Suppose you collected the following information of ABC corp. from the financial statements published in 2019. Entry Total Current Assets 14050001206000 Current Liabilities Notes Payable Earning before Interest and Taxes Depreciation Capital expenditures Tax rate 2019 2018 602000 571500 476990 457912 97680 159000 -30000 40%

Suppose you collected the following information of ABC corp. from the financial statements published in 2019. Entry Total Current Assets 14050001206000 Current Liabilities Notes Payable Earning before Interest and Taxes Depreciation Capital expenditures Tax rate 2019 2018 602000 571500 476990 457912 97680 159000 -30000 40%

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

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 14E: Interest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In...

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Interest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In conjunction with this statement, it plans to disclose the interest and income taxes it paid during 2019. The following information is available from its 2019 income statement and beginning and ending balance sheet: Required: 1. Compute the amounts of interest paid and income taxes paid by Staggs for 2019. 2. Next Level Under IFRS, how would interest paid and income taxes paid be reported?
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…
Presented below is selected information pertaining to the Cassie Inc:Cash balance, January 1, 2020- P13,000Accounts receivable, January 1, 2020- P19,000Collections from customers in 2020- P210,000 Capital account balance, January 1, 2020- P38,000Total assets, January 1, 2020- P75,000Cash investment added, July 1, 2020-P5,000Total asset, December 31, 2020- P101,000 Cash balance, December 31, 2020- P20,000Accounts receivable, December 31, 2020- P36,000Merchandise taken for personal use during 2020- P11,000Total liabilities, December 31, 2020- P41,000How much is the net income for 2020?
Donnelly Company's balance in Interest Payable was $80,000 at December 31, 2020 and $65,000 at December 31, 2019. Interest expense was $92,000 for 2020 and $84,000 for 2019. What amount of cash disbursements for Interest would be reported in Donnelly's 2020 net cash provided by operating activities presented on a direct basis? O a. S69,000 O b. $84,000 O c. $72,000 O d. $77,000
Some interest cost of Metlock Inc. is capitalized for the year ended May 31, 2026. Compute the amount of each of the items that must be disclosed in Metlock's financial statements. Total actual interest cost $ Total interest capitalized $ Total interest expensed $
REQUIREDUse the information provided below to prepare the Cash Flow Statement for the year ended 30 June 2020.INFORMATIONThe information given below was extracted from the books of Siyakha Limited for the financial year ended30 June 2020.1. STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE:2020R2019RASSETSProperty, plant and equipment (See note to the financial statements below.) 14 826 000 13 998 000Inventory 1 539 000 1 638 000Accounts receivable 6 243 000 4 572 000Bank 861 000 480 00023 469 000 20 688 000EQUITY AND LIABILITIESOrdinary Share Capital 9 300 000 8 220 000Retained Income 2 031 000 1 701 000Loan: OVS Bank 8 100 000 5 940 000Accounts payable 3 795 000 3 549 000Company tax payable 150 000 564 000Dividends payable 93 000 714 00023 469 000 20 688 0002. STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2020RDepreciation on Vehicles 1 233 000Depreciation on Equipment 1 083 000Operating profit 3 801 000Interest on Loan 1 404 000Profit before tax 2 397 000Profit after tax…
Sunland Corporation reports the following information for 2026: Net cash provided by operating activities Average current liabilities Average long-term liabilities Dividends declared Capital expenditures Payments of debt Sunland's cash debt coverage is 1.45. 3.59. 2.52. 3.42. $362500 144000 106000 55000 101000 36000
MBA Company had the following income statement in 2019: depreciation OMR20000, net income OMR90000.The The following accounts increased during 2019: Accounts receivable OMR22000, Account payableOMR3400, inventoriesOMR46000.Cash from operating activities is:
REQUIRED Use the information provided below to prepare the Cash Flow Statement for the year ended 30 June 2020. INFORMATION The information given below was extracted from the books of Siyakha Limited for the financial year ended 30 June 2020. STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE: 2020 R 2019 R ASSETS Property, plant and equipment (See note to the financial statements below.) 14 826 000 13 998 000 Inventory 1 539 000 1 638 000 Accounts receivable 6 243 000 4 572 000 Bank 861 000 480 000 23 469 000 20 688 000 EQUITY AND LIABILITIES Ordinary Share Capital 9 300 000 8 220 000 Retained Income 2 031 000 1 701 000 Loan: OVS Bank 8 100 000 5 940 000 Accounts payable 3 795 000 3 549 000 Company tax payable 150 000 564 000 Dividends payable 93 000 714 000 23 469 000 20 688 000 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR…
Can you assess the company’s overall cash flow disposition for 2019, 2020 and 2021 in terms of the positive or negative cash flow patterns for the three categories of cash flows. *NEED ASAP*
Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities January 31, 2020 Working capital Current ratio 6 EL EL $ 21 $ 15 January 31, 2019 01/31/2020 01/31/2019 9 18 $ 25 Required: a. Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (1.e.. 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.) $12 b. Evaluate the firm's liquidity at each balance sheet date. Based on the working capital and current ratio measures, the firm has become more liquid over the 2-year period. O Based on the working capital and current ratio measures, the firm has become less liquid over the 2-year period. c. Assume that the firm operated at a loss…
Below are the financial statements for the financial year 2020 and 2021. Statement of Financial Position as at January 31, 2019 and 2020 2021 2020 Current Assets Cash and cash balane:es 33,500 2,550 Account rocoivable 110.100 108,150 Inventories 17.000 7,140 Olher Teceivubles and prepaid experises 83,700 176.320 228.500 167,240 461,400 Fixod doposits with licenscd banks Total current assets 472,800 Properly, plant and cxquiprnenl 1,860,000 619,500 Total Assets 2,332,800 1,080,900 Current Liabilities Account Payables 60,400 27.410 Other payables and accriies expenses 65.600 56,390 Notes payables 27.800 46,800 Total current liabilities 153,800 130,600 Long term Liabilities Long term barrowings 490.500 144,700 Conveitible bonds 342.980 Hire purchase payables 106.920 76,600 Total long term liabilities 940,400 221,300 Shareholders' equity: Issued capital 253.500 201,000 Sharo promium 541.800 425.000 Retaincd carnings 443.300 103,000 Total liabilities and owners' equity 2,332,800 1,080,900