Question
In: Accounting
The income statement of Packer Inc. for the year ended December 31, 2018, reported the following...
The income statement of Packer Inc. for the year ended December 31,
2018, reported the following condensed information:
Revenue from fees.....................................
$585,000
Operating
expenses...................................
340,000
Income from
operations..............................
245,000
Income tax
expense...................................
61,250
Net
income.................................................
$183,750
Packer's statement of financial position contained the
following comparative data at December 31:
2018 2017
Accounts
receivable...................................
$52,500
$45,000
Accounts
payable.......................................
34,000
41,000
Income taxes
payable.................................
5,500
3,000
The corporation has no depreciable assets. Accounts payable pertain to operating expenses.
Instructions:
Using the direct method, prepare the operating activities of the
statement of cash flows for the year ended December 31, 2018.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The income statement of Redman Inc. for the year ended December 31, 2020, reported the following...
The income statement of Redman Inc. for the year ended
December 31, 2020, reported the following condensed
information:
Service revenue $ 600,000
Operating expenses 360,000
Income from operations 240,000
Income tax
expense
60,000
Net
income $180,000
Redman's statement of financial position contained the
following comparative data at December 31:
2020
2019
Accounts receivable $65,000 $40,000
Accounts payable 40,000 55,000
Income taxes payable 6,000 3,000
Redman has no depreciable assets. Accounts...
Extracts of the Statement of Comprehensive Income for the year ended 31 December 2018 and the...
Extracts of the Statement of Comprehensive Income for the year
ended 31 December 2018 and
the Statement of Financial Position as at 31 December 2018 are
given below for two companies
viz. Amazon Limited and Gibson
Extract of the Statement of Comprehensive Income for the year
ended 31 December 2018:
Amazon Limited
R
Gibson Limited
R
Sales
6 600 000
2 160 000
Cost of Sales
4 620 000
864 000
Gross profit
...
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....
Sheffield Inc. reported the following partial statement of income data for the years ended December 31,...
Sheffield Inc. reported the following partial statement of
income data for the years ended December 31, 2021, and
2020:
2021
2020
Sales
$263,000
$254,000
Cost of goods sold
204,000
199,390
Gross profit
59,000
54,610
The company reported inventory in the statement of financial
position at $46,000, $49,500, and $48,000 at the end of 2019, 2020,
and 2021, respectively. The ending inventory amounts for 2019 and
2021 are correct. However, the ending inventory at December 31,
2020, is understated by $7,620....
Chang Company reported the following for the year ended December 31, 2018:
Chang Company reported the following for the year ended December 31, 2018:
Gross sales revenue $750,000
Sales returns $ 30,000
Cost of goods sold $250,000
Selling and administrative expenses $100,000
Gain on disposal of the battery division; considered a discontinued operation $ 20,000
Loss from operations of the battery division $ 60,000
Interest expense $ 40,000
Gain on the sale of a fixed asset $ 10,000
Assume...
In its income statement for the year ended December 31, 2017, Sandhill Co. reported the following...
In its income statement for the year ended December 31, 2017,
Sandhill Co. reported the following condensed data.
Salaries and wages expenses
$697,500
Loss on disposal of plant assets $ 125,250
Cost of goods sold
1,480,500
Sales revenue 3,315,000
Interest expense
106,500
Income tax expense 37,500
Interest revenue
97,500
Sales discounts 240,000
Depreciation expense
465,000
Utilities expense 165,000
Prepare a multiple-step income statement.
Calculate the profit margin and gross profit rate.
(Round answers to 1 decimal place, e.g. 15.2%.)
Profit...
In its income statement for the year ended December 31, 2017, Ivanhoe Company reported the following...
In its income statement for the year ended December 31, 2017,
Ivanhoe Company reported the following condensed data.
Salaries and wages expenses
$558,000
Loss on disposal of plant assets
$ 100,200
Cost of goods sold
1,184,400
Sales revenue
2,652,000
Interest expense
85,200
Income tax expense
30,000
Interest revenue
78,000
Sales discounts
192,000
Depreciation expense
372,000
Utilities expense
132,000
(a)
Prepare a multiple-step income statement. (List other
revenues before other expenses.)
IVANHOE COMPANY
Income Statement
For the Month Ended December 31,...
Tamarisk Merchants reported the following on its income statement for the fiscal year ended December 31,...
Tamarisk Merchants reported the following on its income
statement for the fiscal year ended December 31, 2021 and
2020.
2021
2020
Sales
$495,160
$475,490
Cost of goods sold
Beginning inventory
145,780
154,124
Net purchases
346,090
322,660
Ending inventory
(138,874)
(145,780)
Cost of goods sold
352,996
331,004
Gross profit
142,164
144,486
Operating expenses
87,568
89,168
Profit
$54,596
$55,318
Calculate the inventory turnover ratio for Tamarisk for 2021 and
2020. (Round answers to 2 decimal places, e.g.
52.75.)
Calculate the days sales...
Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2018...
Statement of Profit or Loss and Other
Comprehensive Income for the year ended 31 December
2018
RM
RM
Sales
(-) Cost of sales:
Opening inventory
(+) Purchases
(-) Closing inventory
Gross Profit
(+) Revenues:
Discount received
Commission received
(-) Expenses:
Salaries and wages
Repair and maintenance
Net Profit
25,000
200,000
(15,000)
10,000
8,300
41,300
100,000
450,000
(210,000)
240,000
18,300
(141,300)
117,000
Statement of Financial Position as at 31
December 2018
RM
RM
Non-current Assets
Building
Motor vehicles
Current Assets
Inventory...
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