Homework Answers
Answer:
| BC CORPORATION | |
| Income statement | |
| Year ended December 31, 2018 | |
| Net Sales | $ 81,000 |
| Cost of Goods sold | $ 30,000 |
| Gross profit | $ 51,000 |
| Operating expenses | $ 25,000 |
| Operating Income | $ 26,000 |
| Other Income and ( Expenses) | $ (7,200) |
| Income before Income Taxes | $ 18,800 |
| Income tax expenses ($18800 X 39%) | $ 7,332 |
| Income from Continuing operation | $ 11,468 |
| Discontinued operations (Less applicable tax) (3600-39% 3600) | $ 2,196 |
| Net Income | $ 13,664 |
Add Answer to:
$ $ Other Income and (Expenses) Net Sales Revenue Gain on Discontinued Operations (7,200) 81,000 Cost...
9. Sunshine Corporation's accounting records include the following items, listed in no particular order, at December...
9. Sunshine Corporation's accounting records include the following items, listed in no particular order, at December 31, 2018: (Click the icon to view the data.) The income tax rate for Sunshine Corporation is 25%. Prepare Sunshine's income statement for the year ended December 31, 2018. Omit earnings per share. Use a multi-step format. Prepare the income statement through the income before taxes, then complete the income statement through the net income. (Use parentheses or a minus sign to enter other...
Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings...
Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings of $44,533 Income tax expense Other selling expenses Net sales Advertising expense Accounts receivable Cost of goods sold General and administrative expenses $102,000 19,800 133,600 26,736 11,400 642,300 47,200 61,900 366, 111 141,200 Required: a. Calculate the operating income for Manahan Co. for the year ended December 31, 20 MANAHAN CO. Operating Income Statement For the year ended December 31, 2019 Expenses: b. Calculate...
Only need the values of income from operations of discontinued component, Income tax expense, income from...
Only need the values of income from operations of discontinued
component, Income tax expense, income from continuing operations
and income on discontinued operations. Thanks
Rembrandt Paint Company had the following Income statement Items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 27,00€ 282 480 Cost of goods sold Selling and administrative expense Restructuring costs $ 15,000 3,400 1,7ee In addition, during the year the company completed the disposal of its plastics...
A company has sales revenue of $222,000, cost of goods sold $81,000, operating expenses of $49,000,...
A company has sales revenue of $222,000, cost of goods sold $81,000, operating expenses of $49,000, and other expenses of $4,000. The company's operating income is: O A. $92,000. O B. $88,000 OC. $137,000. OD. $32,000.
PEACH COMPUTER Income Statement For the year ended December 31202 Net sales $1,800,000 Expenses Cost of...
PEACH COMPUTER Income Statement For the year ended December 31202 Net sales $1,800,000 Expenses Cost of goods $1.050,000 560,000 50,000 sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income 40,000 rence 1,700,000 100,000 PEACE CONTRE Selected Balance Sheet Data December 31 thereas 2021 2020 Decrease $102,000 $25,000 $1,000 Ncount receivable Inventory 75.000 55.000 20.000 PEO Recounts Esbe 5,000 10,000 5.000 DE Prepare the operating activities section of be statement of Sows for Peaca-Comter using the direct method...
$ 980 Majestic Homes Corporation Income Statement For the Year Ended December 31, 2018 Sales Cost...
$ 980 Majestic Homes Corporation Income Statement For the Year Ended December 31, 2018 Sales Cost of Goods Sold Gross Profit Selling Expenses General and Administrative Expenses Other Revenues and Expenses (100) 880 (50) (120) (40) Loss on Asset Impairment Income Before Tax 645 (258) Income Tax Expense (at 40%) 387 Net Income Il The mobile home division accounts for 20% of sales, cost of goods sold, selling, and general and administrative expenses. Assume no gain or loss on remeasurement...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold 705000 Gross Profit/(Loss) 504000 Selling Expenses Selling Expenses 125200 Administrative Expenses 170800 296000 < 208000 Interest Expense 7100 Dividend Revenue 18700 Interest Expense - 11600 196400 Income Before Income Taxes -58920 Income from Continuing Operations 137480 Income from Continuing Operations -51800 Discontinued Operations Loss, Net of Tax $ 85680 Net Income /(Loss) Per Share of Common Stock $ 85680 Net Income /(Loss) 50000 $...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5) Rembrandt Paint Company...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5) Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue $ 28,000 Interest 300 revenue Interest 500 expense Cost of goods sold Selling and administrative expense Restructuring costs $ 15,500 3,500 1,800 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.6 million and...
