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The following comparative information is available for Prasad Company for 2012.
LIFO
FIFO
Sales revenue
$86,000
Cost of goods sold
38,000
29,000
Operating expenses
(including depreciation)
27,000
Depreciation
10,000
Cash paid for inventory purchases
32,000
Instructions
(a) Determine net income under each approach. Assume a 30% tax rate.
(b) 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.
(c) Calculate the quality of earnings ratio under each approach and explain your findings.
Financial Statement Analysis and Preparation
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