the income statement and other selected data for the frish company are shown below 544529
The income statement and other selected data for the Frish Company are shown below:
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FRISH COMPANY Don't use plagiarized sources. Get Your Custom Essay on
the income statement and other selected data for the frish company are shown below 544529
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Net sales |
$640,000 |
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Expenses: |
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Cost of goods sold |
360,000 |
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Selling and administrative expense |
43,000 |
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Other expense |
2,000 |
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Total expenses |
405,000 |
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Income before income tax |
235,000 |
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Income tax |
92,000 |
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Net income |
$143,000 |
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Other data: |
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a. Cost of goods sold, including depreciation expense of $15,000 |
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b. Selling and administrative expense, including depreciation expense of $5,000 |
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c. Other expense, representing amortization of goodwill, $3,000, and amortization of bond premium, $1,000 |
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d. Increase in accounts receivable |
$ 27,000 |
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e. Increase in accounts payable |
15,000 |
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f. Increase in inventories |
35,000 |
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g. Decrease in prepaid expenses |
1,000 |
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h. Increase in accrued liabilities |
3,000 |
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i. Decrease in income taxes payable |
10,000 |
Required a. Prepare a schedule of change from accrual basis to cash basis
income statement.
b. Using the schedule of change from accrual basis to cash basis income
statement computed in (a), present the cash provided by operations,
using (1) the direct approach and (2) the indirect approach.
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