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7. Preparation of closing entries The company's consolidated statement of income is provided below: Years...
What are the closing entries? Presented below is income statement and dividend information of the Nebraska...
What are the closing
entries?
Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021. Sales revenue Salaries expense Dividend revenue Miscellaneous expense Loss on sale of investments Dividends $824,000 107.000 4,700 29.090 9,700 22,000 Cost of goods sold Insurance expense Depreciation expense Administrative expense Rent expense $440,000 37,000 35,000 52,899 27,000 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select...
Please fill in the grey spaces for the updated Income Statement. There is a sale change...
Please fill in the grey spaces for the updated Income
Statement.
There is a sale change of 8%. Margins stay the same, Tax Rate is
21% and no dividends. Shares outstanding remain the same. Future
Dividend Payout is 10%
с H 12 Months Ended Dec. 31, 2019 Dec 31, 2018 Dec 31, 2017 $5,586,369 $ 4,864,985 $ 4,476,412 Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands Consolidated Statements of Income [Abstract] Revenue Restaurant operating costs...
SLIUIJI The income statement, balance sheets, and additional information for Track Inc. are provided. Track Inc...
SLIUIJI The income statement, balance sheets, and additional information for Track Inc. are provided. Track Inc Income Statement For the Year Ended December 31, 2019 $300,000 10,000 310,000 Revenues Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net Income 120,000 25,000 47,000 16,000 12,000 220,000 $90,000
a. How does this income statement differ from the ones presented in Exhibit 3.1 and Problem...
a. How does this income statement differ from the ones presented
in Exhibit 3.1 and Problem 3.2?
b. Why does Green Valley show a provision for income taxes while
the other two income statements did not?
c. What is Green Valley’s total profit margin? How does this
value compare with the values for Sunnyvale Clinic and
BestCare?
d. The before-tax profit margin for Green Valley is operating
income divided by total revenues. Calculate Green Valley’s
before-tax profit margin. Why may...
2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and...
2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses ses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income Required information [The following information applies to the questions displayed below.] The...
$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin...
$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: Sales $142,000 Interest revenue Purchases returns 5,200 Purchases discounts taken Gain on sale of equipment (pretax) 3,800 Inventory, January 1, 2019 Freight-in 3,400 Purchases Selling expenses 15,600 Administrative expenses Unrealized increase in fair value of Loss from truck accident (pretax) 2,400 available-for-sale securities The following additional information is also...
For the Apa Corp. [E6): o Consolidated Statement of Income For the year ended Dec 31,...
For the Apa Corp. [E6): o Consolidated Statement of Income For the year ended Dec 31, 2018 Net sales: $642,600 Cost of sales:$(320,020) Gross profit:$322,580 Advertising and promotion expenses:$(71,920) Selling and Administrative Expenses:$(144,550) Operating expenses:$(216,470) Operating income:$106,110 Interest expense:$(7,530) Interest income:$810 Other nonoperating income:$(320) Income before income taxes:$99,070 Provision for income taxes:$(21,220) Net income:$77,850 The company's statutory tax rate is 36.5%. Apa Corp.s tax rate on operating profit is: 20.70 % 21.13% 21.56 % 21.99 % 22.42% For the Dessert...
Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate...
Prepare a multiple-step income statement for 2021
applying generally accepted accounting principles. The income tax
rate is 25%.
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $680,000 41,000 88,000 809,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $370,000 Selling expense 68,000 Administrative expense 88,000 Interest expense 25,000...
7. Do closing entries affect the income statement? Explain. 8. Closing entries are required to close...
7. Do closing entries affect the income statement? Explain. 8. Closing entries are required to close revenue and expense to retained earnings. What other account needs to be closed out? 9. Revenue is closed with a debit. Explain why. MacBook Air
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement...
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $660,000 Interest revenue 39,000 Gain on sale of investments 86,000 Total revenues and gains 785,000 Expenses and losses: Cost of goods sold $360,000 Selling expense 66,000 Administrative expense 86,000 Interest expense 23,000 Restructuring costs Income tax expense 47,000 Total expenses and losses 644,000 Net Income $141,000 Earnings per share 62,000 Required: Prenare...
What are the closing
entries?
Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021. Sales revenue Salaries expense Dividend revenue Miscellaneous expense Loss on sale of investments Dividends $824,000 107.000 4,700 29.090 9,700 22,000 Cost of goods sold Insurance expense Depreciation expense Administrative expense Rent expense $440,000 37,000 35,000 52,899 27,000 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select...
Please fill in the grey spaces for the updated Income
Statement.
There is a sale change of 8%. Margins stay the same, Tax Rate is
21% and no dividends. Shares outstanding remain the same. Future
Dividend Payout is 10%
с H 12 Months Ended Dec. 31, 2019 Dec 31, 2018 Dec 31, 2017 $5,586,369 $ 4,864,985 $ 4,476,412 Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands Consolidated Statements of Income [Abstract] Revenue Restaurant operating costs...
SLIUIJI The income statement, balance sheets, and additional information for Track Inc. are provided. Track Inc Income Statement For the Year Ended December 31, 2019 $300,000 10,000 310,000 Revenues Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net Income 120,000 25,000 47,000 16,000 12,000 220,000 $90,000
a. How does this income statement differ from the ones presented
in Exhibit 3.1 and Problem 3.2?
b. Why does Green Valley show a provision for income taxes while
the other two income statements did not?
c. What is Green Valley’s total profit margin? How does this
value compare with the values for Sunnyvale Clinic and
BestCare?
d. The before-tax profit margin for Green Valley is operating
income divided by total revenues. Calculate Green Valley’s
before-tax profit margin. Why may...
2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. LEONE COMPANY Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses ses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income Required information [The following information applies to the questions displayed below.] The...
$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: Sales $142,000 Interest revenue Purchases returns 5,200 Purchases discounts taken Gain on sale of equipment (pretax) 3,800 Inventory, January 1, 2019 Freight-in 3,400 Purchases Selling expenses 15,600 Administrative expenses Unrealized increase in fair value of Loss from truck accident (pretax) 2,400 available-for-sale securities The following additional information is also...
For the Apa Corp. [E6): o Consolidated Statement of Income For the year ended Dec 31, 2018 Net sales: $642,600 Cost of sales:$(320,020) Gross profit:$322,580 Advertising and promotion expenses:$(71,920) Selling and Administrative Expenses:$(144,550) Operating expenses:$(216,470) Operating income:$106,110 Interest expense:$(7,530) Interest income:$810 Other nonoperating income:$(320) Income before income taxes:$99,070 Provision for income taxes:$(21,220) Net income:$77,850 The company's statutory tax rate is 36.5%. Apa Corp.s tax rate on operating profit is: 20.70 % 21.13% 21.56 % 21.99 % 22.42% For the Dessert...
Prepare a multiple-step income statement for 2021
applying generally accepted accounting principles. The income tax
rate is 25%.
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $680,000 41,000 88,000 809,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $370,000 Selling expense 68,000 Administrative expense 88,000 Interest expense 25,000...
7. Do closing entries affect the income statement? Explain. 8. Closing entries are required to close revenue and expense to retained earnings. What other account needs to be closed out? 9. Revenue is closed with a debit. Explain why. MacBook Air
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $660,000 Interest revenue 39,000 Gain on sale of investments 86,000 Total revenues and gains 785,000 Expenses and losses: Cost of goods sold $360,000 Selling expense 66,000 Administrative expense 86,000 Interest expense 23,000 Restructuring costs Income tax expense 47,000 Total expenses and losses 644,000 Net Income $141,000 Earnings per share 62,000 Required: Prenare...
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