Homework Answers
| Income statement reflects the perfomance of business. It calculates net income earned by company for a particular period. | |||||||
| Net income is calculated as total revenue less total expenses. | |||||||
| The multiple step income statement is shown below | |||||||
| RIVERBED CORP | |||||||
| Income statement | |||||||
| For the year ended December 31, 2017 | |||||||
| Revenues | |||||||
| Sales | $2,448,000 | ||||||
| Less: Sales returns and allowances | $41,820 | ||||||
| Sales discounts | $8,670 | $50,490 | |||||
| Net sales | $2,397,510 | ||||||
| Cost of goods sold | $1,106,700 | ||||||
| Gross profit | $1,290,810 | ||||||
| Operating expenses | |||||||
| Salaries expense | $688,500 | ||||||
| Depreciation expense | $127,500 | ||||||
| Advertising expense | $56,100 | ||||||
| Freight out | $25,500 | ||||||
| Insurance expense | $15,300 | ||||||
| Total operating expenses | $912,900 | ||||||
| Profit from operations | $377,910 | ||||||
| Other revenues and expenses | |||||||
| Interest revenue | $30,600 | ||||||
| Rent revenue | $24,480 | ||||||
| Interest expense | -$71,400 | -$16,320 | |||||
| Profit before income tax | $361,590 | ||||||
| Income tax expense | $71,400 | ||||||
| Net income | $290,190 | ||||||
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Question 7 The following selected accounts from the Riverbed Corp's accounting records are presented below for...
CALCULATOR PRINTER VERSION BACK The following selected accounts from the Riverbed Corp's accounting records are pr...
CALCULATOR PRINTER VERSION BACK The following selected accounts from the Riverbed Corp's accounting records are presented below for the year ended December 31, 2017: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Freight-out Income tax expense Insurance expense Interest expense $ 56,100 255,000 1,106,700 127,500 153,000 25,500 71,400 15,300 71,400 Interest revenue Inventory Rent revenue Retained earnings Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $ 30,600 68,340 24,480 545,700 688,500 8,670 41,820...
The following selected accounts from the Blue Spruce Corp's general ledger are presented below for the...
The following selected accounts from the Blue Spruce Corp's general ledger are presented below for the year ended December 31, 2022: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Freight-out Income tax expense Insurance expense Interest expense $63.000 Interest revenue 258.000 Inventory 1,093.000 Rent revenue 133,000 Retained earnings 158,000 Salaries and wages expense 33.000 Sales discounts 78.000 Sales returns and allowances 15,000 Sales revenue 77.000 $40.000 75.000 24.000 543,000 682,000 9.600 51.000 2,407.000 Prepare a multiple-step income...
The following selected accounts from the Windsor, Inc.'s general ledger are presented below for the year...
The following selected accounts from the Windsor, Inc.'s general ledger are presented below for the year ended December 31, 2022: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Freight-out Income tax expense Insurance expense Interest expense $ 48,000 Interest revenue 243,000 Inventory 1,078,000 Rent revenue 118,000 Retained earnings 143,000 Salaries and wages expense 18,000 Sales discounts 63,000 Sales returns and allowances 15, Dad Sales revenue 63, nad $ 26.000 60,000 21.000 528.000 668,000 3.000 37.000 2,393,00D Prepare...
The following selected accounts from the Blue Door Corporation's general ledger are presented below for the...
The following selected accounts from the Blue Door Corporation's general ledger are presented below for the year ended December 31, 2022 Advertising expense $55,000 Interest revenue Common stock 250,000 Inventory $ 30,000 67.000 24,000 Cost of goods sold 1,085,000 Rent revenue Depreciation expense 125,000 Retained earnings 535,000 Dividends 150,000 Salaries and wages expense 675,000 8,500 Freight-out 25,000 Sales discounts Income tax expense 70,000 Sales returns and allowances 41,000 2,400,000 Insurance expense Sales revenue 15,000 70,000 Interest expense Prepare a multiple-step...
General ledgers The following selected accounts from the Tamarisk, Inc.’s general ledger are presented below for...
General ledgers The following selected accounts from the
Tamarisk, Inc.’s general ledger are presented below for the year
ended December 31, 2022:
Advertising expense
$ 57,000
Interest revenue
$ 34,000
Common stock
252,000
Inventory
69,000
Cost of goods sold
1,087,000
Rent revenue
24,000
Depreciation expense
127,000
Retained earnings
537,000
Dividends
152,000
Salaries and wages expense
676,000
Freight-out
27,000
Sales discounts
8,700
Income tax expense
72,000
Sales returns and allowances
45,000
Insurance expense
15,000
Sales revenue
2,401,000
Interest expense
71,000
Prepare...
