Question

In: Accounting

Income Statement Covid Company for the year ended December 31, 2019 shows sales revenue $6,000,000 and...

Income Statement Covid Company for the year ended December 31, 2019 shows sales revenue $6,000,000 and COGS $3,800,000 . Accounts receivable increased $250,000 during the year, and inventory decreased $300,000. Accounts payable to suppliers of merchandise decreased $450,000 during the year. Accrued expenses payable decreased $90,000 during the year. Operating expenses include depreciation expense of $1,600,000. Depreciation expense was $100,000. Prepare Statement of Cash Flow Operating Activities Section for Covid Company.

Solutions

Expert Solution


Related Solutions

Income Statement For the Year Ended December 31, 2014 Revenue: Sales $ 792,845 Cost of Goods...
Income Statement For the Year Ended December 31, 2014 Revenue: Sales $ 792,845 Cost of Goods Sold $   275,000 Gross Profit $ 517,845 Operating Expenses: Depreciation Expense $     35,159 Insurance Expense $     82,000 Office Expense $     21,700 Advertising Expense $       8,400 Utilities Expense $     31,000 Wage Expense $     80,350 Bad Debt Expense $     25,000 Pension Expense $     40,000 Income from Operations: $ 194,236 Other Revenue: Rent Revenue $ 12,000 Interest Revenue $ 19,561 Other Expenses: Unrealized Holding G/L $      (8,000)...
Income Statement for the year ended December 31, 2020 (millions of $) Revenue (sales) $773 Cost...
Income Statement for the year ended December 31, 2020 (millions of $) Revenue (sales) $773 Cost of goods sold 595 Selling, general, and administrative expenses* 130 Loss on disposal of plant** 6 Interest expense 12 Income tax expense 10     Net income $ 20 *Includes depreciation expense of $30 million, insurance expense of $8 million, bad debt expense of $6 million, and salaries expense of $86 million. ** During 2020, the company purchased two pieces of equipment costing a total...
_______________________________________________________________________ JETER CORPORATION Income Statement For the Year Ended December 31, 2019 Sales.......................................................................................... $ 3,300,000 Co
_______________________________________________________________________ JETER CORPORATION Income Statement For the Year Ended December 31, 2019 Sales.......................................................................................... $ 3,300,000 Cost of goods sold....................................................................    1,950,000 Gross profits.......................................................................      1,350,000 Selling and administrative expense..........................................         650,000 Depreciation expense................................................................        230,000 Operating income................................................................         470,000 Interest expense........................................................................          80,000 Earnings before taxes.........................................................         390,000 Taxes.........................................................................................        140,000 Earnings after taxes............................................................         250,000 Preferred stock dividends............................................................       10,000 Net Income Available to Common Shareholders.....................    $   240,000 Shares outstanding..................................................................         150,000 Current Stock Price................................................................... $         16.00 _______________________________________________________________________ _______________________________________________________________________...
(RM MILLION) FOR THE YEAR ENDED 31 DECEMBER 2019 2018 2019 INCOME STATEMENT 1.Revenue 10,638 11,860...
(RM MILLION) FOR THE YEAR ENDED 31 DECEMBER 2019 2018 2019 INCOME STATEMENT 1.Revenue 10,638 11,860 2.Net total expenses 9,419 11,136 3.Operating profit 1,219 725 4.Profit before taxation 1,335 -522 5.Taxation 360 238 6.Net profit 1,695 -283 BALANCE SHEET 7.Deposits, cash and bank balances 3,327 2,588 8.Total assets 18,550 25,595 9.Net debt (Total debt - Total Cash) 287 -2,159 10.Shareholders' equity 6,185 2,911 CASH FLOW STATEMENTS 11.Cash flow from operating activities 353 2,081 12.Cash flow from investing activities 9,049 4,660...
the accountant's Company Income Statement For the Year Ended December 31, 2018 Sales                            &n
the accountant's Company Income Statement For the Year Ended December 31, 2018 Sales                                                               $8,500,000 Manufacturing Expenses Variable                                $3,250,000 Fixed overhead                       640,000       3,890,000 Gross Margin                                                  $4,610,000 Selling and administrative expenses Commissions                           $580,000 Fixed marketing expenses       300,000 Fixed admin expenses               450,000      1,330,000 Net Operating Income                                     $3,280,000 Fixed Interest expenses                                       230,000     Income before Taxes                                      $3,050,000      Income Taxes (21%)                                            640,500 Net Income                                                     $2,409,500 Your company is considering out-sourcing the sales and marketing to an agency specializing in these...
