Homework Answers
B. Profit of $30000 (349000-319000)
Profits of a Nonprofit entity are recorded as net assets. Since, the net worth is increasing net income will be the difference created in the net worth of two years. A NPO operates for no profit no loss but if net income is there i.e. revenues are more than expenses, then they should justify that they are from regular course of business.
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A hospital reported net worth for the previous two years of the following: 12/31/2016 12/31/2017 $349,000...
Partial financial information for Harbaugh Outpatient Clinic, a nonprofit entity, for the previous two years is...
Partial financial information for Harbaugh Outpatient Clinic, a nonprofit entity, for the previous two years is provided below: Date Total Assets Total Net Worth 12/31/2016 $515,000 $368,000 12/31/2017 $528,000 $377,000 Computer the percentage change in Total Liabilitios from years 2016 to 2017 2.72% -2.65% 39.95% 40.05%
Shamrock, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net Sales:...
Shamrock, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net Sales: 158100 105400 Cost of Goods Sold: 63090 27980 Operating Expenses: 63090 27980 Income tax Expense: 18000 5000 Net Income: 15810 31620 Determine the company’s gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e.g. 52.7.) 2017 2016 Gross Profit Rate: __________ _________ Profit Margin: _________ ___________
a. Ivanhoe Corporation reported the following selected information for the two years ended December 31: 2017...
a. Ivanhoe Corporation reported the following selected
information for the two years ended December 31:
2017
2018
Total assets
$560,000
$630,000
Total liabilities
390,000
420,000
Calculate total shareholders’ equity on December 31, 2017, and
2018.
2017
2018
Total shareholders’ equity
$
$
Calculate the change in total shareholders’ equity for the year
ended December 31, 2018.
Change in shareholders’ equity
$
-what effect did this have? (increase, decrease, no
effect)
b. Ivanhoe’s shareholders’ equity consists only of common shares...
Sage Hill Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $220,000 $18...
Sage Hill Inc. reported the following in its 2017 and 2016
income statements.
2017
2016
Net sales
$220,000
$180,000
Cost of goods sold
143,000
117,000
Operating expenses
44,500
21,520
Income tax expense
16,000
8,000
Net income
$ 16,500
$ 33,480
Sage Hill Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $220,000 $180,000 Cost of goods sold 143,000 117,000 Operating expenses 44,500 16,000 21,520 8,000 Income tax expense Net income $ 16,500 $33,480 Determine...
Corporation reported income before taxes of $200,000 for the years 2016, 2017, and 2018. In 2019...
Corporation reported income before taxes of $200,000 for the years 2016, 2017, and 2018. In 2019 they experienced a loss of $200,000. The company had a tax rate of 35% in 2016 and 2017, and a rate of 45% in 2018 and 2019. Assuming Caesar uses the carryback provisions for the net operating loss, by what amount will the income tax benefit reduce the net loss in 2019?
Tamarisk, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales Cost of goods sol...
Tamarisk, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales Cost of goods sold Operating expenses $230,000 135,700 59,590 17,000 $ 17,710 $140,000 82,600 23,220 8,000 $ 26,180 Income tax expense Net income Determine the company's gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e3.52.7.) 2017 2016 Gross profit rate Profit margin
Marin Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $170,000 $100,00...
Marin Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $170,000 $100,000 Cost of goods sold 105,400 62,000 Operating expenses 34,510 10,200 Income tax expense 17,000 10,000 Net income $ 13,090 $ 17,800 Determine the company’s gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal 2017 2016 Gross profit rate enter percentages % enter percentages % Profit margin enter percentages rounded to 1 decimal place % enter...
For the year ended December 31, 2017, ABC Inc. reported the following: Net income
For the year ended December 31, 2017, ABC Inc. reported the following: Net income $400,000 Common share dividend declared 20,000 Unrealized holding loss, net of tax 10,000 Retained earnings, beginning balance (unadjusted) 900,000 Common stock 200,000 Prior period adjustment (net of tax), Jan. 1, 2020 225,000 Accumulated Other Comprehensive Income, Beginning Balance 30,000 1) Prepare the statement of retained earnings for year ended december 31, 2017 2) Determine ABC Inc comprehensive income for the year ended december 31, 2017
For the year ended December 31, 2017, Transformers Inc. reported the following: Net income $300,000 Preferred...
For the year ended December 31, 2017, Transformers Inc. reported the following: Net income $300,000 Preferred dividends declared 50,000 Common dividend declared 10,000 Unrealized holding loss, net of tax 5,000 Retained earnings 400,000 Common stock 200,000 Accumulated Other Comprehensive Income, Beginning Balance 25,000 What would Transformers report as its ending balance of Accumulated Other Comprehensive Income? a. $30,000 b. $25,000 c. $20,000 d. $5,000
Partial financial information for Grand Regional Hospital is provided below: Total Assets Total Liabilities Total Net...
Partial financial information for Grand Regional Hospital is provided below: Total Assets Total Liabilities Total Net Worth 12/312016 12/31/2017 S708000 $683,000 5$317,000 $352,000 Compute Net Income for the year ended December 31, 2017. O Profit of $356,000 O Profit of $366,000 O Profit of $25,000 O Profit of $14,000
Partial financial information for Harbaugh Outpatient Clinic, a nonprofit entity, for the previous two years is provided below: Date Total Assets Total Net Worth 12/31/2016 $515,000 $368,000 12/31/2017 $528,000 $377,000 Computer the percentage change in Total Liabilitios from years 2016 to 2017 2.72% -2.65% 39.95% 40.05%
a. Ivanhoe Corporation reported the following selected
information for the two years ended December 31:
2017
2018
Total assets
$560,000
$630,000
Total liabilities
390,000
420,000
Calculate total shareholders’ equity on December 31, 2017, and
2018.
2017
2018
Total shareholders’ equity
$
$
Calculate the change in total shareholders’ equity for the year
ended December 31, 2018.
Change in shareholders’ equity
$
-what effect did this have? (increase, decrease, no
effect)
b. Ivanhoe’s shareholders’ equity consists only of common shares...
Sage Hill Inc. reported the following in its 2017 and 2016
income statements.
2017
2016
Net sales
$220,000
$180,000
Cost of goods sold
143,000
117,000
Operating expenses
44,500
21,520
Income tax expense
16,000
8,000
Net income
$ 16,500
$ 33,480
Sage Hill Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $220,000 $180,000 Cost of goods sold 143,000 117,000 Operating expenses 44,500 16,000 21,520 8,000 Income tax expense Net income $ 16,500 $33,480 Determine...
Tamarisk, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales Cost of goods sold Operating expenses $230,000 135,700 59,590 17,000 $ 17,710 $140,000 82,600 23,220 8,000 $ 26,180 Income tax expense Net income Determine the company's gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e3.52.7.) 2017 2016 Gross profit rate Profit margin
Partial financial information for Grand Regional Hospital is provided below: Total Assets Total Liabilities Total Net Worth 12/312016 12/31/2017 S708000 $683,000 5$317,000 $352,000 Compute Net Income for the year ended December 31, 2017. O Profit of $356,000 O Profit of $366,000 O Profit of $25,000 O Profit of $14,000
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