The income statement for TJX Companies follows. THE TJX COMPANIES, INC. Consolidated Statements of Income Fiscal Year Ended ($ thousands) February 2, 2019 Net sales $38,973,337 Cost of sales, including buying and occupancy costs 27,831,580 Selling, general and administrative expenses 6,923,967 Pension settlement charge 36,525 Interest expense, net 9,263 Income before provision for income taxes 4,172,002 Provision for income taxes 1,113,816 Net income $3,058,186   Assume that the combined federal and state statutory tax rate is 22%. a. Compute NOPAT using the formula: NOPAT = Net income + NNE.   Net income NNE NOPAT   Answer Answer     b. Compute NOPAT using the formula: NOPAT = NOPBT − Tax on operating profit.   NOPBT Tax on operating profit NOPAT   Answer Answer

Forecast an Income StatementSeagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, $ millions Revenue $20,780 Cost of revenue 14,916 Product development 1982 Marketing and administrative 906 Amortization of intangibles 46 Restructuring and other, net (44) Total operating expenses 17,806 Income from operations 2,974 Interest income 168 Interest expense (448) Other, net 50 Other expense, net (230) Income before income taxes 2,744 (Benefit) provision for income taxes (1,280) Net income $4,024 Forecast Seagate’s 2020 income statement assuming the following income statement relations ($ millions). Revenue growth 5% Cost of revenue 71.8% of revenue Product development 9.5% of revenue Marketing and administrative 4.4% of revenue Amortization of intangibles No change Restructuring and other, net $0 Interest income No change…

Skysong Inc., a greeting card company, had the following statements prepared as of December 31, 2020. SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $6.900 Accounts receivable 61.900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4.000 Equipment 155,500 131,200 Accumulated depreciation-equipment (34,800 ) (25,300 ) Copyrights 45,700 50.200 Total assets $314,000 $295,500 Accounts payable $46,200 $39,700 Income taxes payable 4,000 6,100 Salaries and wages payable 7,900 4,000 Short-term loans payable 7,900 10,000 Long-term loans payable 59.800 68,600 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 58,200 37,100 Total liabilities & stockholders' equity $314,000 $295,500

The income statement of Price Ltd for the year ended 31 December 2020, reported the following condensed information: Revenue from fees                                    $600,000 Operating expenses              360,000 Income from operations      240,000 Income tax expense              60,000 Net income                                                                      $180,000   Price's balance sheet contained the following comparative data at December 31:                                                  2020                                     2019 Accounts receivable       $50,000                               $45,000 Accounts payable           35,000                                   41,000 Income taxes payable    6,000                                       3,000   Price has no depreciable assets. Accounts payable pertains to operating expenses.     Required: (a) Calculate: Cash receipts from customers.  Cash payments for operating expenses.  (b) Prepare the operating activities…