the accountant's Company Income Statement For the Year Ended December 31, 2018 Sales                            &n
the accountant's Company Income Statement For the Year Ended December 31, 2018 Sales                                                               $8,500,000 Manufacturing Expenses Variable                                $3,250,000 Fixed overhead                       640,000       3,890,000 Gross Margin                                                  $4,610,000 Selling and administrative expenses Commissions                           $580,000 Fixed marketing expenses       300,000 Fixed admin expenses               450,000      1,330,000 Net Operating Income                                     $3,280,000 Fixed Interest expenses                                       230,000     Income before Taxes                                      $3,050,000      Income Taxes (21%)                                            640,500 Net Income                                                     $2,409,500 1.Restate the income statement in a contribution margin format. 2.Compute the break-even point in sales...
Income Statement Huddleston Manufacturing Company For the Year Ended December 31, 2012 Sales                           
Income Statement Huddleston Manufacturing Company For the Year Ended December 31, 2012 Sales                                                                $2,800,000 Less: Cost of goods sold                                    1,820,000 Gross profits                                                     $   980,000 Less: Operating expenses                                       240,000 Operating Profits                                               $   740,000 Less: Interest expense                                              70,000 Net profits before taxes                                     $   670,000 Less: Taxes (40%)                                                  268,000 Net profits after taxes                                        $   402,000 Less: Cash Dividends                                             132,000 To: Retained earnings                                       $   270,000 Huddleston Manufacturing estimates its sales in 2013 will be $3 million.  Interest expense is expected to remain unchanged at $70,000, and the firm plans to pay cash dividends of $140,000 during 2013.  Cost of goods sold includes...
Income Statement For the Year Ended December 31, 2018 Sales                                &nb
Income Statement For the Year Ended December 31, 2018 Sales                                                               $8,500,000 Manufacturing Expenses Variable                                $3,250,000 Fixed overhead                       640,000       3,890,000 Gross Margin                                                  $4,610,000 Selling and administrative expenses Commissions                           $580,000 Fixed marketing expenses       300,000 Fixed admin expenses               450,000      1,330,000 Net Operating Income                                     $3,280,000 Fixed Interest expenses                                       230,000     Income before Taxes                                      $3,050,000      Income Taxes (21%)                                            640,500 Net Income                                                     $2,409,500 Your company is considering out-sourcing the sales and marketing to an agency specializing in these types of sales....
Income Statement For the Year Ended December 31, 2018 Sales                                &nb
Income Statement For the Year Ended December 31, 2018 Sales                                                               $8,500,000 Manufacturing Expenses Variable                                $3,250,000 Fixed overhead                       640,000       3,890,000 Gross Margin                                                  $4,610,000 Selling and administrative expenses Commissions                           $580,000 Fixed marketing expenses       300,000 Fixed admin expenses               450,000      1,330,000 Net Operating Income                                     $3,280,000 Fixed Interest expenses                                       230,000     Income before Taxes                                      $3,050,000      Income Taxes (21%)                                            640,500 Net Income                                                     $2,409,500 Your company is considering out-sourcing the sales and marketing to an agency specializing in these types of sales....
Royal West Airlines Ltd. Income Statement For the Year Ended December 31, 2020 Sales revenue $2,561,096...
Royal West Airlines Ltd. Income Statement For the Year Ended December 31, 2020 Sales revenue $2,561,096 Cost of sales (1,003,860) Gross margin $1,557,236 Other expenses ( 890,743) Net income, before income tax $ 666,493 Royal West Airlines is a regional airline that services Western Canada. Notes: a) $10,000 in legal fees relating to the restructuring of a debt. b) A brand new airplane costing $65,000 used to service a new route c) Interest on late municipal tax balances of $1,000...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT