Homework Answers
Answer :B) Less Corporate Profits
Reduction Prfoit if cook Book REduced :
Order and Delivery process +Rent-Contribution Margin =+20,000+4000 -27,000= Loss of 3,000
If Cookbook Droped the Frim Net income will be reduced by 3,000
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The management accountant for Giada's Book Store has prepared the following income statement for the most...
The management accountant for Giada's Book Store has prepared the following income statement for the most...
The management accountant for Giada's Book Store has prepared the following income statement for the most current year: Sales Cost of goods sold Gross profit Order and delivery processing Rent (per sq. foot used) Allocated corporate costs Corporate profit Cookbook $70,000 37,000 33,000 23,000 7,000 7,000 $ (4,000) Travel Book $158,000 69,000 89,000 24,000 1,000 7,000 $57,000 Classics $55,000 24,000 31,000 10,000 3,000 7,000 $11,000 Total $283,000 130,000 153,000 57,000 11,000 21,000 $64,000 If the travel book line had been...
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The management accountant for Martha's Book Store has prepared the following income statement for the most current year: Cookbook Travel Book Classics Total Sales $60,000 $100,000 $40,000 $200,000 Cost of goods sold 36,000 65,000 20,000 121,000 Contribution margin 24,000 35,000 20,000 79,000 Order and delivery processing 18,000 21,000 8,000 47,000 Rent (per square/foot used) 2.000 1,000 3,000 6,000 Allocated corporate costs 7,000 7.000 2.000 21.000 Net Operating income $ (3,000) $ 6,000 $2,000 $5,000 instructions a. calculate the net operating...
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Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3,...
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The accountant for Consolidated Enterprises Inc. has just finished preparing a consolidated balance sheet, income statement,...
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The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018...
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Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost of Goods Sold 93,000 Gross Profit 137,000 Operating Expenses: Salaries Expense $ 57,000 Depreciation Expense Plant Assets 28,000 Total Operating Expenses 85,000 Net Income Before Income Taxes 52,000 Income Tax Expense 8,000 $ Net Income 44,000 c. a. Acquisition of plant assets is $118,000. Of this amount, $105,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale...
Prepare a Statement of Cash Flows using the direct method. Use the following information: The following...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
1 2 Exterra Communications reported the following financial statements for 2018: EXTERRA COMMUNICATIONS Income Statement Year...
1
2
Exterra Communications reported the following financial statements for 2018: EXTERRA COMMUNICATIONS Income Statement Year ended June 30, 2018 Sales revenue Cost of goods sold Depreciation expense Salary expense Other expenses, including income taxes Total expenses Net income 5660 $340 40 50 150 280 8.80 EXTERRA COMMUNICATIONS Comparative Balance Sheet June 30, 2018 and 2017 2018 2017 2018 2017 S.32 Thousands Assets Current Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets, net Liabilities Current: Accounts payable Salary...
The management accountant for Giada's Book Store has prepared the following income statement for the most current year: Sales Cost of goods sold Gross profit Order and delivery processing Rent (per sq. foot used) Allocated corporate costs Corporate profit Cookbook $70,000 37,000 33,000 23,000 7,000 7,000 $ (4,000) Travel Book $158,000 69,000 89,000 24,000 1,000 7,000 $57,000 Classics $55,000 24,000 31,000 10,000 3,000 7,000 $11,000 Total $283,000 130,000 153,000 57,000 11,000 21,000 $64,000 If the travel book line had been...
The management accountant for Martha's Book Store has prepared the following income statement for the most current year: Cookbook Travel Book Classics Total Sales $60,000 $100,000 $40,000 $200,000 Cost of goods sold 36,000 65,000 20,000 121,000 Contribution margin 24,000 35,000 20,000 79,000 Order and delivery processing 18,000 21,000 8,000 47,000 Rent (per square/foot used) 2.000 1,000 3,000 6,000 Allocated corporate costs 7,000 7.000 2.000 21.000 Net Operating income $ (3,000) $ 6,000 $2,000 $5,000 instructions a. calculate the net operating...
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Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $31,000; factory utilities, $24,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50%...
The Adams Corporation reported the following income statement for 2018 and comparative balance sheet for 2018 and 2017, along with transaction data for 2018: (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Adams Corporation's statement of cash flows for the year ended December 31, 2018. Format cash flows from operating activities by the indirect method. (Use a minus sign or parentheses for...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost of Goods Sold 93,000 Gross Profit 137,000 Operating Expenses: Salaries Expense $ 57,000 Depreciation Expense Plant Assets 28,000 Total Operating Expenses 85,000 Net Income Before Income Taxes 52,000 Income Tax Expense 8,000 $ Net Income 44,000 c. a. Acquisition of plant assets is $118,000. Of this amount, $105,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
1
2
Exterra Communications reported the following financial statements for 2018: EXTERRA COMMUNICATIONS Income Statement Year ended June 30, 2018 Sales revenue Cost of goods sold Depreciation expense Salary expense Other expenses, including income taxes Total expenses Net income 5660 $340 40 50 150 280 8.80 EXTERRA COMMUNICATIONS Comparative Balance Sheet June 30, 2018 and 2017 2018 2017 2018 2017 S.32 Thousands Assets Current Cash Accounts receivable Inventory Prepaid expenses Long-term investments Plant assets, net Liabilities Current: Accounts payable Salary...
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