Homework Answers
| Income statement shows the revenue and expenses incurred during the year. Net income is calculated as revenue less expenses. | |||||||
| The multiple step income statement for year ended June 30 is shown below | |||||||
| Zanadu Co | |||||||
| Income statement | |||||||
| For the year ended June 30 | |||||||
| Sales | $534,440 | ||||||
| Cost of merchandise sold | $181,440 | ||||||
| Gross profit | $353,000 | ||||||
| Operating expenses: | |||||||
| Administrative expenses | $28,750 | ||||||
| Selling expenses | $65,000 | ||||||
| Total operating expenses | $93,750 | ||||||
| Operating profit | $259,250 | ||||||
| Other revenue and expense: | |||||||
| Interest expense | -$3,600 | ||||||
| Rent revenue | $1,500 | -$2,100 | |||||
| Net income | $257,150 | ||||||
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The following data for the current year ended June 30 are from the accounting records of...
Te to inventory counted at the end of the year was $75.000. Excluded from the count...
Te to inventory counted at the end of the year was $75.000. Excluded from the count were purchases of $5,000 in transit under FOB destination terms. 1 000 DU 29. The following data for the current year ended June 30 are from the accounting records of Zanadu Co.: Administrative expenses $ 28,750 Cost of goods sold 181,440 Interest expense 3,600 Rent revenue 1,500 534.440 Sales 65,000 Selling expenses Prepare a multiple-step income statement for the year ended June 30. Conynight...
The following information was taken from Navaria's financial records for the year ended June 30, 2020 (in thousands of...
The following information was taken from Navaria's financial records for the year ended June 30, 2020 (in thousands of dollars) Administrative expenses Cost of goods sold $9,485 79,883 Other expenses 642 Financing expenses 825 Interest revenue 632 Income tax expense 4,962 Sales revenue 120,183 Rental of Wages Equipment Advertising Depreciation Engineering activities Research and development activities $1,923 $71 $0 $524 770 36 0 128 Sales and marketing activities 3,579 5,887 27 (a) Prepare a multi-step statement of income for the...
The following information is available from the accounting records of Geneva Co. for the year ended...
The following information is available from the
accounting records of Geneva Co. for the year ended June 30,
2018:
Calculate the operating income for Geneva Co. for the
year ended June 30, 2018. Show all of your work.
Calculate the company’s net income for fiscal year
2018.
Accounts payable Cost of goods sold Interest expense Net cash provided by operations Net sales Provision for income taxes Research and development expenses Selling, general, and administrative expenses 90,000 270,000 60,000 150,000 490,000...
The following information is available from the accounting records of Manahan Co. for the year ended...
The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2016: Net cash provided by financing activities $ 107,000 Dividends paid 19,900 Loss from discontinued operations, net of tax savings of $37,133 111,400 Income tax expense 25,586 Other selling expenses 12,900 Net sales 642,800 Advertising expense 47,200 Accounts receivable 56,400 Cost of goods sold 366,396 General and administrative expenses 143,200 Required: a. Calculate the operating income for Manahan Co. for the year...
The following information is available from the accounting records of Manahan Co. for the year ended...
The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2019: Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings of $36,600 Income tax expense Other selling expenses Net Sales Advertising expense Accounts receivable Cost of goods sold General and administrative expenses $105,000 20,000 109,800 25, 346 14,200 642,600 47,000 61,880 366,282 142,700 Required: a. Calculate the operating income for Manahan Co. for the year...
The accounting records of Marlon's Marvels, a retail store, show the following balances for the fiscal...
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The accountant of Latifa Shoe Co. has compiled the following information from the company's records as...
The accountant of Latifa Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) $29,000 18,000 31,000 114,800 17,600 23,100 135,900 51,700 496,000...
Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended...
Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31. Sales, $755,000; cost of goods sold, $330,000; administrative expenses, $35,000; interest expense, $30,000; rent revenue, $25,000; selling expenses, $50,000.
Question 6 In its income statement for the year ended 30 June 2018, Kembeia Company reported the following condensed data. ive expensesRM 235,000Selling expense 1,685,000Interest revenue .-RMİ 390.00...
Question 6 In its income statement for the year ended 30 June 2018, Kembeia Company reported the following condensed data. ive expensesRM 235,000Selling expense 1,685,000Interest revenue .-RMİ 390.0001 58,000 Administrative expenses Cost of goods sold Interest expense Loss on sale of eguipment 30,000Net sales 2,580,000 8,000 Instructions a) Prepare a multiple step Statement of Profit of Loss. b) Prepare a single step Statement of Profit or Loss.
Question 6 In its income statement for the year ended 30 June 2018,...
Te to inventory counted at the end of the year was $75.000. Excluded from the count were purchases of $5,000 in transit under FOB destination terms. 1 000 DU 29. The following data for the current year ended June 30 are from the accounting records of Zanadu Co.: Administrative expenses $ 28,750 Cost of goods sold 181,440 Interest expense 3,600 Rent revenue 1,500 534.440 Sales 65,000 Selling expenses Prepare a multiple-step income statement for the year ended June 30. Conynight...
The following information was taken from Navaria's financial records for the year ended June 30, 2020 (in thousands of dollars) Administrative expenses Cost of goods sold $9,485 79,883 Other expenses 642 Financing expenses 825 Interest revenue 632 Income tax expense 4,962 Sales revenue 120,183 Rental of Wages Equipment Advertising Depreciation Engineering activities Research and development activities $1,923 $71 $0 $524 770 36 0 128 Sales and marketing activities 3,579 5,887 27 (a) Prepare a multi-step statement of income for the...
The following information is available from the
accounting records of Geneva Co. for the year ended June 30,
2018:
Calculate the operating income for Geneva Co. for the
year ended June 30, 2018. Show all of your work.
Calculate the company’s net income for fiscal year
2018.
Accounts payable Cost of goods sold Interest expense Net cash provided by operations Net sales Provision for income taxes Research and development expenses Selling, general, and administrative expenses 90,000 270,000 60,000 150,000 490,000...
The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2019: Net cash provided by financing activities Dividends paid Loss from discontinued operations, net of tax savings of $36,600 Income tax expense Other selling expenses Net Sales Advertising expense Accounts receivable Cost of goods sold General and administrative expenses $105,000 20,000 109,800 25, 346 14,200 642,600 47,000 61,880 366,282 142,700 Required: a. Calculate the operating income for Manahan Co. for the year...
The accounting records of Marlon's Marvels, a retail store, show the following balances for the fiscal year ending June 30, 2020: Store sales revenue Marketing expense Interest expense Loss on sale of investment Other administrative expenses $4,420,000 Salaries expense 124,900 Depreciation expense 20,350 Cost of goods sold 12,000 Rent and utilities expense 108,000 Dividend income $800,000 62,500 2,652,000 110,000 2,000 In a multiple-step statement, Operating income would total Select one: a. $562,600 b. $625,100 C. $532,250 d. $542,250
The accountant of Latifa Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) $29,000 18,000 31,000 114,800 17,600 23,100 135,900 51,700 496,000...
Question 6 In its income statement for the year ended 30 June 2018, Kembeia Company reported the following condensed data. ive expensesRM 235,000Selling expense 1,685,000Interest revenue .-RMİ 390.0001 58,000 Administrative expenses Cost of goods sold Interest expense Loss on sale of eguipment 30,000Net sales 2,580,000 8,000 Instructions a) Prepare a multiple step Statement of Profit of Loss. b) Prepare a single step Statement of Profit or Loss.
Question 6 In its income statement for the year ended 30 June 2018,...
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