During the year 2018, the Belleview Company had generated totalsales revenue of P1,000,000, of which P990,000 were collected duringthe year, including collections of P120,000 sales revenue made in13.The company purchased goods costing P600,000, paid2017.P650,000 to merchandise suppliers including payment for goodspurchased in 2017 of P80,000. Included in P180,000 operatingexpenses was depreciation of P35,000. Accrued operating expenses900, decreased by P12,000 from January 1, 2018 to December 31, 2018.The company paid interest of P6,000 and income taxes of P90,000during the year 2018.Required:(a)How much operating expenses were paid in cash during theyear 2018? (b)provided by (used in) operating activitiesHow much cash wasduring 2018?

Cash flows from operating activities: It is a section of Statement of cash flow that explains the…

13. During the year 2018, the Belleview Company had generated total sales revenue of P1,000,000, of which P990,000 were collected during the year, including collections of P120,000 sales revenue made in 2017. The company purchased goods costing P600,000, paid P650,000 to merchandise suppliers including payment for goods purchased in 2017 of P80,000. expenses was depreciation of P35,000. Accrued operating expenses 000, decreased by P12,000 from January 1, 2018 to December 31, 2018. The company paid interest of P6,000 and income taxes of P90,000 during the year 2018. Included in P180,000 operating Required: How much operating expenses were paid in cash during the year 2018? (a)

13. During the year 2018, the Belleview Company had generated total sales revenue of P1,000,000, of which P990,000 were collected during the year, including collections of P120,000 sales revenue made in 2017. The company purchased goods costing P600,000, paid P650,000 to merchandise suppliers including payment for goods purchased in 2017 of P80,000. expenses was depreciation of P35,000. Accrued operating expenses 000, decreased by P12,000 from January 1, 2018 to December 31, 2018. The company paid interest of P6,000 and income taxes of P90,000 during the year 2018. Included in P180,000 operating Required: How much operating expenses were paid in cash during the year 2018? (a)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

See similar textbooks

Similar questions

Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Lowes Inc., home improvement retailer, reported cost of goods sold of $33,729 million for the fiscal year ended January 30, 2021. It reported merchandise inventories of $9,611 million at the beginning of fiscal 2021 and $10,209 million at the end of fiscal 2021. It reportedaccounts payable to suppliers of $5,713 million at the beginning of fiscal 2021 and $6,109 million at the end of fiscal 2021. Compute the amount of cash paid to merchandise suppliers during fiscal 2021.
Ahku Mab LTD has 13,500 sales revenue in 2021. The inventory information for the year is Beginning inventory -2,500 Purchased merchandise -10,500 Import duties -250 freight -in cost - 590 Shipping insurance -30 Ending inventory - 5,000 A) how much is the total sales to be reported on the income statement ? B) calculate the gross profit for the year 2021 C) calculate the cost of goods sold for the year ended 2021
Last year, the gross billings for merchandise made by ABC Company amounted to P15,720,000, purchase returns and allowances were P370,000, purchase discounts were P140,000, and freight-in was P175,000. Net cost of purchase last year for ABC Company were:
Coleman, Inc. provides the following data from its Income Statement for 2018: Net Sales $ 560,000.00 Cost of Goods Sold $ (160,000.00) Gross Profit $ 400,000.00 Calculate the gross profit percentage. (round your answer to two decimal places) A 71.43% B 25.00% C 100.00% D 28.57%
Fairplay had the following information related to the sale of its products during 2009, which was its fi rst year of business: Revenue $1,000,000 Returns of goods sold $ 100,000 Cash collected $ 800,000 Cost of goods sold $ 700,000 Under the accrual basis of accounting, how much net revenue would be reported on Fairplay’s 2009 income statement? B . $900,000.
Libscomb Technologies' annual sales are $6,615,140 and all sales are made on credit, it purchases $4,071,988 of materials each year (and this is its cost of goods sold). Libscomb also has $553,442 of inventory, $521,646 of accounts receivable, and beginning and ending of year $448,048 and $420,069 accounts payables (respectively). Assume a 365 day year. What is Libscomb’s Cash Cycle (in days)?
The cost of merchandise sold for Kohl’s Corporation for a recent year was $12,265 million. The balance sheet showed the following current account balances (in millions): Balance,End of Year Balance,Beginning of YearMerchandise inventories $4,038 $3,814Accounts payable 1,251 1,511Determine the amount of cash payments for merchandise.
Shamrock Corporation had sales of $3,600,000 for the year ended December 31, 2027. The unit selling price was $12. In making the sales, the company incurred the following costs and expenses. Cost of goods sold Selling expenses Administrative expenses (a) Sales Cost of Goods Sold Prepare a GAAP income statement. Gross Profit Operating Expenses Selling Expenses Administrative Expenses Total Operating Expenses V Variable $890,000 Net Income/(Loss) 126,000 244,000 Fixed $760,000 65,000 78,000 SHAMROCK CORPORATION GAAP Income Statement For the Year Ended December 31, 2027 $ $
The following information relates to ELEPHANT INC. for the year ended 2020: Cash purchases - gross P300,000 Trade accounts payable - beginning 500,000 Trade accounts payable - ending 400,000 Trade notes payable decreased by 200,000 Cash payments on payables 1,000,000 Purchase return and discounts (inclusive of P15,000 receipts from suppliers) 20,000 Inventory increased by 100,000 Compute the net purchases under accrual basis of accounting. A. P985,000 B. P1,050,000 C. P1,025,000 D. P945,000
XYZ Corporation published the following information in its financial statements for its 2018 annual report: Income Statement Items: Sales $76,000 - Cost of goods sold 49,000 Gross profit 27,000 - Cash Operating expenses $9,000 - Depreciation 2,000 Total Operating Expenses 11,000 EBIT 16,000 - Interest expense 840 EBT 15,160 - Income tax expense 5,306 Net Income $9,854 Balance Sheet Items: Cash $9,000 Marketable securities 2,000 Accounts receivable 11,000 Inventories 7,000 Fixed Assets, net 24,000 Total Assets $53,000 Accounts payable $8,000 Accrued payables 3,000 Bonds payable 12,000 Common stock 16,000 Retained earnings 14,000…