Homework Answers
Ans:
| HENRY | GRACE | JAMES | |
| SALES | 36000 | 39000 | 44000 |
| COST OF GOODS SOLD | -12600 | -26130 | -25960 |
| GROSS PROFIT | 23400 | 12870 | 18040 |
| OPERATING EXPENSE | -5200 | -13300 | -3200 |
| OPERATING INCOME | 18200 | -430 | 14840 |
| NON-OPERATING EXPENSE | -2200 | -7200 | 0 |
| INCOME BEFORE INCOME TAX | 16000 | -7630 | 14840 |
| INCOME TAX | -2200 | 0 | -3200 |
| NET INCOME /(LOSS) | 13800 | -7630 | 11640 |
| Gross profit ratio calculation | ||||
| GROSS PROFIT | SALES | GROSSPROFIT = (GROSSPROFIT/SALES)*100 | GROSS PROFIT RATIO | |
| HENRY | 23400 | 36000 | (23400/36000)*100 | 65% |
| GRACE | 12870 | 39000 | (12870/39000)*100 | 33% |
| JAMES | 18040 | 44000 | (18040/44000)*100 | 41% |
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work i Saved Below are amounts found in the income statements of three companies Company Henry...
ork 0 [The following information applies to the questions displayed below) Below are amounts found in...
ork 0 [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 $36,880 39,000 44,000 Cost of Goods Sold $12,600 26,130 25,960 Operating Expenses $ 5,289 13,389 3,200 Non-operating Expenses $2,200 7.200 Income Tax Expense $2,200 3,200 Required: 1. For each company, calculate (a) gross profit, (b) operating income. (c) income before income taxes, a amounts should be indicated by a minus sign.) Gross...
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.] 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...
(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...
VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,470,000...
VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,470,000 $2,996,000 Cost of goods sold 2,472,000 1,942,000 Gross profit 998,000 1,054,000 "Expenses : Operating expenses 947,000 850,000 Depreciation expense 22,000 23,000 Loss on sale of land 7,280 Interest expense 14, eee 11,080 Income tax expense 7,200 44,000 Total expenses 990, 200 935,209 Net income 7,800 $ 118,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 197,000 71,eee 121,089 13,200 $178,eee 73,...
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Saved Selected comparative financial statements of Korbin Company follow! KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 480,784 $ 368, 320 $ 255,600 Cost of goods sold 289,432 230,937 163,584 Gross profit 191,352 137, 383 92,016 Selling expenses 68,271 52,828 33,739 Administrative expenses 43,271 32,412 21, 215 Total expenses 111,542 83,240 54,954 Income before taxes 79,810 54, 143 37,062 Income taxes 14,845 11,099 7,524 Net income $ 64,965 $...
Portions of the financial statements for a company are provided below. Income Statement For the year...
Portions of the financial statements for a company are provided below. Income Statement For the year ended December 31, Year 2 Net sales $1,600,000 Expenses: Cost of goods sold $970,000 Operating expenses 489,00 Depreciation expense Income tax expense 32.000 Total expenses 1,524,000 Net income $ 76,000 42.000 Selected Balance Sheet Data December 31 Increase (I) Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable Year 2 $94.000 46,800 67,000 2,200 37.000 4,200 Year 1 $81,000 53,00 51,000 3,400...
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ework a Saved Help Save Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as Indirect WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2019 Acoustic Electric Sales $103,000 $84,000 Cost of goods sold 45,275 46,950 Gross profit 57,725 37,050 Operating expenses Advertising expense 1,985 1.250 Depreciation 10,120 8,560 expense-Equipment 19,500 17,100 Salaries expense 2,010...
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Saved mework KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212, 500 153,900 Gross profit 271, 500 127,500 124,100 Selling expenses 102,900 46,920 50,800 Administrative expenses 50, 668 29,920 22,800 Total expenses 153, 568 76,840 73,600 Income before taxes 117,932 5 0, 660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 KORBIN COMPANY Comparative Balance...
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net...
Financial statements for Askew Industries for 2021 are shown below (in thousands): 2021 Income Statement Net sales $ 9,200 Cost of goods sold (6,350) Gross profit 2,850 Operating expenses (2,150) Interest expense (220) Income tax expense (192) Net income $ 288 Comparative Balance Sheets Dec. 31 2021 2020 Assets Cash Accounts receivable Inventory Property, plant, and equipment (net) $ 620 620 820 2,200 $4,260 $ 520 420 620 2,300 $3,860 Liabilities and Shareholders' Equity Current liabilities Bonds payable Common stock...
ork 0 [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 $36,880 39,000 44,000 Cost of Goods Sold $12,600 26,130 25,960 Operating Expenses $ 5,289 13,389 3,200 Non-operating Expenses $2,200 7.200 Income Tax Expense $2,200 3,200 Required: 1. For each company, calculate (a) gross profit, (b) operating income. (c) income before income taxes, a amounts should be indicated by a minus sign.) Gross...
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...
(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...
VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,470,000 $2,996,000 Cost of goods sold 2,472,000 1,942,000 Gross profit 998,000 1,054,000 "Expenses : Operating expenses 947,000 850,000 Depreciation expense 22,000 23,000 Loss on sale of land 7,280 Interest expense 14, eee 11,080 Income tax expense 7,200 44,000 Total expenses 990, 200 935,209 Net income 7,800 $ 118,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 197,000 71,eee 121,089 13,200 $178,eee 73,...
Saved Selected comparative financial statements of Korbin Company follow! KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 480,784 $ 368, 320 $ 255,600 Cost of goods sold 289,432 230,937 163,584 Gross profit 191,352 137, 383 92,016 Selling expenses 68,271 52,828 33,739 Administrative expenses 43,271 32,412 21, 215 Total expenses 111,542 83,240 54,954 Income before taxes 79,810 54, 143 37,062 Income taxes 14,845 11,099 7,524 Net income $ 64,965 $...
Portions of the financial statements for a company are provided below. Income Statement For the year ended December 31, Year 2 Net sales $1,600,000 Expenses: Cost of goods sold $970,000 Operating expenses 489,00 Depreciation expense Income tax expense 32.000 Total expenses 1,524,000 Net income $ 76,000 42.000 Selected Balance Sheet Data December 31 Increase (I) Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable Year 2 $94.000 46,800 67,000 2,200 37.000 4,200 Year 1 $81,000 53,00 51,000 3,400...
ework a Saved Help Save Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as Indirect WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2019 Acoustic Electric Sales $103,000 $84,000 Cost of goods sold 45,275 46,950 Gross profit 57,725 37,050 Operating expenses Advertising expense 1,985 1.250 Depreciation 10,120 8,560 expense-Equipment 19,500 17,100 Salaries expense 2,010...
Saved mework KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212, 500 153,900 Gross profit 271, 500 127,500 124,100 Selling expenses 102,900 46,920 50,800 Administrative expenses 50, 668 29,920 22,800 Total expenses 153, 568 76,840 73,600 Income before taxes 117,932 5 0, 660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 KORBIN COMPANY Comparative Balance...
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