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Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost...
Ch 6 In class assignment-submitted in Canvas Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000...
Ch 6 In class assignment-submitted in Canvas Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 320,000 Utilities expense 3,000 Rent Expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (end) 12,000 Determine: 1. Net sales $ 2. Gross profit 3. Operating expenses $ 4. Operating income $ 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) ____% $ Use the following...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest expense | 2,000 Income tax expense 20,000 Rent Expense 8,000 Cost of goods sold 298,000 Inventory (begin) 31,000 Inventory (end) 26,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __:__% Use the following for 9 and 10 Units Beginning inventory 20 Purchase 1...
- ZOOM + $475,000 6,000 2,000 8,000 298,000 26,000 Salaries expense $112,000 Sales revenue Sales returns...
- ZOOM + $475,000 6,000 2,000 8,000 298,000 26,000 Salaries expense $112,000 Sales revenue Sales returns 4,400 Interest income Utilities expense 6,000 Interest expense Income tax expense 20,000 Rent Expense Cost of goods sold Inventory (begin) 31,000 Inventory (end) Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __.__% Use the following for 9 and 10 Units Beginning inventory 20...
Multiple-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year. For the...
Multiple-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year. For the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000. Brandt's income tax rate is 30%. Prepare Brandt's multiple-step income statement for the current year. BRANDT CORPORATION Income Statement For Year Ended December 31, Current Year Sales revenue 500,000 Cost of goods sold 240,000 ✓ Gross profit 740,000 х Operating...
SC reports the following income statement results: Sales $907,000 Operating expense 288,400 Net income 94,500 Sales...
SC reports the following income statement results: Sales $907,000 Operating expense 288,400 Net income 94,500 Sales returns & allowances 7,000 Gross profit 401,400 Interest revenue 4,000 $____________Calculate Net sales: $____________Calculate Cost of Goods Sold $____________Calculate operating income $_____________Calculate Income before Income tax (IBT) ___ ___.___%. Calculate the gross profit margin(one decimal place) __ ___.___%. Calculate the net profit margin (one decimal place
$376,000 18,000 38,000 48,000 Income tax expense 48,000 128,000 28,000 Sales revenue Interest expense Salaries expense...
$376,000 18,000 38,000 48,000 Income tax expense 48,000 128,000 28,000 Sales revenue Interest expense Salaries expense Utilities expense Cost of goods sold Advertising expense Required: Prepare a multiple-step income statement Multiple-step Income Statement For the year ended December 31, Year 1 376,000 Sales revenue $ Cost of goods sold 128,000 Gross profit 247,000 $ Total operating expenses Operating income
Please show work! thank you Use the following to answer questions 22-29 GHT Corporation reports the...
Please show work! thank you
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense _Determine net income _ _% Calculate gross profit ratio...
1. January 30th Purchase (cash) 130 units @ $124 2. March 12th Purchase (cash) 220 units @$128...
1. January 30th Purchase (cash) 130 units @ $124 2. March 12th Purchase (cash) 220 units @$128 3. June 3rd Sale (cash) 350 units @$320 Paid $24,000 of operating expenses. 4. Paid cash for income tax at the rate of 40 percent of income before tax. Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net profit assuming: FIFO cost flow LIFO cost flow Weighted-average cost flow. Using the following layout. FIFO Ending Inventory Goods Available...
please help with answers for Income Tax Expense and Net Income/loss? second question. Current Attempt in...
please help with answers for Income Tax Expense and
Net Income/loss?
second question.
Current Attempt in Progress Suppose in its income statement for the year ended June 30, 2022. The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 90 9.630 161 Research and development expense Income tax expense Loss on disposal of plant assets Cost of goods sold Rent expense...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Ch 6 In class assignment-submitted in Canvas Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 320,000 Utilities expense 3,000 Rent Expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (end) 12,000 Determine: 1. Net sales $ 2. Gross profit 3. Operating expenses $ 4. Operating income $ 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) ____% $ Use the following...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest expense | 2,000 Income tax expense 20,000 Rent Expense 8,000 Cost of goods sold 298,000 Inventory (begin) 31,000 Inventory (end) 26,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __:__% Use the following for 9 and 10 Units Beginning inventory 20 Purchase 1...
- ZOOM + $475,000 6,000 2,000 8,000 298,000 26,000 Salaries expense $112,000 Sales revenue Sales returns 4,400 Interest income Utilities expense 6,000 Interest expense Income tax expense 20,000 Rent Expense Cost of goods sold Inventory (begin) 31,000 Inventory (end) Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __.__% Use the following for 9 and 10 Units Beginning inventory 20...
Multiple-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year. For the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000. Brandt's income tax rate is 30%. Prepare Brandt's multiple-step income statement for the current year. BRANDT CORPORATION Income Statement For Year Ended December 31, Current Year Sales revenue 500,000 Cost of goods sold 240,000 ✓ Gross profit 740,000 х Operating...
$376,000 18,000 38,000 48,000 Income tax expense 48,000 128,000 28,000 Sales revenue Interest expense Salaries expense Utilities expense Cost of goods sold Advertising expense Required: Prepare a multiple-step income statement Multiple-step Income Statement For the year ended December 31, Year 1 376,000 Sales revenue $ Cost of goods sold 128,000 Gross profit 247,000 $ Total operating expenses Operating income
Please show work! thank you
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense _Determine net income _ _% Calculate gross profit ratio...
please help with answers for Income Tax Expense and
Net Income/loss?
second question.
Current Attempt in Progress Suppose in its income statement for the year ended June 30, 2022. The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 90 9.630 161 Research and development expense Income tax expense Loss on disposal of plant assets Cost of goods sold Rent expense...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
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