Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Los Geht's Ltd. Statement of Income Year Ended December 31, 2020 1,335,000 651,000 684,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense

image text in transcribed
image text in transcribed
Los Geht's Ltd. Statement of Income Year Ended December 31, 2020 1,335,000 651,000 684,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Loss on disposal of equipment Income from operations Interest expense Income before tax Income tax expenser Net income question text 392,000 66,000 5,200 463,200 220,800 25,200 195,600 36,000 159,600 Current assets Cash Accounts receivable Inventory Estimated inventory returns Prepaid expenses 2020 91,500 95,200 55,100 6,000 4,800 2019 62,900 41,600 52,200 1,400 12,000 Current liabilities Accounts payable Refund liability Rentinawable 2020 39,000 10,800 6.000 2019 79,500 2,600 7.000 Estimated inventory returns Prepaid expenses 6,000 4,800 1,400 12,000 Current liabilities Accounts payable Refund liability Rent payable Salaries payable Income tax payable Deferred revenue 2020 39,000 10,800 6,000 10,800 26,000 11,900 2019 79,500 2,600 7,000 7,600 12,600 5,700 Prepare the operating section of the Cashflow Statement using the indirect method. Enter your result below. Please don't forget to upload your notes (including the full cash flow from operations) to the dropbox immediately after submitting the exam. Formatting requirements: Enter the amount as plain number (no $-signs, no commas or other thousands-separators); negative amounts should be written with "*" in front of the amount (without space), e.g. -5000. Blank 1: Net cash provided from operating activities

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

Clinical Audit In Oral Pathology Laboratory A Wide Range Of Quality Improvement

Authors: Rudra Bhardwaj, Narendra Nath Singh, Sherin Nair

1st Edition

3330343052, 978-3330343054

More Books

Students also viewed these Accounting questions