Homework Answers
Corrected net income (2021) = $15300 + 7140 = $22,440
Corrected net income (2022) = $21420
Add Answer to:
Condensed income statements for Monty Corporation are shown below for two years. 2021 2022 Sales $76,500...
Question J Condensed income statements for Chapin Corporation are shown below. 2019 2020 Sales 75,000 90,000...
Question J Condensed income statements for Chapin Corporation are shown below. 2019 2020 Sales 75,000 90,000 Cost of Goods Sold 45,000 54,000 Gross Profit 30,000 36,000 Operating Expense 15,000 15,000 Net Income $15,000 $21,000 Compute the corrected net income for 2019 and 2020 assuming that the inventory at the end of 2019 was mistakenly understated by $9,000. Assume that there is zero inventory at the end of 2020.
thank you!! Hare are the comparative income statements of Crana Corporation CRANE CORPORATION Comparative Income Statement...
thank you!!
Hare are the comparative income statements of Crana Corporation CRANE CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $625,500 $573,800 Cost of goods sold 457,900 434,800 Gross Profit 167,600 139,000 Operating expenses 70,800 44,000 Net income $96.800 $95,000 (a Prepare a horizontal analysis of the income statamant data for Crana Corporation, using 2021as a base famount and parcantgearea dec CRANE CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 2022 2021 Amount...
Current Attempt in Progress Windsor, Inc. reported the following in its 2022 and 2021 income statements....
Current Attempt in Progress Windsor, Inc. reported the following in its 2022 and 2021 income statements. 2022 2021 Net sales $142,000 $112.000 Cost of goods sold Operating expenses 85,200 29,820 17,200 67,200 14,560 9,200 Income tax expense Net income $ 9,780 $ 21,040 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.) 2022 2021 Gross profit rate Profit margin
Operating data for Marigold Corp. are presented below. 2022 2021 Sales revenue $837,800 $621,700 Cost of...
Operating data for Marigold Corp. are presented below. 2022 2021 Sales revenue $837,800 $621,700 Cost of goods sold 528,600 409,400 121,500 73,300 Selling expenses Administrative expenses 76,900 54,800 Income tax expense 35,900 28,300 Net income 74,900 55,900 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) MARIGOLD CORP. Condensed Income Statement 2022 2021 Amount Percent Amount Percent Sales $837,800 % $621,700 % Cost of goods sold 528,600 % 409,400 %%...
Do It! Review 5-06 Oriole Company reported the following in its 2022 and 2021 income statements....
Do It! Review 5-06 Oriole Company reported the following in its 2022 and 2021 income statements. 2022 2021 Net sales $166,000 $136,000 Cost of goods sold 99,600 81,600 34,860 14,960 Operating expenses 11,400 Income tax expense 19,400 $12,140 28,040 Net income Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.) 2022 2021 Gross profit rate % Profit margin 6 pen Show Work Click if you would like to Show...
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...
2021 $3,061,000 1,955,000 1,106,000 VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022...
2021 $3,061,000 1,955,000 1,106,000 VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 Net sales $3,535,000 Cost of goods sold 2,485,000 Gross profit 1,050,000 Expenses: Operating expenses 960,000 Depreciation expense 35,000 Loss on sale of land Interest expense 20,500 Income tax expense 8,500 Total expenses 1,024,000 Net income $ 26,000 863,000 29,500 8,500 17,500 50,500 969,000 137,000 $ VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 208,500 82,500 132,500 14,500 $191,000 86,000 110,000 12,500...
Do It! Review 5-06 Pharoah Company reported the following in its 2022 and 2021 income statements....
Do It! Review 5-06
Pharoah Company reported the following in its 2022 and 2021
income statements.
2022
2021
Net sales
$150,000
$130,000
Cost of goods sold
90,000
78,000
Operating expenses
36,000
18,200
Income tax expense
18,600
11,200
Net income
$ 5,400
$ 22,600
Determine the company’s gross profit rate and profit margin for
both years. (Round answers to 1 decimal place, e.g.
52.7%.)
2022
2021
Gross profit rate
enter percentages rounded to 1 decimal place
%
enter percentages rounded to...
Do It! Review 5-06 Tamarisk, Inc. reported the following in its 2022 and 2021 income statements....
Do It! Review 5-06
Tamarisk, Inc. reported the following in its 2022 and 2021
income statements.