B) The following selected accounts from Okanagan Corporation’s general ledger are presented below for the year...
B) The following selected accounts from Okanagan
Corporation’s general ledger are presented below for the year ended
December 31, 2018:
Accounts receivable
$249,000
Accumulated depreciation—equipment
745,000
Advertising expense
50,000
Common shares
254,000
Cost of goods sold
1,085,000
Depreciation expense
131,000
Dividends declared
154,000
Equipment
1,461,000
Freight out
24,000
Income tax expense
73,000
Insurance expense
23,000
Interest expense
60,000
Interest revenue
31,000
Inventory
103,000
Prepaid expenses
31,000
Rent revenue
24,000
Retained earnings
506,000
Salaries expense
772,000
Sales
2,646,000
Sales discounts
22,000...
The following selected accounts from the Windsor, Inc.s general ledger are presented below for the year...
The following selected accounts from the Windsor, Inc.s general ledger are presented below for the year ended December 31, 2022: Advertising expense $ 48,000 Interest revenue $ 26,000 Common stock 243,000 Inventory 60,000 Cost of goods sold 1,078,000 Rent revenue 24,000 Depreciation expense 118,000 Retained earnings 528,000 Dividends 143,000 Salaries and wages expense 668,000 Freight-out 18,000 Sales discounts 8,000 Income tax expense 63,000 Sales returns and allowances 37,000 Insurance expense 15,000 Sales revenue 2,393,000 Interest expense 63,000 Prepare a multiple-step...
The following selected accounts from Okanagan Corporation’s general ledger are presented below for the year ended...
The following selected accounts from Okanagan Corporation’s
general ledger are presented below for the year ended December 31,
2018:
Accounts receivable
$249,000
Accumulated depreciation—equipment
745,000
Advertising expense
50,000
Common shares
254,000
Cost of goods sold
1,085,000
Depreciation expense
131,000
Dividends declared
154,000
Equipment
1,461,000
Freight out
24,000
Income tax expense
73,000
Insurance expense
23,000
Interest expense
60,000
Interest revenue
31,000
Inventory
103,000
Prepaid expenses
31,000
Rent revenue
24,000
Retained earnings
506,000
Salaries expense
772,000
Sales
2,646,000
Sales discounts
22,000
Sales...
LUS Support Question 6 View Policies Current Attempt in Progress The following selected accounts from the...
LUS Support Question 6 View Policies Current Attempt in Progress The following selected accounts from the Pina Colada Corp's general ledger are presented below for the year ended December 31, 2022 Advertising expense $56,000 Interest revenue $ 33,000 Common stock 251,000 Inventory 68,000 Cost of goods sold 1,086,000 Rent revenue 24,000 Depreciation expense 126,000 Retained earnings Dividends 151,000 Salaries and wages expense Freight-out 26,000 71,000 15,000 Income tax expense 536,000 675,000 8,800 44,000 2,400,000 Sales discounts Sales returns and allowances...
The following selected accounts from the Monty Corps general ledger are presented below for the year...
The following selected accounts from the Monty Corps general ledger are presented below for the year ended December 31, 2022: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends $ 52,000 Interest revenue 247,000 Inventory 1,082,000 Rent revenue 122,000 Retained earnings 147,000 Salaries and wages expense 22,000 Sales discounts 67,000 Sales returns and allowances 15.000 Sales revenue 67.000 $ 30,000 64,000 24,000 532,000 672,000 8.200 41,000 Freight-out Income tax expense Insurance expense 2,397,000 Interest expense Monty Corp. Income...
CALCULATOR PRINTER VERSION BACK The following selected accounts from the Riverbed Corp's accounting records are presented below for the year ended December 31, 2017: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Freight-out Income tax expense Insurance expense Interest expense $ 56,100 255,000 1,106,700 127,500 153,000 25,500 71,400 15,300 71,400 Interest revenue Inventory Rent revenue Retained earnings Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $ 30,600 68,340 24,480 545,700 688,500 8,670 41,820...
The following selected accounts from the Blue Spruce Corp's general ledger are presented below for the year ended December 31, 2022: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Freight-out Income tax expense Insurance expense Interest expense $63.000 Interest revenue 258.000 Inventory 1,093.000 Rent revenue 133,000 Retained earnings 158,000 Salaries and wages expense 33.000 Sales discounts 78.000 Sales returns and allowances 15,000 Sales revenue 77.000 $40.000 75.000 24.000 543,000 682,000 9.600 51.000 2,407.000 Prepare a multiple-step income...
