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CRANE CORPORATION | |
Income statement | |
For the year ended December 31 | |
Net sales | $ 606,000 |
Less: Cost of goods sold | $ 356,000 |
Gross profit | $ 250,000 |
Operating expenses | $ 148,000 |
Income from operations | $ 102,000 |
Interest expenses | $ 8,000 |
Income before income taxes | $ 94,000 |
Income tax expenses @ 31% | $ 29,140 |
Net income | $ 64,860 |
Net income | $ 64,860 |
Less: Preferred dividend | -$ 14,000 |
$ 50,860 | |
Divide: Average common stockholders' equity | $ 195,000 |
Return on common stockholders' equity | 26.1% |
Exercise 14-13 a-b In 2020, Crane Corporation had net sales of $606,000 and cost of goods...
Here are comparative statement data for Ivanhoe Company and Pharoah Company, two competitors. All balance sheet data are as of December 31, 2017, and December 31, 2016. Ivanhoe Company Pharoah Company 2017 2016 2017 2016 Net sales $ 1,913,000 $ 603,000 Cost of goods sold 1,081,000 289,000 Operating expenses 264,000 89,000 Interest expense 7,600 1,900 Income tax expense 65,600 31,000 Current assets 726,924 $ 696,674 185,839 $ 177,211 Plant assets (net) 1,174,764 1,115,000 311,593 280,561 Current liabilities 147,905 169,067 78,826...
Exercise 9-13 (Video) Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,410 units, unit selling price $89. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $8 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,240 pounds; ending, 15,220 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of...
Exercise 9-13 (Part Level Submission) (Video) Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,160 units, unit selling price $88. 2. Cost of one unit of finished goods: direct materials 1 pound at $6 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,280 pounds; ending, 15,490 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income...
Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,380 units, unit selling price $90. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,370 pounds; ending, 15,270 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income before income...
Exercise 169 Santos Corporation gathered the following information for the fiscal year ended December 31, 2020: Sales $1,500,000 Operating expenses 160,000 Cost of goods sold 960,000 Loss on disposal of equipment 40,000 Santos Corporation is subject to a 30% income tax rate. Prepare a partial income statement, beginning with income from operations. SANTOS CORPORATION Income Statement For the Year Ended December 31, 2020 Cost of Goods SoldOther Expenses and LossesIncome Tax ExpenseRetained Earnings, January 1Income from OperationsRetained Earnings, December 31Sales...
Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Duke Company Lord Company 2020 2019 2020 2019 Net sales $1,884,000 $559,000 Cost of goods sold 1,079,532 296,829 Operating expenses 259,992 79,937 Interest expense 7,536 4,472 Income tax expense 54,636 6,149 Current assets 320,000 $314,200 82,300 $78,600 Plant assets (net) 521,700 500,000 139,200 124,500 Current liabilities 65,400 74,600 36,400 30,600 Long-term liabilities 108,400...
Exercise 9-13 (Part Level Submission) (Video) Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,380 units, unit selling price $90. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,370 pounds; ending, 15,270 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income...
Skysong Corporation had net sales of $2,404,500 and interest revenue of $37,700 during 2020. Expenses for 2020 were cost of goods sold $1,466,900, administrative expenses $214,700, selling expenses $284,600, and interest expense $47,200. Skysong’s tax rate is 30%. The corporation had 100,400 shares of common stock authorized and 70,220 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Skysong Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) SKYSONG CORPORATION Income Statement choose the...
Pearl Company reports pretax financial income of $65,800 for 2020. The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $16,700. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $20,500. 3. Fines for pollution appear as an expense of $10,200 on the income statement. Pearl’s tax rate is 30% for all years, and...
For its fiscal year ending October 31, 2020, Haas Corporation reports the following partial data shown below. Income before income taxes $505,000 Income tax expense (25% x $376,000) 94,000 Income from continuing operations 411,000 Loss on discontinued operations 129,000 Net income $282,000 The loss on discontinued operations was comprised of a $56,000 loss from operations and a $73,000 loss from disposal. The income tax rate is 25% on all items. (a) Prepare a correct statement of comprehensive income beginning with...