2022
2021
Net sales
$158,000
$128,000
Cost of goods sold
94,800
76,800
Operating expenses
31,600
19,200
Income tax expense
18,600
10,600
Net income
$ 13,000
$ 21,400
Determine the company’s gross profit rate and profit margin for
both years. (Round answers to 1 decimal place, e.g.
52.7%.)
2022
2021
Gross profit rate
enter percentages rounded to 1 decimal place
%
enter percentages rounded to...
Question J Condensed income statements for Chapin Corporation are shown below. 2019 2020 Sales 75,000 90,000 Cost of Goods Sold 45,000 54,000 Gross Profit 30,000 36,000 Operating Expense 15,000 15,000 Net Income $15,000 $21,000 Compute the corrected net income for 2019 and 2020 assuming that the inventory at the end of 2019 was mistakenly understated by $9,000. Assume that there is zero inventory at the end of 2020.
thank you!!
Hare are the comparative income statements of Crana Corporation CRANE CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $625,500 $573,800 Cost of goods sold 457,900 434,800 Gross Profit 167,600 139,000 Operating expenses 70,800 44,000 Net income $96.800 $95,000 (a Prepare a horizontal analysis of the income statamant data for Crana Corporation, using 2021as a base famount and parcantgearea dec CRANE CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 2022 2021 Amount...
Current Attempt in Progress Windsor, Inc. reported the following in its 2022 and 2021 income statements. 2022 2021 Net sales $142,000 $112.000 Cost of goods sold Operating expenses 85,200 29,820 17,200 67,200 14,560 9,200 Income tax expense Net income $ 9,780 $ 21,040 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.) 2022 2021 Gross profit rate Profit margin
Operating data for Marigold Corp. are presented below. 2022 2021 Sales revenue $837,800 $621,700 Cost of goods sold 528,600 409,400 121,500 73,300 Selling expenses Administrative expenses 76,900 54,800 Income tax expense 35,900 28,300 Net income 74,900 55,900 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) MARIGOLD CORP. Condensed Income Statement 2022 2021 Amount Percent Amount Percent Sales $837,800 % $621,700 % Cost of goods sold 528,600 % 409,400 %%...
Do It! Review 5-06 Oriole Company reported the following in its 2022 and 2021 income statements. 2022 2021 Net sales $166,000 $136,000 Cost of goods sold 99,600 81,600 34,860 14,960 Operating expenses 11,400 Income tax expense 19,400 $12,140 28,040 Net income Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.) 2022 2021 Gross profit rate % Profit margin 6 pen Show Work Click if you would like to Show...
2021 $3,061,000 1,955,000 1,106,000 VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 Net sales $3,535,000 Cost of goods sold 2,485,000 Gross profit 1,050,000 Expenses: Operating expenses 960,000 Depreciation expense 35,000 Loss on sale of land Interest expense 20,500 Income tax expense 8,500 Total expenses 1,024,000 Net income $ 26,000 863,000 29,500 8,500 17,500 50,500 969,000 137,000 $ VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 208,500 82,500 132,500 14,500 $191,000 86,000 110,000 12,500...
Do It! Review 5-06
Pharoah Company reported the following in its 2022 and 2021
income statements.
2022
2021
Net sales
$150,000
$130,000
Cost of goods sold
90,000
78,000
Operating expenses
36,000
18,200
Income tax expense
18,600
11,200
Net income
$ 5,400
$ 22,600
Determine the company’s gross profit rate and profit margin for
both years. (Round answers to 1 decimal place, e.g.
52.7%.)
2022
2021
Gross profit rate
enter percentages rounded to 1 decimal place
%
enter percentages rounded to...
Do It! Review 5-06
Tamarisk, Inc. reported the following in its 2022 and 2021
income statements.
2022
2021
Net sales
$158,000
$128,000
Cost of goods sold
94,800
76,800
Operating expenses
31,600
19,200
Income tax expense
18,600
10,600
Net income
$ 13,000
$ 21,400
Determine the company’s gross profit rate and profit margin for
both years. (Round answers to 1 decimal place, e.g.
52.7%.)
2022
2021
Gross profit rate
enter percentages rounded to 1 decimal place
%
enter percentages rounded to...
Most questions answered within 3 hours.
-
Which statement is always true: The total energy of a closed
system...
A) is always equally...
asked 14 minutes ago -
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 2 hours ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 2 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 4 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 4 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 5 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 6 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 6 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 8 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 8 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 9 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 11 hours ago