Sidney Company reported the following items on its financial statement for the year ending December 31, 20X1. This is the first year of operations.
Sales |
$955,000 |
Cost of Goods Sold |
$468,000 |
Salary Expense |
53,000 |
Interest Expense |
31,000 |
Dividends |
12,000 |
Income Tax Expense |
45,000 |
What is the Net Income reported for the period ending Dec. 31, 20X1?
a. |
$487,000 |
|
b. |
$163,000 |
|
c. |
$403,000 |
|
d. |
$346,000 |
|
e. |
$358,000 |
Sidney Company reported the following items on its financial statement for the year ending December 31,...
QUESTION 9 Sanchez Company reported the following items on its financial statement for the year ending December 31, 20X1. This is the first year of operations. Sales $865,000 Cost of Goods Sold $612,000 Salary Expense Interest Expense 32,000 Dividends 25,000 Income Tax Expense 61,000 What is the ending balance in Retained Earnings for its first year (Beg Balance = $0) of business, Dec. 31, 20X1? a. $253,000 b. $223,000 c. $130,000 d. $191,000 e. $105,000
Las Palmas Company reported the following items on its financial statements for the year ending December 31, 2017: Sales $ 560,000 Cost of goods sold $400,000 Salary expense 40,000 Interest expense 30,000 Dividends 30,000 Income tax expense 25,000 How much will be reported as retained earnings on Las Palmas' balance sheet at December 31, 2017, if this is the first year of operations?
JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained Earnings $53,000 (at January 1, 2022) Prepaid Insurance $18,000 Advertising Expense $22,000 Cost of Goods Sold $29,000 Interest Revenue $31,000 Copyright $28,000 Supplies $12,000 Accounts Receivable $51,000 Common Stock $91,000 Accounts Payable $50,000 Patent $21,000 Notes Payable $86,000 (due March 1, 2023) Income Tax Expense $21,000 Inventory $59,000 Building $34,000 Salaries Expense $14,000 Sales Revenue $79,000 Dividends $11,000 Equipment $45,000 Calculate JYF Company's total...
JYF Company's accounting records at December 31, 2022 reported the following account balances: Cash $25,000 Retained Earnings $53,000 (at January 1, 2022) Prepaid Insurance $18,000 Advertising Expense $22,000 Cost of Goods Sold $29,000 Interest Revenue $31,000 Copyright $28,000 Supplies $12,000 Accounts Receivable $51,000 Common Stock $91,000 Accounts Payable $50,000 Patent $21,000 Notes Payable $86,000 (due March 1, 2023) Income Tax Expense $21,000 Inventory $59,000 Building $34,000 Salaries Expense $14,000 Sales Revenue $79,000 Dividends $11,000 Equipment $45,000 Calculate JYF Company's total...
1. The Nowland Company reported the following items on its financial statements for the year ended December 31, 2019: Sales $780,000, Selling, General and Administrative expenses $20,000, Dividends $5,000, Cost of Goods Sold $700,000, Interest expense $15,000, and Income tax expense $12,500. What is Nowland's Net Income for 2019? A. $22,500 B. $80,000 C. $42,500 D. $32,500 2. Upon organizing the new business, one of the owners invested Cash of $12,000 and Machinery valued at $11,300 receiving Common stock in...
Question 6 These financial statement items are for Sandhill Corporation at year end, July 31, 2018: Operating expenses $32,500 Interest payable $ 700 Salaries expense 44,700 Supplies expense 1,300 Unearned revenue 12,000 Dividends declared 14,000 Utilities expense 2,800 Depreciation expense 3,900 Equipment 57,100 Retained earnings, Aug. 1, 2017 21,440 Accounts payable 4,920 Rent expense 11,000 Service revenue 113,100 Income tax expense 5,700 Rent revenue 19,500 Supplies 1,600 Common shares 27,000 Held for trading investments 24,500 Cash 5,560 Bank loan payable...
Gary’s TV had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Interest expense $ 5,400 Paid-in capital 17,200 Accumulated depreciation 4,800 Notes payable (long-term) 53,000 Rent expense 11,700 Merchandise inventory 124,000 Accounts receivable 41,500 Depreciation expense 2,400 Land 37,000 Retained earnings 152,500 Cash 28,000 Cost of goods...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue $ 31,000 Cost of goods sold $ 17,000 Interest revenue 360 Selling and administrative expense 3,800 Interest expense 560 Restructuring costs 2,100 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.9 million and a gain on disposal of the component’s assets of $4.6 million. 600,000 shares...
Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2021: Operating income $ 200,000 Income on discontinued operations 80,000 All income statement items are subject to a 25% income tax rate. In its 2021 income statement, Freda's separately stated income tax expense and total income tax expense would be: $70,000 and $70,000, respectively. O $50,000 and $50,000, respectivelyn $50,000 and $70,000, respectively. $70,000 and $50,000, respectively.
the following items are taken from the 2021 financial records.. prepare an income statement (in good form). The following items and amounts are taken from the 2021 financial records of Labrador Co.: Labrador Co. Income Statement For the Year Ended December 31, 2021 Supplies expense........ Equipment Salaries expense...... Utilities expense. Dividends Accounts payable..... Accounts receivable.... $32,000 Salaries payable... 72,000 Common stock. 150,000 Cash....... 8,200 Retained earnings, Jan. 1, 2021... 1,000 Insurance expense 6,000 Repair expense 26,800 Service revenue $5,000 50,000...