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FULTZ COMPANY | ||
Budgeted Income Statement | ||
For the Year Ending December 31, 2020 | ||
Sales | 2742080 | =31160*88 |
Cost of Goods Sold | 1963080 | =31160*63 |
Gross Profit | 779000 | |
Selling and Administrative Expenses | 170000 | |
Income from Operations | 609000 | |
Interest Expense | 30000 | |
Income before Income Taxes | 579000 | |
Income Tax Expense | 173700 | |
Net Income / (Loss) | 405300 | |
Workings: | ||
Direct materials per unit | 6 | =1*6 |
Direct labor per unit | 39 | =3*13 |
Overhead per unit | 18 | =3*6 |
Cost of Goods Sold per unit | 63 |
Exercise 9-13 (Part Level Submission) (Video) Fultz Company has accumulated the following budget data for the...
Exercise 9-13 (Part Level Submission) (Video) Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,380 units, unit selling price $90. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,370 pounds; ending, 15,270 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income...
Exercise 9-13 (Video) Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,410 units, unit selling price $89. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $8 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,240 pounds; ending, 15,220 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of...
Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,380 units, unit selling price $90. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,370 pounds; ending, 15,270 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income before income...
Exercise 14-13 a-b In 2020, Crane Corporation had net sales of $606,000 and cost of goods sold of $356,000. Operating expenses were $148,000, and interest expense was $8,000. The corporation’s tax rate is 31%. The corporation declared preferred dividends of $14,000 in 2020, and its average common stockholders’ equity during the year was $195,000. Your answer is partially correct. Try again. Prepare an income statement for Crane Corporation. CRANE CORPORATION Income Statement For the Year Ended December 31, 2020December 31,...
Here are comparative statement data for Ivanhoe Company and Pharoah Company, two competitors. All balance sheet data are as of December 31, 2017, and December 31, 2016. Ivanhoe Company Pharoah Company 2017 2016 2017 2016 Net sales $ 1,913,000 $ 603,000 Cost of goods sold 1,081,000 289,000 Operating expenses 264,000 89,000 Interest expense 7,600 1,900 Income tax expense 65,600 31,000 Current assets 726,924 $ 696,674 185,839 $ 177,211 Plant assets (net) 1,174,764 1,115,000 311,593 280,561 Current liabilities 147,905 169,067 78,826...
Exercise 9-13 (Part Level Submission) (Video) Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,160 units, unit selling price $88. 2. Cost of one unit of finished goods: direct materials 1 pound at $6 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,280 pounds; ending, 15,490 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income...
Exercise 9-13 (Part Level Submission) (Video) Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,360 units, unit selling price $87. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $8 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,360 pounds; ending, 15,500 pounds. 4. Selling and administrative expenses: $170,000; Interest expense: $30,000 5. Income...
Exercise 9-13 (Part Level Submission) (Video) Fultz Company has accumulated the following budget data for the year 2020. Sales: 31,310 units, unit selling price $85 Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $7 per direct labor hour 1. 2. 3. Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,400 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. Income taxes:...
Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Duke Company Lord Company 2020 2019 2020 2019 Net sales $1,884,000 $559,000 Cost of goods sold 1,079,532 296,829 Operating expenses 259,992 79,937 Interest expense 7,536 4,472 Income tax expense 54,636 6,149 Current assets 320,000 $314,200 82,300 $78,600 Plant assets (net) 521,700 500,000 139,200 124,500 Current liabilities 65,400 74,600 36,400 30,600 Long-term liabilities 108,400...
Exercise 9-13 (Video) Fultz Company has accumulated the following budget data for the year 2020. 1. 3. 4. 5. Sales: 31,410 units, unit selling price $89. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $8 per direct labor hour. Inventories (raw materials only): beginning, 10,240 pounds; ending, 15,220 pounds. Selling and administrative expenses: $170,000; interest expense: $30,000. Income taxes: 30% of income...