Homework Answers
| Gross Profit | Operating income | Income before income tax | Netincome/Loss | |
| Henry | 23,400 | 18,200 | 16,000 | 13,800 |
| Grace | 12,870 | -430 | -7630 | -7630 |
| James | 18,040 | 14,840 | 14,840 | 11,640 |
| Gross Profit = Sales revenue - cost of good sold | ||||
| operating Income = Gross profit - operating expenses | ||||
| Income before income tax = Gross profit - opearating expenses - non operating expenses | ||||
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ork 0 [The following information applies to the questions displayed below) Below are amounts found in...
work i Saved Below are amounts found in the income statements of three companies Company Henry...
work i Saved Below are amounts found in the income statements of three companies Company Henry Grace James Sales Revenue $36,eee 39,089 44,000 Cost of Goods Sold $12,600 26,130 25,960 Operating Expenses $5,2ee 13,300 3, 200 Non-operating Expenses $2,200 7.200 3 Income Tax Expense $2,280 ,289 / 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry Grace James < Prey 9 of 9 Next rch ote 9
(The following information applies to the questions displayed below.) Below are amounts found in the income...
(The following information applies to the questions displayed below.) Below are amounts found in the income statements of three companies. Company Henry Grace James Sales Revenue $42,000 45,000 50,000 Cost of Goods Sold $10,500 29,700 29,000 Operating Expenses $ 5,500 16, 600 3,500 Non- operating Expenses $2,500 7,500 0 Income Tax Expense $2,500 3,500 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) amounts should be indicated by a minus...
Required information [The following information applies to the questions displayed below.] Below are amounts found in...
Required information [The following information applies to the questions displayed below.] Below are amounts found in the income statements of three companies. Company Sales Revenue Cost of Goods Sold Operating Expenses Non-operating Expenses Income Tax Expense Henry $ 30,000 $ 6,000 $ 4,900 $ 1,900 $ 1,900 Grace 33,000 23,760 13,000 6,900 0 James 38,000 24,320 2,900 0 2,900 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry = Grace = James = 2-b. Which...
Below are amounts found in the income statements of three companies Company Henry Grace James Sales Revenue $20,00...
Below are amounts found in the income statements of three companies Company Henry Grace James Sales Revenue $20,000 23,000 28,000 Cost of Goods Sold $ 6,000 17,250 18,760 Operating Expenses $4,489 7,480 2,480 Non- operating Expenses $1,400 3,400 Income Tax Expense $1,400 2,400 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income (Negative amounts should be indicated by a minus sign.) Gros P O perating Income Income BeforeNet...
Required Information The following information applies to the questions displayed below.) The following financia...
Required Information The following information applies to the questions displayed below.) The following financial statements and additional Information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $100,300 $ 56,000 Accounts receivable, net 83,000 63,000 Inventory 75,800 104,500 Prepaid expenses 5,600 7,800 Total current assets 264, 700 231,300 Equipment 136,000 127,000 Accum. depreciation Equipment (33,000) (15,000) Total assets $367,700 $343,300 Liabilities and Equity Accounts payable $ 37,000 $ 48,000 Wages payable 7,200 17,400...
Required information The following information applies to the questions displayed below) Baskin Robbins is one of...
Required information The following information applies to the questions displayed below) Baskin Robbins is one of the world's largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso 'n Cream. Assume that a local Baskin Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021 Salaries expense Inventory (July 1, 2021) Sales returns Utilities expense Income tax expense $12,600 Sales revenue 1,750 Interest income 1,080 Cost...
Required information The following information applies to the questions displayed below.) The following financial statements and...
Required information The following information applies to the questions displayed below.) The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets $100,300 83,000 75,800 5,600 264, 700 136,000 (33,000) $367, 700 $ 56,000 63,000 104,500 7,800 231,300 127,000 (15,000) $343, 300 Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current...
Required information The following information applies to the questions displayed below. A comparative balance sheet and...
Required information The following information applies to the questions displayed below. A comparative balance sheet and income statement is shown for Cruz, Inc CRUZ, INC. Comparative Balance Sheets December 31, 2817 2016 2817 Assets $89,000 22,100 38,200 80,e80 88,800 4,900 Cash Accounts receivable, net Inventory Prepaid expenses 46,900 4,000 212,100 161,000 98,800 113,380 (15,300)(8,689) $295,600 $265, 700 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current 1iabilities Notes payable...
Use the following information for the Exercises below [The following information applies to the questions displayed...
