Can you please show me the solution step by step

Assignment Help Accounting Basics

Reference no: EM131024833

Can you please show me the solution step by step and also included the whole calculation ; i need to understand the solution to solve another one on my own ,

Income Statement Data December 31 2007
Income Statement Data December 31 2007
Revenue
Net Sales		2850000
Dividend Income		104000
Interest Income		70000
Gain on Sales of Marketable Securities		4000
Total Revenue and Gains		3028000

Cost And Expenses
COGS	1550000
Operationg Expense	980000
Interest Expense	185000
Income Tax Expense	90000
Total costs and expenses		2805000
Net Income		223000
Selected Account Balances
Selected Account Balances

	End Of Year	Beginning Of Year
Accounts Receivable	650000	720000
Accrued interest receivable	9000	6000
Inventories	800000	765000
Short term prepayments	20000	15000
Accounts payable ( Merchandise suppliers)	570000	562000
Accrued Operating Expense Payable	65000	94000
Accrued Interest Payable	21000	12000
Accrued Income Tax Payable	22000	35000


Additional Information
1.Dividend revenue is recognized on the cash basis.All other income statement amounts are recognized on the accrual basis.
2.Operating expenses include deppreciation expense of 115000


Instructions
Prepare a partial statement of cash flows, including only the operating activities section of the statement and using direct method.
Place brackets around numbers representing cash payments.Show supporting computations for the following;

1.Cash received from customers
2.Interest and dividends received
3.Cash paid to suppliers
4.Cash paid for operating expenses
5.Interest Paid
6.Income Taxes Paid

Reference no: EM131024833

Questions Cloud

Evaluate the cost of energy between the two months : The number of equivalent units produced in October and November was 500,000 pounds and 550,000 pounds, respectively. Evaluate the cost of energy between the two months.

Indicate whether the certificate is valid or not : Identify the key elements in certificate, including the owner's name and public key, its validity dates, the name of the CA that signed it, and the type and value of signature.

Qualitative and quantitative performance elements : Your task is to analyse the historical (for the last five years) performance of a listed company and present your findings in the form of a report, which will cover both qualitative and quantitative performance elements in a logical cohesive forma..

Whether it is easier to solve a system by substitution : Single women. The percentage of women in the 20-24 age group who have never married went from 55% in 1970 to 73% in 2000 (Census Bureau, www.census.gov). Let 1970 be year 0 and 2000 be year 30.

Can you please show me the solution step by step : Can you please show me the solution step by step and also included the whole calculation ; i need to understand the solution to solve another one on my own ,

Amount of sales returns and write-offs of uncollectible : What was the combined amount of sales returns and write-offs of uncollectible accounts during the year ended March 29, 2013? If required, round your answers to two decimal places. Enter a subtraction as a negative number.

Calculate roi and economic profit for three divisions : The company has asked you to calculate ROI and economic profit for three divisions. Use an interest rate of 10% when calculating the capital charge.

How much did the one extra hour of work increase the revenue : Solve each system by the Addition Method. Determine whether the equations are independent, dependent or inconsistent.

International corporate financial reporting : Why is English the leading language of international corporate financial reporting?

User Account

All Pages