Avatar Company Income Statement Year Ended December 31, 2024 Sales Revenue $291,300 Interest Revenue 1,000 Gain on Sale of Plant Assets 6,000 Total Revenues and Gains $298,300 Cost of Goods Sold I 145,000 Salaries and Wages Expense 49,000 Depreciation Expense-Plant Assets 16,000 Other Operating Expense 25,000 Interest Expense 3,500 Income Tax Expense 7,800 Total expenses 246,300 Net Income $52,000

SONAD COMPANY Income Statement For Year Ended December 31 Sales $ 2,123,000 Cost of goods sold 1,040,270 Gross profit 1,082,730 Operating expenses Salaries expense $ 290,851 Depreciation expense 50,952 Rent expense 57,321 Amortization expenses—Patents 6,369 Utilities expense 23,353 428,846 653,884 Gain on sale of equipment 8,492 Net income $ 662,376 Accounts receivable $ 27,750 increase Accounts payable $ 15,725 decrease Inventory 24,000 increase Salaries payable 5,050 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.)

18 eppertree Company’s financial statements on December 31, 2021, showed the following:  Net Sales $ 550,000 Fixed Assets, January 1 $ 146,000 Fixed Assets, December 31 $ 134,000 Total Assets, January 1 $ 194,000 Total Assets, December 31 $ 200,000 What is the fixed asset turnover for 2021?   Multiple Choice   3.93   2.60   4.10   2.79

CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 448,600 297,150 151,450 98,600 5,000 47,850 19,276 $ 28,574 Cost of goods sold Gross profit Operating expenses Interest expense Profit before taxes Income tax expense Net profit Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Property, plant and equipment, net Total assets Req 1 and 2 Req 3 Req 4 CABOT CORPORATION Balance Sheet December 31 Liabilities and Equity Req 5 8,000 Accounts payable 8,800 Accrued wages payable 32,400 Income taxes payable 2,750 Share capital 150,300 Retained earnings $ 238,400 Total liabilities and equity Complete this question by entering your answers in the tabs below. Compute the current ratio and acid-test ratio. 36,150 Long-term note payable, secured by mortgage on property, plant and equipment Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days'…

The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2021 and 2020:      2021     2020   Sales revenue $ 15,000,000   $ 9,600,000   Cost of goods sold   9,200,000     6,000,000   Gross profit   5,800,000     3,600,000   Operating expenses   3,200,000     2,600,000   Operating income   2,600,000     1,000,000   Gain on sale of division   600,000     —       3,200,000     1,000,000   Income tax expense   800,000     250,000   Net income $ 2,400,000   $ 750,000      On October 15, 2021, Jackson entered into a tentative agreement to sell the assets of one of its divisions. The division qualifies as a component of an entity as defined by GAAP. The division was sold on December 31, 2021, for $5,000,000. Book value of the division’s assets was $4,400,000. The division’s contribution to Jackson’s operating income before-tax for each year was as follows:   2021 $400,000 2020 $300,000  Assume…

Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars)   2018 2017 Sales $ 3,900.0 $ 3,000.0 Operating costs excluding depreciation and amortization   2,925.0   2,550.0 EBITDA $ 975.0 $ 450.0 Depreciation and amortization   90.0   69.0 Earnings before interest and taxes (EBIT) $ 885.0 $ 381.0   Interest   86.0   66.0 Earnings before taxes (EBT) $ 799.0 $ 315.0   Taxes (40%)   319.6   126.0 Net income $ 479.4   $ 189.0   Common dividends $ 431.0   $ 151.0   Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars)   2018 2017 Assets Cash and equivalents $ 38.0 $ 30.0 Accounts receivable   432.0   360.0 Inventories   819.0   630.0   Total current assets $ 1,289.0 $ 1,020.0 Net plant and equipment   897.0   690.0 Total assets $ 2,186.0 $ 1,710.0 Liabilities and Equity…

Balance Sheet December 31, 2021 Current Assets: Cash 46,200 Accounts Receivable (net) 260,000 Raw materials inventory (4,500 yards) 11,250 Finished goods inventory (1,500 units) 32,250 Total current assets 349,700 Plant and equipment: Buildings and equipment 900,000 Accumulated depreciation (292,000) Plant and equipment, net 608,000 Total Assets 957,700 Liabilities and Stockholders' Equity Current liabilities: 158,000 Accounts Payable Stockholders' equity: Common stock 419,800 Retained earnings 379,900 Total stockholders; equty 799,700 Total liabilities and stockholder's equity 957,700 Additional Information The company's chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2022 budget: 1 The budgeted unit sales are 12,000 units, 37,000 units, 15,000 units and 25,000 units for quarters 1-4, respectively. Notice that the company experiences peak sales in the second and fourth…

Use the following information from Eiffel Company’s financial statements.   2018 IncomeStatement     BalanceSheets Sales $309,000           Cost of Goods Sold (145,000)          Operating Expenses, other than Depreciation Expense (27,000)          Depreciation expense (16,000)          Gain on Sale of Plant Assets 16,000           Net Income $137,000                 Dec. 31,2018 Accounts Receivable     $45,300     Inventory     1,600     Accounts Payable     22,500     Accured Liabilities     900           Dec. 31, 2017 Accounts Receivable     $22,250     Inventory     1,800     Accounts Payable     22,250     Accured Liabilities     1,150     Prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Eiffel Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2018 Operating…

Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses   $ 460   Research and development expense   $ 114 Depreciation expense   90   Income tax expense   1,008 Sales revenue   9,230   Loss on disposal of plant assets   46 Interest expense   161   Cost of goods sold   4,500 Advertising expense   499   Rent expense   105 Sales returns and allowances   230   Utilities expense   60 Assume a tax rate of 34%. Gross profit rate enter percentages rounded to 1 decimal place% Profit margin enter percentages rounded to 1 decimal place%

THE ATHLETIC ATTICIncome StatementFor the Year Ended December 31, 2024Net sales         $8,900,000Cost of goods sold         5,450,000Gross profit         3,450,000Expenses:          Operating expenses    $1,600,000     Depreciation expense    210,000     Interest expense    50,000     Income tax expense    360,000     Total expenses         2,220,000Net income         $1,230,000 THE ATHLETIC ATTICBalance SheetsDecember 31     2024    2023Assets          Current assets:          Cash    $164,000    Accounts receivable    790,000    Inventory    1,405,000    Supplies    110,000Long-term assets:          Equipment    1,150,000    Less: Accumulated depreciation    (420,000)    Total assets    $3,199,000    Liabilities and Stockholders' Equity          Current liabilities:          Accounts payable    $115,000    Interest payable    0    Income tax payable    40,000    Long-term liabilities:          Notes payable    600,000    Stockholders' equity:          Common stock    700,000…