MOSS COMPANY Income Statement table [ [ , ] , [ Sales For Year Ended December
Fantastic news! We've Found the answer you've been seeking!
Question:
MOSS COMPANY
Income Statement
tableSales For Year Ended December $
Transcribed Image Text:
es MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 85,650 26,000 61,000 Cash flows from operating activities: Net income 32,400 2,150 2020 $ 525,000 335,600 Changes in current operating assets and liabilities 189,400 123,000 38,000 28,400 9,500 $ 18,900 $ 27,800 34,000 54,300 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. 26,700 2,400 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash 38,000 $ 18,300 38,000 56,300 es MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes expense Net income MOSS COMPANY Selected Balance Sheet Information 2021 At December 31 Current assets Cash Accounts receivable Inventory Current liabilities Accounts payable Income taxes payable $ 85,650 26,000 61,000 Cash flows from operating activities: Net income 32,400 2,150 2020 $ 525,000 335,600 Changes in current operating assets and liabilities 189,400 123,000 38,000 28,400 9,500 $ 18,900 $ 27,800 34,000 54,300 Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. 26,700 2,400 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash 38,000 $ 18,300 38,000 56,300
Expert Answer:
Answer rating: 100% (QA)
Answer To calculate the cash flows from operating activities u... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
1. a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. Do not enter dollar signs or...
-
What is the output of the following code segment * int main() { } int x = 2, y = 5; if (x < y) cout < < "P"; else if (x == y) cout < < "Q"; else cout < < "R"; cout < < "W"; return 0;
-
Find the direction cosines and angles of, and demonstrate that the sum of the squares of the direction cosines is 1. u = 5i + 3j - k
-
Assume that you are purchasing an investment and have decided to invest in a company in the smartphone business. You have narrowed the choice to Best Digital Electronics or Zone Network Electronics...
-
In 2005, the average price of electricity was 10.0 cents per kWh (kilowatt-hour), and in 2015, the average price was 13.8 cents per kWh. Compare the increase in the price of electricity to the...
-
Match the measures of worth in the first column with the appropriate unit of measure that results from the analysis. Measure of Worth (a) Annual Worth (b) External Rate of Return (c) Future Worth (d)...
-
Make versus buy, activity-based costing, opportunity costs. The Weaver Company produces gas grills. This year's expected production is 20,000 units. Currently, Weaver makes the side burners for its...
-
2. The armadillo is known as one of the world's fastest land animals. On one particular occasion, a biologist observed an armadillo named [N57E] for 6.00 s. The armadillo then ran 19.0 m [N23W]. What...
-
XYZ is a calendar-year corporation that began business on January 1, 2017. For 2017, it reported the following information in its current year audited income statement. Notes with important tax...
-
The risk of material misstatement for the assertion of accuracy, valuation and allocation for accounts receivable has been assessed as high. A colleague has suggested that the audit team should...
-
Present-day African economic history has three prominent streams of research. Which? The colonial project required mapping and documentation of the new subjects. Who did the colonial administrations...
-
Utamaro's print and Warhol's print both depict stylized images of historical women who were famous for their talent and beauty. 1) The artists convey not just the appearance of each woman, but also...
-
Provide a research on the following factors of growth (provided that they are not "copy-paste" from the internet): Employment, Migration, and Urbanization Education, Health, and Human Capital Capital...
-
Smith claimed that the modern workforce would gradually become more narrow and specialized, and therefore better at their precise job, as opposed to the general production of previous economic...
-
The diameter of a human hair is 1.64 10 4 meters. What is this diameter in centimeters? The density of water at 0C is 0.99987 g/mL. What is the mass in kg of 199.0 mL of water?
-
Determination of sodium iodide (NaI) in solution (250 mL bottle) * Exactly 5 mL of the drug was measured transferred to a volumetric of 50 mL and gauged with Water. * A 10 mL aliquot of this solution...
-
The following information is available for Partin Company: Sales $598,000 Sales Returns and Allowances 20,000 Cost of Goods Sold 398,000 Selling Expense 69,000 Administrative Expense 25,000 Interest...
-
ORGANIZATION COSTS B&B Electric decided to incorporate and has incurred the following costs of organizing: Incorporation fees$ 400 Attorneys fees 4,800 Promotion expenses..5,700 Prepare the entry to...
-
Name three types of temporary accounts.
-
During the month of January 20-2, TJs Specialty Shop engaged in the following transactions: Jan. 1 Sold merchandise on account to Anne Clark, $3,000, plus tax of $150. Sale No. 643. 2 Issued Check...
-
In 2019, Maggy (34 years old) is an employee of YBU Corp. YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee...
-
Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2019, Matthew participates in SVs money purchase pension plan (a defined contribution plan) and in...
-
Paris participates in her employers nonqualified deferred compensation plan. For 2019, she is deferring 10 percent of her $320,000 annual salary. Assuming this is her only source of income and her...
Study smarter with the SolutionInn App