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  • Westhoff Incorporated Provided The Following Balance Sheets and Income Statement

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    Westhoff Incorporated provided its balance sheets and income statement for the current year. The company had $80,085 in sales and $48,051 in cost of goods sold, resulting in a gross profit of $32,034. Total operating expenses were $13,100. After accounting for interest and taxes, the company had net income of $11,000. The operating activities section of the cash flow statement must be prepared using the direct method and assuming accrued expenses relate to selling, general and administrative expenses.

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    Westhoff Incorporated Provided the Following Balance Sheets and Income Statement

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    Westhoff Incorporated provided its balance sheets and income statement for the current year. The company had $80,085 in sales and $48,051 in cost of goods sold, resulting in a gross profit of $32,034. Total operating expenses were $13,100. After accounting for interest and taxes, the company had net income of $11,000. The operating activities section of the cash flow statement must be prepared using the direct method and assuming accrued expenses relate to selling, general and administrative expenses.

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    37 views1 page

    Westhoff Incorporated Provided The Following Balance Sheets and Income Statement

    Uploaded by

    Let's Talk With Hassan
    Westhoff Incorporated provided its balance sheets and income statement for the current year. The company had $80,085 in sales and $48,051 in cost of goods sold, resulting in a gross profit of $32,034. Total operating expenses were $13,100. After accounting for interest and taxes, the company had net income of $11,000. The operating activities section of the cash flow statement must be prepared using the direct method and assuming accrued expenses relate to selling, general and administrative expenses.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Westhoff Incorporated provided the following balance

    sheets and income statement #3365


    Westhoff, Incorporated provided the following balance sheets and income statement for the
    current year. Prepare the operating activities section of the cash flow statement using the direct
    method. Assume accrued expenses relate to selling, general and administrative expenses. All
    acquisitions of property, plant and equipment were made using cash.Westhoff,
    IncorporatedIncome StatementFor the Year Ended December 31Sales………………………………………
    $ 80,085Cost of Goods Sold…………………………………….. 48,051Gross Profit……………………………
    32,034Selling, General, and Administrative Expenses………… $ 10,700Depreciation
    Expense…………………………………… 2,400Total Operating Expenses……………………………….. $ 1
    before Interest and Taxes………………………. $ 18,934Interest Expense……………………………………
    (4,000)Interest Revenue……………………………………….... 3,400Income before Tax………………………
    18,334Income Tax Expense…………………………………….. (7,334)Net Income……………………………
    11,000View Solution:
    Westhoff Incorporated provided the following balance sheets and income statement

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