Homework Answers
Sales = $200,000
Cost of goods sold = ($100,000)
general and admin exp = ($1,000)
Depreciation = ($600)
Selling expenses = ($400)
Interest on loans = ($2,000)
EBT = $96,000
Tax(25%) = (24,000)
Profit after Tax = $72,000
Dividends payment = ($42,000)
Net Profit = $30,000
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Given 1. Sales 2. Cost of Goods Sold 3. General & Admin. Expenses 4. Selling Expenses...
A company reported the following: Cost of Goods sold General, Selling, and Administrative Expenses Income Tax...
A company reported the following: Cost of Goods sold General, Selling, and Administrative Expenses Income Tax Expense Inventory Net Income Sales Revenue Sales Discounts Sales Returns & Allowances $200,000 10,000 4,900 16,000 18,000 240,000 3,600 3,500 What is the amount of gross profit?
Income statement 2014 $1,500,000 750,000 Sales COGS Gross profits Operating Expenses Selling expenses General admin. expenses...
Income statement 2014 $1,500,000 750,000 Sales COGS Gross profits Operating Expenses Selling expenses General admin. expenses Lease expenses Depreciation expense total operating expenses 100,000 50,000 10,000 40,000 Operating profits Interest 20,000 Net profits before taxes Taxes Net profits after taxes Preferred dividends 10,000 Earnings available for common stockholders Tax table Range of taxable income 100,000-335,000 335,000-10,000,000 Tax calculation 22,250 + (39% x amount over 100,000) 113,900 + ( 34% x amount over 335,000)
a company reported sales of $152,100; cost of goods sold of $77,723; selling,general, and administrative expenses of $19...
a company reported sales of $152,100; cost of goods sold of $77,723; selling,general, and administrative expenses of $19,986 ; and income tax expenses of $13,324.Compute the compan’s profit margin.
The mobile home division accounts for 20% of sales, cost of goods sold, selling and general...
The mobile home division accounts for 20% of sales, cost of goods sold, selling and general and administrative expenses. Assume no gain or loss on remeasurement of the division Superior Homes Corporation provided the following statement of net income on December 31, 2018, before the disposal of a business segment. The income statement includes the results of operations of Superior's mobile home division The company made a commitment to dispose of the mobile home division on December 1, 2018 (Click...
Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses...
Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $79,000. The president has announced that the company's goal is to increase net income by 15 percent. Required The following items are independent of each other a. Prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal? b. The market may become stagnant next...
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss...
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss from Discontinued Ope Salaries Payable Tax Expense $45,000 230,000 15,000 160,000 10,500 20,000 60,000 Blanton is preparing their multi-step income statement and have downloaded their income statement accounts. Two accounts were downloaded incorrectly and do not belong on the income statement (HINT: you have to identify the wrong accounts). These two replace the wrong accounts shown above: Selling Expenses 9,000 Sales Revenue 600,000 What...
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss...
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss from Discontinued Ope Salaries Payable Tax Expense $45,000 230,000 15,000 160,000 10,500 20,000 60,000 Blanton is preparing their multi-step income statement and have downloaded their income statement accounts. Two accounts were downloaded incorrectly and do not belong on the income statement (HINT: you have to identify the wrong accounts). These two replace the wrong accounts shown: Selling Expense. 15,000 Sales Revenue 600,000 What is...
Sales revenue Cost of goods sold Gross profit Selling and administrative expenses Operating income Interest expense...
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Cost of goods sold Interest expense Net revenue Other selling, general, and administrative expenses Provision for...
Cost of goods sold Interest expense Net revenue Other selling, general, and administrative expenses Provision for income taxes Weighted average shares outstanding $1,231, 349 670 2,035,531 395,883 86,387 63,832 Required: a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share. (Enter your answers in thousands not in dollars. Round "Basic earnings per share" to 2 decimal places.) AEROPOSTALE, INC. Consolidated Statement of Income For...
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss from Discontinued Ope...
