MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 86,150 26,500 61,500 Cash flows from operating activities: 33,400 2,200 2020 $530,000 337,600 192,400 Changes in current operating assets and liabilities 123,500 39,000 29,900 9,900 $ 20,000 $ 28,300 35,000 54,400 27,200 2,500 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 39,000

MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 86,150 26,500 61,500 Cash flows from operating activities: 33,400 2,200 2020 $530,000 337,600 192,400 Changes in current operating assets and liabilities 123,500 39,000 29,900 9,900 $ 20,000 $ 28,300 35,000 54,400 27,200 2,500 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 39,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ivanhoe Corporation reported the following information for the year ended December 31: Balance sheet accounts: 2024 Accounts receivable Inventory Prepaid expenses Accounts payable Income tax payable 2023 $93,500 66,000 68,200 60,500 5,500 9,900 38,500 46,200 15,400 9,900 Net cash Save for Later Income statement accounts: Sales Gain on sale of land Cost of goods sold Operating expenses Depreciation expense Income tax expense 2024 $412,500 16,500 165,000 82,500 22,000 Calculate the net cash provided (used) by operating activities using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) operating activities 55,000 Attempts: 0 of 15 used Submit Answer
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7 / 9 Sales Cost of sales Gross profit Operating expenses 66,7% REQUIRED Use the information provided below to prepare the Cash Flow Statement of Nascar Limited for the year ended 31 December 2021. Depreciation Other operating expenses Operating profit Interest on mortgage loan Profit before tax ▼ INFORMATION The following Information was extracted from the records of Nascar Limited for the past two years: STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER: Company tax Profit after tax 16 2021 (R) 18 560 000 (12 800 000) 5 760 000 (2 912 000) 300 000 2 612 000 2 848 000 (240 000) 2 608 000 (782 400) 1 825 600 DELL 2020 (R) 12 000 000 (7 500 000) 4 500 000 (2 120 000) 260 000 1 860 000 2 380 000 (720 000) 1 660 000 (498 000) 1 162 000 Addre
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[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets 2020 2021 $548,688 $ 420,340 330,310 263,974 218,378 156,366 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income December 31 2021 $ 62,574 % 0 % $ 41,881 $ 55,985 1,200 3,920 114,438 103,962 61,920 $177,012 $ 147,043 $ 121,825 $ 25,844 65,000 8,125…