Homework Answers
| Income Statement | ||
| Sales revenue | $376000 | |
| Less: Cost of goods sold | 128000 | |
| Gross profit | $248000 | |
| Less: Operating expenses | ||
| Salaries expense | 38000 | |
| Utilities expense | 48000 | |
| Advertising expense | 28000 | |
| Total operating expenses | 114000 | |
| Operating Income | 134000 | |
| Less: Non operating expense | ||
| Interest expense | 18000 | |
| Profit before tax | 116000 | |
| Less: Income tax expense | 48000 | |
| Net income | $68000 | |
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$376,000 18,000 38,000 48,000 Income tax expense 48,000 128,000 28,000 Sales revenue Interest expense Salaries expense...
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest...
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $439,000 27,000 47,000 57,000 Income tax expense cost of goods sold Advertising expense $ 57,000 137,000 37,000 Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest...
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $362,000 16,000 36,000 46,000 Income tax expense Cost of goods sold Advertising expense $ 46,000 126,000 26,000 Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest...
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $362,000 16,000 36,000 46,000 Income tax expense Cost of goods sold Advertising expense $ 46,000 126,000 26,000 TISDALE INCORPORATED Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income (loss)
$ Sales discounts Office salaries expense Rent expense-Office space Advertising expense Sales returns and allowances Office...
$ Sales discounts Office salaries expense Rent expense-Office space Advertising expense Sales returns and allowances Office supplies expense Cost of goods sold Sales Insurance expense Sales staff salaries 860 3,100 2,600 720 360 720 11,200 42,000 2,100 3,600 Required: Prepare a multiple-step income statement for the year ended December 31. $ 42,000 Save-the-Earth Co. Income Statement For Year Ended December 31 Sales Less: Sales returns and allowances Less: Sales discounts Net sales Cost of goods sold Gross profit Expenses Selling...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest expense | 2,000 Income tax expense 20,000 Rent Expense 8,000 Cost of goods sold 298,000 Inventory (begin) 31,000 Inventory (end) 26,000 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 for 9 and 10 Units Beginning inventory 20 Purchase 1...
Multiple-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year. For the...
Multiple-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year. For the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000. Brandt's income tax rate is 30%. Prepare Brandt's multiple-step income statement for the current year. BRANDT CORPORATION Income Statement For Year Ended December 31, Current Year Sales revenue 500,000 Cost of goods sold 240,000 ✓ Gross profit 740,000 х Operating...
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...
Rent Expense Utilities Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense...
Rent Expense Utilities Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes 4 Income Tax Expense Net Income /(Loss) Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.)...
The adjusted trial balance of Crane Company included the following selected accounts: Debit Credit Sales Revenue...
The adjusted trial balance of Crane Company included the following selected accounts: Debit Credit Sales Revenue $659.000 $60,000 Sales Returns and Allowances Sales Discounts 10,000 Cost of Goods Sold 394,000 Freight-Out 2,800 Advertising Expense 10,600 Interest Expense 24.000 Salaries and Wages Expense 82.000 Utilities Expense 23,000 Depreciation Expense 3.700 Interest Revenue 26,300 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022. (List other revenues before other expenses.) CRANE COMPANY Income Statement $...
6 Required information [The following information applies to the questions displayed below.) Tisdale Incorporated reports the...
6 Required information [The following information applies to the questions displayed below.) Tisdale Incorporated reports the following amount in its December 31, 2018, income statement Part 1 of 2 0.78 points Sales revenue Non-operating revenue Selling expenses General expenses $ 290,000 Income tax expense 108,000 Cost of goods sold 58,000 Administrative expenses 48,000 $ 28,000 188,000 38,000 Required: 1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.) Answer is not complete. TISDALE INCORPORATED Multiple step...
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $439,000 27,000 47,000 57,000 Income tax expense cost of goods sold Advertising expense $ 57,000 137,000 37,000 Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $362,000 16,000 36,000 46,000 Income tax expense Cost of goods sold Advertising expense $ 46,000 126,000 26,000 Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue Interest expense Salaries expense Utilities expense $362,000 16,000 36,000 46,000 Income tax expense Cost of goods sold Advertising expense $ 46,000 126,000 26,000 TISDALE INCORPORATED Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating income (loss)
$ Sales discounts Office salaries expense Rent expense-Office space Advertising expense Sales returns and allowances Office supplies expense Cost of goods sold Sales Insurance expense Sales staff salaries 860 3,100 2,600 720 360 720 11,200 42,000 2,100 3,600 Required: Prepare a multiple-step income statement for the year ended December 31. $ 42,000 Save-the-Earth Co. Income Statement For Year Ended December 31 Sales Less: Sales returns and allowances Less: Sales discounts Net sales Cost of goods sold Gross profit Expenses Selling...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest expense | 2,000 Income tax expense 20,000 Rent Expense 8,000 Cost of goods sold 298,000 Inventory (begin) 31,000 Inventory (end) 26,000 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 for 9 and 10 Units Beginning inventory 20 Purchase 1...
Multiple-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year. For the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000. Brandt's income tax rate is 30%. Prepare Brandt's multiple-step income statement for the current year. BRANDT CORPORATION Income Statement For Year Ended December 31, Current Year Sales revenue 500,000 Cost of goods sold 240,000 ✓ Gross profit 740,000 х Operating...
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...
Rent Expense Utilities Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes 4 Income Tax Expense Net Income /(Loss) Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.)...
The adjusted trial balance of Crane Company included the following selected accounts: Debit Credit Sales Revenue $659.000 $60,000 Sales Returns and Allowances Sales Discounts 10,000 Cost of Goods Sold 394,000 Freight-Out 2,800 Advertising Expense 10,600 Interest Expense 24.000 Salaries and Wages Expense 82.000 Utilities Expense 23,000 Depreciation Expense 3.700 Interest Revenue 26,300 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022. (List other revenues before other expenses.) CRANE COMPANY Income Statement $...
6 Required information [The following information applies to the questions displayed below.) Tisdale Incorporated reports the following amount in its December 31, 2018, income statement Part 1 of 2 0.78 points Sales revenue Non-operating revenue Selling expenses General expenses $ 290,000 Income tax expense 108,000 Cost of goods sold 58,000 Administrative expenses 48,000 $ 28,000 188,000 38,000 Required: 1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.) Answer is not complete. TISDALE INCORPORATED Multiple step...
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