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The income statement of Tamache Corporation is shown below: TAMACHE CORPORATION Statement of Income Year Ended...
WileyPLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below: TAMACHE...
WileyPLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below: TAMACHE CORPORATION Statement of Income Year Ended December 31, 2020 Sales revenue $8,856,000 Cost of goods sold 5,400,000 Gross profit 3,456,000 Operating expenses $1,803,600 Depreciation expense 86,400 1,890,000 Profit before income tax $1,566,000 Income tax expense 548,100 Net income $1,017,900 Additional information: 1. Accounts receivable decreased $324,000 during the year. 2. Prepaid expenses increased $216,000 during the year. 3. Inventory decreased $432,000 during the year....
Wiley PLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below:...
Wiley PLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below: TAMACHE CORPORATION Statement of Income Year Ended December 31, 2020 Sales revenue $7,872,000 Cost of goods sold 4,800,000 Gross profit 3,072,000 Operating expenses $1,603,200 Depreciation expense 76,800 1.690.000 Profit before income tax $1,392,000 Income tax expense 487,200 Net income $904,800 Additional information: 1. Accounts receivable decreased $288,000 during the year. 2. Prepaid expenses increased $192,000 during the year. 3. Inventory decreased $384,000 during the...
The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November...
The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November 30, 2018 Sales $8,100,000 Cost of goods sold 4,950,000 Gross profit 3,150,000 Salaries expense 863,000 Operating expenses 222,000 Depreciation expense 90,000 Income before income tax 1,975,000 Income tax expense 245.000 Net income $1,730,000 Additional information: 1. Accounts receivable increased $400,000 during the year, and inventory decreased $540,000. 2. Prepaid expenses, which relate to administrative expenses, increased $200,000 during the year. 3. Accounts payable to...
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE...
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,750,000 Purchases 4,830,000 Goods available for sale 6,580,000 Ending inventory 1,450,000 Cost of goods sold Gross profit Operating expenses Selling expenses 440,000 Administrative expenses 770,000 Net income 5,130,000 1,640,000 1,210,000 $430,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts...
The income statement of Whitlock Company is presented here. W Income Statement NY For the Year Ended November 30, 2020...
The income statement of Whitlock Company is presented here. W Income Statement NY For the Year Ended November 30, 2020 Sales revenue $7,459,100 Cost goods sold Beginning inventory $1,986,400 Purchases 4,371,200 Goods available for sale 6,357,600 Ending inventory 1,444,200 Total cost of goods sold 4,913,400 Gross profit 2,545,700 Operating expenses 1,122,500 $1,423,200 Net income Additional information: 1. Accounts receivable increased $198,900 during the year, and inventory decreased $542,200. 2. Prepaid expenses increased $180,000 during the year. 3. Accounts payable to...
Exercise 23-3 The income statement of Nash Company is shown below. NASH COMPANY INCOME STATEMENT FOR...
Exercise 23-3 The income statement of Nash Company is shown below. NASH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,980,000 Cost of goods sold Beginning inventory $1,850,000 Purchases 4,580,000 Goods available for sale 6,430,000 Ending inventory 1,570,000 Cost of goods sold 4,860,000 Gross profit 2,120,000 Operating expenses Selling expenses 410,000 Administrative expenses 760,000 1,170,000 Net income $950,000 Additional information: 1. Accounts receivable decreased $300,000 during the year. 2. Prepaid expenses increased $170,000 during the year....
WileyPLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below: TAMACHE CORPOR...
WileyPLUS Problem 5-10 a (Indirect Method)
The income statement of Tamache Corporation is shown below:
TAMACHE CORPORATION
Statement of Income
Year Ended December 31, 2020
Sales revenue
$7,216,000
Cost of goods sold
4,400,000
Gross profit
2,816,000
Operating expenses
$1,469,600
Depreciation expense
70,400
1,540,000
Profit before income tax
$1,276,000
Income tax expense
446,600
Net income
$829,400
Additional information:
1.
Accounts receivable decreased $264,000 during the year.
2.
Prepaid expenses increased $176,000 during the year.
3.
Inventory decreased $352,000 during the year....
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue $7,564,900 Cost of goods sold Beginning inventory $1,836,300 Purchases 4,423,500 Goods available for sale 6,259,800 Ending inventory 1,305,000 Total cost of goods sold 4,954,800 Gross profit 2,610,100 Operating expenses 1,130,200 $1,479,900 Net income Additional information: 1. Accounts receivable increased $192,500 during the year, and inventory decreased $531,300. 2. Prepaid expenses increased $175,100 during the year. 3. Accounts payable...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue $7,431,800 Cost of goods sold Beginning inventory $1,880,900 Purchases 4,343,000 Goods available for sale 6,223.900 Ending inventory 1,490,000 Total cost of goods sold 4,733.900 Gross profit 2,697,900 Operating expenses 1,144.400 Net income $1,553,500 Additional information: 1. Accounts receivable increased $190,300 during the year, and inventory decreased $390,900. 2. Prepaid expenses increased $169,000 during the year. 3. Accounts payable...
