Question

In: Accounting

Income Statement For the Year ended December 31, 20X5 Income: Sales 682,000 Dividends 22,000 Interest 29,000...

Income Statement For the Year ended December 31, 20X5 Income: Sales 682,000 Dividends 22,000 Interest 29,000 Gain on sale of PPE (Property Plant & Equipment) 19,000 Total income 752,000 Expenses: Cost of goods sold 360,000 Depreciation 43,000 Wages 134,000 Interest 38,000 Other expenses 41,000 Total expenses 616,000 Net income before income tax expense 136,000 Income tax expense 36,000 Net income after income tax expense 100,000 Additional information: PPE purchases during 20X5 were $735,000 Issuance of mortgage payable during 20X5 $226,000 All prepaid expenses at the beginning of the year expired during 20X5. $5,000 was accrued for operating expenses at year end. Bernie's Ltd. Balance sheet As at December 31, 20X5 20X4 Assets Cash 57,000 101,000 Accounts receivable 224,000 192,000 Inventory 323,000 330,000 Interest receivable 8,000 3,000 Prepaids 18,000 17,000 Long term receivable from Dennis's Ltd. 26,000 - Property, Plant and Equipment(PPE), net 1,087,000 525,000 Total 1,743,000 1,168,000 Liabilities Accounts payable 220,000 137,000 Accrued liabilities 5,000 7,000 Wages payable 6,000 12,000 Mortgage payable 384,000 185,000 Shareholder's Equity Common shares 861,000 619,000 Retained earnings 267,000 208,000 Total 1,743,000 1,168,000 What is the total cash outflow from investing activities as it appears on the cash flow statement when using the indirect method (Pick one of the 5 options)? The total for investing activities is actually a net cash inflow. ($735,000) ($586,000) ($612,000) ($149,000)

Solutions

Expert Solution


Related Solutions

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....
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX and Comparative Balance Sheets for 20XW and 20XX of Maris Corporation: Maris CorporationIncome StatementYear Ended December 31, 20XX  Sales$3,800,000  Cost of goods sold2,250,000        Gross profits1,550,000  Selling and administrative expense540,000  Amortization expense200,000        Operating income810,000  Interest expense43,000        Earnings before taxes767,000  Taxes440,000        Earnings after taxes327,000    Preferred stock dividends30,000     Earnings available to common shareholders$297,000    Shares outstanding198,000  Earnings per share$1.50   Statement of...
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...
Brick & Stone Income Statement for the year ended 31 December 2010 Notes $ $ Sales...
Brick & Stone Income Statement for the year ended 31 December 2010 Notes $ $ Sales 2,500,000 Cost of Sales 1 1,100,000 Gross Profit 1,400,000 Expenses Salaries & Wages 2 760,000 Employer Social Security Contribution 2,400 Rent and Rates 3 240,000 Insurance 50,000 Maintenance 120,000 Depreciation 4 55,000 Los on Disposal of Vehicle 5 10,000 Telephone 6 35,000 Electricity 7 54,000 Utilities 70,000 Entertainment 8 100,000 Donations 9 85,000 Provision for Bad Debts 10 80,000 Fines and Penalties 11 15,000...
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 $140,000 during 2013.  Cost of goods sold includes...
Catering Co. C Income Statement For the year ended 31 Mar 20X5 ($ in million)                              &n
Catering Co. C Income Statement For the year ended 31 Mar 20X5 ($ in million)                                     Net sales                                              $7,356                                     Less: Cost of food sold                        2,402                                     Less: other expenses                             4,174                                     Earnings before interest and taxes          780                                     Less: Taxes                                          193                                     Net profit                                             $587 Catering Co. C 20X4 and 20X5 Statement of Financial Position ($ in million)                                          20X4      20X5                                                          20X4      20X5         Cash                     $ 1,149   $   1,236        Accounts payable                      $774      $820         Accounts rec.                 80           143        Long-term debt                             61           67         Inventory                     212           228        Share capital                             1,348      1,112         Total                       $1,441      $1,607        Retained earnings                     2,384      2,564         Net fixed assets         3,126        2,955                Total assets             $4,567      $4,562        Total liabilities & equity           $4,567   $4,562 Calculate the net profit margin in % for 20X5 in . Calculate...
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)...
_______________________________________________________________________ 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 _______________________________________________________________________ _______________________________________________________________________...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT