Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i have accounts i just need numbers as fast as possible Vaughn Inc., a greeting card company, had thas .. aember 31 Income taxes payable

i have accounts i just need numbers as fast as possible
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Vaughn Inc., a greeting card company, had thas .." aember 31 Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities \& stockholders' equity $311,70055,900$293,20033,600 VAUGHN INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross profit 164,675174,600 Operating expenses Operating income 44,575120,100 Interest expense $11,200 GainonsaleofequipmentIncomebeforetax2,0009,20035,375 Income tax expense Net income $28,3007,075 Additional information: Dividends in the amount of $6,000 were declared and paid during 2020. 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow wi parenthesis e. . (15,000).)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management In The Sport Industry

Authors: Matthew T Brown, Daniel Rascher, Mark S Nagel, Chad McEvoy

2nd Edition

9781621590118

More Books

Students also viewed these Accounting questions

Question

1. What is the origin of the communication discipline?

Answered: 1 week ago

Question

2. What methods do communication scholars use to conduct research?

Answered: 1 week ago