KM Manufacturing Company The income statement for the year ended December 31, 2020, for KM Manufacturing Company contains the following condensed information. KM Manufacturing Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 24,000 5,800,000 783,000 353,000 P430,000 Income tax expense Net income The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on KM's comparative balance sheets at December 31. KM Manufacturing Company Comparative Balance Sheets 2X20 2X19 Cash Accounts receivable Inventory Accounts payable P672,000 775,000 834,000 521,000 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid in 2020 totaled P200,000. Required: Prepare the statement of cash flows using i a. Indirect method b. Direct method

SUNLAND COMPANYIncome StatementsFor the Years Ended December 31     2022   2021 Net sales   $2,178,400   $2,030,000 Cost of goods sold   1,207,000   1,187,080 Gross profit   971,400   842,920 Selling and administrative expenses   590,000   565,220 Income from operations   381,400   277,700 Other expenses and losses            Interest expense   25,960   23,600 Income before income taxes   355,440   254,100 Income tax expense   106,632   76,230 Net income   $ 248,808   $ 177,870 SUNLAND COMPANYBalance SheetsDecember 31 Assets   2022   2021 Current assets            Cash   $ 70,918   $ 75,756    Debt investments (short-term)   87,320   59,000    Accounts receivable   139,004   121,304    Inventory   148,680   136,290      Total current assets   445,922   392,350 Plant assets (net)   765,820   613,954 Total assets   $1,211,742…

Cochran corporation, Inc. has the following income statement: Cochran corporation, Inc.  Income statement For the year ended December 31, 2021 net sales                       $240 Cost of goods sold      $150 gross profit                    $90 Operating expenses      $65 Net income                      $25   Using vertical analysis, what percentage is assigned to operating expenses? a. 27,1% b. 43.3% c. 72.2% d. 260.0%

The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales $ 1,710,000 Cost of goods sold 837,900 Gross profit 872,100 Operating expenses Salaries expense $ 234,270 Depreciation expense 41,040 Rent expense 46,170 Amortization expenses—Patents 5,130 Utilities expense 18,810 345,420 526,680 Gain on sale of equipment 6,840 Net income $ 533,520 Accounts receivable $ 26,000 increase Accounts payable $ 15,650 decrease Inventory 27,075 increase Salaries payable 3,850 decrease Prepare the operating activities section of the statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.

The following Income statement and additional year-end Information is provided. SONAD COMPANY Incone Statenent For Year Ended December 31 $ 1,823,e00 893, 270 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense 929,730 $ 249,751 43,752 49, 221 5,469 20,053 368, 246 561,484 7,292 Gain on sale of equipment Net income $ 568,776 $ 31,5e0 increase Accounts payable 13,375 increase Salaries payable $ 13,950 decrease 4,800 decrease Accounts receivable Inventory Prepare the operating activitles section of the statement of cash flows using the direct method. (Amounts to be deducted should be Indicated with a minus sign.) Answer is not complete. Statement of Cash Flows (Partial) Cash flows from operating activities Amortization expenses-Patents Gain on sale of equipment Increase in Accounts receivable Increase in Inventory Decrease in Accounts payable Decrease in Salaries payable Net cash…

The income statement of Sunland Company is shown below. Sunland Company Income Statement For the Year Ended December 31, 2025 Sales revenue $6,930,000 Cost of goods sold Beginning inventory $1,890,000 Purchases 4,410,000 Goods available for sale 6,300,000 Ending inventory 1,590,000 Cost of goods sold 4,710,000 Gross profit 2,220,000 Operating expenses 450,000 Selling expenses 450,000 Administrative expenses 700,000   1,150,000 Net income $1,070,000 1.Accounts receivable decreased $370,000 during the year.2. Prepaid expenses increased $160,000 during the year.3. Accounts payable to suppliers of merchandise decreased $290,000 during the year.4. Accrued expenses payable decreased $90,000 during the year.5. Administrative expenses include depreciation expense of $50,000.Prepare the operating activities section of the statement of cash flows using the direct method.

At the fiscal year ended June 30, 2020, the following information is available for Shein Company: Cost of goods sold. . .$167,400 Sales returns and allowances... 4,000 Sales revenue. 243,200 Interest expense... 5,000 Operating expenses... 88,700 Shein's net income/(net loss) for the period is Select one: a. Net income of $21,900 O b. Net income of $11,900 O c. Net loss of $11,900 O d. Net loss of $21,900

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…

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Crane Ltd. reported the following for the fiscal year 2021: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of land Profit before income tax Income tax expense Profit Additional information: 1. 2. CRANE LTD. Income Statement Year Ended September 30, 2021 3. 4. 5. 6. $ 109,000 34,000 (44,000) $583,000 338,000 245,000 99,000 146,000 36,500 $109,500 Accounts receivable decreased by $16,300 during the year. Inventory increased by $7,800 during the year. Prepaid expenses decreased by $5,800 during the year. Accounts payable to suppliers increased by $11,300 during the year. Accrued expenses payable increased by $5,300 during the year. Income tax payable decreased by $7,100 during the year.