Dennison Company reports depreciation expense of $35,000 for…
Dennison Company reports depreciation expense of $35,000 for Year 2. Also, equipment costing $140,000 was sold for a $5,000 gain in Year 2. The following selected information is available for Dennison Company from its comparative balance sheet. Compute the cash received from the sale of the equipment. At December 31 Year 2 Year 1 Equipment $ 610,000 $ 750,000 Accumulated Depreciation-Equipment 428,000 500,000
Read DetailsRefer to the following selected financial information from F…
Refer to the following selected financial information from Fernandez Incorporated. Compute the company’s profit margin for Year 2. Year 2 Year 1 Net sales $ 478,500 $ 426,250 Cost of goods sold 276,300 250,120 Interest expense 9,700 10,700 Net income before tax 67,250 52,680 Net income after tax 46,050 39,900 Total assets 317,100 288,000 Total liabilities 181,400 167,300 Total equity 135,700 120,700
Read DetailsSouthern Cross, Inc. is preparing the company’s statement of…
Southern Cross, Inc. is preparing the company’s statement of cash flows for the fiscal year just ended. Using the following information, determine the amount of cash flows from operating activities using the indirect method: Net income $ 182,000 Gain on the sale of equipment 12,300 Proceeds from the sale of equipment 92,300 Depreciation expense—equipment 50,000 Payment of bonds at maturity 100,000 Purchase of land 200,000 Issuance of common stock 300,000 Increase in merchandise inventory 35,400 Decrease in accounts receivable 28,800 Increase in accounts payable 23,700 Payment of cash dividends 32,000
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