The income statement of Sunland Company is shown below. SUNLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue       $6,630,000 Cost of goods sold            Beginning inventory   $1,840,000        Purchases   4,520,000        Goods available for sale   6,360,000        Ending inventory   1,530,000        Cost of goods sold       4,830,000 Gross profit       1,800,000 Operating expenses            Selling expenses   450,000        Administrative expenses   660,000   1,110,000 Net income       $690,000 Additional information: 1.   Accounts receivable decreased $290,000 during the year. 2.   Prepaid expenses increased $180,000 during the year. 3.   Accounts payable to suppliers of merchandise decreased $260,000 during the year. 4.   Accrued expenses payable decreased $120,000 during the year. 5.   Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Sunland Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SUNLAND COMPANY Statement of Cash Flows (Partial) choose the accounting period                                                            select an opening section name                                                                select an item                                                              $enter a dollar amount  Adjustments to reconcile net income to     select a subsection name                                                                select an item                                                            $enter a dollar amount    select an item                                                            enter a dollar amount   select an item                                                            enter a dollar amount   select an item                                                            enter a dollar amount   select an item                                                            enter a dollar amount   select an item                                                            enter a dollar amount       enter a subtotal of the adjustments select a closing section name                                                              $enter a total amount for the section

Preparation of Operating Activities Section—Indirect Method, Periodic Inventory) The income statement of Dunne Company is shown below.Dunne Company Income Statement For the Year Ended December 31, 2020Sales revenue $ 8,900,000 Cost of goods sold 5,700,000 Gross profit 3,200,000 Operating expenses Selling expenses 550,000 Administrative expenses 725,000 1,275,000 Net income 1,925,000 1. Accounts receivable increased 340,000 during the year2. Inventory decreased $200,000 during the year3. Prepaid expenses increased $150,000 during the year4. Accounts payable to suppliers decreased $310,000 during the year5. Accrued expenses payable increased $70,000 during the year6. Administrative expenses include depreciation expense of $60,000 Prepare the operating activities section of the statement of cash flows for the year ended Dec 31, 2020 for Dunne company, using the indirect method

Consider the following financial statement information for the Hop Corporation: Item Beginning Inventory $16,200 Accounts 14,000 Receivable Accounts Payable 11,000 Net Sale COGS What is the payable period for Hop Corporation? 17.52 days 27.16 days 20.32 days 13.44 days $219,000 168,000 Ending $19,100 16,000 14,000

The income statement of Bob Christiana Company is presented here. BOB CHRISTIANA COMPANY Income Statement For the Year Ended November 30, 2012 Sales revenue   $7,700,000 Cost of goods sold       Beginning inventory   Purchases $1,900,000 4,400,000   Goods available for sale Ending inventory 6,300,000 1,400,000   Total cost of goods sold   4,900,000 Gross profit   2,800,000 Operating expenses   1,150,000 Net income   $1,650,000 Additional information: Accounts receivable increased $380,000 during the year, and inventory decreased $250,000. Prepaid expenses increased $170,000 during the year. Accounts payable to suppliers of merchandise decreased $340,000 during the year. Accrued expenses payable decreased $50,000 during the year. Operating expenses include depreciation expense of $110,000. Instructions Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2012, for…

Linden Watch Company reported the following income statement data for a 2-year period                                              2019                 2020 Sales                                     $280,000            $320,000 Cost of goods sold Beginning inventory              32,000                 44,000 Cost of goods purchased      193,000               225,000 Cost of goods available for sale 225,000           269,000 Ending inventory                      44,000                  52,000      Cost of goods sold              181,000            217,000 Gross profit                           $ 99,000             $103,000 Linden uses a periodic inventory system. The inventories on January 1, 2019, and December 31, 2020, are correct. However, the ending inventory on December 31, 2019, was overstated by $5,000.

The following information in the table is available for Huge Corporation in 2018. Huge’s cost of goods sold for 2018 is   Sales $ 1,500,000 Beginning Inventory $ 360,000 Ending Inventory $ 190,000 Purchase $ 430,000 a. $400,000 b. $600,000 c. $690,000 d. $880,000

The following information is available for the McCartney Corporation: Sales $750,000Costs of goods sold $450,000Gross Profit $300,000Operating income $85,000Net income $42,000Inventory, beginning-year $71,200Inventory, end of year $48,800Calculate the company's inventory turnover and its days' sales in inventory.

Financial Ratios The financial statements for Jackson Enterprises (income statement, statement of owner’s equity, and balance sheet) are shown.   Jackson EnterprisesIncome StatementFor Year Ended December 31, 20-- Revenue from sales:           Sales     $170,000      Less: Sales returns and allowances     10,000          Net sales       $160,000 Cost of goods sold:            Merchandise inventory, January 1, 20--   $7,700        Estimated returns inventory, January 1, 20--   1,300 $9,000      Purchases   $92,900        Less: Purchases returns and allowances $1,862                   Purchases discounts 1,828 3,690        Net purchases   $89,210        Add: Freight-in   961            Cost of goods purchased     90,171      Goods available for sale     $99,171      Less: Merchandise inventory, Dec. 31, 20--   $8,300                Estimated returns inventory, Dec. 31, 20--   1,200 9,500          Cost of goods sold       89,671 Gross profit…

pate Selected information from the accounting records of Gavina Company is as follows: P 2,000,000 Net sales for 2021 500,000 Cost of goods sold for 2021 Inventory on December 31, 2020 600,000 Inventory on December 31, 2021 200,000 Gavina's inventcxy for 2021 is: Inventory turnover = Cost of goods sold Average inventory a. 1.25 times b. 3.66 times O c. 4.0 times d. 10.00 times

This information is available for Sunland's Photo Corporation for 2020, 2021, and 2022. \table[[, 2020, 2021,2022], [Beginning inventory, $110,000, $316,000,$ 411,000 Calculate inventory turnover for 2020, 2021 and 2022 Calculate days in inventory for 2020, 2021 and 2022 Calculate gross profit rate flr 2020, 2021 and 2022