Use the following information for the Exercises below [The following information applies to the questions displayed below.] The following financial statements and additional information are reported IKIBAN INC Comparative Balance Sheets June 30, 2018 and 2017 2018 2017 Assets $ 87,500 44,000 51,000 86,500 5,400 186,900 115,000 as Accounts receivable, net Inventory 65,000 63,800 4,400 220,700 124,000 (27,000) Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets (9,000) $317,700 292,900 Liabilities and Equity Accounts payable $ 25,000 6,000 3,400...
Required information [The following information applies to the questions displayed below.] The following financial statements and...
Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $96,100 93,500 82,800 6,300 278,700 143,eee (36,500) . $385 , 200 $ 63,800 70,000 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Votal assets Liabilities and Equity Accounts payable Wages payabie Incomé taxes payable Total current liabilities 115,000 9,200 257,200 134,000 (18,500)...
work i Saved Below are amounts found in the income statements of three companies Company Henry Grace James Sales Revenue $36,eee 39,089 44,000 Cost of Goods Sold $12,600 26,130 25,960 Operating Expenses $5,2ee 13,300 3, 200 Non-operating Expenses $2,200 7.200 3 Income Tax Expense $2,280 ,289 / 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry Grace James < Prey 9 of 9 Next rch ote 9
(The following information applies to the questions displayed below.) Below are amounts found in the income statements of three companies. Company Henry Grace James Sales Revenue $42,000 45,000 50,000 Cost of Goods Sold $10,500 29,700 29,000 Operating Expenses $ 5,500 16, 600 3,500 Non- operating Expenses $2,500 7,500 0 Income Tax Expense $2,500 3,500 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) amounts should be indicated by a minus...
Below are amounts found in the income statements of three companies Company Henry Grace James Sales Revenue $20,000 23,000 28,000 Cost of Goods Sold $ 6,000 17,250 18,760 Operating Expenses $4,489 7,480 2,480 Non- operating Expenses $1,400 3,400 Income Tax Expense $1,400 2,400 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income (Negative amounts should be indicated by a minus sign.) Gros P O perating Income Income BeforeNet...
Required Information The following information applies to the questions displayed below.) The following financial statements and additional Information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $100,300 $ 56,000 Accounts receivable, net 83,000 63,000 Inventory 75,800 104,500 Prepaid expenses 5,600 7,800 Total current assets 264, 700 231,300 Equipment 136,000 127,000 Accum. depreciation Equipment (33,000) (15,000) Total assets $367,700 $343,300 Liabilities and Equity Accounts payable $ 37,000 $ 48,000 Wages payable 7,200 17,400...
Required information The following information applies to the questions displayed below) Baskin Robbins is one of the world's largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso 'n Cream. Assume that a local Baskin Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021 Salaries expense Inventory (July 1, 2021) Sales returns Utilities expense Income tax expense $12,600 Sales revenue 1,750 Interest income 1,080 Cost...
Required information The following information applies to the questions displayed below.) The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets $100,300 83,000 75,800 5,600 264, 700 136,000 (33,000) $367, 700 $ 56,000 63,000 104,500 7,800 231,300 127,000 (15,000) $343, 300 Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current...
Required information The following information applies to the questions displayed below. A comparative balance sheet and income statement is shown for Cruz, Inc CRUZ, INC. Comparative Balance Sheets December 31, 2817 2016 2817 Assets $89,000 22,100 38,200 80,e80 88,800 4,900 Cash Accounts receivable, net Inventory Prepaid expenses 46,900 4,000 212,100 161,000 98,800 113,380 (15,300)(8,689) $295,600 $265, 700 Total current assets Furniture Accum. depreciation-Furniture Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current 1iabilities Notes payable...
Use the following information for the Exercises below [The following information applies to the questions displayed below.] The following financial statements and additional information are reported IKIBAN INC Comparative Balance Sheets June 30, 2018 and 2017 2018 2017 Assets $ 87,500 44,000 51,000 86,500 5,400 186,900 115,000 as Accounts receivable, net Inventory 65,000 63,800 4,400 220,700 124,000 (27,000) Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets (9,000) $317,700 292,900 Liabilities and Equity Accounts payable $ 25,000 6,000 3,400...
Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $96,100 93,500 82,800 6,300 278,700 143,eee (36,500) . $385 , 200 $ 63,800 70,000 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Votal assets Liabilities and Equity Accounts payable Wages payabie Incomé taxes payable Total current liabilities 115,000 9,200 257,200 134,000 (18,500)...
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