For Carla Vista Co., the following information is available: Cost of goods sold 394000 dividend revenue...
For Carla Vista Co., the following information is available:
Cost of goods sold 394000
dividend revenue 14500
income tax expense 36800
operating expenses 137500
sales revenue 583000
In Carla Vista's multiple step income statement, gross profit
should be reported at 188000
should be reported at 203500
should be reported at 29200
should not be reported
Homework Answers
Answer: Gross profit should be reported at 203500
Explanation
Gross profit = Sales revenue + Dividend revenue - Cost of goods sold
= 583,000 + 14,500 - 394,000
= $ 203,500
Add Answer to:
For Carla Vista Co., the following information is
available:
Cost of goods sold 394000
dividend revenue...
Current Attempt in Progress For Sunland Company, the following information is available: Cost of goods sold...
Current Attempt in Progress For Sunland Company, the following information is available: Cost of goods sold $390000 Dividend revenue 14300 Income tax expense 36500 Operating expenses 139000 Sales revenue 588000 In Sunland’s single-step income statement, gross profit should be reported at $36800. should be reported at $198000. should not be reported. should be reported at $212300.
QUESTION 21 For Blue Baker Company, the following information is available: Cost of goods sold $390,000...
QUESTION 21 For Blue Baker Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Blue Baker's multiple-step income statement gross profit A. should not be reported B. should be reported at $51.000. C. should be reported at $210,000. D.should be reported at $225,000.
1-For Cullumber Company, the following information is available: Cost of goods sold $400000 Dividend revenue 15300...
1-For Cullumber Company, the following information is
available:
Cost of goods sold
$400000
Dividend revenue
15300
Income tax expense
35900
Operating expenses
139500
Sales revenue
607000
In Cullumber’s single-step income statement, gross profit
should be reported at $207000.
should be reported at $222300.
should be reported at $46900.
should not be reported.
2-The following information is available for Swifty Corporation
for 2020:
Disbursements for purchases
$1532000
Increase in trade accounts
payable
98000
Decrease in merchandise
inventory
39000
Cost of goods...
Carla Vista Corporation reported net sales of $160,000, cost of goods sold of $92,800, operating expenses...
Carla Vista Corporation reported net sales of $160,000, cost of goods sold of $92,800, operating expenses of $37.300. other expenses of $11,500, net income of $8,000. Calculate the following values. (Round answers to decimal places, eg. 25%.) 1 Profit margin 96 2 Gross profit rate 96
Multiple Cholce Question 73 Carla Vista Co. has a tax rate of 30 percent and income...
Multiple Cholce Question 73 Carla Vista Co. has a tax rate of 30 percent and income before non-operating Items of $1784800. It also has the following items (gross amounts). Unusual gain $ 120000 Loss from discontinued operations 915500 Dividend revenue 30600 Income increasing prior period adjustment 372000 What is the amount of income tax expense Carla Vista would report on its income.statement? $546120 $417570 $580620 $305970
QUESTION 24 For Blue Baker Company, the following information is available: Cost of goods sold $390,000...
QUESTION 24 For Blue Baker Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Blue Baker's multiple-step income statement, gross profit A should not be reported B. should be reported at $51,000. C. should be reported at $210,000. D. should be reported at $225,000. QUESTION 25 Bieber Company paid $3,408 on June 1, 2019 for a TWO-YEAR insurance policy and recorded the entire amount...
The following information is provided for Carla Vista Co. and Flint Corporation. What is Carla Vista's return on assets...
The following information is provided for Carla Vista Co. and Flint Corporation. What is Carla Vista's return on assets for 2017? 130.0% 13.6% 13.0% 12.5% (in $ millions) Carla Vista Co. Flint Corporation Net income 2017 $145 $360 Net sales 2017 1230 4700 Total assets 12/31/15 1075 2240 Total assets 12/31/16 1070 3070 Total assets 12/31/17 1160 4000
Tuduling research and development expenditures. 3. For Mortenson Company, the following information is available: Cost of...
