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(Solved) Forten Company’s statement of cash flows using a spreadsheet

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)   […]

(Solved) Golden Corporation’s statement of cash flows using a spreadsheet

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) […]

(Solved) Golden Corporation’s current year income statement

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) […]

Solved – Forten Company’s current year income statement

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)   […]

Solved – Lansing Company’s current-year income statement

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 […]

Solved – IKIBAN INCORPORATED Direct Cashflow

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 […]

Solved – The following financial statements and additional information

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 […]

Solved – Arundel Company disclosed the following information

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   […]

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