Comparative financial statement data for Carmono Company follow:     This Year Last Year Assets     Cash $ 5.50 $ 10.00 Accounts receivable 42.00 35.00 Inventory 82.50 68.80 Total current assets 130.00 113.80 Property, plant, and equipment 219.00 186.00 Less accumulated depreciation 42.40 31.80 Net property, plant, and equipment 176.60 154.20 Total assets $ 306.60 $ 268.00 Liabilities and Stockholders’ Equity     Accounts payable $ 49.50 $ 42.00 Common stock 102.00 79.00 Retained earnings 155.10 147.00 Total liabilities and stockholders’ equity $ 306.60 $ 268.00   For this year, the company reported net income as follows:   Sales $ 650.00 Cost of goods sold 390.00 Gross margin 260.00 Selling and administrative expenses 240.00 Net income $ 20.00   This year Carmono declared and paid a cash dividend. There were no sales of property, plant, and equipment during this year. The company did not repurchase any of its own stock this year.   Required: 1. Using the indirect method, prepare a statement of cash flows for this year

The income statement disclosed the following items for the year: Depreciation expense $57,400 Gain on disposal of equipment 33,510 Net income 494,300 The changes in the current asset and liability accounts for the year are as follows:   Increase(Decrease) Accounts receivable $8,950  Inventory (5,090)   Prepaid insurance (1,910) Accounts payable (6,070) Income taxes payable 1,910  Dividends payable 1,340  a. Prepare the “Cash flows from operating activities” section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Return on Assets Ratio and Asset Turnover Ratio Northern Systems reported the following financial data (in millions) in its annual report:   Previous Year Current Year Net Income $9,050 $7,500 Net Sales 52,350 37,200 Total Assets 58,734 68,128   If the company’s total assets are $55,676 at the beginning of the previous year, calculate the company’s: (a) return on assets (round answers to one decimal place - ex: 10.7%)   (b) asset turnover for both years (round answers to two decimal places)     Previous Year Current Year a. Return on Assets Ratio Answer Answer b. Asset Turnover Ratio Answer Answer

Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $277,600. Depreciation recorded on equipment and a building amounted to $83,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:   Endof Year Beginningof Year Cash $77,450 $82,100 Accounts Recievable (net) 98,210 101,310 Inventories 193,630 174,540 Prepaid Expenses 10,770 11,580 Accounts Payable (merchandise creditors) 86,510 91,620 Salaries Payable 12,470 11,410 a.  Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: -   Net income  $   Adjustments to reconcile net income to net cash flows from (used…

Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow:   Current Year Previous Year Current assets $308,140   $179,040   Property, plant, and equipment 576,520   522,200   Intangible assets 109,340   44,760   Current liabilities 228,620   134,280   Long-term liabilities 397,600   313,320   Common stock 99,400   104,440   Retained earnings 268,380   193,960   Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Kwan CompanyComparative Balance SheetFor the Years Ended December 31   CurrentyearAmount CurrentyearPercent PreviousyearAmount PreviousyearPercent Current assets $308,140 fill in the blank 1% $179,040 fill in the blank 2% Property, plant, and equipment 576,520 fill…

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Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $137,500. Depreciation recorded on store equipment for the year amounted to $22,700. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:   Endof Year Beginningof Year Cash $53,350   $48,550   Accounts receivable (net) 38,250   35,880   Merchandise inventory 52,230   54,620   Prepaid expenses 5,870   4,610   Accounts payable (merchandise creditors) 49,990   45,930   Wages payable 27,320   30,000   a.  Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

The year-end financial statements for North Railway report the following information: 0.46 0.41 1.74 (In millions) 0.25 Revenues Year ended December 31, Property and equipment, net Total assets Year 2 Year 1 The annual property, plant, and equipment turnover (PPET) is: $15,095 $21,967 61,250 59,510 84,122 81,703

Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $154,700. Depreciation recorded on store equipment for the year amounted to $25,500. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:   Endof Year Beginningof Year Cash $61,730 $56,790 Accounts receivable (net) 44,260 41,970 Merchandise inventory 60,430 63,890 Prepaid expenses 6,790 5,400 Accounts payable (merchandise creditors) 57,840 53,720 Wages payable 31,610 35,100 a.  Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from operating activities: - Net income  $ Adjustments to reconcile net income to net cash flows from (used for) operating…

Rogers Company reported net income of $47,097 for the year. During the year, accounts receivable increased by $5,480, accounts payable decreased by $4,933 and depreciation expense of $76,852 was recorded. Net cash flows from operating activities for the year is a. $124,496 b. $113,536 c. $47,097 d. $134,362