The following comparative information is available for LIFO FIFO Sales revenue $87,000 $87,000 Cost of goods sold 41,000 34,100 Operating expenses (including depreciation) 28,000 28,000 Depreciation 9,000 9,000 Cash paid for inventory purchases 32,990 32,990 e net cash provided by operating activities under each approach. Assume that all sales were on a cas ther than depreciation were on a cash basis
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- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400The following comparative information is available for Blossom Company for 2025. Sales revenue Cost of goods sold Operating expenses (including depreciation) Depreciation Cash paid for inventory purchases Net income $ LIFO eTextbook and Media Net cash provided by operating activities $ LIFO $81,000 38,000 30,000 Quality of earnings ratio 9,100 LIFO 38,000 Determine net income under each approach. Assume a 30 % tax rate. FIFO $ $81,000 31,000 30,000 9,100 Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis. 38,000 FIFO LIFO Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, eg. 5.15.) FIFO FIFOThe following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…
- The following information is available for Carla Vista Products: Accounts receivable Cost of goods sold Inventory (ending) Net cash provided by operating activities Net sales Capital expenditures Dividends Accounts receivable turnover 2014 Average collection period $70,800 623,040 61,360 259,600 1,067,310 47,200 28,674 2013 $87,320 684,400 days 80,240 200,600 1,109,200 Compute the following for 2014: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) 44,840 37,760 times =SUPPORTCalculating Cycles Consider the following financial statement information for the Hop Corporation: Item Beginning Ending Inventory $16,284 $19,108 Accounts receivable 11,219 13,973 Accounts payable 13,960 16,676 Net Sales $219,320 Cost of Goods sold 168,420 Calculate the operating and cash cycles. How can you interprete your answer?Calculating Cycles Consider the following financial statement information for the Hop Corporation: Item Beginning Ending Inventory $16,284 $19,108 Accounts Receivable 11,219 13,973 Accounts Payable 13,960 16,676 Net Sales $219,320 Cost of Goods Sold 168,420 Calculate the operating and cash cycles. How do you interpret your answer?
- LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2023 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets $ 25,200 215,800 LAG Network Inc. Comparative Balance Sheet Information $ 920,600 548,200 $372,400 241,000 $ 131,400 14,600 $ 116,800 December 31 2023 2022 Cash Accounts receivable $ 81,110 $ 52,800 Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity 40,400 287,790 36,800 235,800 $ 491,900 Accounts payable Income taxes payable Common shares Retained earnings $ 23,200 3,600 355,000 110,100 146,400 (63,800) 136,800 (38,600) $ 423,600 $ 35,800 2,200 349,500 36,100 Total liabilities and equity $ 491,900 $ 423,600 Additional information regarding LAG Network Inc.'s activities during 2023: a. Equipment is purchased for $9,600 cash. b. 2,200 common…LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Total assets Assets Plant and equipment: Building (net) Land Total plant and equipment Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Common stock Retained earnings Liabilities Asset turnover ratio LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 2023 $ 21,200 800 2023 $ 20,400 11,450 $ 8,950 2022 $…The following comparative information is available for crane company 2025 LIFO Sales revenue $93,000 Cost of goods sold 36.000 Operating expenses (including depreciation) 27.000 Depreciation Cash paid for inventory purchases 11.000 17.180 FIFO $93.000 32.600 27.000 11.000 17,180 Net cash Provided by activities LIFO and FIFO Calculate the quality earnings ratio under each approach LIFO and FIFO Please don't provide answer in image format thank you
- Sunland Company reports the following: End of Year Beginning of Year Inventory $28000 $44800 Accounts Payable 33600 11200 If cost of goods sold for the year is $268800, the amount of cash paid to suppliers using the direct method isBased on the financial statement information of Monster Inc. in the following table, answer the following questions: Unit in Million US$ accounts receivable annual sales Cost of goods depreciation fixed assets inventory 2019 150 71 31 Start of 2019 52 222 91 End of 2019 59 275 106 1) Calculate the Fixed-asset turnover, Inventory turnover ratio and Days receivable of Monster Inc 0.87 0.63 72 2) Compare the above results with the following industry average information, comment on their implications in terms of efficiency of asset utilisation. Industry average (Unit 2019 in Million US$) Fixed-asset turnover Inventory turnover ratio Days receivableThe following comparative information is available for Wildhorse Company for 2025. Sales revenue Cost of goods sold Operating expenses (including depreciation) Depreciation Cash paid for inventory purchases Your answer is partially correct. Net income $ eTextbook and Media * Your answer is incorrect. LIFO eTextbook and Media Net cash provided by operating activities * Your answer is incorrect. Determine net income under each approach. Assume a 30% tax rate. 18,200 Quality of earnings ratio Touthook and Media LIFO $92,000 35,000 26,000 LIFO 9,000 14,705 FIFO $92,000 Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis. 31,800 26,000 9,000 2.14 14,705 FIFO 23,940 LIFO Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.) 39,005 FIFO FIFO 0.95 22,750