User Account

All Pages

Prepare the income statement for the current year

Assignment Help Accounting Basics
Reference no: EM132859658

Question - The following information is taken from the operating section of the statement of cash flows (Direct Method) of DISTAFF & SPEAR Inc.:

Cash collections from customers $58,000

Cash payments to suppliers for purchases 26,000

Cash payments for operating expenses 20,000

Cash payments for current period income taxes 9,000

The following information is obtained from the income statement of DISTAFF & SPEAR Inc.:

Depreciation expense $9,000

Gain on disposition of equipment 4,000

Amortization of intangibles 2,500

In addition, the following information is obtained from the balance sheets of DISTAFF & SPEAR Inc.:

Increase in A/R $6,750

Increase in inventory 6,750

Increase in A/P (related to purchases) 4,000

Decrease in accrued liability (related to operating expenses) 4,450

Decrease in tax payable 2,000

Required -

a. Prepare the income statement for the current year.

b. Prepare CFO using the INDIRECT method.

Reference no: EM132859658

Questions Cloud

What other cash-flow issues should investors look out : What other cash-flow issues should investors look out for before relying on related ratios and/or statements
Determine current trends in the development : Determine current trends in the development and use of middle range theories in nursing practice and research. How the development of new middle range theories
Business continuity and disaster recovery : Explain how cloud computing can be used for business continuity and disaster recovery. Discuss the pros and cons of cloud computing.
Discuss what you know about glaxosmithkline : Discuss what you know about GlaxoSmithKline (GSK), specifically, what you think it would be like to work there. You can discuss any aspect of employment. Here a
Prepare the income statement for the current year : The following information is obtained from the income statement of DISTAFF & SPEAR Inc.: Depreciation expense $9,000. Prepare the income statement
Disaster recovery planning-business continuity planning : Similar in structure to the Incident Recovery plan, the Disaster Recovery plan provides detailed guidance in the event of a disaster.
How are psychiatric np being utilized in practice : Discuss your relationship with your preceptor. Are you fulfilling your clinical goals? Types of interactions? How are psychiatric NP being utilized in practice?
Complete all journal entries : The allowance for uncollectible accounts had a balance of $1,360 on January 1, 2021. Complete all journal entries
Defined as negative behavior that is systematic in nature : Defined as negative behavior that is systematic in nature and purposefully targeted at the victim over a prolonged time frame with the intent to do harm

Reviews

Write a Review

Accounting Basics Questions & Answers

  Where do you believe the basic cause of situation is lodged

Outline an internal control program that could be installed that would prevent or at least disclose irregularities such as those identified in this case.

  Why firms cannot make supernormal profits

Why firms cannot make supernormal/abnormal profits in the long-run in a perfectly competitive market. Your response should make reference

  General types of subsequent events

What are the general types of subsequent events that require Green's consideration and evaluation? What are the auditing procedures Green should consider performing to gather evidence concerning subsequent events?

  What journal entry should be recorded by egrane

What journal entry should be recorded by Egrane for the NSF check returned? Egrane, Inc.'s monthly bank statement showed the ending balance of cash

  Question - partnership nature and formation

Question - Partnership Nature and Formation - A partner may dispose of his interest in the partnership profits even without consent of the other partners

  Create the Flexible Budget Performance Report

You go and create the Flexible Budget Performance Report and present this. You also need to explain the reasons for the variances and who is responsible

  Calculating break-even and graphing the north kingstown

calculating break-even and graphing. the north kingstown cancer infusion therapy division expects tremendous growth

  Prepare the statement of cash flows using indirect method

Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. Prepare the statement of cash flows using indirect method

  What are of the red flags that point to possibility of fraud

What are some of the red flags that point to the possibility of fraud? What would you say was the main problem in this case that allowed the fraud to occur?

  What is its cost of common equity

Summerdahl Resort's common stock is currently trading at $36 a share. What is its cost of common equity

  What are the tax consequences to brittany

Brittany Callihan sold stock (basis of $184,000) to her son, Ridge, for $160,000, the fair market value. a. What are the tax consequences to Brittany?

  Calculate contribution margin and operating income

CVP computations. Garrett Manufacturing sold 410,000 units of its product for $68 per unit in 2017. Variable cost per unit is $60, and total fixed costs.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd