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GAAP/Tax Income Statement For Year Ended December 31, 2011 Revenue 810,524 Operating Expenses 647,578 Net Income...
(check figure: on GAAP entry - debit to retained earnings = 5,992) GAAP Sales 1,200,000 COGS...
(check figure: on GAAP entry - debit to retained earnings = 5,992) GAAP Sales 1,200,000 COGS 825,000 Gross Margin 375,000 Operating Expenses 245,000 Other IncomelExpens (2,450) Net Income b4 Taxes 127,550 Income Tax Expense Net Income 127,550 Tax 1,200,000 825,000 375,000 260,000 (2,450) 112,550 112,550 There were material errors that were found after the books that had been closed and need to be corrected. Depreciation on equipment bought in September 1 costing $27,000 had not been recorded. GAAP depreciation =...
Statement of comprehensive income For the year ended December 31, 2011 Sales revenue RM 1,500,000 (797.2001...
Statement of comprehensive income For the year ended December 31, 2011 Sales revenue RM 1,500,000 (797.2001 702,800 Cost of goods sold Less: Operating expenses Depreciation expense 22,800 Rent expense Salaries expense 24,000 256,000 258.000 Other operating expenses (560,800 142,000 Net income Other information: 1. Purchased land for RM112,000. 2. Purchased new equipment for RM100,000. Sold old equipment that cost RM132,000 with accumulated depreciation of 3. RM112,000 for RM20,000 cash. 4. Issued common sbares for RM50,000, Required: I. Prepare the statement...
PEPPER COMPANY Income Statement For Year Ended December 31, 2015 Operating expenses Income (loss) before tax...
PEPPER COMPANY Income Statement For Year Ended December 31, 2015 Operating expenses Income (loss) before tax 1-b. Prepare the current assets section of the balance sheet for each company. GARCON COMPANY Partial Balance Sheet As of December 31, 2015 Inventories Total current assets PEPPER COMPANY Partial Balance Sheet As of December 31, 2015 Inventories Total current assets Hints References eBook & Resources Using the following data, Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental...
Instructions Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 2011...
Instructions Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 2011 2 Sales 3 Cost of goods sold 2092 $830,000.00 323,700.00 $506,300.00 $149,400.00 4 Gross profit $620,000.00 254,200.00 $365,800.00 $99,200.00 43,400.00 5 Selling expenses 6 Administrative expenses 41,500.00 7 Total operating expenses $190,900.00 8 Income from operations 9 Other income $315,400.00 66,400.00 $381,800.00 215,800.00 $142,600.00 $223,200.00 49,600.00 $272,800.00 161,200.00 $111,600.00 10 Income before income tax 11 Income tax expense 12 Net income $166,000.00 Check My...
Sunland Company Income Statement For the Year Ended December 31, 2017 $2,473,500 Service revenue Operating expenses,...
Sunland Company Income Statement For the Year Ended December 31, 2017 $2,473,500 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,565,700 140,250 40,800 1,746,750 726,750 142,800 $583,950 Sunland Company's balance sheet contained the comparative data at December 31 201 Accounts receivable Accounts payable Income taxes payable $178,500 104,550 33,150 $153,000 81,600 17,850 Accounts payable pertain to operating expenses. Sunland Company Partial Statement of Cash Flows...
Bandit Corporation Income Statement For the Year Ended December 31, 2019 Revenues - Part 5 Operating...
Bandit Corporation Income Statement For the Year Ended December 31, 2019 Revenues - Part 5 Operating Expenses Depreciation Expense 6.580,000 5.391.225 Loss on Sale of Machinery 315,000 Total Expenses 40.000 Income before Taxes 5.751.225 Income Tax Expense 621,775 Net Income 310,000 Bandit Corporation Partial Balance Sheet 12/ 31/2018 12/31/2019 Cash Increase (Decreas) 672,000 980.775 308.775 Accounts Receivable 775,000 615,000 (160,000) Inventory 834,000 913,000 79.000 Machinery 1,750,000 2,067,000 317,000 Land 175,000 175,000 Accounts Payable 521,000 579,000 58,000 Bonds Payable 150,000 60,000...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of Goods Sold $430,000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29,000 590,000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 $8,000 32,000 65,000 $41,000 41,000 90,000 5,000 219,000 (68,000) $328,000 7,000 Assets Cash Accounts Receivable Inventory Prepaid Insurance Plant Assets Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Wages...
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000...
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000 Cost of Goods Sold $450,000 Wages and Other Operating Expenses 195,000 Depreciation Expense 22,000 Goodwill Amortization Expense 7,000 Interest Expense 5,000 Income Tax Expense 36,000 Loss on Bond Retirement 5,000 720,000 Net Income $50,000 Support We were unable to transcribe this imageBusiness Course $480,000 $489,000 Total Assets Liabilities and Stockholders' Equity Accounts Payable Interest Payable Income Tax Payable Bonds Payable Common Stock Retained Earnings...
Ringmeup Inc. had net income of $160,000 for the year ended December 31, 2019. At the...
