Lily Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624,200 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income 2022 2021 Accounts receivable $75,500 $61,000 Accounts payable 41,000 Income taxes payable 12,200 28,300 55,500 6,700 25,000 $969,000 Lily's balance sheets contained the comparative data at December 31, shown below. 704,700 264,300 39,700 $224,600 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15.0001)
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- Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income P6,583,000 P2,810,000 2,086,000 880,000 24.000 5,800.000 783,000 353,000 P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…Do parts a to d Accounting for Income Taxes Yoda Company is in the process of accounting for its income taxes for the year ended December 31, 2020. The following information came from Yoda's accounting and taxation records: Accounting income before income taxes for 2020 $ 98,967 Depreciation expense for property, plant, and equipment for 2020 $ 222,227 Capital cost allowance to be claimed on Yoda's 2020 income tax return $ 244,450 Book value of property, plant, and equipment at December 31, 2019 $ 1,399,268 Undepreciated capital cost of property, plant, and equipment at December 31, 2019 $ 1,203,370 Assume that there were no additions or disposals of property, plant, and equipment during 2020. In 2020, Yoda began offering a 1-year warranty on all merchandise sold. Following are details pertaining to this warranty: Warranty expense for 2020 for accounting purposes $ 38,860…Lily Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 2021 $75,500 $61,000 28,300 Lily's balance sheets contained the comparative data at December 31, shown below. 41.000 For Income Taxes 12,200 For Operating Expenses Cash Flows from Operating Activities Cash Receipts from Customers Less V cash payments: $624,200 6,700 Net Cash Provided by Operating Activities 55,500 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis e.g. (15,000).) 25,000 $969,000 $ 704,700 264,300 39,700 $224,600 LILY…
- Non-current assets Property, plant and equipment Development Expenditure Current assets Inventories Trade receivables Investments Cash Total assets Equity Share capital-$1 Ordinary shares Share premium Revaluation surplus Retained Earnings Non-Current liabilities 12% Debentures Finance Lease Liabilities Deferred Tax Current Liabilities Trade payables Finance Lease Liabilities Current Tax Debenture interest Bank overdraft Total equity and liabilities 2018 $'000 925 290 1,215 360 274 143 29 806 2021 500 350 160 229 1,239 150 100 48 298 274 17 56 132 484 2,021 2017 $'000 737 160 897 227 324 46 117 714 1611 400 100 60 255 815 100 80 45 225 352 12 153 54 571 1,611Oriole Company's income statement contained the following condensed information ORIOLE COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624.500 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 $74,400 40.300 Oriole's balance sheets contained the comparative data at December 31, shown below. 12.900 2021 54,600 $61000 27.000 6.400 24.100 $972,000 703,200 268,800 40,100 $228.700 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15.000 or in parenthesis e.g. (15.000))Lily Company's income statement contained the following condensed Information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624,200 Depreciation expense 55,500 Loss on disposal of plant assets Income before income taxes Income tax expense Net income 2021 $75,500 $61,000 2022 Accounts receivable Accounts payable Income taxes payable 12,200 Lily's balance sheets contained the comparative data at December 31, shown below. 41.000 For Income Taxes Cash Flows from Operating Activities Cash Receipts from Customers V Less cash payments: For Operating Expenses 28,300 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a sign e.g.-15,000 or in parenthesis eg. (15,000)) 25,000 6,700 $969,000 Net Cash Provided by Operating Activities 704,700 264,300 39,700 $224,600 LILY…
- Kamulinda Company Limited (KCL) has provided the following financial information that relates to the year ended 31 December 2020: Statement of profit or loss Sales revenue Cost of sales Gross profit Administrative costs Distribution costs Operating profit Interest received Interest paid Profit before tax Taxation Profit after tax Shs '000' Assets: Non-current assets Accumulated depreciation Netbook value Investments Current assets: Inventory 250,400 (87,900) 162,500 (35,000) (50,000) 77,500 45,000 Shs '000' (25,000) 97,500 (20,000) 77,500 Statement of position as at 31 December: 2020 2019 Shs '000' Shs '000' 459,000 246,000 (125,000) (89,000) 334,000 157,000 76,000 156,000 100,000 Find current assets continued- Accounts receivable Cash at hand Cash at bank Total assets Equity and liabilities: Share capital Share premium Retained earnings Revaluation Non-current liabilities: Long term loan Current liabilities: Accounts payable Interest payable Tax Bank overdraft 24,450 65,000 655,450…Culver Corp's income statement for the year ended December 31, 2023, had the following condensed information: Service revenue Operating expenses (excluding depreciation) Depreciation expense Unrealized loss on FV-NI investments Loss on disposal of equipment Income before income tax Income tax expense Net income FV-NI investments Accounts receivable Accounts payable Income tax payable (a) 2023 (b1) $22,000 $26,300 35,500 44,900 7,700 Your answer is correct. There were no purchases or sales of trading (FV-NI) investments during 2023. Culver's statement of financial position included the following comparative data at December 31: Cash Paid To Suppliers Cash Flows from Operating Activities Cash Received from Customers Cash Paid For Income Taxes eTextbook and Media 2022 V 54,700 Cash debt coverage ratio 31,600 8,800 $489,000 Net Cash Provided by Operating Activities V 64,000 Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that…Zumbrunn Company’s income statement contained the following condensed information. ZUMBRUNN COMPANYIncome StatementFor the Year Ended December 31, 2020 Service revenue $971,400 Operating expenses, excluding depreciation $623,600 Depreciation expense 55,900 Loss on disposal of plant assets 24,600 704,100 Income before income taxes 267,300 Income tax expense 39,600 Net income $227,700 Zumbrunn’s balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable $74,500 $59,000 Accounts payable 41,600 28,800 Income taxes payable 10,600 6,800 Accounts payable pertain to operating expenses.Prepare the operating activities section of the statement of cash flows using the direct method.
- Below is Rodrigues Ltd's income statement and two balance sheets: Rodrigues Ltd Income Statement for year ending 30th June 2021 Sales COGS Operating expense Depreciation Interest expense Income before tax Tax at 30% Net income $m 600 240 100 40 10 210 63 147 Assets Current assets PPE Cost Accumul. depr. Carrying amount Total assets Rodrigues Ltd Balance Sheet as at 30th June Liabilities Current liabilities Non-current liabilities Owners' equity Retained earnings Contributed equity Total L and OE 2021 $m 98 800 140 660 758 60 130 80 488 758 2020 $m 73 920 100 820 893 50 120 100 623 893 Which of the following statements about the financial year from 30 June 2020 to 30 June 2021 is NOT correct? O a. The increase in net working capital (ANWC) was $15m. O b. Net capital expenditure was negative because in net terms, more property, plant and equipment (PPE) was bought rather than sold. O c. The increase in net working capital was positive largely because in net terms, more inventory was…Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…The trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits $ 160,000 6,100,000 600,000 500,000 30,000 500,000 Credits $ 8,200,000 60,000 120,000 140,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format. Note: Round earnings per share answer to 3 decimal places.