Homework Answers
| Sales | $865,000 | ||||
| Less: Cost of Goods Sold | ($612,000) | ||||
| Gross Income | $253,000 | ($865000-$612000) | |||
| Less: Salary Expense | ($30,000) | ||||
| Less: Interest Expense | ($32,000) | ||||
| Net Income before taxes | $191,000 | ($253000-$30000-$32000) | |||
| Less: Income Tax Expense | ($61,000) | ||||
| Net Income after Taxes | $130,000 | ($191000-$61000) | |||
| Beginning Balance of Retained Earnings | - | ||||
| Add: Net Income | $130,000 | ||||
| Less: Dividends paid | ($25,000) | ||||
| Ending Balance in Retained Earnings | $105,000 | ($130000-$25000) | |||
| The correct answer is e. $105000 |
Add Answer to:
QUESTION 9 Sanchez Company reported the following items on its financial statement for the year ending...
Sidney Company reported the following items on its financial statement for the year ending December 31,...
Sidney Company reported the following items on its financial statement for the year ending December 31, 20X1. This is the first year of operations. Sales $955,000 Cost of Goods Sold $468,000 Salary Expense 53,000 Interest Expense 31,000 Dividends 12,000 Income Tax Expense 45,000 What is the Net Income reported for the period ending Dec. 31, 20X1? a. $487,000 b. $163,000 c. $403,000 d. $346,000 e. $358,000
Las Palmas Company reported the following items on its financial statements for the year ending December...
Las Palmas Company reported the following items on its financial statements for the year ending December 31, 2017: Sales $ 560,000 Cost of goods sold $400,000 Salary expense 40,000 Interest expense 30,000 Dividends 30,000 Income tax expense 25,000 How much will be reported as retained earnings on Las Palmas' balance sheet at December 31, 2017, if this is the first year of operations?
In its income statement for the year ended December 31, 2017, Cullumber Company reported the following condensed d...
In its income statement for the year ended December 31, 2017, Cullumber Company reported the following condensed data. Salaries and wages expenses $465,000 Loss on disposal of plant assets $83,500 Cost of goods sold 945,000 Sales revenue 2,230,000 Interest expense 71,000 Income tax expense 25,000 Interest revenue 14,500 Sales discounts 130,000 Depreciation expense 320,000 Utilities expense 100,000 (a) Prepare a multiple-step income statement. (List other revenues before other &penses) CULLUMBER COMPANY Income Statement us.com/courses/30732/assignments/3081387?módule iteh $
Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2021:...
Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2021: Operating income $ 200,000 Income on discontinued operations 80,000 All income statement items are subject to a 25% income tax rate. In its 2021 income statement, Freda's separately stated income tax expense and total income tax expense would be: $70,000 and $70,000, respectively. O $50,000 and $50,000, respectivelyn $50,000 and $70,000, respectively. $70,000 and $50,000, respectively.
Gomez Corp. reported the following items for the year ended December 31, 2020. Preparing the Cash...
Gomez Corp. reported the following items for the year ended
December 31, 2020.
Preparing the Cash Flow from Investing Activities Section Gomez Corp. reported the following items for the year ended December 31, 2020. Item Purchased an investment in debt securities (long-term) for cash Sold equipment for cash, previously used in operations Paid cash for dividends Issued common stock for cash Dec 31, 2020 $ 30,000 25,000 10,000 100,000 80,000 11,000 15,000 8,000 Retired a 10-year bond payable by repaying...
Canton Corporation reported the following items in its adjusted trial balance for the year ended December...
Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2021: Income from continuing operations before income taxes Gain on disposal of discontinued component Loss from operations of discontinued component $ 120,000 28,000 (60,000) 3.33 points Canton is subject to a 25% tax rate 8 00:58:22 Required: Prepare the December 31, 2021, income statement for Canton Corporation, starting with income from continuing operations before income taxes. (Amounts to be deducted should be indicated...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2021 ($ in thousands):
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (L04-1, 4-3, 4-4, 4-5) Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 32,000 380 580 Cost of goods sold Selling and administrative expense Restructuring costs $ 17,500 3,900 2,200 In addition, during the year...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $37,000...
Colton Enterprises experienced the following events for Year 1,
the first year of operation:
Acquired $37,000 cash from the issue of common stock.
Paid $12,200 cash in advance for rent. The payment was for the
period April 1, Year 1, to March 31, Year 2.
Performed services for customers on account for $76,000.
Incurred operating expenses on account of $36,000.
Collected $58,500 cash from accounts receivable.
Paid $23,000 cash for salary expense.
Paid $28,800 cash as a partial payment on...
