Question
In: Accounting
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in 000s)
for Peach Computers.
|
PEACH COMPUTERS Income Statement For the Year Ended December 31, 2018 |
|||||||
| Sales | $ | 575.0 | |||||
| Cost of goods sold | (230.0 | ) | |||||
| Gross margin | 345.0 | ||||||
| Salaries expense | $ | 69.0 | |||||
| Insurance expense | 46.0 | ||||||
| Depreciation expense | 22.0 | ||||||
| Loss on sale of land | 20.0 | 157.0 | |||||
| Income before tax | 188.0 | ||||||
| Income tax expense | (94.0 | ) | |||||
| Net income | $ | 94.0 | |||||
|
Reconciliation of Net Income To Net Cash Flows from Operating Activities |
|||
| Net income | $ | 94.0 | |
| Adjustments for Noncash Effects | |||
| Depreciation expense | 22.0 | ||
| Loss on sale of land | 20.0 | ||
| Changes in operating assets and liabilities: | |||
| Decrease in accounts receivable | 24.0 | ||
| Increase in inventory | (103.0 | ) | |
| Decrease in accounts payable | (62.0 | ) | |
| Increase in salaries payable | 41.0 | ||
| Decrease in prepaid insurance | 18.0 | ||
| Increase in income tax payable | 88.4 | ||
| Net cash flows from operating activities | $ | 142.4 | |
Required:
1. Calculate each of the following amounts for
Peach Computers:
2. Prepare the cash flows from operating
activities section of the statement of cash flows (direct
method).
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below for Macrosoft
Corporation.
MACROSOFT CORPORATION
Income Statement
For the Year Ended December 31, 2021
($ in millions)
Revenues and gains:
Sales
$
320.00
Gain on sale of cash equivalents
2.50
Gain on sale of investments
24.50
$
347.00
Expenses and loss:
Cost of goods sold
$
125.00
Salaries
40.50
Interest expense
12.50
Insurance
20.50
Depreciation
10.50
Patent amortization
4.50
Loss on sale...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
thousands) for Peach Computers.
PEACH COMPUTERS
Income Statement
For the Year Ended December 31, 2021
Sales
$
320.0
Cost of goods sold
(160.0
)
Gross margin
160.0
Salaries expense
$
35.0
Insurance expense
12.0
Depreciation expense
5.0
Loss on sale of land
3.0
55.0
Income before tax
105.0
Income tax expense
(52.5
)
Net income
$
52.5
Reconciliation of Net...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement
and a schedule reconciling cash flows from operating activities to
net income are provided below for Mike Roe Computers.
MIKE ROE COMPUTERS
Income Statement
For the Year Ended December 31, 2021
($ in millions)
Sales
$
150.20
Cost of goods
sold
(90.00
)
Gross
margin
60.20
Salaries
expense
$
18.20
Insurance
expense
12.00
Depreciation
expense
4.50
Interest
expense
5.50
(40.20
)
Gains and
losses:
Gain on sale of
equipment
11.00
Loss on sale of
land
(2.00
)...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
thousands) for Peach Computers.
PEACH COMPUTERS
Income Statement
For the Year Ended December 31, 2021
Sales
$
500.0
Cost of goods sold
(250.0
)
Gross margin
250.0
Salaries expense
$
59.0
Insurance expense
36.0
Depreciation expense
17.0
Loss on sale of land
15.0
127.0
Income before tax
123.0
Income tax expense
(61.5
)
Net income
$
61.5
Reconciliation of Net...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below for Mike Roe
Computers.
MIKE ROE COMPUTERS
Income Statement
For the Year Ended December 31, 2021
($ in millions)
Sales
$
148.00
Cost of goods sold
(89.00
)
Gross margin
59.00
Salaries expense
$
18.00
Insurance expense
11.00
Depreciation expense
4.00
Interest expense
5.30
(38.30
)
Gains and losses:
Gain on sale of equipment
10.00
Loss on sale of land
(1.00
)...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
millions) for Mike Roe Computers.
MIKE ROE COMPUTERS
Income Statement
For the Year Ended December 31, 2018
Sales
$
148.20
Cost of goods sold
(89.10
)
Gross margin
59.10
Salaries expense
$
18.20
Insurance expense
11.20
Depreciation expense
4.10
Interest expense
5.10
(38.60
)
Gains and losses:
Gain on sale of equipment
10.20
Loss on sale of land
(1.20
)...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
millions) for Mike Roe Computers.
MIKE ROE COMPUTERS
Income Statement For the Year Ended December 31, 2018
Sales $ 148.00
Cost of goods sold (89.00 )
Gross margin 59.00
Salaries expense $ 18.00
Insurance expense 11.00
Depreciation expense 4.00
Interest expense 5.30 (38.30 )
Gains and losses:
Gain on sale of equipment 10.00
Loss on sale of land (1.00 )...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
millions) for Mike Roe Computers.
MIKE ROE COMPUTERS
Income Statement
For the Year Ended December 31, 2018
Sales
$
148.40
Cost of goods sold
(89.20
)
Gross margin
59.20
Salaries expense
$
18.40
Insurance expense
11.40
Depreciation expense
4.20
Interest expense
5.20
(39.20
)
Gains and losses:
Gain on sale of equipment
10.40
Loss on sale of land
(1.40
)...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
millions) for Mike Roe Computers.
MIKE ROE COMPUTERS
Income Statement
For the Year Ended December 31, 2018
Sales
$
149.60
Cost of goods
sold
(89.80
)
Gross
margin
59.80
Salaries
expense
$
19.60
Insurance
expense
11.60
Depreciation
expense
4.80
Interest
expense
5.80
(41.80
)
Gains and
losses:
Gain on sale of
equipment
11.60
Loss on sale of
land
(2.60
)...
The income statement and a schedule reconciling cash flows from operating activities to net income are...
The income statement and a schedule reconciling cash flows from
operating activities to net income are provided below ($ in
millions) for Peach Computers. PEACH COMPUTERS Income Statement For
the Year Ended December 31, 2018 Sales $ 440.0 Cost of goods sold
(220.0 ) Gross margin 220.0 Salaries expense $ 51.0 Insurance
expense 28.0 Depreciation expense 13.0 Loss on sale of land 11.0
103.0 Income before tax 117.0 Income tax expense (58.5 ) Net income
$ 58.5 Reconciliation of Net...
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