Homework Answers
| 2019 | 2020 | |
| Sales | 75000 | 90000 |
| Cost of goods sold | 36000 | 63000 |
| Gross profit | 39000 | 27000 |
| Operating expense | 15000 | 15000 |
| Corrected Net income | 24000 | 12000 |
| Workings: | ||
| 2019 | 2020 | |
| Cost of goods sold | =45000-9000 | =54000+9000 |
Add Answer to:
Question J Condensed income statements for Chapin Corporation are shown below. 2019 2020 Sales 75,000 90,000...
Condensed income statements for Monty Corporation are shown below for two years. 2021 2022 Sales $76,500...
Condensed income statements for Monty Corporation are shown below for two years. 2021 2022 Sales $76,500 $91,800 Cost of Goods Sold 45,900 55,080 Gross Profit $30,600 $36,720 Operating Expense 15,300 15,300 Net Income $15,300 $21,420 Compute the corrected net income for 2021 and 2022 assuming that the inventory as of the end of 2021 was mistakenly understated by $7,140. 2021 2022 Corrected net income $
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross sales $19,000 1,000 $18,000 12,000 $6,000 $15,000 100 Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $14,900 9,000 $5,900 $ $ 2,000 500 600 700 2,200 550 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 360 300 $3,810 $ 2,190 $3,400 2,500 560...
Condensed balance sheet and income statement data for Jergan Corporation are presented here. JERGAN CORPORATION Balance...
Condensed balance sheet and income statement data for Jergan Corporation are presented here. JERGAN CORPORATION Balance Sheets December 31 2022 2021 2020 Cash $ 30,000 $ 20,000 $ 18,000 Accounts receivable (net) 50,000 45,000 48,000 Other current assets 90,000 95,000 64,000 Investments 55,000 70,000 45,000 Plant and equipment (net) 500,000 370,000 358,000 $725,000 $600,000 $533,000 Current liabilities $ 85,000 $ 80,000 $ 70,000 Long-term debt 145,000 85,000 50,000 Common stock, $10 par 320,000 310,000 300,000 Retained earnings 175,000 125,000 113,000...
Condensed balance sheet and income statement data for Jergan Corporation are presented here. JERGAN CORPORATION Balance...
Condensed balance sheet and income statement data for Jergan Corporation are presented here. JERGAN CORPORATION Balance Sheets December 31 2022 2021 2020 Cash $ 30,000 $ 20,000 $ 18,000 Accounts receivable (net) 50,000 45,000 48,000 Other current assets 90,000 95,000 64,000 Investments 55,000 70,000 45,000 Plant and equipment (net) 500,000 370,000 358,000 $725,000 $600,000 $533,000 Current liabilities $ 85,000 $ 80,000 $ 70,000 Long-term debt 145,000 85,000 50,000 Common stock, $10 par 320,000 310,000 300,000 Retained earnings 175,000 125,000 113,000...
P18-3 Condensed balance sheet and income statement data for Landwehr Corporation appear below and on page...
P18-3 Condensed balance sheet and income statement data for Landwehr Corporation appear below and on page 655. LANDWEHR CORPORATION Balance Sheets December 31 2018 2017 2016 Cash $25,000 50,000 90,000 75,000 400,000 20,000 $18,000 48,000 64,000 45,000 358,000 Accounts receivable (net) Other current assets 45,000 95,000 70,000 Investments Plant and equipment (net) 370,000 $600,000 $ 80,000 $640,000 $ 75,000 80,000 340,000 $533,000 Current liabilities $70,000 50,000 300,000 113,000 Long-term debt Common stock, $10 par Retained earnings 85,000 310,000 145,000 125,000...
Beta Corporation incurs a $90,000 NOL in 2019. In 2020, the corporation reports the following items:...
Beta Corporation incurs a $90,000 NOL in 2019. In 2020, the corporation reports the following items: Gross profit from operations $ 170,000.00 Operating expenses other than interest expense $ 150,000.00 Business interest expense $ 32,000.00 Even though the numbers in this problem are small, assume all that Beta does not qualify for the small business exemption from the net business interest limitation. a.) What is beta’s taxable income in 2020? Calculate Beta’s taxable income before business interest deduction, then taxable...
Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the...
Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $611,000 $506,000 Cost of goods sold 487,578 424,028 Gross profit 123,422 81,972 Operating expenses 86,762 48,576 Net income $ 36,660 $ 33,396 (a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative...
Exercise 14-6 Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements...
Exercise 14-6 Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $663,000 $548,000 Cost of goods sold 521,781 455,388 Gross profit 141,219 92,612 Operating 92,157 52,060 expenses $ 49,062 $ 40,552 Net income (a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either...
Prepare horizontal and vertical analyses. E15.4 (LO 1) The comparative condensed income statements of Hendi A.S. ar...
