Homework Answers
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Income from operations = Sales - Cost of Goods Sold - Selling expenses - administrative expenses = 340,100 - 252,000 - 25,200 - 12,500 = 50,400 |
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lem #7 of 16 Determine the income from operations using the following information: $340,100 252,000 25,200...
cengagenow. City Univ. Yahoo Cengage CengageN... 4. Describe and illustrate the financial stu business. - QUIZ...
cengagenow. City Univ. Yahoo Cengage CengageN... 4. Describe and illustrate the financial stu business. - QUIZ YOURSELF Problem #1 of 3 Determine the income from operations using the following information: Sales Cost of merchandise sold Selling expenses Administrative expenses Oa. $50,400 Ob. $62,900 O c. $88,100 O d. $340,100 $340,100 252,000 25,200 12,500 You must finish your innmm
Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued...
Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued plastics division Gain from disposal of plastics division Pre-Tax $ (450,000) $1,150,000 Note: Common Shares Outstanding: 1,000,000 Note: Tax Expense Rate is 35% Company Name Income Statement For the Year Ended December 31, 2017 $ 10,565,100 Sales revenue Sales discounts Sales returns and allowances Net Sales COGS Gross Profit $ 10,565,100 6,250,000 $ 4,315, 100 Selling & Administrative Selling expenses Administrative expenses 650,000 257,000...
The following information was taken from the records of Blue Inc. for the year 2020: Income...
The following information was taken from the records of Blue Inc. for the year 2020: Income tax applicable to income from continuing operations $228,140; income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available for sale securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $115,900 91,500 292,800 48,800 73.200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods...
** how do I calculate the income from operations? I subtracted the sum of fixed manufacturing...
** how do I calculate the income from operations? I subtracted the sum of fixed manufacturing costs and fixed selling and administrative expenses from the contribution margin and got 15680 but my homework marks it as incorrect. ill put the problem below. On October 31, the end of the first month of operations, Morristown & Co. prepared the following income statement based on absorption costing: Morristown & Co. Absorption Costing Income Statement For Month Ended October 31, 20-- 1 Sales...
Income Statement Format The following information from Belvidere Company's current operations is available: Administrative expenses $82,800...
Income Statement Format The following information from Belvidere Company's current operations is available: Administrative expenses $82,800 Cost of goods sold 556,800 Sales revenue 926,400 Selling expenses 104,400 Interest expense 8,400 Loss from operations of discontinued segment 72,000 Gain on disposal of discontinued segment 48,000 Income taxes: Amount applicable to ordinary operations 69,600 Reduction applicable to loss from operations of discontinued segment 28,800 Amount applicable to gain on disposal of discontinued segment 19,200 Required a. Prepare a multiple-step income statement. (Disregard...
EX 20-5 Variable costing income statement On June 30, the end of the first month of...
EX 20-5 Variable costing income statement On June 30, the end of the first month of operations, Clowney Company prepared the following income statement, based on the absorption costing concept: Clowney Company Absorption Costing Income Statement For the Month Ended June 30, 2013 $537,600 $448,000 64,000 Sales (9,600 units) ... Cost of goods sold: Cost of goods manufactured (11,200 units). Less inventory, June 30 (1,600 units)......... Cost of goods sold......................................... Gross profit....................................................... Selling and administrative expenses ............................ Income from operations...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31,...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 24,000 104,800 36,000 28,800 50,400 21,600 35,200 13,600 293,600 32,800 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b....
Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan...
Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 11,900 flat panel televisions, of which 10,900 were sold. Operating data for the month are summarized as follows: Sales $1,798,500 Manufacturing costs: Direct materials $928,200 Direct labor 273,700 Variable manufacturing cost 238,000 Fixed manufacturing cost 119,000 1,558,900 Selling and administrative expenses: Variable $141,700 Fixed 65,200 206,900 Required: 1. Prepare an income statement based on the absorption...
During the year, cost of goods sold was $120,000; income from operations was $114,000; income tax...
During the year, cost of goods sold was $120,000; income from operations was $114,000; income tax expense was $24,000; interest expense was $18,000; and selling, general, and administrative expenses were $66,000. Required: Calculate net sales, gross profit, income before taxes, and net income.
Use the Income Statement and Additional Information presented below to determine Cash Flow from Operations :...
Use the Income Statement and Additional Information presented below to determine Cash Flow from Operations : Income Statement For the Year Ended December 31, 2020 Sales $7,100,000 Cost of Goods Sold: Beginning Inventory $1,700,000 Purchases Less: Ending Inventory_ Cost of Goods Sold 5,430,000 1,775,000 5,355,000 Gross Profit 1,745,000 Operating Expenses 1,000,000 Loss on Sale of Equipment (10,000) Net Income $ 735,000 Additional Information: 1. Accounts receivable increased $110,000 during the year. 2 Prepaid expenses increased $60,000 during the year 3....
cengagenow. City Univ. Yahoo Cengage CengageN... 4. Describe and illustrate the financial stu business. - QUIZ YOURSELF Problem #1 of 3 Determine the income from operations using the following information: Sales Cost of merchandise sold Selling expenses Administrative expenses Oa. $50,400 Ob. $62,900 O c. $88,100 O d. $340,100 $340,100 252,000 25,200 12,500 You must finish your innmm
Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued plastics division Gain from disposal of plastics division Pre-Tax $ (450,000) $1,150,000 Note: Common Shares Outstanding: 1,000,000 Note: Tax Expense Rate is 35% Company Name Income Statement For the Year Ended December 31, 2017 $ 10,565,100 Sales revenue Sales discounts Sales returns and allowances Net Sales COGS Gross Profit $ 10,565,100 6,250,000 $ 4,315, 100 Selling & Administrative Selling expenses Administrative expenses 650,000 257,000...
The following information was taken from the records of Blue Inc. for the year 2020: Income tax applicable to income from continuing operations $228,140; income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available for sale securities (net of tax) $18,300. Gain on sale of equipment Loss on discontinued operations Administrative expenses Rent revenue Loss on write-down of inventory $115,900 91,500 292,800 48,800 73.200 Cash dividends declared Retained earnings January 1, 2020 Cost of goods...
EX 20-5 Variable costing income statement On June 30, the end of the first month of operations, Clowney Company prepared the following income statement, based on the absorption costing concept: Clowney Company Absorption Costing Income Statement For the Month Ended June 30, 2013 $537,600 $448,000 64,000 Sales (9,600 units) ... Cost of goods sold: Cost of goods manufactured (11,200 units). Less inventory, June 30 (1,600 units)......... Cost of goods sold......................................... Gross profit....................................................... Selling and administrative expenses ............................ Income from operations...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 24,000 104,800 36,000 28,800 50,400 21,600 35,200 13,600 293,600 32,800 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b....
Use the Income Statement and Additional Information presented below to determine Cash Flow from Operations : Income Statement For the Year Ended December 31, 2020 Sales $7,100,000 Cost of Goods Sold: Beginning Inventory $1,700,000 Purchases Less: Ending Inventory_ Cost of Goods Sold 5,430,000 1,775,000 5,355,000 Gross Profit 1,745,000 Operating Expenses 1,000,000 Loss on Sale of Equipment (10,000) Net Income $ 735,000 Additional Information: 1. Accounts receivable increased $110,000 during the year. 2 Prepaid expenses increased $60,000 during the year 3....
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