Please Help ASAP!! Problem 2: Listed below in scrambled order are 11 income statement categories. Use...
Please Help ASAP!!
Problem 2:
Listed below in scrambled order are 11 income statement categories. Use the numerals 1 through 11 to indicate the order in which these categories should appear on a multiple-step income statement.
( ) Discontinued operations.
( ) Cost of goods sold.
( ) Other revenues and gains.
( ) Net income.
( ) Income taxes.
( ) Sales revenue.
( ) Gross profit on sales.
( ) Income from operations.
( ) Income from continuing operations before income taxes.
( ) Operating expenses.
( ) Income from continuing operations.
Homework Answers
| Discontinued operations. | 10 |
| Cost of goods sold. | 2 |
| Other revenues and gains. | 6 |
| Net income. | 11 |
| Income taxes. | 8 |
| Sales revenue. | 1 |
| Gross profit on sales. | 3 |
| Income from operations. | 5 |
| Income from continuing operations before income taxes. | 7 |
| Operating expenses. | 4 |
| Income from continuing operations. | 9 |
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Please Help ASAP!!
Problem 2:
Listed below in scrambled order are 11 income statement
categories. Use...
Problem 2: Listed below in scrambled order are 11 income statement categories. Use the numerals 1...
Problem 2: Listed below in scrambled order are 11 income statement categories. Use the numerals 1 through 11 to indicate the order in which these categories should appear on a multiple-step income statement. c ) Discontinued operations. C ) Cost of goods sold. ( ) Other revenues and gains. ( ) Net income. () Income taxes. () Sales revenue. ( ) Gross profit on sales. () Income from operations. () Income from continuing operations before income taxes. () Operating expenses....
Answer the question: True or False PLEASE HELP ASAP!! 1. Net income and owners’ equity are...
Answer the question: True or False PLEASE HELP ASAP!! 1. Net income and owners’ equity are both increased by gains and revenues. True or False 2. Single-step income statements do not portray either gross profit or income from operations as distinct lines within the statements. True or False 3. Discontinued operations and the associated gains and losses must be reported net of income taxes in the income statement. True or False
QS 4-11 Multiple-step income statement LO P4 For each item below, indicate whether the statement describes...
QS 4-11 Multiple-step income statement LO P4 For each item below, indicate whether the statement describes a multiple-step income statement or a single-step income statement. 1. Reports gross profit on a separate line. 2. Separates income from operations from the other revenues and gains. 3. Reports subtotals for various classes of items. 4. Reports cost of goods sold before the reporting of gross profit.
PROBLEM 3 – Income Statement (20 points) Selected information about income statement accounts for the Chatham...
PROBLEM 3 – Income Statement (20 points) Selected information about income statement accounts for the Chatham Company is presented below (the company's fiscal year ends on December 31): 2021 Sales revenue $ 7,040,000 Cost of goods sold 4,576,000 Administrative expense 1,280,000 Selling expense 576,000 Loss due to inventory write-down 56,000 Interest revenue 240,000 Interest expense 320,000 On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by...
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...
Multi-step Income Statement From the following accounts, listed in alphabetical order, prepare a multi-step income statement...
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2) The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL...
2) The following incorrect income
statement was prepared by the accountant of the Axel
Corporation:
AXEL CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue
$
780,000
Interest revenue
51,000
Gain on sale of investments
98,000
Total revenues and gains
929,000
Expenses and losses:
Cost of goods sold
$
420,000
Selling expense
78,000
Administrative expense
98,000
Interest expense
35,000
Restructuring costs
74,000
Income tax expense
56,000
Total expenses and losses
761,000
Net Income
$...
please complete exactly like photo The preliminary 20 21 income statement of Alexion Systems, Inc., is...
please complete exactly like
photo
The preliminary 20 21 income statement of Alexion Systems, Inc., is presented below: ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2021 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and pains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share Additional Information: 1. Selling and administrative expense includes $27 million in...
Shown below is an income statement prepared by a poorly trained bookkeeper. Assume an income tax...
Shown below is an income statement prepared by a poorly trained bookkeeper. Assume an income tax rate of 30% on all items. Ignore EPS. ABC Company Income Statement December 31, 20x1 Sales Revenue $1,192,375 Investment Revenue 9,250 Cost of goods sold (340,375) Selling + Administrative (563,250) Interest expenses (13,000) Loss on Building (Fire Damage) (80,000) Loss on disposal of business segment (32,500) NI 120,750 Prepare a multiple-step income statement in good form. Then answer the questions pertaining to...
Problem 2: Listed below in scrambled order are 11 income statement categories. Use the numerals 1 through 11 to indicate the order in which these categories should appear on a multiple-step income statement. c ) Discontinued operations. C ) Cost of goods sold. ( ) Other revenues and gains. ( ) Net income. () Income taxes. () Sales revenue. ( ) Gross profit on sales. () Income from operations. () Income from continuing operations before income taxes. () Operating expenses....
QS 4-11 Multiple-step income statement LO P4 For each item below, indicate whether the statement describes a multiple-step income statement or a single-step income statement. 1. Reports gross profit on a separate line. 2. Separates income from operations from the other revenues and gains. 3. Reports subtotals for various classes of items. 4. Reports cost of goods sold before the reporting of gross profit.
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...
Multi-step Income Statement From the following accounts, listed in alphabetical order, prepare a multi-step income statement for Karlman Distributors for the year ended December 31. All accounts have normal balances. Selling, General and Administrative Expense 186,300 Cost of Goods Sold $330,300 Interest Expense 3,300 Sales Revenue 550,300 Income Tax Expense 10,300 Note: Do not use negative signs with any of your answers. KARLMAN DISTRIBUTERS Income Statement For the Year Ended December 31 $ Gross Profit on Sales Operating Expenses Income...
2) The following incorrect income
statement was prepared by the accountant of the Axel
Corporation:
AXEL CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue
$
780,000
Interest revenue
51,000
Gain on sale of investments
98,000
Total revenues and gains
929,000
Expenses and losses:
Cost of goods sold
$
420,000
Selling expense
78,000
Administrative expense
98,000
Interest expense
35,000
Restructuring costs
74,000
Income tax expense
56,000
Total expenses and losses
761,000
Net Income
$...
please complete exactly like
photo
The preliminary 20 21 income statement of Alexion Systems, Inc., is presented below: ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2021 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and pains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share Additional Information: 1. Selling and administrative expense includes $27 million in...
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