Please use the 2nd pic for proper form Selected financial info for Strand Corp is below:20192018$63,000 $42,000$151,200 $84,000$201,600 $168,000$21,000 $58,800$789,600 $504,000($115,600) ($84,000)$1,110,800 $772,800CashAccounts receivable (net)InventoryLandEquipmentAccumulated depreciationTOTALAccounts payable$86,000 $50,400$29,400 $67,200$4302,400 $168,000$487,200 $420,000$205,800Notes payable- currentNotes payable- non-currentCommon stockRetained earnings$67,200$1,110,800 $772,800TOTALAdditional info for 2019:1) Net Income was $235,2002) Depreciation expense was recorded3)-Land-was soldratits"originalcost.- No other assets were sold4) Cash dividends were paid5) Equipment was purchased for cashREQUIRED:A) Prepared a formal Statement of Cash Flows for 2019usteTOA poia Format for the Statement of Cash FlowsSAMPLE COMPANYStatement of Cash FlowsFor Year Ended December 31, 2019Cash Flow from Operating Activities(Details of cash flow from operating activities)Cash provided (used) by operating activitiesCash Flow from Investing Activities(Details of investing cash inflows and outflows).Cash provided (used) by investing activities.Cash Flow from Financing Activities(Details of financing cash inflows and outflows).Cash provided (used) by financing activities.Net increase (decrease) in cash.Cash at beginning of year.###$###$###... ..###.. ..###..###...######Cash at end of year###$Statement of Cash Flows-The Indirect Method...BENNETT COMPANYStatement of Cash FlowsFor Year Ended December 31, 2019Cash Flow from Operating ActivitiesNet incomeAdd (deduct) items to convert net income to cash basisDepreciationGain on sale of plant assetsAccounts receivable increase000'0...000 g(13,000)Inventory decreasePrepaid insurance increase.Accounts payable decreaseIncome tax payable increase....000'$15,000... .Cash provided by operating activitiesCash Flow from Investing ActivitiesPurchase of long-term investmentsSale of plant assets.Purchase of patentCash used by investing activitiesCash Flow from Financing ActivitiesIssuance of common stockPayment of dividendsCash provided by financing activities......Net increase in cashCash at beginning of year.Cash at end of year$35,000

Workings :- 1) Calculation of depreciation :- Accumulated depreciation 2019 - accumulated…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sandhill Co. reported the following information for 2020: Sales revenue $2520000 Cost of goods sold 1748000 Operating expenses 282000 Unrealized holding gain on available-for-sale securities 85700 Cash dividends received on the securities 9200 For 2020, Sandhill would report comprehensive income of A.$85700. B.$499200. C.$575700. D.$584900.
Problem BPeter Senen Corporation provided the following account balances as of September 30, 2020: CashP112,000 Accumulated depreciationP 36,000Accounts Receivable64,000Accounts payable 40,000Finished Goods48,000Income tax payable9,000Work in process 36,000 Share Capital500,000Raw materials 52,000 Retained Earnings207,000Property and Equipment480,000The following transactions occurred during October:1. Materials purchased on account, P150,0002. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000.3. Payroll for the month of October 2020 consisted of the following (also paid during the month):Direct labor P62,000Administrative salariesP16,000Indirect Labor 20,000Sales salaries 30,000Payroll deductions were as follows:Withholding taxes P19,800Phil health contributions P2,000SSS contributions 7,100HDMF contributions 2,0004. Employer contributions for the month were accrued:FactorySellingAdministrativeSSS contributionsP5,700P2,000P1,100Philhealth…
The following financial statement information is available for XYZ Corporation: Inventory Current assets P 44,000 80,000 432,000 Current liabilities 25,000 Total liabilities 102,000 Total assets The current ratio for 2022 O 4.24:1 O 4.07:1 2022 O 2.94:1 O 3.2:1 2021 P 43,000 106,000 358,000 36,000 88,000
Presented below is information related to Novak Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue (a) $1,664,000 998,400 83,200 61.440 25.600 8,960 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $102,400 70,400 64,000 57,600 1.254,400 Was Tom Brady's set out the Prepare a multiple-step income statement for 2020. Assume that 97.280 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, eg.1.49)
