How does one prepare an income statement? 1) Prepare an income statement for the year ended December 31, 2023.Your CompanyIncome StatementFor Year Ended December 31, 2023Revenues:Total revenuesExpenses:Total expenses CashShort-term investmentsAccounts receivable, netSuppliesPrepaid expensesLong-term notes receivableInvestments in stocks and bondsBuildingsAccumulated depreciation - BuildingsLandCopyrightsAccounts payableUnearned feesLong-term notes payableCommon stockRetained earningsDividendsServices revenueInterest revenueYour CompanyTrial BalanceDecember 31, 2023Rent expenseSalaries expenseMiscellaneous expensesDepreciation expenseTotalsDebit$20,30015,30028,4007,1005,70032,00026,00046,80037,0008,00010,4008,20027,3005,4604,680$282,640Credit$9,40011,2002,20028,00064,00096,14068,2003,500$282,640REQUIRED:1) Prepare an income statement for the year ended December 31, 2023.

Income Statement is a financial statement that includes revenue earned and expenses incurred during…

Cash Short-term investments Accounts receivable, net Supplies Prepaid expenses Long-term notes receivable Investments in stocks and bonds Buildings Accumulated depreciation - Buildings Land Copyrights Accounts payable Unearned fees Your Company Trial Balance December 31, 2023 Long-term notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Rent expense Salaries expense Miscellaneous expenses Depreciation expense Totals Debit $20,300 15,300 28,400 7,100 5,700 32,000 26,000 46,800 37,000 8,000 10,400 8,200 27,300 5,460 4,680 $282,640 Credit $9,400 11,200 2,200 28,000 64,000 96,140 68,200 3,500 $282,640 REQUIRED: 1) Prepare an income statement for the year ended December 31, 2023.

Cash Short-term investments Accounts receivable, net Supplies Prepaid expenses Long-term notes receivable Investments in stocks and bonds Buildings Accumulated depreciation - Buildings Land Copyrights Accounts payable Unearned fees Your Company Trial Balance December 31, 2023 Long-term notes payable Common stock Retained earnings Dividends Services revenue Interest revenue Rent expense Salaries expense Miscellaneous expenses Depreciation expense Totals Debit $20,300 15,300 28,400 7,100 5,700 32,000 26,000 46,800 37,000 8,000 10,400 8,200 27,300 5,460 4,680 $282,640 Credit $9,400 11,200 2,200 28,000 64,000 96,140 68,200 3,500 $282,640 REQUIRED: 1) Prepare an income statement for the year ended December 31, 2023.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter10: Long-term Liabilities

Section: Chapter Questions

Problem 10.10E

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Assets Cash S.T. Investments Accts Receivable Inventories Total Current Assets Net PP&E Total Assets Liabilities. Accts Payable Notes Payable Accruals Balance Sheet Current Liabilities L.T. Bonds Preferred Stock Common Stock Retained Earnings Total Equity Total Liab. & Equity Less: Interest 2021 120 30 400 Pre-tax Earnings 1,200 1,750 3,000 4,750 100 100 300 500 520 200 530 3,000 3,530 4,750 Net Sales COGS except Dep Depreciation & Amortization Other Operating Expenses EBIT Income Statements 2021 5,500 3,800 180 600 920 60 860 215 Taxes (25%) Preferred Dividends 15 Net Income for CS Holders 630 2020 $102 40 384 774 1. What is the company's MVA? 2. What is the company's EVA in? 3. What is the current ratio of the Company? 1,300 1,780 3,080 180 28 370 578 350 100 500 1,552 2,052 3,080 Number of Common Stock Outstanding = 1,200 Price of Common Stock = 4.00 WACC Cost of Capital = 12.0% Return on Investment (ROI)= 15.97% 2020 4,800 3,710 180 470 440 40 400 100 7 293
Calculator Cash paid to purchase long-term investments would be reported in the statement of cash flows in a. the cash flows from operating activities section. b. the cash flows from financing activities section. C. the cash flows from investing activities section. d. a separate schedule. 4:09 PM 12/20/2019
Current assets: Cash Short-term investments Accounts receivable Inventories Other current assets Total current assets Long-term investments Property, plant, and equipment, net Other noncurrent assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Unearned revenue Short-term debt Total current liabilities Long-term debt Other noncurrent liabilities Total liabilities Stockholders' equity: Common stock ($0.00001 par value) Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and shareholders' equity $ 48,844 51,713 22,926 4,106 35,230 162,819 105,341 37,378 32,978 $ 338,516 $ 46,236 43,700 5,522 10,260 105,718 91,807 50,503 248,028 1 45,173 45,314 90,488 $ 338,516
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Dec. 31, 2020 Dec. 31, 2019 Assets Current assets: Cash and cash equivalents $248,005 $419,465 Accounts receivable 38,283 34,839 Inventory 15.043 15,332 Prepaid expenses and other current assets 39,965 34,795 Income tax receivable 58,152 16,488 Investments 415,199 338,592 Total current assets 814.647 859,511 Property, plant, & equipment, net 1,217.220 1,106,984 Long-term investments 622,939 496.106 Other assets 70,260 64,716 Total assets $2,725,066 $2,527,317 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $85,709 $69,613 Accrued payroll and benefits 64,958 73,894 Accrued liabilities 129,275 102,203 Total current liabilities 279,942 245,710 Deferred liabilities 284.267 240,975 Other liabilities 32.883 28,263 Total liabilities 597,092 514,948 Shareholders' equity: Common stock 358 354 Additional paid-in capital 954,988 861.843 Retained earnings 1,172.628 1,150,172 Total shareholders' equity 2,127,974 2,012.369 Total liabilities and shareholders' equity…
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