The following Income statement and additional year-end Information is provided.SONAD COMPANYIncone StatenentFor Year Ended December 31$ 1,823,e00893, 270SalesCost of goods soldGross profitOperating expensesSalaries expenseDepreciation expenseRent expenseAmortization expenses-PatentsUtilities expense929,730$ 249,75143,75249, 2215,46920,053368, 246561,4847,292Gain on sale of equipmentNet income$ 568,776$ 31,5e0 increase Accounts payable13,375 increase Salaries payable$ 13,950 decrease4,800 decreaseAccounts receivableInventoryPrepare the operating activitles section of the statement of cash flows using the direct method. (Amounts to be deducted should beIndicated with a minus sign.)Answer is not complete.Statement of Cash Flows (Partial)Cash flows from operating activitiesAmortization expenses-PatentsGain on sale of equipmentIncrease in Accounts receivableIncrease in InventoryDecrease in Accounts payableDecrease in Salaries payableNet cash provided by operating activities

Name: The following Income statement and additional year-end Information is
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Description: The following Income statement and additional year-end Information is provided.SONAD COMPANYIncone StatenentFor Year Ended December 31$ 1,823,e00893, 270SalesCost of goods soldGross profitOperating expensesSalaries expenseDepreciation expenseRent ex

Direct method of cash flow means only considering cash receipts and cash payment for calculating the…

Business

Accounting

The following income statement and additional year-end information is provided. SONAD COMPANY Incone Statenent For Year Ended December 31 $ 1,823,000 893, 270 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense 929,730 $ 249,751 43,752 49,221 5,469 20,853 368, 246 561,484 7, 292 $ 568,776 Gain on sale of equipment Net income Accounts receivable Inventory $ 31,5ee increase Accounts payable 13,375 increase Salaries payable $ 13,958 decrease 4,800 decrease Prepare the operating activites section of the statement of cash flows using the direct method. (Amounts to be deducted should be Indicated with a minus sign.) Answer is not complete. Statement of Cash Flows (Partial) Cash flows from operating activities Amortization expenses-Patents Gain on sale of equipment Increase in Accounts receivable Increase in Inventory Decrease in Accounts payable Decrease in Salaries payable Net cash provided by operating activities

The following income statement and additional year-end information is provided. SONAD COMPANY Incone Statenent For Year Ended December 31 $ 1,823,000 893, 270 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense 929,730 $ 249,751 43,752 49,221 5,469 20,853 368, 246 561,484 7, 292 $ 568,776 Gain on sale of equipment Net income Accounts receivable Inventory $ 31,5ee increase Accounts payable 13,375 increase Salaries payable $ 13,958 decrease 4,800 decrease Prepare the operating activites section of the statement of cash flows using the direct method. (Amounts to be deducted should be Indicated with a minus sign.) Answer is not complete. Statement of Cash Flows (Partial) Cash flows from operating activities Amortization expenses-Patents Gain on sale of equipment Increase in Accounts receivable Increase in Inventory Decrease in Accounts payable Decrease in Salaries payable Net cash provided by operating activities

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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The following income statement and additional year-end information is provided. Sales Cost of goods sold Gross profit Operating expenses SONAD COMPANY Income Statement For Year Ended December 31 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $324,279 56,808 63,909 7,101 26,037 $2,367,000 1,159,830 1,207,170 478,134 729,036 9,468 $ 738,504 $15,100 increase Accounts payable 19,550 increase Salaries payable $ 8,400 decrease 2,200 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
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a What amount ahould be reported as net realizable value current year. The entity established an allowance for Germany Company started businens at the beginning of During the year, the entity wrote off P50,000 of uncollectible Problem 4-16 (PHILCPA Adapted) During the year, the entity wrote off P50,000 of uncolleetible accoanta Farther analyeis showed that merchandise purchased amounted to P9,000,000 and ending merchandise inventory was P1,500,000. Goods were sold at 40% above cost. The total sales comprised 80% sales on account and 20% caah sales. Total collections from customers, excluding cash sales, amounted to P6,000,000, 1. What amount should be reported as cost of goods sold? 7,500,000 b. 5,400,000 e 3,600,000 d. 6,900,000 2 What amount ahould be reported as sales on account L 10,500,000 18,750,000 e. 12,000,000 d. 8,400,000 of accounta receivable at year-end? L 1,980,000 b. 2,350,000 e 1,930,000 d. 2,400,000
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