a) What is the difference between Accounting Income and Cash Flow? Which dowe use when making decisions?b) Here are the simplified financial statements of X Corp. from a recent year:Prepare Income Statement & Balance Sheet at the begining of the year and theend of the year from the information below: (Net Sales- 13,194Other Expenses - 4,060Cost of Goods Sold - 4,060Depreciation - 2,518Interest Exp - 685Taxes-570Dividend - 856Beginning and End of the year:Cash & marketable securities - 89, 158Receivables - 2,382 & 2,490Inventories – 187 & 238Other Current Assets- 867 & 932 Beginning and End of the year:Cash & marketable securities -89, 158Receivables – 2,382 & 2,490Inventories - 187 & 238Other Current Assets- 867 & 932Property Plants – 19,973 & 19,915Other long term assets - 4,216 & 3,770Payables - 2,564 & 3,040Short Term Debt - 1,419 &1,573Other current liabilities - 811 & 787Long Term Debts & Leases - 7,018 & 6,833Other LT Liabilities - 6,178 & 6,149Share Holder's Equity -

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Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.4.1MBA: Return on assets The following data (in millions) were adapted from recent financial statements of...

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The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): The percent a company adds to its cost of sales to determine selling price is called a markup. What is Tootsie Roll’s markup percent? Round to one decimal place.
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): What is Tootsie Roll’s percent of the cost of sales to sales? Round to one decimal place.
The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation: a. For Costco, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. Comment on the results of your horizontal analysis in part (a). c. Based upon Exercise 2-23, compare and comment on the operating results of Target and Costco for the recent year.
You have been provided with Leonard Corporation's partial Statement of Financial Position and the Statement of Comprehensive Income for the year ended December 31, 2021. Leonard Corporation Partial Statement of Financial Position For the Year Ended December 31, 2021 Accounts receivable -net Prepaid expenses Inventory Property, Plant & Equipment Accumulated Depreciation Accounts payable Income taxes payable Deferred revenue 2021 Sales....... Cost of goods sold.. Gross Margin. Selling, general and admin Depreciation expense $440,000 482,000 45,000 31,000 825,000 810,000 2,475,000 2,105,000 2020 (866,000) (823,000) 184,000 197,000 38,000 35,000 47,000 42,000 Leonard Corporation Statement of Comprehensive Income For the Year Ended December 31, 2021 Interest expense..... Gain on sale of PPE Net income before taxes Income Tax Expense Net income and comprehensive income... $3,560,000 1,950,000 1,610,000 (595,000) (320,000) (115,300) 55,400 635,100 95,300 .$539,800 Additional information:…

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a) What is the difference between Accounting Income and Cash Flow? Which do we use when making decisions? b) Here are the simplified finonoial tet