• Credit sales totaled $489,000. • Rent expense was $49,000. • Cash sales totaled $350,000. Cash collections from customers for services not yet provided totaled $84,000. • Loss from the sale of trading debt investments during the year was $20,000. • Interest expense was $10,900. • Salaries expense was $336,000. Purchased $180,000 of equipment on account. Depreciation expense for the equipment was $36,000. • Sales discounts on credit sales were $10,000. Unrealized gain on available for sale debt investments was $2,000. Interest income was $7,500. • Other operating expenses totaled $79,000. What was Company's net income for 2020?
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- A company reports net income of $560,000 that Includes depreciation expense of $82,000. Also, cash of $59,000 was borrowed on a 6-year note payable. Based on this data, total cash inflows from operating activities are: Multiple Cholce $478,000. $642,000. $619,000. $701,000.An analysis of the annual financial statements of Conner Corporation reveals the following:a. The company had a $5 million extraordinary loss from insurance proceeds received due to atornado that destroyed a factory building.b. Depreciation for the year amounted to $8 million.c. During the year, $2 million in cash was transferred from the company’s checking account intoa money market fund.d. Accounts receivable from customers increased by $4 million over the year.e. Cash received from customers during the year amounted to $167 million.f. Prepaid expenses decreased by $1 million over the year.g. Dividends declared during the year amounted to $7 million; dividends paid during the yearamounted to $6 million.h. Accounts payable (to suppliers of merchandise) increased by $2.5 million during the year.i. The liability for accrued income taxes payable amounted to $5 million at the beginning of theyear and $3 million at year-end.In the computation of net cash flows from operating activities by…An analysis of the annual financial statements of O’Connell Corporation reveals the following. The company had a $5 million loss from a fire that destroyed an uninsured factory building. Depreciation for the year amounted to $9 million. During the year, $2 million in cash was transferred from the company’s checking account into a money market fund. Accounts receivable from customers increased by $3.5 million over the year. Cash received from customers during the year amounted to $169 million. Prepaid expenses decreased by $1 million over the year. Dividends declared during the year amounted to $8 million; dividends paid during the year amounted to $6 million. Accounts payable (to suppliers of merchandise) increased by $2.7 million during the year. The liability for accrued income taxes payable amounted to $5 million at the beginning of the year and $3 million at year-end. In the computation of net cash flows from operating activities by the indirect method, explain…
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- Robinson Company has provided the following information: Cash sales totaled $255,000. Credit sales totaled $479,000. Cash collections from customers for services yet to be provided totaled $88,000. A $22,000 loss from the sale of plant and equipment occurred. Interest income was $7,700. Interest expense was $19,900. Cost of goods sold was $336,000. Rent expense was $36,000. Salaries expense was $49,000. Other operating expenses totaled $79,000. Income tax expense was $8,000. How much was Robinson's operating income? Group of answer choices a)$221,800 b)$322,000 c)$199,800 d)$234,000 e)$226,000Additional information provided: • Equipment costing $52,000 was purchased for cash. • Equipment with a net asset value of $10,000 was sold for $14,000 • Depreciation expense of $12,000 was recorded during the year. • During 2014, the company repaid $40,000 of long-term notes payable. • During 2014, the company borrowed $34,000 on a new note payable Based on the info provided which of the following is the correct narrative and ending balance in the investing activities section of the company’s statement of cash flows: a. Net cash provided by investing activities $38,000 b. Net Cash used for investing activities ($38,000) c. Net cash provided by investing activities $66,000 d. Net Cash used for investing activities ($66,000)A medium entity provided the following data at year-end: Cash 25,000 Accounts receivable 530,000 60,000 Prepayments Inventories 60,000 Investment in associate 110,000 Property, plant and equipment Accumulated depreciation Software - net of amortization and impairment Deferred tax asset 3,250,000 700,000 10,000 5,000 Bank overdraft 80,000 Bank loan, payable in two years and prepayable without penalty Trade accounts payable Interest payable Current tax liability Warranty liability Employee benefit obligation, current portion P4,000 Finance lease liability, current portion P20,000 Share capital Retained earnings 50,000 430,000 2,000 270,000 14,000 10,000 44,000 2,000,000 450,000 1. What amount should be reported as total current assets? 2. What amount should be reported as total noncurrent liabilities? 3. What amount should be reported as total shareholders' equity?