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Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest...
- 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...
Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost...
Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 320,000 Utilities expense 3,000 Rent Expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (end) 12,000 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) _ Al Use the following for 9 and 10 Units Cost per...
Ch 6 In class assignment-submitted in Canvas Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000...
Ch 6 In class assignment-submitted in Canvas Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 320,000 Utilities expense 3,000 Rent Expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (end) 12,000 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...
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
$376,000 18,000 38,000 48,000 Income tax expense 48,000 128,000 28,000 Sales revenue Interest expense Salaries expense...
$376,000 18,000 38,000 48,000 Income tax expense 48,000 128,000 28,000 Sales revenue Interest expense Salaries expense Utilities expense Cost of goods sold Advertising expense Required: Prepare a multiple-step income statement Multiple-step Income Statement For the year ended December 31, Year 1 376,000 Sales revenue $ Cost of goods sold 128,000 Gross profit 247,000 $ Total operating expenses Operating income
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 30 - 35 Find the missing amounts: Case 3 Case...
Use the following to answer questions 30 - 35 Find the missing amounts: Case 3 Case 1 $992,000 Net Sales COGS Gross profit Operating expense Operating income Case 2 $758,300 444,300 ? 176,500 365,000 298,000 369,200 295,200 88,700 30.$__ For case 1, determine cost of goods sold For case 1, determine operating income (include "if needed) For case 2, determine gross profit For case 2, determine operating income (include "_" if needed) 34. $ For case 3, determine net sales...
Sales Revenues Cost of Goods Sold Gross Profit s 1,000 600 400 Depreciation Expense Other Operating...
Sales Revenues Cost of Goods Sold Gross Profit s 1,000 600 400 Depreciation Expense Other Operating Expenses S 100 50 Total Operating Expenses Earnings Before Interest& Taxes (EBIT) Interest Expense Eamings Before Taxes Income Tax Expense Net Income 150 250 50 200 100 S 100 Beginning Owner's Equity Net Income Dividends Ending Owner's Equity s 2,950 100 50 S 3,000 Cash Receivables Inventory s 1,000 100 900 Current Assets Long-Term Assets Total Assets s 2,000 7,000 S 9,000 Current Liabilities...
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...
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...
- 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...
Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 320,000 Utilities expense 3,000 Rent Expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (end) 12,000 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) _ Al Use the following for 9 and 10 Units Cost per...
Ch 6 In class assignment-submitted in Canvas Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 320,000 Utilities expense 3,000 Rent Expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (end) 12,000 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...
$376,000 18,000 38,000 48,000 Income tax expense 48,000 128,000 28,000 Sales revenue Interest expense Salaries expense Utilities expense Cost of goods sold Advertising expense Required: Prepare a multiple-step income statement Multiple-step Income Statement For the year ended December 31, Year 1 376,000 Sales revenue $ Cost of goods sold 128,000 Gross profit 247,000 $ Total operating expenses Operating income
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 30 - 35 Find the missing amounts: Case 3 Case 1 $992,000 Net Sales COGS Gross profit Operating expense Operating income Case 2 $758,300 444,300 ? 176,500 365,000 298,000 369,200 295,200 88,700 30.$__ For case 1, determine cost of goods sold For case 1, determine operating income (include "if needed) For case 2, determine gross profit For case 2, determine operating income (include "_" if needed) 34. $ For case 3, determine net sales...
Sales Revenues Cost of Goods Sold Gross Profit s 1,000 600 400 Depreciation Expense Other Operating Expenses S 100 50 Total Operating Expenses Earnings Before Interest& Taxes (EBIT) Interest Expense Eamings Before Taxes Income Tax Expense Net Income 150 250 50 200 100 S 100 Beginning Owner's Equity Net Income Dividends Ending Owner's Equity s 2,950 100 50 S 3,000 Cash Receivables Inventory s 1,000 100 900 Current Assets Long-Term Assets Total Assets s 2,000 7,000 S 9,000 Current Liabilities...
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...
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...
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