The income statement of Vince Gill Company is shown below.
VINCE GILL COMPANY
INCO...
The income statement of Vince Gill Company is shown below.
VINCE GILL COMPANY
INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2017
Sales revenue
$6,900,000
Cost of goods sold
Beginning inventory
$1,900,000
Purchases
4,400,000
Goods available for sale
6,300,000
Ending inventory
1,600,000
Cost of goods sold
4,700,000
Gross profit
2,200,000
Operating expenses
Selling expenses
450,000
Administrative expenses
700,000
1,150,000
Net income
$1,050,000
Additional information:
1. Accounts receivable decreased $360,000 during the year.
2. Prepaid expenses increased $170,000 during the year.
3. Accounts payable to suppliers of merchandise decreased $275,000 during the year.
4. Accrued expenses payable decreased $100,000 during the year.
5. Administrative expenses include depreciation expense of $60,000.
Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2017, for Vince Gill Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e. g. -15,000 or in parenthesis e. g. (15,000).)
Answers: 2
Other questions on the subject: Business
Business, 21.06.2019 16:30, lishalarrickougdzr
ernst's electrical has a bond issue outstanding with ten years to maturity. these bonds have a $1,000 face value, a 5 percent coupon, and pay interest semiminusannually. the bonds are currently quoted at 96 percent of face value. what is ernst's pretax cost of debt?
Answers: 1
Business, 22.06.2019 02:10, dakodahepps
Materials purchases (on credit). direct materials used in production. direct labor paid and assigned to work in process inventory. indirect labor paid and assigned to factory overhead. overhead costs applied to work in process inventory. actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) transfer of jobs 306 and 307 to finished goods inventory. cost of goods sold for job 306. revenue from the sale of job 306. assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions.
Answers: 1
Business, 22.06.2019 09:40, bennett2968
Boone brothers remodels homes and replaces windows. ace builders constructs new homes. if boone brothers considers expanding into new home construction, it should evaluate the expansion project using which one of the following as the required return for the project?
Answers: 1
You know the right answer?
Questions in other subjects:
English, 11.10.2020 23:01
English, 11.10.2020 23:01
Mathematics, 11.10.2020 23:01
Mathematics, 11.10.2020 23:01
Mathematics, 11.10.2020 23:01
