Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below are the financial statements of Marin Ltd. Equity and Liabilities begin{tabular}{lrc} Share capital-ordinary & 19,080 & 14,840 Retained earnings & 53,000 &

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Presented below are the financial statements of Marin Ltd. Equity and Liabilities \begin{tabular}{lrc} Share capital-ordinary & 19,080 & 14,840 \\ Retained earnings & 53,000 & 40,280 \\ Bonds payable & 28,620 & 34,980 \\ Accounts payable & 30,740 & 15,900 \\ Income taxes payable & 7,420 & 8,480 \\ Total & 138,860 & 114,480 \\ \hline \end{tabular} \begin{tabular}{lr} \multicolumn{2}{c}{ Rajesh Ltd. } \\ Income Statement \\ For the Year Ended December & 31,,2020 \\ \hline Sales revenue & 256,520 \\ Cost of goods sold & 185,500 \\ \hline Gross profit & 71,020 \\ \hline Operating expenses & 45,580 \\ \hline Income from operations & 3,180 \\ \hline Interest expense & 42,400 \\ Income before income taxes & 8,480 \\ \hline Income tax expense & 33,920 \\ \hline \end{tabular} 1. Depreciation expense is 14,098. 2. Dividends declared and paid were 21,200. 3. During the year, equipment was sold for 10,282 cash. This equipment cost 19,080 originally and had accumulated depreciation of 5,300 at the time of sale. MARIN LTD. Statement of Cash Flows Cash Flows from Operating Activities Net Income/(Loss) 33,920 Adjustments to reconcile net income to Net Cash Provided by Operating Actlivities E (8) Compute free cash flow. (Enter negative amount using either a negative sign preceding the number eg. -45 or parentheses es. (45)) Freecashflow

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_2

Step: 3

blur-text-image_3

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

ISE Managerial Accounting

Authors: Ray H. Garrison, Eric Noreen, Peter C. Brewer

17th Edition

1260575683, 9781260575682

More Books

Students also viewed these Accounting questions

Question

Locate the centroid x of the shaded area. y +h h

Answered: 1 week ago

Question

OUTCOME 3 Determine how to design pay systems.

Answered: 1 week ago