Homework Answers
Earnings per share
= Common stock dividends/Weighted average common shares outstanding
= 24,000/70,000
= 0.34 per share
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CHAPTER 4 INCOME STATEMENT AND RELATED INFORMATION 1. Gross billings for merchandise sold by Lang Company...
1) Alpha Company provided the following data concerning its income statement: sales, $900,000; purchases, $401,000; beginning...
1) Alpha Company provided the following data concerning its income statement: sales, $900,000; purchases, $401,000; beginning inventory, $260,000; ending inventory, $252,000; operating expenses, $102,000; freight-in, $5,000; sales discounts, $21,000; purchases discounts, $15,000; sales returns & allowances, $140,000; and purchases returns & allowances, $44,000. The data are complete and provide the basis for preparation of an income statement. How much is net income? 2) Easton Company had average inventory for the year of $640,000 and an inventory turnover ratio of 8.8....
I need to find a GROSS PROFIT for this question: Cost of goods sold and related...
I need to find a GROSS PROFIT for this question: Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2018: Estimated returns of current year sales $ 13,000 Inventory, May 1, 2017 $ 362,700 Inventory, April 30, 2018 453,400 Purchases 2,947,300 Purchases returns and allowances 90,700 Purchases discounts 54,400 Sales 4,534,300 Freight in 13,600 a. Prepare the cost of merchandise sold section of the...
M Prepare in good presentation statement of income for the year Millville Company: Inventories: July 1,...
M Prepare in good presentation statement of income for the year Millville Company: Inventories: July 1, 19A June 30, 19B Finished goods.......... 10.000 $28,000 Work in process......... 304,000 36,000 Materials ........... 40,000 48,000 Sales discounts. Purchase discounts ................ Sales ............... Purchase returns and allowances ...... Depreciation-factory machinery ...... Factory insurance. ...... Freight out .......... Other factory expenses .......... Bond interest expense ........... Sales salaries................ Freight in............... Direct factory labor ........ Materials purchases ....... Advertising expense........ $ 8,000 3,200 1,800,000 20,000...
$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin...
$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: Sales $142,000 Interest revenue Purchases returns 5,200 Purchases discounts taken Gain on sale of equipment (pretax) 3,800 Inventory, January 1, 2019 Freight-in 3,400 Purchases Selling expenses 15,600 Administrative expenses Unrealized increase in fair value of Loss from truck accident (pretax) 2,400 available-for-sale securities The following additional information is also...
COGS = $1,561,125 Prepare the Income Statement Note: Problems 1-4 relate to the trial balance below....
COGS = $1,561,125
Prepare the Income Statement
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value...
Part III: Income Statement (18 points) Presented below is information related to Farr Company for the...
Part III: Income Statement (18 points) Presented below is information related to Farr Company for the year 2019. 1,800,000 50,000 30,000 95,000 40,000 60,000 Sales revenue Dividend Revenue Interest Revenue Interest Expense Sales returns and allowances Sales discounts Selling expenses Administrative expenses Gain on sale of building Loss on operations of discontinued operations Gain on disposal of discontinued operations Cash dividends declared on common stock 230,000 95,000 130,000 90,000 200,000 33,600 780,000 52,000 40,000 Cost of goods sold Overstatement of...
?Which of the following is not an acceptable major asset classification اختر أحد الخيارات a. C....
?Which of the following is not an acceptable major asset classification اختر أحد الخيارات a. C. Property, plant, and equipment O b. D. Deferred charges O C. B. Long-term investments d. A. Current assets O Equity or debt securities held to finance future construction of additional plants should be classified on a balance sheet as اختر أحد الخيارات .a. C. intangible assets O .b. A. current assets O .C.D. long-term investments O .d. B. property, plant, and equipment O Which...
1-Sandhill Co. reports the following information: Correction of understatement of depreciation expense in prior years, net...
1-Sandhill Co. reports the following information:
Correction of understatement of
depreciation expense
in prior years,
net of tax
$ 1288000
Dividends declared
963000
Net income
2970000
Retained earnings, 1/1/20, as
reported
6170000
Sandhill should report retained earnings, 1/1/20, as adjusted
at
$7458000.
