Homework Answers
Under Multi step format
Gross Profit = Total revenue - Cost of Goods sold
$320000 - $60000 = $260000
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Question 3 1.43 pts The following is a single-step income statement for the James Bonds Company:...
The following is a single-step income statement for the James Bonds Company: James Bonds Company Income...
The following is a single-step income statement for the James Bonds Company: James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 interest Income me 20.000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Total Expenses 129.000 Net Income $191.000 Revenues: Sales $300,000 Interest Income 20,000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000...
Question 1 1.43 pts Which of the following is an example of an administrative expense? Loss...
Question 1 1.43 pts Which of the following is an example of an administrative expense? Loss from disposing of fixed assets Cost of goods sold Office supplies expense Advertising expense Question 2 1.43 pts Which of the following is an example of a selling expense? Advertising expense Rent expense Cost of goods sold Depreciation of land and building James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 Interest Income 20.000 Total Revenues $320,000 Expenses:...
1.) Reynolds Company The following is a single-step income statement for the Reynolds Company: Reynolds Company...
1.) Reynolds Company The following is a single-step income statement for the Reynolds Company: Reynolds Company Income Statement For the Year Ended December 31, 2014 Revenues Net Sales $920,000 Interest Income 125,500 Total Revenues $1045,500 Expenses Cost of Goods Sold $ 700,000 Selling Expenses 80,000 General and Administrative Expenses 97,500 Interest Expense 72,500 Income Tax Expense 29,000 Total Expenses 979,000 Net Income $ 66,500 Refer to Reynolds Company. If the income statement were prepared in a multiple-step format, Gross Profit...
Preparing a Single-Step and a Multiple-Step Income Statement The following selected items are taken from the...
Preparing a Single-Step and a Multiple-Step Income Statement The following selected items are taken from the adjusted trial balance of Amick Corp. at December 31, 2020. Sales revenue $950,000 Cost of goods sold 575,000 Dividends received on investment in stocks 6,500 Interest expense 4,200 Loss on sale of investments 48,000 Promotion expense 15,000 Shipping expense 25,000 Depreciation (50% selling, 50% general and administrative) 20,000 Salaries (general and administrative) 80,000 Other general and administrative expenses 23,000 Salaries (selling) 85,300 Interest revenue...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty...
Exercise 4-5 (Algo) Income statement presentation (LO4-1.4-5] The following incorrect income statement was prepared by the...
Exercise 4-5 (Algo) Income statement presentation (LO4-1.4-5] The following incorrect income statement was prepared by the accountant of the Axel Corporation $660,000 86.000 705,000 AXEL CORPORATION Income Statement For the Year Ended Deceber 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses! Cost of good old $260.000 Balling expense 66.000 Administrative expense 86.000 Interest expense 23,000 Ratuting Costs 82.000 Income wax expense 49.000 Total exponer and loss 644.000...
2. Convert the 2016 income statement to the same format as the 2017 income statement. Gleeson...
2. Convert the 2016 income statement to the same format as the 2017 income statement. Gleeson Company Income Statement For the Year Ended December 31, 2016 Sales $ 1,500,000 Cost of sales 450,000 Gross profit $ 1,050,000 Selling expenses Administrative expenses Total selling and administrative expenses $ 689,000 Net income 361,000 Comparability and consistency in Income Statements The following income statements were provided by Gleeson Company, a retailer: 2017 Income Statement Sales $1,700,000 Cost of sales 520,000 $1,180,000 Gross profit...
PROBLEM 5-Multiple Income Statement Hoyle Company gathered the following condensed data for the year ended December...
PROBLEM 5-Multiple Income Statement Hoyle Company gathered the following condensed data for the year ended December 31, 2014 wolltepa LEBO Cost of goods sold Sales Sales Retums and Allowances Selling Expenses Administrative Expenses Interest expense Interest revenue Loss on disposal of Equipment $ 650,000 1.325,000 25,000 120,000 100,000 30,000 20.000 200,000 Instructions a) Prepare a multiple-step income statement b) Compute the gross profit rate. Hoyle Company Multiple-Step Income Statement For the year ended December 31, 2014 Gross Profit Rate:
Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate...
