Determine the cash flows from operations for 2015 using the direct method.
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Madha Company’s Income Statement for 2015 was as follows:
Sales $700,000
Cost of goods sold 250,000
Gross profit $450,000
Operating expenses 380,000
Income before income taxes 70,000
Additional Information on Madha Company were as follows:
1. The tax rate was 40%.
2. The sales include 40% cash sales. The remaining 60% was on credit.
3.
4. The allowance for doubtful accounts increased by $10,000 during 2015.
5. The company has one depreciable item: an equipment. During 2015 the equipment
(net) account increased by $70,000. The company purchased a new equipment for
$245,000 cash and sold an equipment with a book value of $42,000 for $80,000 cash.
6. Inventories decreased during 2015 by $15,000.
7. Operating expenses include depreciation. All other operating expenses are related to
salaries. The salaries payable account decreased during 2015 by $8,000.
8. Accounts payable increased during 2015 by 12,000.
9. Income tax payable decreased during 2015 by $400.
Required:
For Madha Corp:
Determine the
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- In its year-end financial statements, Pillar Inc. reported the following (in millions): 2016 2015 Sales $38,152 $46,541 Cost of goods sold $28,309 $33,211 As a percentage of sales, did Pillar's gross profit increase or decrease during the year? Select one: a. Gross profit decreased from 28.6% to 25.8% b. Gross profit increased from 71.4% to 74.2% c. Gross profit decreased from 74.2% to 71.4% d. There is not enough information to answer the question. e. Gross profit increased from 25.8% to 28.6%Paul & Griffon manufactures and markets many products you use every day. In 2016, sales for the company were $93,000 (all amounts in millions). The annual report did not report the amount of credit sales, so we will assume that all sales were on credit. The average gross profit percentage was 51.2 percent. Account balances for the year follow: ts Beginning Ending Accounts receivable ЕВook $5,300 $5,700 (net) Inventory 6,080 6,100 Hint Required: Print 1. Compute the following turnover ratios. 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory. ferences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the following turnover ratios. (Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio Inventory Turnover Ratio 00If we know that for the year 2010 Johnson's Company had Cost of goods sold = 600,000 USD and Sales (on credit) = 850,000 USD. And at the beginning of this year Johnson's Company had Accounts Receivable = 75,000 USD and its Inventory = 110,000 USD. At the end of the year company's Accounts Receivable = 95,000 USD and Inventory = 130,000 USD. What is the accounts receivable turnover ratio for the year 2010?
- Revenue and expense data for Soldner Inc. are as follows: 2014 2013 Sales $1,500,000 $1,450,000 Cost of goodssold 930,000 812,000 Selling expenses 210,000 261,000 Administrative expenses 255,000 232,000 Income tax expense 52,500 72,500 a. Prepare an income statement in comparative form, stating each item for both 2014 and 2013 as a percent of sales. Round to one decimal place. b. Comment on the significant changes disclosed by the comparative income statement.Refer to the following mentioned data. Net sales Cost of products sold Gross margin (In millions) 2017 2016 $34,954 $30, 040 14,274 13, 395 $20, 680 $16, 645 2017 2016 2015 Required: a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2 decimal places.) 2015 $26, 091 13, 655 $12, 436 59.16 % 55.41 % 47.66 %Use the following financial information from Akerley Cafe to calculate its gross profit and gross profit margin for 2015 and 2016. Round to two decimal places. 2016 2015 Cost of Sales $133,000 $140,000 Cash $20,000 $21,000 Accounts Receivable $35,000 $45,000 Revenue $200,000 $235,000 Operating Expenses $40,000 $29,000 Net Profit $27,000 $91,000
- Use the following information for Ingersoll, Inc., (assume the tax rate is 35 percent): 2015 2014 $9,335 $9,909 Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 1,275 2,846 789 675 4,259 5,589 944 1,276 3,210 684 753 15,110 35,955 37,077 Cash flow from assets Cash flow to creditors Cash flow to stockholders 5,353 6,277 896 17,550 4,616 4,335 10,088 9,820 1,106 1,201 For 2015, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (Do not round intermediate calculations. A negative answer should be indicated by a minus sign. Round your answers to 2 decimal places, e.g., 32.16.) $ $ $Consider the following income statement data from the Ross Company: 2013 2012 Sales revenue $529,000 $454,000 Cost of goods sold 336,000 279,000 Selling expenses 105,000 99,000 Administrative expenses 64,000 58,000 Income tax expense 11,800 9,400 Prepare common-size income statements for each year. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANY Common-Size Income Statements (Percent of Sales Revenue) 2013 2012 Sales Revenue % % Cost of Goods Sold % % % % Selling Expenses % Administrative Expenses % % Total % % Income before Income Taxes % % % %Peartree Inc. provides the following income statement for the year 2015: 2015 Net Sales $240,000 Cost of Goods Sold 110,000 Gross Profit $130,000 Operating Expenses: Selling Expenses 45,000 Administrative Expenses 12,000 Total Expenses 57,000 Operating Income $73,000 Other Revenues and Expenses: Loss on Sale of Capital Assets 23,000 Interest Expense 1,000 Total Other Revenues and Expenses 24,000 Income Before Taxes $49,000 Income Tax Expense 5,000 Net Income $44,000 Calculate the times-interest-earned ratio and show your calculations to receive full credit for this problem.a. 25 timesb. 30 timesc. 45 timesd. 50 times
- Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2016 (in million). What is the right amount? Income Statement ($ Million) YEAR END YEAR END YEAR END YEAR END 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) Year End 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost of Sales -679.1 -659 -681.3 -667 Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Income Taxes -56.8 -64.2 -67.5 -72.6 Dividends -38.3 -38.7 -39.8 -40.1 CHOICES: A. 108.7B. 132.7C. No choice givenD. 132.8E. 121.8Elgin Battery Manufacturers had sales of $1,000,000 in 2015 and their cost of goods sold is $700,000. Selling and administrative expenses were $100,000. Depreciation expense was $80,000 and interest expense for the year was $10,000. The fırm's tax rate is 30 percent. What is the dollar amount of taxes paid in 2015? O $33,000 O $36,000 O $117,800 O $300,000