Homework Answers
| Income statement of ABC Company, 12/31/2019 | ||
| Amount | ||
| Gross Sales | $ 905,000.00 | |
| Less: sales return and allowances | $ (1,500.00) | |
| Net Sales | $ 903,500.00 | |
| Less: Cost of Goods Sold | $ (567,000.00) | |
| Gross profit | $ 336,500.00 | |
| Less: Expenses | ||
| Utilities Expenses | $ (23,000.00) | |
| Equipment rental expenses | $ (25,500.00) | |
| interest expense | $ (4,500.00) | |
| Management salary expense | $ (100,000.00) | |
| Sales and Marketing expenses | $ (15,000.00) | |
| Payroll tax expense | $ (12,300.00) | |
| Rent Expenses | $ (24,000.00) | |
| Depreciation Expense | $ (3,000.00) | |
| Total Expenses | $ (207,300.00) | $ (207,300.00) |
| Net income | $ 129,200.00 | |
Net income= Revenue less expenses, here Revenue is Net sale.
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1. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities expense Insurance expense Interest expense Management salaries expense Payroll tax expense Sales Marketing expense Provision for income taxes Cost of services Rent expense Depreciation expense $12,000 $18,500 $5,200 $65.000 $17.500 $775,000 $26,500 $13,500 $465,000 $40,000 $8,000
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: $12,000 Utilities expense $18,500 Insurance expense Interest expense $5,200 Management salaries expense $65,000 $17,500 Payroll tax expense $775,000 Sales $26,500 Marketing expense $13,500 Provision for income taxes $465,000 Cost of services $40,000 Rent expense Depreciation expense $8,000
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for...
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities expense $12,000 Insurance expense $18,500 Interest expense $5,200 $65,000 Management salaries expense Payroll tax expense $17,500 $775,000 Sales $26,500 Marketing expense Provision for income taxes $13,500 Cost of services $465,000 Rent expense $40,000 Depreciation expense $8,000
4. Construct a complete, properly formatted balance sheet as of December 31 2019, for XYZ Company,...
4. Construct a complete, properly formatted balance sheet as of December 31 2019, for XYZ Company, a corporation, using the following information: $22,400 Accumulated depreciation $10,000 Equipment loan payable $1,300 Payroll taxes payable $52,000 Accounts receivable $75,700 Building $5,400 Cash $13,200 Accounts payable $11,800 Equipment $86,400 Inventory $48,000 Mortgage payable $4,800 Management salaries payable Common stock $50,000 $8,300 Short-term portion of long-term debt
4. Construct a complete, properly formatted balance sheet as of December 31, 2019, for XYZ Company,...
4. Construct a complete, properly formatted balance sheet as of December 31, 2019, for XYZ Company, a corporation, using the following information: Accumulated depreciation Equipment loan payable Payroll taxes payable Accounts receivable Building Cash Accounts payable Equipment Inventory Mortgage payable Management salaries payable Common stock Short-term portion of long-term debt $22,400 $10,000 $1,300 $52,000 $75,700 $5,400 $13,200 $11,800 $86,400 $48,000 $4,800 $50,000 $8,300
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the...
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information. Income Statement Section Debit Credit Income Summary $ 39,300 $ 42,600 Sales 258,000 Sales Returns and Allowances 4,250 Sales Discounts 3,250 Interest Income 205 Purchases 135,100 Freight In 2,550 Purchases Returns and Allowances 2,350 Purchases Discounts 1,600 Rent Expense 8,850 Utilities Expense 3,000 Telephone Expense 1,610 Salaries Expense 66,800 Payroll Taxes Expense 5,340 Supplies Expense 1,770 Depreciation Expense 2,850 Interest Expense 410...
Save-the-Earth Co. reports the following income statement accounts for the year ended December 31. Sales...
