The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense. Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income. Accounts receivable Inventory $ 219,337 38,424 43,227 4,803 17,611 $ 1,601,000 784,490 816,510 323,402 493, 108 6,404 $ 499,512 $ 40,150 increase Accounts payable. 22,075 increase Salaries payable. $ 14,225 decrease 3,550 decrease

The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense. Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income. Accounts receivable Inventory $ 219,337 38,424 43,227 4,803 17,611 $ 1,601,000 784,490 816,510 323,402 493, 108 6,404 $ 499,512 $ 40,150 increase Accounts payable. 22,075 increase Salaries payable. $ 14,225 decrease 3,550 decrease

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Description: The following income statement and additional year-end information is provided.SONAD COMPANYIncome StatementFor Year Ended December 31SalesCost of goods soldGross profitOperating expensesSalaries expense.Depreciation expenseRent expenseAmortization

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 28E

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Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: The following; additional information is also available. The December 31, 2019, ending inventory is 14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskins cost of goods sold. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 multiple-step income statement. 4. Prepare a 2019 statement of comprehensive income.
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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 following income statement and additional year-end information is provided. Sales Cost of goods sold Gross profit Operating expenses SONAD COMPANY Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $324,279 56,808 63,909 7,101 26,037 $2,367,000 1,159,830 1,207,170 478,134 729,036 9,468 $ 738,504 $15,100 increase Accounts payable 19,550 increase Salaries payable $ 8,400 decrease 2,200 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
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Selected comparative financial statements of Korbin Company follow. 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 KORBIN COMPANY Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 33,964 43,558 21,356 112,283 80,341 14,943 $ 65,398 $ 41,856 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 $ 57,843 0 51,166 32,628 83,794 52,649 10,793 $ 23,890 66,000 $ 20,253 Common stock 66,000 Other paid-in capital 8,250 Retained earnings 41,423 Total liabilities and equity $…
I ne following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $333,047 58,344 65,637 7,293 26,741 $ 2,431,000 1,191,190 1,239,810 491,062 748,748 9,724 $ 758,472 Accounts receivable $ 48,900 increase Accounts payable 28,550 increase Salaries payable $ 9,950 decrease 1,850 decrease Inventory Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Changes in current operating assets and liabilities Cash flows from operating activities FINDEREN Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash $ 0
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