Homework Answers
22) Sales = 875000+12000 = 887000
23) Gross profit = 875000-425000 = 450000
24) Operating expenses = 285000+95000+7500 = 387500
25) Income before income tax = 450000-387500 = 62500
26) Income tax expense = (62500-3000)*20% = 11900
27) Net income = 62500-3000-11900 = 47600
28) Gross profit ratio = 450000/875000 = 51.4%
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Page 3 of 5 - ZOOM + GHT Corporation reports the following amounts in its December...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December...
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 28._ % Calculate gross profit ratio (round to one decimal...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December...
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 23. $ Determine gross profit Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense 27. $ _Determine net income 28.__% Calculate gross profit ratio (round to...
Page < 2 of 5 - ZOOM + Use the following to answer questions 18-21 GOL...
Page < 2 of 5 - ZOOM + Use the following to answer questions 18-21 GOL Inc., begins the year with inventory of $51,200 and ends the year with inventory of $44,300. During the year, the following amounts are recorded: Sales Sales returns & allowances Sales discounts Purchases Operating expenses $900,000 6,700 15,000 582,300 212,000 _Net Sales _Calculate cost of goods sold Gross profit 21. % Gross profit ratio (rounded to once decimal place) Chapter 6 Page 6-2 Use the...
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...
Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in...
Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement Sales $807,000 Advertising expense $100,000 Net sales 789,500 Salaries expense income tax expense 27,900 Cost of goods sold Sales returns 17,500 Utilities expense Gain on sale of equipment 6,000 Average shares outstanding 145,000 411,300 6,200 50,000 29. $. Determine gross profit: Determine operating expenses: _Determine Income before income taxes (IBT): 30.$_ Determine net income: 31. -- _%. Calculate...
REVIEW: Use the following to answer questions 28-32 T&JR Corp reports the following income statement results:...
REVIEW: Use the following to answer questions 28-32 T&JR Corp reports the following income statement results: Gross profit $321,300 Coo Interest expense 5,000 GP Sales discounts 15,000 Net Sales 700,000 Operating expense 245,000 tock) Effective tax rate yoth 1 BT ITE 21% 28. 715,000 Calculate Sales. N.I 29. $71,300 Calculate Income before Income tax (IBT). 30. $ Calculate net income. % Calculate the gross profit margin (one decimal place) 31. -_% Calculate the profit margin (two decimal places) 32.
HW #3 13. 0.50 points Beasley, Inc. reports the following amounts in its December 31, 2018,...
HW #3 13. 0.50 points Beasley, Inc. reports the following amounts in its December 31, 2018, income statement. $ 30,000 Sales revenue Interest expense Salaries expense Utilities expense $330,000 Income tax expense 12,000 Cost of goods sold 36,000 Advertising expense 45,000 22,000 Prepare a multiple-step income statement. BEASLEY, INC Multiple-step Income Statement For the year ended December 31, 2018 Total operating expenses Income before income taxes
- 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...
Exercise 6-2 Prepare a multiple-step income statement (LO6-2) Wayman Corporation reports the following amounts in its...
Exercise 6-2 Prepare a multiple-step income statement (LO6-2) Wayman Corporation reports the following amounts in its December 31, 2018, income statement. Sales revenue Interest expense Salaries expense Utilities expense $334,000 12,000 32,000 42,000 Income tax expense Cost of goods sold Advertising expense 42,000 122,000 22,000 Required Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2018 $ 334,000 122,000 Sales revenue Cost of goods sold Salariesexpense 32,000 42,000 22,000 tilities expense Advertising expense...
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
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 28._ % Calculate gross profit ratio (round to one decimal...
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 23. $ Determine gross profit Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense 27. $ _Determine net income 28.__% Calculate gross profit ratio (round to...
Page < 2 of 5 - ZOOM + Use the following to answer questions 18-21 GOL Inc., begins the year with inventory of $51,200 and ends the year with inventory of $44,300. During the year, the following amounts are recorded: Sales Sales returns & allowances Sales discounts Purchases Operating expenses $900,000 6,700 15,000 582,300 212,000 _Net Sales _Calculate cost of goods sold Gross profit 21. % Gross profit ratio (rounded to once decimal place) Chapter 6 Page 6-2 Use 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...
Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement Sales $807,000 Advertising expense $100,000 Net sales 789,500 Salaries expense income tax expense 27,900 Cost of goods sold Sales returns 17,500 Utilities expense Gain on sale of equipment 6,000 Average shares outstanding 145,000 411,300 6,200 50,000 29. $. Determine gross profit: Determine operating expenses: _Determine Income before income taxes (IBT): 30.$_ Determine net income: 31. -- _%. Calculate...
REVIEW: Use the following to answer questions 28-32 T&JR Corp reports the following income statement results: Gross profit $321,300 Coo Interest expense 5,000 GP Sales discounts 15,000 Net Sales 700,000 Operating expense 245,000 tock) Effective tax rate yoth 1 BT ITE 21% 28. 715,000 Calculate Sales. N.I 29. $71,300 Calculate Income before Income tax (IBT). 30. $ Calculate net income. % Calculate the gross profit margin (one decimal place) 31. -_% Calculate the profit margin (two decimal places) 32.
HW #3 13. 0.50 points Beasley, Inc. reports the following amounts in its December 31, 2018, income statement. $ 30,000 Sales revenue Interest expense Salaries expense Utilities expense $330,000 Income tax expense 12,000 Cost of goods sold 36,000 Advertising expense 45,000 22,000 Prepare a multiple-step income statement. BEASLEY, INC Multiple-step Income Statement For the year ended December 31, 2018 Total operating expenses Income before income taxes
- 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...
Exercise 6-2 Prepare a multiple-step income statement (LO6-2) Wayman Corporation reports the following amounts in its December 31, 2018, income statement. Sales revenue Interest expense Salaries expense Utilities expense $334,000 12,000 32,000 42,000 Income tax expense Cost of goods sold Advertising expense 42,000 122,000 22,000 Required Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2018 $ 334,000 122,000 Sales revenue Cost of goods sold Salariesexpense 32,000 42,000 22,000 tilities expense Advertising expense...
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