Prepare horizontal and vertical analyses. E15.4 (LO 1) The comparative condensed income statements of Hendi A.S. are shown below. Hendi A.S. Comparative Condensed Income Statements For the Years Ended December 31 2020 2019 Net sales t600,000 t500,000 Cost of goods sold 468,000 400,000 292x Gross profit Operating expenses 132,000 100,000 60,000 54,000 Net income t 72,000 t 46,000 Instructions Prepare a horizontal analysis of the income statement data for Hendi using 2019 as a base. (Show a. the amounts of...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $15,000 $19,000 1,000 $18,000 12,000 $ 6,000 Sales returns and allowances 100 $14,900 9,000 Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative $ 5,900 $ 2,200 550 360 700 600 2,000 Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 500 300 $ 3,400 $ 2,500 $3,810...
Condensed income statements for Monty Corporation are shown below for two years. 2021 2022 Sales $76,500 $91,800 Cost of Goods Sold 45,900 55,080 Gross Profit $30,600 $36,720 Operating Expense 15,300 15,300 Net Income $15,300 $21,420 Compute the corrected net income for 2021 and 2022 assuming that the inventory as of the end of 2021 was mistakenly understated by $7,140. 2021 2022 Corrected net income $
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross sales $19,000 1,000 $18,000 12,000 $6,000 $15,000 100 Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $14,900 9,000 $5,900 $ $ 2,000 500 600 700 2,200 550 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 360 300 $3,810 $ 2,190 $3,400 2,500 560...
P18-3 Condensed balance sheet and income statement data for Landwehr Corporation appear below and on page 655. LANDWEHR CORPORATION Balance Sheets December 31 2018 2017 2016 Cash $25,000 50,000 90,000 75,000 400,000 20,000 $18,000 48,000 64,000 45,000 358,000 Accounts receivable (net) Other current assets 45,000 95,000 70,000 Investments Plant and equipment (net) 370,000 $600,000 $ 80,000 $640,000 $ 75,000 80,000 340,000 $533,000 Current liabilities $70,000 50,000 300,000 113,000 Long-term debt Common stock, $10 par Retained earnings 85,000 310,000 145,000 125,000...
Exercise 14-6 Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $663,000 $548,000 Cost of goods sold 521,781 455,388 Gross profit 141,219 92,612 Operating 92,157 52,060 expenses $ 49,062 $ 40,552 Net income (a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either...
Prepare horizontal and vertical analyses. E15.4 (LO 1) The comparative condensed income statements of Hendi A.S. are shown below. Hendi A.S. Comparative Condensed Income Statements For the Years Ended December 31 2020 2019 Net sales t600,000 t500,000 Cost of goods sold 468,000 400,000 292x Gross profit Operating expenses 132,000 100,000 60,000 54,000 Net income t 72,000 t 46,000 Instructions Prepare a horizontal analysis of the income statement data for Hendi using 2019 as a base. (Show a. the amounts of...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $15,000 $19,000 1,000 $18,000 12,000 $ 6,000 Sales returns and allowances 100 $14,900 9,000 Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative $ 5,900 $ 2,200 550 360 700 600 2,000 Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 500 300 $ 3,400 $ 2,500 $3,810...
Most questions answered within 3 hours.
-
An infinite sheet of charge that has a surface charge density of
39 nC/m2 lies in...
asked 1 hour ago -
After watching the lectures I am still having a hard time
understanding these equations.
1. The...
asked 2 hours ago -
Testing:
H0:μ=56.9
H1:μ<56.9
Your sample consists of 23 subjects, with a mean of 56.3 and
standard...
asked 2 hours ago -
straight wire, labeled as Wire A, lies horizontally on a
tabletop and is oriented to run...
asked 2 hours ago -
For a Chi-Squared Goodness of Fit Test about a uniform
distribution, complete the table.
Round to...
asked 2 hours ago -
Milk of magnesia is only slightly soluble in water. Kc for the
reaction Mg(OHs)(s)>Mg2+(a) + 2OH-1(aq)...
asked 2 hours ago -
Excel's HYPGEOM.DIST function can be used to compute _____.
a. both hypergeometric probabilities and cumulative
hypergeometric...
asked 3 hours ago -
The rocket used for the human lunar missions was the Saturn V
rocket. At liftoff the...
asked 2 hours ago -
1. The East Street Bagel Shop has a weekly demand for 3,500
bagels, which they make...
asked 2 hours ago -
paraphrasing each paragraph
“Where two or more persons knowingly act together unlawfully,
the act of each...
asked 3 hours ago -
The lateral line system in fish is contained which of the
following?
chemoreceptors
photoreceptors
mechanoreceptors
odor...
asked 3 hours ago -
Find the y-intercept of y =-5 x. The y-intercept of y equals
negative 5 x is______...
asked 3 hours ago