Save-the-Earth Co. reports the following income statement accounts for the year ended December 31. Sales discounts $ 800 Office salaries expense 2,500 Rent expense—Office space 2,000 Advertising expense 600 Sales returns and allowances 300 Office supplies expense 600 Cost of goods sold 10,000 Sales 30,000 Insurance expense 1,500 Sales staff salaries 3,000 Required: Prepare a multiple-step income statement for the year ended December 31.
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the...
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information. Income Statement Section Debit Credit Income Summary $ 38,400 $ 41,700 Sales 253,500 Sales Returns and Allowances 3,800 Sales Discounts 2,800 Interest Income 160 Purchases 134,200 Freight In 2,100 Purchases Returns and Allowances 1,900 Purchases Discounts 1,510 Rent Expense 8,400 Utilities Expense 2,910 Telephone Expense 1,520 Salaries Expense 65,900 Payroll Taxes Expense 5,250 Supplies Expense 1,680 Depreciation Expense 2,400 Interest Expense 320...
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the...
On December 31, 2019, the Income Statement section of the worksheet for Capeletti Distributors contained the following information. Income Statement Section Debit Credit Income Summary $ 39,200 $ 42,500 Sales 257,500 Sales Returns and Allowances 4,200 Sales Discounts 3,200 Interest Income 200 Purchases 135,000 Freight In 2,500 ...
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on...
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,290 Depreciation expense-Office copier 750 Sales discounts 1,210 Sales returns and allowances 215,000 TV advertising expense 31,500 Interest revenue 11,300 Cost of goods sold 22,300 Sales commission expense $ 550 15,000 4,100 4,000 790 91,900 12,300 Income Statement For Year Ended December 31 Expenses Selling...
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities expense Insurance expense Interest expense Management salaries expense Payroll tax expense Sales Marketing expense Provision for income taxes Cost of services Rent expense Depreciation expense $12,000 $18,500 $5,200 $65.000 $17.500 $775,000 $26,500 $13,500 $465,000 $40,000 $8,000
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: $12,000 Utilities expense $18,500 Insurance expense Interest expense $5,200 Management salaries expense $65,000 $17,500 Payroll tax expense $775,000 Sales $26,500 Marketing expense $13,500 Provision for income taxes $465,000 Cost of services $40,000 Rent expense Depreciation expense $8,000
3. Construct a complete, properly formatted income statement for the year ended December 31, 2019, for XYZ Company, a corporation, using the following information: Utilities expense $12,000 Insurance expense $18,500 Interest expense $5,200 $65,000 Management salaries expense Payroll tax expense $17,500 $775,000 Sales $26,500 Marketing expense Provision for income taxes $13,500 Cost of services $465,000 Rent expense $40,000 Depreciation expense $8,000
4. Construct a complete, properly formatted balance sheet as of December 31 2019, for XYZ Company, a corporation, using the following information: $22,400 Accumulated depreciation $10,000 Equipment loan payable $1,300 Payroll taxes payable $52,000 Accounts receivable $75,700 Building $5,400 Cash $13,200 Accounts payable $11,800 Equipment $86,400 Inventory $48,000 Mortgage payable $4,800 Management salaries payable Common stock $50,000 $8,300 Short-term portion of long-term debt
4. Construct a complete, properly formatted balance sheet as of December 31, 2019, for XYZ Company, a corporation, using the following information: Accumulated depreciation Equipment loan payable Payroll taxes payable Accounts receivable Building Cash Accounts payable Equipment Inventory Mortgage payable Management salaries payable Common stock Short-term portion of long-term debt $22,400 $10,000 $1,300 $52,000 $75,700 $5,400 $13,200 $11,800 $86,400 $48,000 $4,800 $50,000 $8,300
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,290 Depreciation expense-Office copier 750 Sales discounts 1,210 Sales returns and allowances 215,000 TV advertising expense 31,500 Interest revenue 11,300 Cost of goods sold 22,300 Sales commission expense $ 550 15,000 4,100 4,000 790 91,900 12,300 Income Statement For Year Ended December 31 Expenses Selling...
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