The comparative balance sheet of Sky-Mate Luggage Company at December 31, 2007 and 2006, is as follows: An examination of the income statement and the accounting records revealed the following additional information applicable to 2007: a. Net income, $140,500. b. Depreciation expense reported on the income statement: buildings, $21,000; machinery and equipment, $8,500. c. Patent amortization reported on the income statement, $4,000. d. A building was constructed for $175,000. e. A mortgage note for $70,000 was issued for cash. f. 2,000 shares of common stock were issued at $51 in exchange for the bonds payable. g. Cash dividends declared, $60,000. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.

Allen Company's 2022 income statement reported total revenues, $890,000 and total expenses (including $44, 000 depreciation) of $760,000. The company's accounting records showed the following: accounts receivable - beginning balance, $54,000 and ending balance, $43, 600; accounts payable - beginning balance, $26,000 and ending balance, $31,600. Therefore, based only on this information, how much was the 2022 net cash provided by operating activities? Multiple Choice $190,000. $ 178,800. $125, 200. $169, 200

The following are financial data taken from the annual report of Foundotos Company: Year 2 $134,448 51,981 37,154 57,504 Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Foundotos? Year 1 $130,060 47,744 34,180 36,276

Portions of the financial statements for Parnell Company are provided below.  PARNELL COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues and gains:             Sales $ 750         Gain on sale of building   11   $ 761   Expenses and loss:             Cost of goods sold $ 275         Salaries   115         Insurance   35         Depreciation   118         Interest expense   45         Loss on sale of equipment   13     601   Income before tax         160   Income tax expense         80   Net income       $ 80       PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands)   Year         2021     2020   Change Cash $ 129   $ 105   $ 24   Accounts receivable   319     221     98   Inventory   326     420     (94 ) Prepaid insurance   71     83     (12 ) Accounts payable   205     122     83   Salaries payable   112     98     14…

Current Attempt in Progress In its income statement for the year ended December 31, 2027, Ivanhoe Inc. reported the following condensed data. Operating expenses $623,500 Interest revenue $28,380 Cost of goods sold 1,080,160 Loss on disposal of plant assets 14,620 Interest expense 60,200 Net sales 1,892,000 Income tax expense 40,420 Prepare an income statement. (List other revenues before other expenses.) IVANHOE INC. Income Statement > > +A

The following information has been taken from Sacha's accounts.                                                                                                 Income Statement for the year ending 31st December 2019.”     “ £ Revenue 1,372,008 Cost of Sales (916,502) Gross Profit 455,506                     Selling and distribution expenses (excluding depreciation) (110,000) Administration expenses (excluding depreciation) (86,000) Operating expenses (90,540) Depreciation (84,480) Operating Profit 84,486     Interest receivable 7,428 Interest payable (3,714) Profit for the year 88,200”                                                       “Statements of financial position as at 31st December 2018 and 31st December 2019.    “                                                                                                                    “2018 2019   £ £ £ £…

In its income statement for the year ended December 31, 2020, Cheyenne Corp. reported the following condensed data. Operating expenses Cost of goods sold Interest expense (a) $753,390 1,293,700 72,600 V V > M Interest revenue eTextbook and Media Loss on disposal of plant assets Net sales Other comprehensive income Prepare a multiple-step income statement. (List other revenues before other expenses. If there is a net loss then enter the amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cheyenne Corp. Income Statement For the Year Ended December 31, 2020 $ 30,920 $ 16,420 2.404.800 6.970 $

The following data are from a company's comparative balance sheets. The current year income statement reports depreciation expense on equipment of $7,200. During the year, equipment costing $21,000 was sold for its book value. At December 31 Equipment Accumulated depreciation-Equipment Compute cash received from the sale of equipment. Current Year $ 52,800 (35,480) Cost of equipment sold Accumulated depreciation at prior year-end Increase from depreciation expense Total "expected" accumulated depreciation Actual accumulated depreciation at current year-end Accumulated depreciation on sold equipment Cash received from sale of equipment at book value $ $ Prior Year $ 73,800 (44,280) 44,280 7,200 51,480 35,480 $ 21,000

Practice Problem  Below are the balance sheet and income statement for Major, Inc. December 31  2007 2006Cash  $  29,700  $  10,200 Accounts receivable (net)   53,400   20,300 Inventory   39,000   42,000 Long-term investments   0   15,000 Plant Assets, net of depreciation   180,900   125,000 Total Assets $303,000 $212,500Accounts payable  $  16,000  $  26,500 Accrued liabilities   28,000   17,000 Long-term notes payable   40,000   50,000 Common stock   150,000   90,000 Retained earnings   69,000   29,000 Total Liabilities and Owner’s Equity $303,000 $212,500Year ended December 31, 2007Sales Revenue    $340,000 Cost of Goods Sold     (200,000) Operating Expenses       (58,400) Depreciation Expense      (10,600) Gain on sale of investments   4,000Net Income   $  75,000Additional information:  A) In 2007, Major, Inc didn’t sell plant asset and didn’t purchase additional investment.B) In 2007, no shares were repurchased and no new debt was issued. 1. Prepare the Statement of Cash Flows…

Selected data (in thousands) derived from the income statement and balance sheet of Cardinas Corp. for a recent year are as follows: Income statement data: Line Item Description Amount Net income $49,265 Gain on disposal of property 1,140 Depreciation expense 11,570 Other items involving noncash expenses 1,425 Balance sheet data: Line Item Description Amount Increase in accounts receivable 1,795 Decrease in inventory 1,030 Increase in prepaid expenses 605 Decrease in accounts payable 720 Decrease in accrued and other current liabilities 965 Question Content Area a.  Prepare the “Cash flows from (used for) operating activities” section of the statement of cash flows, using the indirect method for Cardinas Corp. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Enter the amounts in thousands of dollars, as shown above. Cardinas Corp.Cash Flows from Operating Activities(in thousands) Line…