The current assets and current liabilities of JAE Company on December 31, 2022 and 2021, are as follows. The corporation's net income for 2022 was $53,000. Included in its expenses was depreciation of $12,300. Dec. 31, 2022 Dec. 31, 2021 Cash Accounts Receivable Prepaid Expenses Merchandise Inventory Accounts Payable Notes Payable (Borrowing) $ 81,000 $68,000 102,600 92,600 13,300 14,700 72,700 83,000 53,400 44,700 38,000 42,500 Required: Prepare a schedule of the cash flows from operating activities for 2022. (Amounts to be deducted should be indicated by a minus sign.) JAE COMPANY Statement of Cash Flows Year Ended December 31, 2022 Cash flows from operating activities Adjustments to reconcile net income to cash used in operating activities: Total adjustments
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- Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.The current sections of Flint Corporation's balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation's net income for 2022 was $215,900. Depreciation expense was $35,700. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $52,700 eTextbook and Media 72,250 66,300 14,450 $205,700 $5,100 74,800 $79,900 2021 Adjustments to reconcile net income to $75,650 58,650 52,700 16,150 $203,150 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) $ 13,600 61,200 $74,800 Flint Corporation Partial Statement of Cash Flows $The current sections of Headlands Corp.'s balance sheets at December 31, 2021 and 2022, are presented here. Headlands Corp.'s net income for 2022 was $330,200. Depreciation expense was $54,600. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $80,600 110,500 101,400 22,100 $314,600 $7,800 114,400 $122,200 2021 $ 115,700 89,700 80,600 24,700 $310,700 $20,800 93,600 $ 114,400 Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
- The current sections of Oriole Inc.'s balance sheets at December 31, 2021 and 2022, are presented here. Oriole's net income for 2022 was $152,400. Depreciation expense was $26,900. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2022 $104,800 81,500 169,000 26,900 $382,200 $14,500 84,400 $98,900 2021 Adjustments to reconcile net income to $96,200 89,200 172,200 22,400 V $380,000 $9,800 95.900 Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) $105,700 ORIOLE INC. Partial Statement of Cash Flows $ OThe current sections of Martinez Corp.’s balance sheets at December 31, 2021 and 2022, are presented here. Martinez Corp.’s net income for 2022 was $241,300. Depreciation expense was $39,900. 2022 2021 Current assets Cash $58,900 $ 84,550 Accounts receivable 80,750 65,550 Inventory 74,100 58,900 Prepaid expenses 16,150 18,050 Total current assets $229,900 $227,050 Current liabilities Accrued expenses payable $ 5,700 $ 15,200 Accounts payable 83,600 68,400 Total current liabilities $89,300 $ 83,600Presented below are a number of balance sheet items for Monty, Inc. for the current year, 2020. Goodwill $ 127,990 Accumulated Depreciation-Equipment $ 292,160 Payroll Taxes Payable 180,581 Inventory 242,790 Bonds payable 302,990 Rent payable (short-term) 47,990 Discount on bonds payable 15,160 Income taxes payable 101,352 Cash 362,990 Rent payable (long-term) 482,990 Land 482,990 Common stock, $1 par value 202,990 Notes receivable 448,690 Preferred stock, $10 par value 152,990 Notes payable (to banks) 267,990 Prepaid expenses 90,910 Accounts payable 492,990 Equipment 1,472,990 Retained earnings ? Debt investments (trading) 123,990 Income taxes receivable 100,620 Accumulated Depreciation-Buildings 270,360 Notes payable (long-term) 1,602,990 Buildings 1,642,990 Prepare a classified balance sheet in good form. Common stock authorized was…
- Presented below are a number of balance sheet items for Montoya, Inc., for 2019. Unsecured notes payable (long term) 16,00,000 Accumulated depreciation-Equipment $ 292,000 Payroll taxes payable 177,591 Inventory 239,800 Bonds payable 300,000 Rent payable (short-term) 45,000 Discount on bonds payable 15,000 Income tax payable 98,362 Cash 360,000 Rent payable (long-term) 480,000 Land 480,000 Common stock$1 par value 200,000 Notes receivable 445,700 Preferred stock $10 par value 150,000 Notes payable (to banks) 265,000 Prepaid expenses 87,920 Accounts payable 490,000 Equipment 14,70,000 Retained earnings 713,897 Equity Investment (trading-cost) 111,000 Income tax receivable 97,630 Accumulated depreciation-Building 270,200 Goodwill 125,000 Building 16,40,000 Common stock authorized was 400,000 shares, and preferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Fair value of equity investments (trading) is…The following information is available for J Ltd. for the year ended 2021: Net working capital Long-term debt Total assets Fixed assets Calculate the amount of the total liabilities. $6,880 $4,970 $2,480 $460 $4,970 $8,390 $5,910 $6,990The current sections of Larkspur, Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Larkspur, Inc.’s net income for 2022 was $221,850. Depreciation expense was $39,150. 2022 2021 Current assets Cash $152,250 $ 143,550 Accounts receivable 116,000 129,050 Inventory 243,600 249,400 Prepaid expenses 39,150 31,900 Total current assets $551,000 $553,900 Current liabilities Accrued expenses payable $ 21,750 $ 7,250 Accounts payable 123,250 133,400 Total current liabilities $145,000 $ 140,650 Prepare the net cash provided (used) by operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
- The current sections of Crane Inc.’s balance sheets at December 31, 2021 and 2022, are presented here. Crane’s net income for 2022 was $154,700. Depreciation expense was $26,300. 2022 2021 Current assets Cash $102,700 $97,700 Accounts receivable 79,400 90,000 Inventory 168,200 173,000 Prepaid expenses 26,900 22,900 Total current assets $377,200 $383,600 Current liabilities Accrued expenses payable $15,000 $9,300 Accounts payable 84,000 95,600 Total current liabilities $99,000 $104,900 Prepare the operating activities section of the company’s statement of cash flows for the year ended December 31, 2022, using the indirect methodBelow is the Statement of Financial Position of Camille Corporation for the year 2020.Cash 675,000Accounts receivable (net) 2,695,000Inventory 2,185,000Property, plant, and equipment (net) 10,245,000Accounts payable and accrued liabilities 1,800,000Income tax payable 1,500,000Deferred tax liability 750,000Ordinary share (100,000 @ P15 per share) 1,500,000Preference share (50,000 @ P20 per share) 1,000,000Ordinary share premium 3,000,000Retained earnings, January 1 3,350,000Net sales and other revenue 15,000,000Cost and expenses 10,000,000Income tax expense 2,100,00027,900,000 27,900,000a. Supposed that the given values above are the accounting values of the Camille Corporation, what is its book value per share?b. Suppose that the market value of property, plant, and equipment of Camille Corporation increased by P3 million while all other assets remain the same. How much is the liquidation value per share of Camille Corporation?The Statement of Financial Position of Oliver Ltd as at 30 June 2021 showed the following assets and liabilities. 2021 Assets 2$ Cash 3,000 Accounts receivables 85,000 Allowance for doubtful debts (4,000) Inventory 9,500 Prepaid insurance 3,600 Plant 60,000 Accumulated Depreciation - Plant (15,000) Deferred Tax Asset (at 30/06/2020: $1,270) ? Liabilities Accounts Payable 75,000 Provision for Long service leave 2,000 Revenue received in advance 3,000 Deferred Tax Liability (at 30/06/2020: $800) ? Additional information а. Accumulated depreciation of plant for tax purposes was $20,000 as at 30 June 2021. b. The tax rate is 30% Required Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 June 2021.