Presented below is information related to Sheridan Corp. for the year 2020. Net sales $1,196,000 Write-off of inventory due to obsolescence $73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items Prepare a multiple-step income statement for 2020. Assume that 69,920 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)
Presented below is information related to Sheridan Corp. for the year 2020. Net sales $ 1,196,000 Write-off of inventory due to obsolescence $ 73,600 Cost of goods sold 717,600 Depreciation expense omitted by accident in 2019 50,600 Selling expenses 59,800 Casualty loss 46,000 Administrative expenses 44,160 Cash dividends declared 41,400 Dividend revenue 18,400 Retained earnings at December 31, 2019 901,600 Interest revenue 6,440 Effective tax rate of 20% on all items SHERIDAN CORP.Income Statement For the Year Ended December 31, 2020 Particulars Amount Amount Net Sales $11,96,000 Cost of Good Sold $7,17,600 Gross Profit $4,78,400 Operating Expenses Selling Expenses $59,800 Administrative Expenses $44,160 Total Operating Expenses $1,03,960 Income from Operations $3,74,440 Other Revenues and Gains Dividend Revenue $18,400 Interest $6,440 $24,840…
Excerpts from the annual report of XYZ Corporation follow: Cost of goods sold Inventory Net income Retained earnings LIFO reserve 2020 $754,661 $219,686 $31,185 $68,685 $26,900 20% 2019 $675,138 $241,154 $64,150 $93,650 $25,100 Tax rate 20% If XYZ used FIFO, its retained earnings as of the end of fiscal 2020 would be a. $90,205 O b. $68,685 c. $93,745 O d. $52,415
Presented below is information related to Sheffield Corp. for the year 2020. Net sales $1,456,000 Write-off of inventory due to obsolescence $89,600 61,600 873,600 Depreciation expense omitted by accident in 2019 Cost of goods sold 56,000 Selling expenses 72,800 Casualty loss 50,400 Administrative expenses 53,760 Cash dividends declared 1,097,600 22,400 Retained earnings at December 31, 2019 Dividend revenue 7,840 Effective tax rate of 20% on all items Interest revenue (a) Your answer is partially correct. Prepare a multiple-step income statement for 2020. Assume that 68,096 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)
How to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…
Given the following data for ABC company for the year ended 2018: inventory turnover ratio = 5.3125x average inventory = P160,000.00. If the gross profit is Php 500,000.00 and the fixed asset turnover is 1.25x, what is the amount of PPE? A P800,000 P1,080,000 c) P625,000 P850,000
Presented below is information related to Bramble Corp. for the year 2020. Net sales $1,378,000 Write-off of inventory due to obsolescence $84,800 Cost of goods sold 826,800 Depreciation expense omitted by accident in 2019 58,300 Selling expenses 68,900 Casualty loss 53,000 Administrative expenses 50,880 Cash dividends declared 47,700 Dividend revenue 21,200 Retained earnings at December 31, 2019 1,038,800 Interest revenue 7,420 Effective tax rate of 20% on all items (a) Prepare a multiple-step income statement for 2020. Assume that 64,448 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.) BRAMBLE CORP.Income Statementchoose the accounting period select an opening name for section one…
A companies financial statement show the following. Balance Sheet Information December 31, 2020 2020 $236,600 33,000 61,500 2019 $146,500 47,000 49,000 26,000 365,000 (200,000) Difference $90,100 (14,000) 12,500 (26,000) 90,000 (90,000) Cash Accounts receivable Merchandise inventory Long-term investment Machinery Accumulated depreciation, machinery 455,000 (290,000) Total assets $496,100 $433,500 $62,600 $65,600 66,000 200,000 164,500 Accounts payable Bonds payable $51,200 $14,400 66,000 200,000 182,300 Common shares Retained earnings (17,800) Total liabilities and shareholders' equity $496,100 $415,700 $62,600 Income Statement For the Year Ended December 31, 2020 Sales $982,000 Cost of goods sold Other expenses Depreciation expenses Profit from operations Loss on sale of long-term investment $703,000 135,000 90,000 928,000 $54,000 10,000 Profit $44,000 The following occurred during 2020: a. Purchased machinery for $90,000 cash. b. Sold the long-term investment for $16,000. c. Issued…

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