Tuduling research and development expenditures. 3. For Mortenson Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Mortenson's multiple-step income statement, gross profit should be reported as a. should not be reported. b. should be reported at $51,000. c. should be reported at $210,000 d. should be reported at $225,000 4. At Ruth Company, events and transactions during 2017 included the following. The tax...
The comparative statements of Carla Vista Co. are presented here. CARLA VISTA CO. Income Statements For...
The comparative statements of Carla Vista Co. are presented here. CARLA VISTA CO. Income Statements For the Years Ended December 31 2017 2016 Net sales $1,898,540 $1,758,500 Cost of goods sold 1,066,540 1,014,000 Gross profit 832,000 744,500 Selling and administrative expenses 508,000 324,000 487,000 257,500 Income from operations Other expenses and losses Interest expense 23,700 21,700 Income before income taxes Income tax expense 300,300 93,700 $ 206,600 235,800 74,700 $ 161,100 Net income CARLA VISTA CO. Balance Sheets December 31...
Carla Vista Co. reports the following information: $391000 Net income Depreciation expense Increase in accounts receivable...
Carla Vista Co. reports the following information: $391000 Net income Depreciation expense Increase in accounts receivable 61000 25000 Carla Vista should report cash provided by operating activitie $355000. $305000. 0 $427000. O $477000.
QUESTION 21 For Blue Baker Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Blue Baker's multiple-step income statement gross profit A. should not be reported B. should be reported at $51.000. C. should be reported at $210,000. D.should be reported at $225,000.
1-For Cullumber Company, the following information is
available:
Cost of goods sold
$400000
Dividend revenue
15300
Income tax expense
35900
Operating expenses
139500
Sales revenue
607000
In Cullumber’s single-step income statement, gross profit
should be reported at $207000.
should be reported at $222300.
should be reported at $46900.
should not be reported.
2-The following information is available for Swifty Corporation
for 2020:
Disbursements for purchases
$1532000
Increase in trade accounts
payable
98000
Decrease in merchandise
inventory
39000
Cost of goods...
Carla Vista Corporation reported net sales of $160,000, cost of goods sold of $92,800, operating expenses of $37.300. other expenses of $11,500, net income of $8,000. Calculate the following values. (Round answers to decimal places, eg. 25%.) 1 Profit margin 96 2 Gross profit rate 96
Multiple Cholce Question 73 Carla Vista Co. has a tax rate of 30 percent and income before non-operating Items of $1784800. It also has the following items (gross amounts). Unusual gain $ 120000 Loss from discontinued operations 915500 Dividend revenue 30600 Income increasing prior period adjustment 372000 What is the amount of income tax expense Carla Vista would report on its income.statement? $546120 $417570 $580620 $305970
QUESTION 24 For Blue Baker Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Blue Baker's multiple-step income statement, gross profit A should not be reported B. should be reported at $51,000. C. should be reported at $210,000. D. should be reported at $225,000. QUESTION 25 Bieber Company paid $3,408 on June 1, 2019 for a TWO-YEAR insurance policy and recorded the entire amount...
Tuduling research and development expenditures. 3. For Mortenson Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 138,000 Sales revenue 600,000 In Mortenson's multiple-step income statement, gross profit should be reported as a. should not be reported. b. should be reported at $51,000. c. should be reported at $210,000 d. should be reported at $225,000 4. At Ruth Company, events and transactions during 2017 included the following. The tax...
The comparative statements of Carla Vista Co. are presented here. CARLA VISTA CO. Income Statements For the Years Ended December 31 2017 2016 Net sales $1,898,540 $1,758,500 Cost of goods sold 1,066,540 1,014,000 Gross profit 832,000 744,500 Selling and administrative expenses 508,000 324,000 487,000 257,500 Income from operations Other expenses and losses Interest expense 23,700 21,700 Income before income taxes Income tax expense 300,300 93,700 $ 206,600 235,800 74,700 $ 161,100 Net income CARLA VISTA CO. Balance Sheets December 31...
Carla Vista Co. reports the following information: $391000 Net income Depreciation expense Increase in accounts receivable 61000 25000 Carla Vista should report cash provided by operating activitie $355000. $305000. 0 $427000. O $477000.
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