$6170000.
$9465000.
$4882000.
2-Ivanhoe Company had a 40 percent tax rate. Given the following
pre-tax amounts, what would be the income tax expense reported on
the face of the income statement?
Sales revenue
$ 1070000
Cost of goods...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Be...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory.
Part III: Income Statement (18 points) 1. Presented below is information related to Farr Company for...
Part III: Income Statement (18 points) 1. Presented below is information related to Farr Company for the year 2019. Sales revenue 1,500,000 Interest Revenue 45,000 Interest Expense 65,000 Sales returns and allowances 30,000 Sales discounts 55,000 Selling expenses 195,000 Administrative expenses 84,000 Gain on sale of building 230,000 Loss on operations of discontinued operations 130,000 Gain on disposal of discontinued operations 240,000 Cash dividends declared on common stock 38.000 Cash dividends declared on preferred stock 16,000 Cost of goods sold...
M Prepare in good presentation statement of income for the year Millville Company: Inventories: July 1, 19A June 30, 19B Finished goods.......... 10.000 $28,000 Work in process......... 304,000 36,000 Materials ........... 40,000 48,000 Sales discounts. Purchase discounts ................ Sales ............... Purchase returns and allowances ...... Depreciation-factory machinery ...... Factory insurance. ...... Freight out .......... Other factory expenses .......... Bond interest expense ........... Sales salaries................ Freight in............... Direct factory labor ........ Materials purchases ....... Advertising expense........ $ 8,000 3,200 1,800,000 20,000...
$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: Sales $142,000 Interest revenue Purchases returns 5,200 Purchases discounts taken Gain on sale of equipment (pretax) 3,800 Inventory, January 1, 2019 Freight-in 3,400 Purchases Selling expenses 15,600 Administrative expenses Unrealized increase in fair value of Loss from truck accident (pretax) 2,400 available-for-sale securities The following additional information is also...
COGS = $1,561,125
Prepare the Income Statement
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value...
Part III: Income Statement (18 points) Presented below is information related to Farr Company for the year 2019. 1,800,000 50,000 30,000 95,000 40,000 60,000 Sales revenue Dividend Revenue Interest Revenue Interest Expense Sales returns and allowances Sales discounts Selling expenses Administrative expenses Gain on sale of building Loss on operations of discontinued operations Gain on disposal of discontinued operations Cash dividends declared on common stock 230,000 95,000 130,000 90,000 200,000 33,600 780,000 52,000 40,000 Cost of goods sold Overstatement of...
?Which of the following is not an acceptable major asset classification اختر أحد الخيارات a. C. Property, plant, and equipment O b. D. Deferred charges O C. B. Long-term investments d. A. Current assets O Equity or debt securities held to finance future construction of additional plants should be classified on a balance sheet as اختر أحد الخيارات .a. C. intangible assets O .b. A. current assets O .C.D. long-term investments O .d. B. property, plant, and equipment O Which...
1-Sandhill Co. reports the following information:
Correction of understatement of
depreciation expense
in prior years,
net of tax
$ 1288000
Dividends declared
963000
Net income
2970000
Retained earnings, 1/1/20, as
reported
6170000
Sandhill should report retained earnings, 1/1/20, as adjusted
at
$7458000.
$6170000.
$9465000.
$4882000.
2-Ivanhoe Company had a 40 percent tax rate. Given the following
pre-tax amounts, what would be the income tax expense reported on
the face of the income statement?
Sales revenue
$ 1070000
Cost of goods...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory.
Part III: Income Statement (18 points) 1. Presented below is information related to Farr Company for the year 2019. Sales revenue 1,500,000 Interest Revenue 45,000 Interest Expense 65,000 Sales returns and allowances 30,000 Sales discounts 55,000 Selling expenses 195,000 Administrative expenses 84,000 Gain on sale of building 230,000 Loss on operations of discontinued operations 130,000 Gain on disposal of discontinued operations 240,000 Cash dividends declared on common stock 38.000 Cash dividends declared on preferred stock 16,000 Cost of goods sold...
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