Chapter 3 Homework.xlsx - Revenues and gains 2145 Sales...

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Revenues and gains: 2145 Sales revenue 95 Gain on sale of investments 2240 Expenses and Losses: 1330 Cost of Goods Sold 160 Selling expense 150 General and Administrative 60 Interest Expense 1700 Total expenses and losses 540 Income before income taxes 216 Income tax expense 324 Net income
2145 Sales Revenue 1330 Cost of goods sold 815 Gross profit Operating expenses: 160 Selling expense 150 General and administrative 310 Total operating expenses 505 Operating income Other income (expense): 95 Gain on sale of investments -60 Interest expense 35 Total other income, net 540 Income before taxes 216 Income tax expense 40% 324 Net income
Cash received from: 800,000 Customers 26,000 Interest on note receivable 240,000 Collection of note receivable 54,000 Sale of land 340,000 Issuance of common stock Cash paid for: 32,000 Interest on note payable 190,000 Purchase of equipment 510,000 Operating expenses 44,000 Dividends to shareholders Cash flows from investing activities: 240,000 Proceeds from note receivable collection 54,000 Sale of land (190,000) Purchase of equipment 104,000 Net cash flows from investing activities

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