The income statement of Bridgeport Company is shown below. BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR...
The income statement of Bridgeport Company is shown below. BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,910,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,420,000 Goods available for sale 6,330,000 Ending inventory 1,610,000 Cost of goods sold 4,720,000 Gross profit 2,190,000 Operating expenses Selling expenses 460,000 Administrative expenses 690,000 1,150,000 Net income $1,040,000 Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $190,000 during the year. 3. Accounts...
WileyPLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below: TAMACHE CORPORATION Statement of Income Year Ended December 31, 2020 Sales revenue $8,856,000 Cost of goods sold 5,400,000 Gross profit 3,456,000 Operating expenses $1,803,600 Depreciation expense 86,400 1,890,000 Profit before income tax $1,566,000 Income tax expense 548,100 Net income $1,017,900 Additional information: 1. Accounts receivable decreased $324,000 during the year. 2. Prepaid expenses increased $216,000 during the year. 3. Inventory decreased $432,000 during the year....
Wiley PLUS Problem 5-10 a (Indirect Method) The income statement of Tamache Corporation is shown below: TAMACHE CORPORATION Statement of Income Year Ended December 31, 2020 Sales revenue $7,872,000 Cost of goods sold 4,800,000 Gross profit 3,072,000 Operating expenses $1,603,200 Depreciation expense 76,800 1.690.000 Profit before income tax $1,392,000 Income tax expense 487,200 Net income $904,800 Additional information: 1. Accounts receivable decreased $288,000 during the year. 2. Prepaid expenses increased $192,000 during the year. 3. Inventory decreased $384,000 during the...
The income statement of Bridgeport Corporation is presented here. BRIDGEPORT CORPORATION Income Statement Year Ended November 30, 2018 Sales $8,100,000 Cost of goods sold 4,950,000 Gross profit 3,150,000 Salaries expense 863,000 Operating expenses 222,000 Depreciation expense 90,000 Income before income tax 1,975,000 Income tax expense 245.000 Net income $1,730,000 Additional information: 1. Accounts receivable increased $400,000 during the year, and inventory decreased $540,000. 2. Prepaid expenses, which relate to administrative expenses, increased $200,000 during the year. 3. Accounts payable to...
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,750,000 Purchases 4,830,000 Goods available for sale 6,580,000 Ending inventory 1,450,000 Cost of goods sold Gross profit Operating expenses Selling expenses 440,000 Administrative expenses 770,000 Net income 5,130,000 1,640,000 1,210,000 $430,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts...
The income statement of Whitlock Company is presented here. W Income Statement NY For the Year Ended November 30, 2020 Sales revenue $7,459,100 Cost goods sold Beginning inventory $1,986,400 Purchases 4,371,200 Goods available for sale 6,357,600 Ending inventory 1,444,200 Total cost of goods sold 4,913,400 Gross profit 2,545,700 Operating expenses 1,122,500 $1,423,200 Net income Additional information: 1. Accounts receivable increased $198,900 during the year, and inventory decreased $542,200. 2. Prepaid expenses increased $180,000 during the year. 3. Accounts payable to...
WileyPLUS Problem 5-10 a (Indirect Method)
The income statement of Tamache Corporation is shown below:
TAMACHE CORPORATION
Statement of Income
Year Ended December 31, 2020
Sales revenue
$7,216,000
Cost of goods sold
4,400,000
Gross profit
2,816,000
Operating expenses
$1,469,600
Depreciation expense
70,400
1,540,000
Profit before income tax
$1,276,000
Income tax expense
446,600
Net income
$829,400
Additional information:
1.
Accounts receivable decreased $264,000 during the year.
2.
Prepaid expenses increased $176,000 during the year.
3.
Inventory decreased $352,000 during the year....
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue $7,564,900 Cost of goods sold Beginning inventory $1,836,300 Purchases 4,423,500 Goods available for sale 6,259,800 Ending inventory 1,305,000 Total cost of goods sold 4,954,800 Gross profit 2,610,100 Operating expenses 1,130,200 $1,479,900 Net income Additional information: 1. Accounts receivable increased $192,500 during the year, and inventory decreased $531,300. 2. Prepaid expenses increased $175,100 during the year. 3. Accounts payable...
The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For the Year Ended November 30, 2020 Sales revenue $7,431,800 Cost of goods sold Beginning inventory $1,880,900 Purchases 4,343,000 Goods available for sale 6,223.900 Ending inventory 1,490,000 Total cost of goods sold 4,733.900 Gross profit 2,697,900 Operating expenses 1,144.400 Net income $1,553,500 Additional information: 1. Accounts receivable increased $190,300 during the year, and inventory decreased $390,900. 2. Prepaid expenses increased $169,000 during the year. 3. Accounts payable...
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