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss from Discontinued Ope Salaries Payable Tax Expense $45,000 230,000 15,000 160,000 10,500 20,000 60,000 Blanton is preparing their multi-step income statement and have downloaded their income statement accounts. Two accounts were downloaded incorrectly and do not belong on the income statement (HINT: you have to identify the wrong accounts). These two replace the wrong accounts shown above: Selling Expenses 10,000 Sales Revenue 591,000 What...
A company reported the following: Cost of Goods sold General, Selling, and Administrative Expenses Income Tax Expense Inventory Net Income Sales Revenue Sales Discounts Sales Returns & Allowances $200,000 10,000 4,900 16,000 18,000 240,000 3,600 3,500 What is the amount of gross profit?
Income statement 2014 $1,500,000 750,000 Sales COGS Gross profits Operating Expenses Selling expenses General admin. expenses Lease expenses Depreciation expense total operating expenses 100,000 50,000 10,000 40,000 Operating profits Interest 20,000 Net profits before taxes Taxes Net profits after taxes Preferred dividends 10,000 Earnings available for common stockholders Tax table Range of taxable income 100,000-335,000 335,000-10,000,000 Tax calculation 22,250 + (39% x amount over 100,000) 113,900 + ( 34% x amount over 335,000)
The mobile home division accounts for 20% of sales, cost of goods sold, selling and general and administrative expenses. Assume no gain or loss on remeasurement of the division Superior Homes Corporation provided the following statement of net income on December 31, 2018, before the disposal of a business segment. The income statement includes the results of operations of Superior's mobile home division The company made a commitment to dispose of the mobile home division on December 1, 2018 (Click...
Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $79,000. The president has announced that the company's goal is to increase net income by 15 percent. Required The following items are independent of each other a. Prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal? b. The market may become stagnant next...
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss from Discontinued Ope Salaries Payable Tax Expense $45,000 230,000 15,000 160,000 10,500 20,000 60,000 Blanton is preparing their multi-step income statement and have downloaded their income statement accounts. Two accounts were downloaded incorrectly and do not belong on the income statement (HINT: you have to identify the wrong accounts). These two replace the wrong accounts shown above: Selling Expenses 9,000 Sales Revenue 600,000 What...
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss from Discontinued Ope Salaries Payable Tax Expense $45,000 230,000 15,000 160,000 10,500 20,000 60,000 Blanton is preparing their multi-step income statement and have downloaded their income statement accounts. Two accounts were downloaded incorrectly and do not belong on the income statement (HINT: you have to identify the wrong accounts). These two replace the wrong accounts shown: Selling Expense. 15,000 Sales Revenue 600,000 What is...
Sales revenue Cost of goods sold Gross profit Selling and administrative expenses Operating income Interest expense Income before tax Income tax expense Net income 2018 R 70,000 42,000 R 28,000 20,000 R8,000 2,000 R6,000 2,000 R 4,000 2017 R 60,000 30,000 R 30,000 14,000 R16,000 2,000 R14,000 3,000 R11,000 Required: 1. Prepare common-size comparative income statements for the two years for Beach Motors (Pty) Ltd (11) 2. What observations can you make about the common-size statements? List at least four...
Cost of goods sold Interest expense Net revenue Other selling, general, and administrative expenses Provision for income taxes Weighted average shares outstanding $1,231, 349 670 2,035,531 395,883 86,387 63,832 Required: a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share. (Enter your answers in thousands not in dollars. Round "Basic earnings per share" to 2 decimal places.) AEROPOSTALE, INC. Consolidated Statement of Income For...
Accounts Payable Cost of Goods Sold Gain on Sale of Equipment General and Admin Expense Loss from Discontinued Ope Salaries Payable Tax Expense $45,000 230,000 15,000 160,000 10,500 20,000 60,000 Blanton is preparing their multi-step income statement and have downloaded their income statement accounts. Two accounts were downloaded incorrectly and do not belong on the income statement (HINT: you have to identify the wrong accounts). These two replace the wrong accounts shown above: Selling Expenses 10,000 Sales Revenue 591,000 What...
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