The Burnet Corporation disclosed the following statement of earnings in its current annual report (amounts in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Burnet Corporation disclosed the following statement of earnings in its current annual report (amounts in thousands): Earnings Statement Revenues Cost of goods sold Gross margin Depreciation and amortization expense Selling, general and administrative expenses Operating income Unusual gain on sale of land Net income In addition, the company reported the following data regarding its operating cash flow in its year-end statement of cash flow Statement of Cash Flow (Indirect Method) Operating activities Net income Depreciation and amortization expense Accounts receivable Inventory Accounts payable Gain on sale of land Cash flow from operating activities Current Year $2,430 (1,200) 1,230 (260) (240) 730 70 $800 Operating activities Cash from sales Current Year $800 260 (250) (5) 50 (70) $785 Using the above information for the current year, construct the Burnet Corporation's cash flow from operating activities on a direct metho (in thousands) Current Year Cash for cost of goods sold Cash for selling, general and administrative expenses Cash flow from operations The Burnet Corporation disclosed the following statement of earnings in its current annual report (amounts in thousands): Earnings Statement Revenues Cost of goods sold Gross margin Depreciation and amortization expense Selling, general and administrative expenses Operating income Unusual gain on sale of land Net income In addition, the company reported the following data regarding its operating cash flow in its year-end statement of cash flow Statement of Cash Flow (Indirect Method) Operating activities Net income Depreciation and amortization expense Accounts receivable Inventory Accounts payable Gain on sale of land Cash flow from operating activities Current Year $2,430 (1,200) 1,230 (260) (240) 730 70 $800 Operating activities Cash from sales Current Year $800 260 (250) (5) 50 (70) $785 Using the above information for the current year, construct the Burnet Corporation's cash flow from operating activities on a direct metho (in thousands) Current Year Cash for cost of goods sold Cash for selling, general and administrative expenses Cash flow from operations
Expert Answer:
Answer rating: 100% (QA)
To determine the amount reported as total current assets at December 31 2021 we need to consider the ... View the full answer
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
Students also viewed these accounting questions
-
The unclassified balance sheet accounts for Sorkin Corporation, which is a public company using IFRS, for the year ended December 31, 2011, and its statement of comprehensive income and statement of...
-
The unclassified statement of financial position accounts for Sorkin Corporation, which is a public company using IFRS, for the year ended December 31, 2016 and its statement of comprehensive income...
-
The first case at the end of this chapter and numerous subsequent chapters is a series of integrative cases involving Wal-Mart Stores, Inc. (Walmart). The series of cases applies the concepts and...
-
- You have identified several risks on your project for which purchasing insurance is a possibility. The insurance company your firm uses has quoted reasonable rates, and your analysis shows that...
-
Consider a thin homogeneous plate that lies in the x1-x2 plane. Show that the inertia tensor takes the form -C A {1} -C B 0 A + B
-
On February 28, 2020, Panorama Ltd. issues 7\%, 10-year notes with a face value of \(\$ 300,000\). The notes pay interest on February 28 and August 31, and Panorama amortizes notes by the...
-
The balance sheet of Oriental Rug Company at December 31, 2008, included the following stockholders' equity: During 2009, Oriental Rug completed the following selected transactions: Requirements 1....
-
The net income (after income tax) of McCants Inc. was $2 per common share in the latest year and $6 per common share for the preceding year. At the beginning of the latest year, the number of shares...
-
2) Using trait leadership, situational leadership, functional leadership theories, how would you analyze your present or past employer at Walmart? 3) How would you analyze your own style using these...
-
For the month of December 2014, Ranger Corporations records show the following information: Cash received on accounts receivable $35,000 Cash sales 30,000 Accounts receivable, December 1, 2014 80,000...
-
3) A column of air at 30N with a radius of 100 km expands to twice its original radius. If the air is originally at rest, what is the mean tangential velocity at the perimeter after expansion. Assume...
-
Summarize two weather related recent events, current conditions or headlines. Do not tell me the temperature and cloud cover, explain two different recent events or current conditions. Ex. "there is...
-
A point charge is placed at each corner of a square whose length is a. All charges have magnitude q. a) Two charges with a negative sign are located at x=a/2, y=a/2 and x=-a/2, y=a/2. The other...
-
Summarize distributed leadership and how individuals pool their skills and influence one another using Bolden 2011 with Harvard referencing.
-
QUESTION 1 (100%). In this question you will use an excess-return format of the SI model to test the CAPM for Delta stock. In this model, the dependent variable is the excess return on a risky asset...
-
https://arxiv.org/pdf/1912.04979.pdf summarize the article, write the purpose, objective and summarize and explain the data.
-
To what degree did the United States v. E.C. Knight Company (1895) and Hammer v. Dagenhart, (1918) limit the power of Congress under the Commerce Clause? 2. To what degree did the cases post-1937,...
-
For the vector whose polar components are (Vr = 1, Vθ = 0), compute in polars all components of the second covariant derivative Vα;μ;ν. To find...
-
The following data apply to Pro Beauty Supply Inc. for May Year 1: 1. Balance per the bank on May 31: $9,150. 2. Deposits in transit not recorded by the bank: $1,510. 3. Bank error; check written by...
-
List some differences between U.S. GAAP and IFRS for long-term operational assets.
-
On January 1, Year 1, Mason Corp. sold $100,000 of its own 6 percent, 10-year bonds. Interest is payable annually on December 31. The bonds were sold to yield an effective interest rate of 5 percent....
-
Which amortization method's amounts are not computed based on time? a. Straight-line b. Units-of-production (UOP) c. Double-declining-balance (DDB) d. All are based on time
-
Vasdev Company paid \(\$ 1,100,000\) to acquire Gentech Systems. Gentech's assets had a market value of \(\$ 1,800,000\), and its liabilities were \(\$ 800,000\). In recording the acquisition, Vasdev...
-
Phillipines Trucking bought three used trucks for \(\$ 60,000\). An independent appraisal of the trucks produced the following figures: Phillipines Trucking paid \(\$ 21,000\) in cash and signed a...
Study smarter with the SolutionInn App