Ringmeup Inc. had net income of $160,000 for the year ended December 31, 2019. At the beginning of the year, 39,000 shares of common stock were outstanding. On May 1, an additional 18,000 shares were issued. On December 1, the company purchased 4,600 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
Ringmeup Inc. had net income of $182,300 for the year ended December 31, 2019. At the...
Ringmeup Inc. had net income of $182,300 for the year ended December 31, 2019. At the beginning of the year, 40,000 shares of common stock were outstanding. On May 1, an additional 18,000 shares were issued. On December 1, the company purchased 4,500 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
(check figure: on GAAP entry - debit to retained earnings = 5,992) GAAP Sales 1,200,000 COGS 825,000 Gross Margin 375,000 Operating Expenses 245,000 Other IncomelExpens (2,450) Net Income b4 Taxes 127,550 Income Tax Expense Net Income 127,550 Tax 1,200,000 825,000 375,000 260,000 (2,450) 112,550 112,550 There were material errors that were found after the books that had been closed and need to be corrected. Depreciation on equipment bought in September 1 costing $27,000 had not been recorded. GAAP depreciation =...
Statement of comprehensive income For the year ended December 31, 2011 Sales revenue RM 1,500,000 (797.2001 702,800 Cost of goods sold Less: Operating expenses Depreciation expense 22,800 Rent expense Salaries expense 24,000 256,000 258.000 Other operating expenses (560,800 142,000 Net income Other information: 1. Purchased land for RM112,000. 2. Purchased new equipment for RM100,000. Sold old equipment that cost RM132,000 with accumulated depreciation of 3. RM112,000 for RM20,000 cash. 4. Issued common sbares for RM50,000, Required: I. Prepare the statement...
PEPPER COMPANY Income Statement For Year Ended December 31, 2015 Operating expenses Income (loss) before tax 1-b. Prepare the current assets section of the balance sheet for each company. GARCON COMPANY Partial Balance Sheet As of December 31, 2015 Inventories Total current assets PEPPER COMPANY Partial Balance Sheet As of December 31, 2015 Inventories Total current assets Hints References eBook & Resources Using the following data, Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental...
Instructions Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 2011 2 Sales 3 Cost of goods sold 2092 $830,000.00 323,700.00 $506,300.00 $149,400.00 4 Gross profit $620,000.00 254,200.00 $365,800.00 $99,200.00 43,400.00 5 Selling expenses 6 Administrative expenses 41,500.00 7 Total operating expenses $190,900.00 8 Income from operations 9 Other income $315,400.00 66,400.00 $381,800.00 215,800.00 $142,600.00 $223,200.00 49,600.00 $272,800.00 161,200.00 $111,600.00 10 Income before income tax 11 Income tax expense 12 Net income $166,000.00 Check My...
Sunland Company Income Statement For the Year Ended December 31, 2017 $2,473,500 Service revenue Operating expenses, excluding depreciation Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $1,565,700 140,250 40,800 1,746,750 726,750 142,800 $583,950 Sunland Company's balance sheet contained the comparative data at December 31 201 Accounts receivable Accounts payable Income taxes payable $178,500 104,550 33,150 $153,000 81,600 17,850 Accounts payable pertain to operating expenses. Sunland Company Partial Statement of Cash Flows...
Bandit Corporation Income Statement For the Year Ended December 31, 2019 Revenues - Part 5 Operating Expenses Depreciation Expense 6.580,000 5.391.225 Loss on Sale of Machinery 315,000 Total Expenses 40.000 Income before Taxes 5.751.225 Income Tax Expense 621,775 Net Income 310,000 Bandit Corporation Partial Balance Sheet 12/ 31/2018 12/31/2019 Cash Increase (Decreas) 672,000 980.775 308.775 Accounts Receivable 775,000 615,000 (160,000) Inventory 834,000 913,000 79.000 Machinery 1,750,000 2,067,000 317,000 Land 175,000 175,000 Accounts Payable 521,000 579,000 58,000 Bonds Payable 150,000 60,000...
ARTIC COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of Goods Sold $430,000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29,000 590,000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 $8,000 32,000 65,000 $41,000 41,000 90,000 5,000 219,000 (68,000) $328,000 7,000 Assets Cash Accounts Receivable Inventory Prepaid Insurance Plant Assets Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Accounts Payable Wages...
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000 Cost of Goods Sold $450,000 Wages and Other Operating Expenses 195,000 Depreciation Expense 22,000 Goodwill Amortization Expense 7,000 Interest Expense 5,000 Income Tax Expense 36,000 Loss on Bond Retirement 5,000 720,000 Net Income $50,000 Support We were unable to transcribe this imageBusiness Course $480,000 $489,000 Total Assets Liabilities and Stockholders' Equity Accounts Payable Interest Payable Income Tax Payable Bonds Payable Common Stock Retained Earnings...
Ringmeup Inc. had net income of $182,300 for the year ended December 31, 2019. At the beginning of the year, 40,000 shares of common stock were outstanding. On May 1, an additional 18,000 shares were issued. On December 1, the company purchased 4,500 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
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