows, in good form, for Culver Corporation, using the direct method. Culver Corporation follows ASPE(Show amounts that decrease cash flow with either a negative sign e.g.-15,000 or in parenthesis eg. (15,000))Culver CorporationStatement of Cash Flows4

The cash flow statement is prepared to record the cash flow from various activities during the…

Assets Cash Accounts receivable Inventory Prepaid operating expenses Long term investments Equipment Less: Accumulated depreciation Liabilities and Shareholders' Equity Accounts payable Income tax payable Bonds payable Common shares Retained earnings ross profit . As at September 30 perating expenses mcome from operations interest expense Gain on disposal of equipment Income before income tax Income tax expense Net income . ADDITIONAL INFORMATION: 2023 $94.750 106.450 111.650 25.250 Culver Corporation Income Statement For the year ended September 30, 2023 Sales revenue $892,500 Cost of goods sold 625.000 Gross profit 267,500 267,500 185,000 82.500 3,000 2,400 81,900 32.000 $49,900 251.150 2022 1419.100 1.321.100 (520,000) (450,000) $1,488.350 $1,450,950 $128.550 81.550 227,850 19.150 122.750 $82,150 14.550 900,100 950,100 200,950 140,550 291,600 263,600 $1,488,350 $1,450.950 $74,150 21,550 D Depreciation expense is included in "operating expenses" All accounts payable transactions were related to the purchase of inventory. During the year, a piece of equipment that originally cost $100,000 was sold for cash. The equipment was 60% depreciated at

Assets Cash Accounts receivable Inventory Prepaid operating expenses Long term investments Equipment Less: Accumulated depreciation Liabilities and Shareholders' Equity Accounts payable Income tax payable Bonds payable Common shares Retained earnings ross profit . As at September 30 perating expenses mcome from operations interest expense Gain on disposal of equipment Income before income tax Income tax expense Net income . ADDITIONAL INFORMATION: 2023 $94.750 106.450 111.650 25.250 Culver Corporation Income Statement For the year ended September 30, 2023 Sales revenue $892,500 Cost of goods sold 625.000 Gross profit 267,500 267,500 185,000 82.500 3,000 2,400 81,900 32.000 $49,900 251.150 2022 1419.100 1.321.100 (520,000) (450,000) $1,488.350 $1,450,950 $128.550 81.550 227,850 19.150 122.750 $82,150 14.550 900,100 950,100 200,950 140,550 291,600 263,600 $1,488,350 $1,450.950 $74,150 21,550 D Depreciation expense is included in "operating expenses" All accounts payable transactions were related to the purchase of inventory. During the year, a piece of equipment that originally cost $100,000 was sold for cash. The equipment was 60% depreciated at

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter17: Financial Statement Analysis

Section17.4: Analyzing Financial Statements Using Financial Ratios

Problem 1WT

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