Prepare a multiple-step income statement for 2021
applying generally accepted accounting principles. The income tax
rate is 25%.
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $680,000 41,000 88,000 809,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $370,000 Selling expense 68,000 Administrative expense 88,000 Interest expense 25,000...
Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company...
Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance: Loss from fire (pretax) $8,000 General and administrative expenses $17,000 Interest revenue 3,000 Sales 180,000 Selling expenses 15,000 Unrealized decrease in fair value of Cost of goods sold 90,000 available-for-sale securities 1,800 Loss on sale of equipment (pretax) 2,000 Additional data: Seven thousand shares of common stock have been outstanding the entire year. The income...
The following is a single-step income statement for the James Bonds Company: James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 interest Income me 20.000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Total Expenses 129.000 Net Income $191.000 Revenues: Sales $300,000 Interest Income 20,000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000...
Question 1 1.43 pts Which of the following is an example of an administrative expense? Loss from disposing of fixed assets Cost of goods sold Office supplies expense Advertising expense Question 2 1.43 pts Which of the following is an example of a selling expense? Advertising expense Rent expense Cost of goods sold Depreciation of land and building James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 Interest Income 20.000 Total Revenues $320,000 Expenses:...
Preparing a Single-Step and a Multiple-Step Income Statement The following selected items are taken from the adjusted trial balance of Amick Corp. at December 31, 2020. Sales revenue $950,000 Cost of goods sold 575,000 Dividends received on investment in stocks 6,500 Interest expense 4,200 Loss on sale of investments 48,000 Promotion expense 15,000 Shipping expense 25,000 Depreciation (50% selling, 50% general and administrative) 20,000 Salaries (general and administrative) 80,000 Other general and administrative expenses 23,000 Salaries (selling) 85,300 Interest revenue...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty...
Exercise 4-5 (Algo) Income statement presentation (LO4-1.4-5] The following incorrect income statement was prepared by the accountant of the Axel Corporation $660,000 86.000 705,000 AXEL CORPORATION Income Statement For the Year Ended Deceber 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses! Cost of good old $260.000 Balling expense 66.000 Administrative expense 86.000 Interest expense 23,000 Ratuting Costs 82.000 Income wax expense 49.000 Total exponer and loss 644.000...
2. Convert the 2016 income statement to the same format as the 2017 income statement. Gleeson Company Income Statement For the Year Ended December 31, 2016 Sales $ 1,500,000 Cost of sales 450,000 Gross profit $ 1,050,000 Selling expenses Administrative expenses Total selling and administrative expenses $ 689,000 Net income 361,000 Comparability and consistency in Income Statements The following income statements were provided by Gleeson Company, a retailer: 2017 Income Statement Sales $1,700,000 Cost of sales 520,000 $1,180,000 Gross profit...
PROBLEM 5-Multiple Income Statement Hoyle Company gathered the following condensed data for the year ended December 31, 2014 wolltepa LEBO Cost of goods sold Sales Sales Retums and Allowances Selling Expenses Administrative Expenses Interest expense Interest revenue Loss on disposal of Equipment $ 650,000 1.325,000 25,000 120,000 100,000 30,000 20.000 200,000 Instructions a) Prepare a multiple-step income statement b) Compute the gross profit rate. Hoyle Company Multiple-Step Income Statement For the year ended December 31, 2014 Gross Profit Rate:
Prepare a multiple-step income statement for 2021
applying generally accepted accounting principles. The income tax
rate is 25%.
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $680,000 41,000 88,000 809,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $370,000 Selling expense 68,000 Administrative expense 88,000 Interest expense 25,000...
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