Sales revenueINCOME STATEMENTFor the Year Ended December 31, 2022Cost of salesGross profitSelling expensesAdministrative expensesIncome from operationsInterest expenseIncome before taxesIncome taxesNet incomeThe following additional data were provided:1.$598000193000$8400000Under the direct method, the cash received from customers is715200012480007910004570007400038300095750Dividends for the year 2022 were $191000.2. During the year, equipment was sold for $240000. This equipment cost $350000 originally and had a book value of$291000 at the time of sale. The loss on sale was incorrectly charged to cost of sales.3. All depreciation expense is in the selling expense category.$287250 Vaughn Manufacturing has recently decided to go public and has hired you as an independent CPA. One statement that the enterpriseis anxious to have prepared is a statement of cash flows. Financial statements of Vaughn Manufacturing for 2022 and 2021 areprovided below.CashAccounts receivableInventoryProperty, plant and equipmentLess accumulated depreciationAccounts payableIncome taxes payableBonds payableCommon stockRetained earningsBALANCE SHEETS$609000(318000)12/31/22$407000361000383000291000$1442000$ 175000353000360000221750332250$1442000$962000(306000)12/31/21$191000218000478000656000$1543000$98000394000600000215000236000$1543000

Cash received from customers means the total amount of money received from the customers for the…

Sales revenue INCOME STATEMENT For the Year Ended December 31, 2022 Cost of sales Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income befor Income taxes Net income The following additional data were provided: 1. $598000 193000 $8400000 Under the direct method, the cash received from customers is 7152000 1248000 791000 457000 74000 383000 95750 Dividends for the year 2022 were $191000. 2. During the year, equipment was sold for $240000. This equipment cost $350000 originally and had a book value of $291000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. $287250

Sales revenue INCOME STATEMENT For the Year Ended December 31, 2022 Cost of sales Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income befor Income taxes Net income The following additional data were provided: 1. $598000 193000 $8400000 Under the direct method, the cash received from customers is 7152000 1248000 791000 457000 74000 383000 95750 Dividends for the year 2022 were $191000. 2. During the year, equipment was sold for $240000. This equipment cost $350000 originally and had a book value of $291000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. $287250

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 2TP: Use a spreadsheet and the following financial information from Mineola Companys financial statements...

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