Saturn Company Income Statement for ycar cnded Dec. 31, 2018 Sales Revenue Cost of Goods Sold $238,000 153,000 Gross Profit Operating Expenses: Depreciation Expense Insurance Expense Salaries Expense Other Operating Expenses Total Operating Expenses Operating Income Other Revenue and (Expenses): 85,000 $14,400 12,000 42,600 11,100 80,100 4,900 Gain on Sale of Land Interest Expense Total Other Revenue and Expenses 4,800 (3.500) Income Before Income Tax Income Tax Expense Net Income 1,300 6,200 1,860 $ 4,340 Additional Information: 1. Saturn Company sold land with an original cost of $10.000, for $14,800 cash. 2. A new parcel of land was purchased for $20,000, in exchange for a note payable. 3. Plant assets were purchased for $40,0000 cash. 4. Saturn declared and paid a $440 cash dividend to sharcholders. 5. Saturn issued common stock in exchange for S45,000 cash. Prepare a cash flow statement for Saturn Company using the indirect method for the year ended 31 December 2018
Saturn Company Income Statement for ycar cnded Dec. 31, 2018 Sales Revenue Cost of Goods Sold $238,000 153,000 Gross Profit Operating Expenses: Depreciation Expense Insurance Expense Salaries Expense Other Operating Expenses Total Operating Expenses Operating Income Other Revenue and (Expenses): 85,000 $14,400 12,000 42,600 11,100 80,100 4,900 Gain on Sale of Land Interest Expense Total Other Revenue and Expenses 4,800 (3.500) Income Before Income Tax Income Tax Expense Net Income 1,300 6,200 1,860 $ 4,340 Additional Information: 1. Saturn Company sold land with an original cost of $10.000, for $14,800 cash. 2. A new parcel of land was purchased for $20,000, in exchange for a note payable. 3. Plant assets were purchased for $40,0000 cash. 4. Saturn declared and paid a $440 cash dividend to sharcholders. 5. Saturn issued common stock in exchange for S45,000 cash. Prepare a cash flow statement for Saturn Company using the indirect method for the year ended 31 December 2018
Fundamentals of Financial Management (MindTap Course List)
15th Edition
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter4: Analysis Of Financial Statements
Section: Chapter Questions
Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...
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