1. The Nowland Company reported the following items on its financial statements for the year ended...
1. The Nowland Company reported the following items on its financial statements for the year ended December 31, 2019: Sales $780,000, Selling, General and Administrative expenses $20,000, Dividends $5,000, Cost of Goods Sold $700,000, Interest expense $15,000, and Income tax expense $12,500. What is Nowland's Net Income for 2019? A. $22,500 B. $80,000 C. $42,500 D. $32,500 2. Upon organizing the new business, one of the owners invested Cash of $12,000 and Machinery valued at $11,300 receiving Common stock in...
Izzy Corporation reported the following in its financial statements (in millions): (in millions) Dec. 31, Year...
Izzy Corporation reported the following in its financial statements (in millions): (in millions) Dec. 31, Year 2 Dec. 31, Year 1 Total assets $101,994 $91,313 Revenues 53,448 49,820 Research and development expense 12,740 12,128 Net income 9,284 10,278 What is the common-size amount for Izzy Corporation’s research and development expense for Year 2? Select one: a. None of the above b. 23.8% c. 12.5% d. 19.2% e. 72.9%
In its income statement for the year ended December 31, 2017, Cullumber Company reported the following condensed data. Salaries and wages expenses $465,000 Loss on disposal of plant assets $83,500 Cost of goods sold 945,000 Sales revenue 2,230,000 Interest expense 71,000 Income tax expense 25,000 Interest revenue 14,500 Sales discounts 130,000 Depreciation expense 320,000 Utilities expense 100,000 (a) Prepare a multiple-step income statement. (List other revenues before other &penses) CULLUMBER COMPANY Income Statement us.com/courses/30732/assignments/3081387?módule iteh $
Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2021: Operating income $ 200,000 Income on discontinued operations 80,000 All income statement items are subject to a 25% income tax rate. In its 2021 income statement, Freda's separately stated income tax expense and total income tax expense would be: $70,000 and $70,000, respectively. O $50,000 and $50,000, respectivelyn $50,000 and $70,000, respectively. $70,000 and $50,000, respectively.
Gomez Corp. reported the following items for the year ended
December 31, 2020.
Preparing the Cash Flow from Investing Activities Section Gomez Corp. reported the following items for the year ended December 31, 2020. Item Purchased an investment in debt securities (long-term) for cash Sold equipment for cash, previously used in operations Paid cash for dividends Issued common stock for cash Dec 31, 2020 $ 30,000 25,000 10,000 100,000 80,000 11,000 15,000 8,000 Retired a 10-year bond payable by repaying...
Canton Corporation reported the following items in its adjusted trial balance for the year ended December 31, 2021: Income from continuing operations before income taxes Gain on disposal of discontinued component Loss from operations of discontinued component $ 120,000 28,000 (60,000) 3.33 points Canton is subject to a 25% tax rate 8 00:58:22 Required: Prepare the December 31, 2021, income statement for Canton Corporation, starting with income from continuing operations before income taxes. (Amounts to be deducted should be indicated...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2021 ($ in thousands):
Problem 4-6 (Algo) Income statement presentation; Discontinued operations; EPS (L04-1, 4-3, 4-4, 4-5) Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 32,000 380 580 Cost of goods sold Selling and administrative expense Restructuring costs $ 17,500 3,900 2,200 In addition, during the year...
Colton Enterprises experienced the following events for Year 1,
the first year of operation:
Acquired $37,000 cash from the issue of common stock.
Paid $12,200 cash in advance for rent. The payment was for the
period April 1, Year 1, to March 31, Year 2.
Performed services for customers on account for $76,000.
Incurred operating expenses on account of $36,000.
Collected $58,500 cash from accounts receivable.
Paid $23,000 cash for salary expense.
Paid $28,800 cash as a partial payment on...
Most questions answered within 3 hours.
-
Cranium, Inc., purchases term papers from an overseas supplier
under a continuous review system. The average...
asked 3 hours ago -
1- What is the freezing point of pure water (in degrees
Celsius)?
2-
he molar mass...
asked 3 hours ago -
Determine the direction of the force that will act on the charge
in each of the...
asked 4 hours ago -
You purchase your daily coffee at the Chemist’s Coffeehouse and
have a choice of two cups:...
asked 6 hours ago -
Which of the following pairs of chemicals could be used to make
a buffer solution?
A.)...
asked 6 hours ago -
Problem 16-51 Sales
Activity Variance (LO 16-3)Odessa, Inc., reports the following
information concerning operations for the...
asked 7 hours ago -
Pictured on the right are thee point charges Q1 = 18.4 μC, Q2 =
-30.6 μC,...
asked 7 hours ago -
A graduate student is conducting research in psychology and
needs to obtain the IQ scores of...
asked 7 hours ago -
R2.84: There are 2 defective products in a production lot of 10.
An inspector randomly selected...
asked 9 hours ago -
Consider the following equilibrium system: COCl2(g) CO(g) +
Cl2(g) A 10.00 L evacuated flask is filled...
asked 9 hours ago -
1) What are the two distinct steps that one needs to perform
when developing a data...
asked 9 hours ago -
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 10 hours ago