Homework Answers
Answer:
| Multi Step Income Statement | ||
| Amount($) | Amount($) | |
| Sales Revenue | 3,30,000 | |
| Cost of Goods Sold | 1,29,000 | |
| Gross profits | 2,01,000 | |
| Salaries expense | 36,000 | |
| Utilities expense | 45,000 | |
| Advertising expense | 22,000 | |
| Total Operating Expense | 1,03,000 | |
| Operating Income | 98,000 | |
| Interest expense | 12,000 | |
| Income before income taxes | 86,000 | |
| Income tax expense | 30,000 | |
| Net Income | 56,000 | |
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HW #3 13. 0.50 points Beasley, Inc. reports the following amounts in its December 31, 2018,...
Exercise 6-2 Prepare a multiple-step income statement (LO6-2) Wayman Corporation reports the following amounts in its...
Exercise 6-2 Prepare a multiple-step income statement (LO6-2) Wayman Corporation reports the following amounts in its December 31, 2018, income statement. Sales revenue Interest expense Salaries expense Utilities expense $334,000 12,000 32,000 42,000 Income tax expense Cost of goods sold Advertising expense 42,000 122,000 22,000 Required Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2018 $ 334,000 122,000 Sales revenue Cost of goods sold Salariesexpense 32,000 42,000 22,000 tilities expense Advertising expense...
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest...
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $362,000 16,000 36,000 46,000 Income tax expense Cost of goods sold Advertising expense $ 46,000 126,000 26,000 Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest...
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $362,000 16,000 36,000 46,000 Income tax expense Cost of goods sold Advertising expense $ 46,000 126,000 26,000 TISDALE INCORPORATED Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income (loss)
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest...
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $439,000 27,000 47,000 57,000 Income tax expense cost of goods sold Advertising expense $ 57,000 137,000 37,000 Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income
9(Ch 6) Wayman Corporation reports the following amounts in its December 31, 2021, income statement 362,000Income...
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Page 3 of 5 - ZOOM + GHT Corporation reports the following amounts in its December...
Page 3 of 5 - ZOOM + GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 Net sales 12,000 Advertising expense 285,000 Utilities expense 3,000 Effective income tax rate $875,000 95,000 7,500 20% 22.$__ _Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) _Determine Income tax expense 27. $___ _Determine net income 28. --- % Calculate gross profit ratio (round...
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The following are account balances for Sam Olin Co. for the year ended December 31, 2018:...
The following are account balances for Sam Olin Co. for the year ended December 31, 2018: Fees earned $168,000 Cash $30,000 14,000 Selling expenses Accounts receivable 44,000 42,000 Sam, capital Equipment 36,000 Accounts payable 12,000 Interest Payable 3,000 Salaries & wages expense 40,000 Rent expense 51,000 Income taxes payable 5,000 Supplies 2,000 Notes payable Income taxes expense 20,000 18,000 Prepare an income statement for Sam Olin Co. For the Year Ended December 31, 2018. (Don
t accounts recelvable at their net realizable value? 43) What does it mean to repor 44) For each company, calculate the missing amount. Sales Cost of Goods Gross ProfitOperating Net Income Expens...
t accounts recelvable at their net realizable value? 43) What does it mean to repor 44) For each company, calculate the missing amount. Sales Cost of Goods Gross ProfitOperating Net Income Expenses Sold $1,000 4,000 2,000 $3,000 $8,000 9,000 8,000 8,000 $4,000 Lennon 2,000 3,000 3,000 3,000 Harrison McCartney Starr 5,000 3,000 5,000 45) Beasley Inc., reports the following amounts in its December 31, 2018, income statement Sales Income tax revenue $300,000 expense Interest expense12,000 sold Salaries expense $38,000 Cost...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales Determine gross profit _Determine operating expenses _Determine Income before income taxes (IBT) $ _Determine Income tax expense _Determine net income 28._ % Calculate gross profit ratio (round to one decimal...
Exercise 6-2 Prepare a multiple-step income statement (LO6-2) Wayman Corporation reports the following amounts in its December 31, 2018, income statement. Sales revenue Interest expense Salaries expense Utilities expense $334,000 12,000 32,000 42,000 Income tax expense Cost of goods sold Advertising expense 42,000 122,000 22,000 Required Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2018 $ 334,000 122,000 Sales revenue Cost of goods sold Salariesexpense 32,000 42,000 22,000 tilities expense Advertising expense...
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $362,000 16,000 36,000 46,000 Income tax expense Cost of goods sold Advertising expense $ 46,000 126,000 26,000 Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $362,000 16,000 36,000 46,000 Income tax expense Cost of goods sold Advertising expense $ 46,000 126,000 26,000 TISDALE INCORPORATED Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income (loss)
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $439,000 27,000 47,000 57,000 Income tax expense cost of goods sold Advertising expense $ 57,000 137,000 37,000 Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income
9(Ch 6) Wayman Corporation reports the following amounts in its December 31, 2021, income statement 362,000Income tax expense 46,000 16,000 Cost of goods sold 126,000 36,000 Advertising expense 26,000 Sales revenue Salaries expense Prepare a multiple-step income statement WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2021 Operating income Prev 1 of 91 EE, Next > 3 5 6
Page 3 of 5 - ZOOM + GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 Net sales 12,000 Advertising expense 285,000 Utilities expense 3,000 Effective income tax rate $875,000 95,000 7,500 20% 22.$__ _Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) _Determine Income tax expense 27. $___ _Determine net income 28. --- % Calculate gross profit ratio (round...
The following are account balances for Sam Olin Co. for the year ended December 31, 2018: Fees earned $168,000 Cash $30,000 14,000 Selling expenses Accounts receivable 44,000 42,000 Sam, capital Equipment 36,000 Accounts payable 12,000 Interest Payable 3,000 Salaries & wages expense 40,000 Rent expense 51,000 Income taxes payable 5,000 Supplies 2,000 Notes payable Income taxes expense 20,000 18,000 Prepare an income statement for Sam Olin Co. For the Year Ended December 31, 2018. (Don
t accounts recelvable at their net realizable value? 43) What does it mean to repor 44) For each company, calculate the missing amount. Sales Cost of Goods Gross ProfitOperating Net Income Expenses Sold $1,000 4,000 2,000 $3,000 $8,000 9,000 8,000 8,000 $4,000 Lennon 2,000 3,000 3,000 3,000 Harrison McCartney Starr 5,000 3,000 5,000 45) Beasley Inc., reports the following amounts in its December 31, 2018, income statement Sales Income tax revenue $300,000 expense Interest expense12,000 sold Salaries expense $38,000 Cost...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales Determine gross profit _Determine operating expenses _Determine Income before income taxes (IBT) $ _Determine Income tax expense _Determine net income 28._ % Calculate gross profit ratio (round to one decimal...
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