The following information is available for Kingbird Corp for the year ended Dec 31, 2022. Other revenue and gains: $20600; Other expenses and losses: 2,400; Cost of Goods Sold 276000; Sales Discounts 2,6000; Sales Revenue 742000; Operating Expenses 206,000; Sales Returns and allowances 8000
Prepare a multiple step income statement for Kingbird Corp. Company has a tax rate of 25%.
Homework Answers
| Particulars | Particulars | Amt | Amt |
| Sales Revenue | 742000 | ||
| Less : | Sales Discount | 2600 | |
| Sales Return | 8000 | 10600 | |
| Net Sales | 731400 | ||
| Less : Cost of Goods Sold | 276000 | ||
| Gross Profit | 455400 | ||
| Less : Operating Exp | 206000 | ||
| Operating Profit | 249400 | ||
| Add : Other Income | 20600 | ||
| Less : Other Expenses | -2400 | 18200 | |
| Net Profit before taxes | 267600 | ||
| Less : Income tax @25% | 66900 | ||
| Net Income after Taxes | 200700 |
Add Answer to:
The following information is available for Kingbird Corp for the
year ended Dec 31, 2022. Other...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other revenues and gains $20,800 Other expenses and losses 2,800 Cost of goods sold 276,000 Sales discounts 2,800 Sales revenue 743,000 Operating expenses 206,000 Sales returns and allowances 8,200 Prepare a multiple-step income statement for Marin Corp. The company has a tax rate of 25%. MARIN CORP. Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue Less 743000 Sales Returns and Allowances...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other revenues and gains $20,800 Other expenses and losses 2,800 Cost of goods sold 276,000 Sales discounts 2.800 Sales revenue 743,000 Operating expenses 206,000 Sales returns and allowances 8,200 Prepare a multiple-step income statement for Marin Corp. The company has a tax rate of 25%. MARIN CORP. Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue Less 743000 Sales Returns and Allowances...
The following information is available for Windsor, Inc. for the year ended December 31, 2022: Other...
The following information is available for Windsor, Inc. for the year ended December 31, 2022: Other revenues and gains $10,700 Sales revenue $672,400 Other expenses and losses 13,000 Operating expenses 244,800 Cost of goods sold 251,500 Sales returns and allowances 40,000 Other comprehensive income 5,500 Prepare a multiple-step income statement for Windsor, Inc. and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. Windsor, Inc. Income Statement For the...
The following information is available for Riverbed Corp. for the year ended December 31, 2017: Other...
The following information is available for Riverbed Corp. for the year ended December 31, 2017: Other revenues and gains $10,800 Sales revenue $666,500 Other expenses and losses 14,500 Operating expenses 252,800 Cost of goods sold 191,300 Sales returns and allowances 40,000 Other comprehensive income 5,000 Prepare a multiple-step income statement for Riverbed Corp and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. RIVERBED CORP Comprehensive Income Statement For...
The following information is available for Martinez Corp. for the year ended December 31, 2017: Other revenues and gain...
The following information is available for Martinez Corp. for the year ended December 31, 2017: Other revenues and gains $9,100 Sales revenue $653,800 Other expenses and losses 15,300 Operating expenses 242,800 Cost of goods sold 245,500 Sales returns and allowances 40,000 Other comprehensive income 5,600 Prepare a multiple-step income statement for Martinez Corp. and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. (Enter negative amounts using either a...
The following information is available for Blue Spruce Corp. for the year ended December 31, 2017:...
The following information is available for Blue Spruce Corp. for
the year ended December 31, 2017:
Other revenues and gains
$12,000
Sales revenue
$603,000
Other expenses and losses
14,000
Operating expenses
203,300
Cost of goods sold
233,900
Sales returns and allowances
40,000
Other comprehensive income
5,900
We were unable to transcribe this imageBLUE SPRUCE CORP. Income Statement For the Year Ended December 31, 2017 - A We were unable to transcribe this image
In its income statement for the year ended December 31, 2022, Sheffield Corp, reported the following...
In its income statement for the year ended December 31, 2022, Sheffield Corp, reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $725,000 1,261,000 76,000 50,000 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive income (net of $1,200 tax) $ 38,000 22,000 2,204,000 8,800 Sheffield Corp. Income Statement For the Year Ended December 31, 2022 Net Sales 2204000 Cost of Goods Sold 1261000 i Gross Profit 943000 Operating Expenses...
In its income statement for the year ended December 31, 2022, Cheyenne Corp.reported the following condensed...
In its income statement for the year ended December 31, 2022, Cheyenne Corp.reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $520,800 Loss on disposal of plant assets 1,125,180 Sales revenue 80,940 Income tax expense 74,100 Sales discounts 353,400 Utilities expense $95,190 2,519,400 28,500 182,400 125,400 (a) Your Answer Correct Answer Your answer is correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) Cheyenne Corp. Income Statement...
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on...
Fit-for-Life Foods reports the following income statement
accounts for the year ended December 31.
Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 240 Depreciation expense-Office Uffice copier 750 Sales discounts 1,270 Sales returns and allowances 227,000 TV advertising expense 33, 000 Interest revenue 11, 400 Cost of goods sold 23, 800 Sales commission expense $ 560 15, 700 4,000 3,800 660 91,000 13, 200 Prepare a...
the fallowing information is available for Berlin crop. for the year ended December 21,2019 Do It!...
the fallowing information is available for Berlin crop. for
the year ended December 21,2019
Do It! Review 5-5 The following information is available for Berlin Corp. for the year ended December 31, 2019: Other revenues and gains $12,700 Sales revenue Other expenses and losses 13,300 Operating expenses Cost of goods sold Other comprehensive income 5,400 $592,000 186,000 156,000 Sales returns and allowances 40,000 Prepare a multiple-step income statement for Berlin Corp. (If there is a net loss then enter t...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other revenues and gains $20,800 Other expenses and losses 2,800 Cost of goods sold 276,000 Sales discounts 2,800 Sales revenue 743,000 Operating expenses 206,000 Sales returns and allowances 8,200 Prepare a multiple-step income statement for Marin Corp. The company has a tax rate of 25%. MARIN CORP. Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue Less 743000 Sales Returns and Allowances...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other revenues and gains $20,800 Other expenses and losses 2,800 Cost of goods sold 276,000 Sales discounts 2.800 Sales revenue 743,000 Operating expenses 206,000 Sales returns and allowances 8,200 Prepare a multiple-step income statement for Marin Corp. The company has a tax rate of 25%. MARIN CORP. Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue Less 743000 Sales Returns and Allowances...
The following information is available for Windsor, Inc. for the year ended December 31, 2022: Other revenues and gains $10,700 Sales revenue $672,400 Other expenses and losses 13,000 Operating expenses 244,800 Cost of goods sold 251,500 Sales returns and allowances 40,000 Other comprehensive income 5,500 Prepare a multiple-step income statement for Windsor, Inc. and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. Windsor, Inc. Income Statement For the...
The following information is available for Riverbed Corp. for the year ended December 31, 2017: Other revenues and gains $10,800 Sales revenue $666,500 Other expenses and losses 14,500 Operating expenses 252,800 Cost of goods sold 191,300 Sales returns and allowances 40,000 Other comprehensive income 5,000 Prepare a multiple-step income statement for Riverbed Corp and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. RIVERBED CORP Comprehensive Income Statement For...
The following information is available for Martinez Corp. for the year ended December 31, 2017: Other revenues and gains $9,100 Sales revenue $653,800 Other expenses and losses 15,300 Operating expenses 242,800 Cost of goods sold 245,500 Sales returns and allowances 40,000 Other comprehensive income 5,600 Prepare a multiple-step income statement for Martinez Corp. and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. (Enter negative amounts using either a...
The following information is available for Blue Spruce Corp. for
the year ended December 31, 2017:
Other revenues and gains
$12,000
Sales revenue
$603,000
Other expenses and losses
14,000
Operating expenses
203,300
Cost of goods sold
233,900
Sales returns and allowances
40,000
Other comprehensive income
5,900
We were unable to transcribe this imageBLUE SPRUCE CORP. Income Statement For the Year Ended December 31, 2017 - A We were unable to transcribe this image
In its income statement for the year ended December 31, 2022, Sheffield Corp, reported the following condensed data. Operating expenses Cost of goods sold Interest expense Income tax expense $725,000 1,261,000 76,000 50,000 Interest revenue Loss on disposal of plant assets Net sales Other comprehensive income (net of $1,200 tax) $ 38,000 22,000 2,204,000 8,800 Sheffield Corp. Income Statement For the Year Ended December 31, 2022 Net Sales 2204000 Cost of Goods Sold 1261000 i Gross Profit 943000 Operating Expenses...
In its income statement for the year ended December 31, 2022, Cheyenne Corp.reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $520,800 Loss on disposal of plant assets 1,125,180 Sales revenue 80,940 Income tax expense 74,100 Sales discounts 353,400 Utilities expense $95,190 2,519,400 28,500 182,400 125,400 (a) Your Answer Correct Answer Your answer is correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) Cheyenne Corp. Income Statement...
Fit-for-Life Foods reports the following income statement
accounts for the year ended December 31.
Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 240 Depreciation expense-Office Uffice copier 750 Sales discounts 1,270 Sales returns and allowances 227,000 TV advertising expense 33, 000 Interest revenue 11, 400 Cost of goods sold 23, 800 Sales commission expense $ 560 15, 700 4,000 3,800 660 91,000 13, 200 Prepare a...
the fallowing information is available for Berlin crop. for
the year ended December 21,2019
Do It! Review 5-5 The following information is available for Berlin Corp. for the year ended December 31, 2019: Other revenues and gains $12,700 Sales revenue Other expenses and losses 13,300 Operating expenses Cost of goods sold Other comprehensive income 5,400 $592,000 186,000 156,000 Sales returns and allowances 40,000 Prepare a multiple-step income statement for Berlin Corp. (If there is a net loss then enter t...
Most questions answered within 3 hours.
-
Please show calculations/work
Marcello is filing as single and has 2018 taxable income of
$730,000 which...
asked 15 minutes ago -
"Mini Case Study - Haley Roberts "
Haley Roberts is quite proud that she has grown...
asked 13 minutes ago -
do the following on a UNIX command line, if applicable vi editor
may be used
Consider...
asked 23 minutes ago -
My App is a small but growing start-up
that sees demand for several of its apps...
asked 29 minutes ago -
1. The catabolic Activation Protein (CAP) is a regulatory
protein associated with several carbohydrate metabolism operons...
asked 43 minutes ago -
A car company was preparing their marketing materials for the
2020 version of their popular SUV....
asked 54 minutes ago -
7.13 LAB: Word frequencies (lists)
Write a program that first reads in the name of an...
asked 58 minutes ago -
how
much is the energy of co2 per mole increased when it absorbs
infrared radiation with...
asked 1 hour ago -
which reagent CAN convert the glucose ring into a linear
chain?
a) HCl (aq)
b) H2CrO4...
asked 1 hour ago -
USING MATLAB.
Design a program which uses a for…end loop to add 10 to
a variable...
asked 1 hour ago -
The raft is made up of
ten 18 cm diameter logs, each with a length of...
asked 1 hour ago -
Batteries are one of the major imports of the US from China.
Batteries cost 10 Yuan...
asked 1 hour ago