31 Dec 12Harry Company’s statement of cash flows shows th
12Harry Company’s statement of cash flows shows the following items scattered among the threesections of the statementAccounts receivable decrease$36,000Gain on sale of equipment13,000Prepaid rent increase22,000Cash used to repay long-term loans80,000Accounts payable decrease18,000Inventory decrease50,000Dividends (declared and paid)40,000Interest payable decrease26,000Cash paid to purchase new equipment125,000Depreciation expense25,000Net cash flow from operating activitiespositive 100,000This is not a list of all of the items in Harry’s statement of cash flows, but Harry has no otheritems reported in the operating activities section of its statement of cash flows (prepared usingthe indirect method) What is Harry’s net income?$28,000$42,000$68,000$118,000$92,000$290,000$108,000$132,00013Lily Company had the following account totals as of December 31, 20X2Cost of goods sold$150,000Accounts receivable100,000Rent revenue10,000Accounts payable25,000Sales200,000Inventory50,000Bank Loan Payable*20,000Cash18,000Retained earnings (beginning of year, January 1, 20X2)80,000Prepaid insurance (6-month insurance policy)15,000Paid-in capital38,000Equipment45,000Unearned rent revenue (9-month contract)5,000*Of the $20,000 bank loan payable, $3,000 will be repaid in 20X3 What is Lily Company’sCURRENT RATIO?57461440659055514The following items have been extracted from the financial statements of Lorien Company for theyear 20X1Total liabilities$700Net income50Gross profit400EBIT (also called operating income)220Sales1,000Total assets1,600Income tax expense40Cost of goods sold600Note: This list does not include all of the items in Lorien’s 20X1 financial statements However,the list does include all of the items you need to correctly answer the question below What is thevalue of Lorien Company’s TIMES INTEREST EARNED ratio for 20X1?16930833830012955044026915Rocky Company borrowed $10,000 on February 1, 20X1 The loan has an annual interest rate of 14% Rocky Company repaid the loan in full (both principal and interest) on January 31, 20X2; no payments were made on the loan between February 1, 20X1 and January 31, 20X2 [Note: The correct adjusting entry with respect to this loan was recorded on December 31, 20X1] The single journal entry to record the repayment of the loan (both principal and interest) on January 31, 20X2 includes aDebit to Interest Expense for $1,283Credit to Interest Expense for $1,283Debit to Interest Expense for $1,167Credit to Interest Expense for $1,167Debit to Interest Expense for $1,400Credit to Interest Expense for $1,400
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