The following selected accounts from the Windsor, Inc.'s general ledger are presented below for the year ended December 31, 2022: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Freight-out Income tax expense Insurance expense Interest expense $ 48,000 Interest revenue 243,000 Inventory 1,078,000 Rent revenue 118,000 Retained earnings 143,000 Salaries and wages expense 18,000 Sales discounts 63,000 Sales returns and allowances 15, Dad Sales revenue 63, nad $ 26.000 60,000 21.000 528.000 668,000 3.000 37.000 2,393,00D Prepare...
The following selected accounts from the Blue Door Corporation's general ledger are presented below for the year ended December 31, 2022 Advertising expense $55,000 Interest revenue Common stock 250,000 Inventory $ 30,000 67.000 24,000 Cost of goods sold 1,085,000 Rent revenue Depreciation expense 125,000 Retained earnings 535,000 Dividends 150,000 Salaries and wages expense 675,000 8,500 Freight-out 25,000 Sales discounts Income tax expense 70,000 Sales returns and allowances 41,000 2,400,000 Insurance expense Sales revenue 15,000 70,000 Interest expense Prepare a multiple-step...
General ledgers The following selected accounts from the
Tamarisk, Inc.’s general ledger are presented below for the year
ended December 31, 2022:
Advertising expense
$ 57,000
Interest revenue
$ 34,000
Common stock
252,000
Inventory
69,000
Cost of goods sold
1,087,000
Rent revenue
24,000
Depreciation expense
127,000
Retained earnings
537,000
Dividends
152,000
Salaries and wages expense
676,000
Freight-out
27,000
Sales discounts
8,700
Income tax expense
72,000
Sales returns and allowances
45,000
Insurance expense
15,000
Sales revenue
2,401,000
Interest expense
71,000
Prepare...
B) The following selected accounts from Okanagan
Corporation’s general ledger are presented below for the year ended
December 31, 2018:
Accounts receivable
$249,000
Accumulated depreciation—equipment
745,000
Advertising expense
50,000
Common shares
254,000
Cost of goods sold
1,085,000
Depreciation expense
131,000
Dividends declared
154,000
Equipment
1,461,000
Freight out
24,000
Income tax expense
73,000
Insurance expense
23,000
Interest expense
60,000
Interest revenue
31,000
Inventory
103,000
Prepaid expenses
31,000
Rent revenue
24,000
Retained earnings
506,000
Salaries expense
772,000
Sales
2,646,000
Sales discounts
22,000...
The following selected accounts from the Windsor, Inc.s general ledger are presented below for the year ended December 31, 2022: Advertising expense $ 48,000 Interest revenue $ 26,000 Common stock 243,000 Inventory 60,000 Cost of goods sold 1,078,000 Rent revenue 24,000 Depreciation expense 118,000 Retained earnings 528,000 Dividends 143,000 Salaries and wages expense 668,000 Freight-out 18,000 Sales discounts 8,000 Income tax expense 63,000 Sales returns and allowances 37,000 Insurance expense 15,000 Sales revenue 2,393,000 Interest expense 63,000 Prepare a multiple-step...
The following selected accounts from Okanagan Corporation’s
general ledger are presented below for the year ended December 31,
2018:
Accounts receivable
$249,000
Accumulated depreciation—equipment
745,000
Advertising expense
50,000
Common shares
254,000
Cost of goods sold
1,085,000
Depreciation expense
131,000
Dividends declared
154,000
Equipment
1,461,000
Freight out
24,000
Income tax expense
73,000
Insurance expense
23,000
Interest expense
60,000
Interest revenue
31,000
Inventory
103,000
Prepaid expenses
31,000
Rent revenue
24,000
Retained earnings
506,000
Salaries expense
772,000
Sales
2,646,000
Sales discounts
22,000
Sales...
LUS Support Question 6 View Policies Current Attempt in Progress The following selected accounts from the Pina Colada Corp's general ledger are presented below for the year ended December 31, 2022 Advertising expense $56,000 Interest revenue $ 33,000 Common stock 251,000 Inventory 68,000 Cost of goods sold 1,086,000 Rent revenue 24,000 Depreciation expense 126,000 Retained earnings Dividends 151,000 Salaries and wages expense Freight-out 26,000 71,000 15,000 Income tax expense 536,000 675,000 8,800 44,000 2,400,000 Sales discounts Sales returns and allowances...
The following selected accounts from the Monty Corps general ledger are presented below for the year ended December 31, 2022: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends $ 52,000 Interest revenue 247,000 Inventory 1,082,000 Rent revenue 122,000 Retained earnings 147,000 Salaries and wages expense 22,000 Sales discounts 67,000 Sales returns and allowances 15.000 Sales revenue 67.000 $ 30,000 64,000 24,000 532,000 672,000 8.200 41,000 Freight-out Income tax expense Insurance expense 2,397,000 Interest expense Monty Corp. Income...
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