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Forten Company’s current year income statement, comparative balance sheets, and additional information follow. For the year, FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $ 622,500 Cost of goods sold 293,000 Gross profit 329,500 Operating expenses (excluding depreciation) $ 140,400 Depreciation expense 28,750 169,150 Other gains (losses) […]
Golden Corporation’s current year income statement, comparative balance sheets, and additional information follow. For the year, GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 177,000 $ 121,300 Accounts receivable 102,500 84,000 Inventory 620,500 539,000 Total current assets 900,000 744,300 Equipment 370,000 312,000 Accumulated depreciation—Equipment (164,500) (110,500) […]
Golden Corporation’s current year income statement, comparative balance sheets, and additional information follow. For the year, GOLDEN CORPORATION Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 177,000 $ 121,300 Accounts receivable 102,500 84,000 Inventory 620,500 539,000 Total current assets 900,000 744,300 Equipment 370,000 312,000 Accumulated depreciation—Equipment (164,500) (110,500) […]
Forten Company’s current year income statement, comparative balance sheets, and additional information follow. For the year, FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $ 622,500 Cost of goods sold 293,000 Gross profit 329,500 Operating expenses (excluding depreciation) $ 140,400 Depreciation expense 28,750 169,150 Other gains (losses) […]
Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $ 154,200 Expenses Cost of goods sold 61,000 Depreciation expense 21,500 Salaries expense 37,000 Rent expense 10,900 Insurance expense 5,700 Interest expense […]
The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2027 2026 Assets Cash $ 284,800 $ 156,420 Accounts receivable, net 142,200 69,520 Inventory 126,400 424,080 Prepaid expenses 7,900 17,380 Total current assets 561,300 667,400 Equipment 221,200 288,000 Accumulated depreciation—Equipment (55,000) (86,400) Land 62,500 0 Total […]
The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2027 2026 Assets Cash $ 242,600 $ 134,640 Accounts receivable, net 122,400 59,840 Inventory 108,800 364,960 Prepaid expenses 6,800 14,960 Total current assets 480,600 574,400 Equipment 190,400 248,000 Accumulated depreciation—Equipment (48,000) (74,400) Land 57,000 0 Total […]
Use the above information to determine cash flows from investing activities. Note: Enter amounts to be deducted as negative values. Solution – Cash flows from investing activities
Arundel Company disclosed the following information for its recent calendar year. Income Statement Data Selected Year-End Balance Sheet Data Revenues $ 85,000 Accounts receivable decrease $ 25,000 Expenses: Purchased a machine for cash 19,000 Salaries expense 73,000 Salaries payable increase 28,000 Utilities expense 29,000 Interest payable decrease 17,000 Depreciation expense 30,400 […]