Horizontal Analysis of Income Statement For 20Y2, McDade Company reported a decline in net income. At...
Horizontal Analysis of Income Statement For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $434,720 $370,000 Cost of goods sold 312,800 230,000 Gross profit $121,920 $140,000 Selling expenses $44,950 $31,000 Administrative expenses 26,480 20,000 Total operating expenses $71,430 $51,000 Income from operations $50,490...
$315,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost...
$315,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost of goods sold $190,000 Operating expenses 61,000 Depreciation expense 16,100 Income tax expense 22,500 Total expenses 289,600 $ 25,400 Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $ 6,100 13,100 9,100 5,100...
9. Sunshine Corporation's accounting records include the following items, listed in no particular order, at December 31, 2018: (Click the icon to view the data.) The income tax rate for Sunshine Corporation is 25%. Prepare Sunshine's income statement for the year ended December 31, 2018. Omit earnings per share. Use a multi-step format. Prepare the income statement through the income before taxes, then complete the income statement through the net income. (Use parentheses or a minus sign to enter other...
Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings of $44,533 Income tax expense Other selling expenses Net sales Advertising expense Accounts receivable Cost of goods sold General and administrative expenses $102,000 19,800 133,600 26,736 11,400 642,300 47,200 61,900 366, 111 141,200 Required: a. Calculate the operating income for Manahan Co. for the year ended December 31, 20 MANAHAN CO. Operating Income Statement For the year ended December 31, 2019 Expenses: b. Calculate...
Only need the values of income from operations of discontinued
component, Income tax expense, income from continuing operations
and income on discontinued operations. Thanks
Rembrandt Paint Company had the following Income statement Items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 27,00€ 282 480 Cost of goods sold Selling and administrative expense Restructuring costs $ 15,000 3,400 1,7ee In addition, during the year the company completed the disposal of its plastics...
A company has sales revenue of $222,000, cost of goods sold $81,000, operating expenses of $49,000, and other expenses of $4,000. The company's operating income is: O A. $92,000. O B. $88,000 OC. $137,000. OD. $32,000.
PEACH COMPUTER Income Statement For the year ended December 31202 Net sales $1,800,000 Expenses Cost of goods $1.050,000 560,000 50,000 sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income 40,000 rence 1,700,000 100,000 PEACE CONTRE Selected Balance Sheet Data December 31 thereas 2021 2020 Decrease $102,000 $25,000 $1,000 Ncount receivable Inventory 75.000 55.000 20.000 PEO Recounts Esbe 5,000 10,000 5.000 DE Prepare the operating activities section of be statement of Sows for Peaca-Comter using the direct method...
$ 980 Majestic Homes Corporation Income Statement For the Year Ended December 31, 2018 Sales Cost of Goods Sold Gross Profit Selling Expenses General and Administrative Expenses Other Revenues and Expenses (100) 880 (50) (120) (40) Loss on Asset Impairment Income Before Tax 645 (258) Income Tax Expense (at 40%) 387 Net Income Il The mobile home division accounts for 20% of sales, cost of goods sold, selling, and general and administrative expenses. Assume no gain or loss on remeasurement...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold 705000 Gross Profit/(Loss) 504000 Selling Expenses Selling Expenses 125200 Administrative Expenses 170800 296000 < 208000 Interest Expense 7100 Dividend Revenue 18700 Interest Expense - 11600 196400 Income Before Income Taxes -58920 Income from Continuing Operations 137480 Income from Continuing Operations -51800 Discontinued Operations Loss, Net of Tax $ 85680 Net Income /(Loss) Per Share of Common Stock $ 85680 Net Income /(Loss) 50000 $...
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (LO4-1, 4-3, 4-4, 4-5) Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue $ 28,000 Interest 300 revenue Interest 500 expense Cost of goods sold Selling and administrative expense Restructuring costs $ 15,500 3,500 1,800 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $2.6 million and...
$315,000 ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost of goods sold $190,000 Operating expenses 61,000 Depreciation expense 16,100 Income tax expense 22,500 Total expenses 289,600 $ 25,400 Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $ 6,100 13,100 9,100 5,100...
Most questions answered within 3 hours.
-
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 7 minutes ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 1 hour ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 2 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 2 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 2 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 3 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 3 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 3 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 3 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 3 hours ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 3 hours ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 3 hours ago